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FTSE100 set for flat start

Published: 01:50 17 Jul 2013 EDT

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London’s blue chips are expected to open cautiously ahead of the latest testimony from US Federal Reserve chairman Ben Bernanke.

Financial spread betters predict Footsie will add a few points when markets open after it shed 30 points to 6,556 on Tuesday, but what the head of the US Fed will say will be the focus of the day.

Stock markets on both sides of the Atlantic have become fixated with when the US will start to rein back its monetary stimulus policies.

A suggestion by Bernanke last week that US monetary policy would remain accommodative sparked strong rallies in equity markets.

Chris Weston at IG Markets said: “The market will also be very keen to hear if the chairman’s views on the economy have changed, with many feeling the Fed’s outlook is wildly optimistic, especially with the Q2 run rate around 0.8%, after a patch of softer data.”

Wall Street last night closed down 32 points at 15,452 with the mood soured a little by earnings from Coca-Cola and shares in the soft drinks giant fell 1.9% Goldman Sachs also fell despite doubled quarterly profits.

Asian markets were mixed with Hong Kong seeing the best of the gains though Tokyo was lower and Shanghai flat.

Today’s company news is dominated by miners with updates from gold and silver groups Fresnillo and Hochschild and general mining colossus BHP Billiton.

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