London pre-open: equities likely to edge higher

(ShareCast News) - City sources predict the FTSE 100 will open six points higher than Tuesday's close of 6,686.57.London Capital Group night dealer Jonathan Sudaria said European equities are set to edge a fraction higher on the open as the current environment isn't going swaying traders in any clear direction. However he said US data expected this morning could move the markets."With the labour market recovery one of the key tenets in the Feds justification for a rate hike, if we get another round of steady gains and the expectation of a rate hike crystallises, don't expect markets to be so non-committal," Sudaria said.Eurozone data expected on Wednesday morning includes the Markit Services Purchasing Managers' Index and retail sales data for June.Stocks to watchInsurer Legal & General posted an 18% rise in first-half operating profit and a 6% increase in pre-tax profit thanks to strong organic growth in the UK and US, as it raised its interim dividend despite a fall in annuities.London Stock Exchange almost doubled first-half revenues as most parts of the business performed well. Revenue rose 90% to £1.16bn, operating profits by 27% to £366.1m and the dividend was hiked 11% to 10.8p per share.In the pressSir Charlie Bean, former deputy governor of the Bank of England, will today put the nation's number crunchers on notice that the status quo is untenable, arguing that the internet revolution has rendered Britain's official statistics out of date. Speaking ahead of the launch of his official review into the state of the nation's economic numbers, he said the current framework for the national accounts "was developed in the aftermath of the Great Depression". - The Financial TimesRoyal Bank of Scotland's share price hit its lowest level this year as the government confirmed that it had sold a little over 5 per cent of the lender at a loss of £1.1?billion to the taxpayer. Investment bankers hired by the Treasury sold 630?m shares in RBS at 330p, sparking accusations from opposition politicians, and even the City, that the taxpayer had been sold short. Yvette Cooper, the Labour leadership candidate, said the £2?billion offer of RBS shares had been "handled disastrously", while Chris Leslie, the shadow chancellor, called the deal a "fire sale". - The TimesGreece needs a debt write-down of almost £70bn if the country is to stand a chance of clawing its way out of a "prolonged and severe depression", according to a leading think-tank. In a stark analysis, the National Institute of Economic and Social Research laid bare the impact of VAT hikes and strict budget targets that it said could become "self-defeating". - The Daily Telegraph