LONDON (Alliance News) - London share prices are set to open flat to lower Wednesday, as investors await the outcome of the negotiations between Greece and European authorities over the country's financial needs.
IG futures indicate the FTSE 100 to open 4 points lower at 6,833.3. The index closed down 0.1% at 6,829.12 on Tuesday, as investors looked forward to the Eurozone finance ministers meeting taking place Wednesday at 1630 GMT, where Greece's financial needs will be deliberated.
"It is hard to be anything other than pessimistic about the outcome of what is unfolding in Europe, with respect to Greece and its negotiations with its creditors", says Michael Hewson, chief market analyst at CMC Markets UK.
"But the hope is that we may get some form of deal by next week, and hopefully before the end of the month," he adds.
Wall Street ended higher Tuesday. The DJIA closed up 0.8%, the S&P 500 ended up 1.1%, and the Nasdaq Composite finished up 1.3%.
In Asia on Wednesday, the Hang Seng trades down 0.9%, while the Shanghai Composite is trading higher 0.3%. Tokyo markets are closed for the National Foundation Day holiday.
Brent crude is quoted at USD56.63 a barrel Wednesday, and US benchmark West Texas Intermediate is quoted at USD50.43 a barrel. Gold is quoted early Wednesday at USD1,237.90 an ounce.
ARM Holdings said it expects dollar revenues in line with market expectations for 2015. The company said it expects pretax profit at GBP405.7 million and revenues of GBP783.6 million. The group said its full-year earnings per share was 24.1 pence versus 20.6 pence year-on-year, above analysts expectations of 23.5 pence.
Dettol and Nurofen maker Reckitt Benckiser Group reported higher profit for 2014, despite a fall in revenue, helped by price increases and its cost optimisation initiatives, as well as like-for-like revenue growth in the fourth quarter.
The British consumer goods giant reported an adjusted operating profit of GBP2.19 billion for 2014, excluding its RB Pharmaceuticals business, compared with GBP2.14 billion last year, up 11% at constant currency rates and 2% growth at actual rates.
Tullow Oil reported a slide in its full-year revenue to USD2.2 billion from USD2.6 billion in 2013, and a 2014 pretax loss of USD2.04 billion versus USD313 million profit in 2013.
Sky and BT are likely to attract early attention following the announcement of English Premier League football broadcast rights after the market close on Tuesday. The GBP5.13 billion price tag for three-year package was significantly more than analysts were expecting.
In the economic calendar, the US monthly budget statement for January is at 1900 GMT.
By Daniel Ruiz; danielruiz@alliancenews.com
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Tullow Oil (TLW)
BT (BT.A)