8-Feb-2012 - FTSE LIVE: Greece debt deal delays unsettle investors

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FTSE LIVE: Greece debt deal delays unsettle investors; BP hikes dividend By This Is Money Reporters Last updated at 10:02 AM on 7th February 2012 9.50: Markets are currently watching a 'game of political Jenga' between Greek politicians and the troika of the ECB, IMF and EU leaders.That's the view of City analyst Michael Hewson of CMC Markets, who added: 'What has been surprising is the fairly shallow nfl headset sell-off seen so far to this political theatre playing out in Athens which suggests that markets ultimately believe that a deal will either be done, or that the prospect of a default is priced in. 'I’m not sure that such complacency is wise but we could soon see.'The FTSE 100 is 18.9 points lower at 5,873.3 as investors await more talks between Greek politicians over the tough austerity measures needed to secure another bailout and avoid default.It's also a big day for corporate news with a heavyweight mining merger and BP's first dividend hike since the Gulf of Mexico oil spill. BP shares were up 1.3p at 490.9p but had been higher earlier in the session after it announced a 14 per cent increase in the company's dividend to 5.1p a share, alongside a stronger-than-expected fourth quarter performance. Read more here.Meanwhile, Royal Dutch Shell added 19p to 2311.5p and Cairn Energy lifted 8.8p to 353.5p as investors digested confirmation of a deal to create the world's fourth largest natural resources firm. Glencore, which will have 55 per cent of the new business, rose 9.6p to 470.3p but merger partner Xstrata was off 25.75p to 1235.75p, despite the tie-up representing a 15 per cent premium on its share price at the start of February. Read more here.TalkTalk Telecom topped the FTSE 250 risers' board, up 9 per cent or 11p to 129.9p, as the company raised its full-year earnings guidance in the wake of third quarter trading.It has been helped by the earlier-than-expected delivery of cost savings and further falls in customer service call volumes.8.30: The FTSE 100 has opened flat as concerns about a delayed Greek bailout agreement weigh on investor mood.London's top index is up 7.2 points at 5,899.4, while on the continent the DAX in Frankfurt is ahead 13.7 points at 6,778.5 and the CAC 40 in Paris NFL jerseys wholesale is 2.7 points higher at 3,408,'For the last 24 hours leading European politicians and various unnamed officials have been attempting to pressure Greece into accepting the terms of the troika [European Commission, ECB and IMF] in order to allow for the €130billion loan to be signed off,' said Gary Jenkins of Swordfish Research.'The Greek prime minister meets today with leaders of the main political parties against a backdrop of a general strike to try and agree on the final cuts.'It is difficult to say how this will play out in the short term but the most likely outcome remains that some kind of agreement will be stitched together because the alternative is so dark for all parties.'Preview: The FTSE 100 is seen opening down 2-6 points, extending Monday's modest declines in tandem with similar weakness on Wall Street and in Asia as concerns over delays to Greek debt restructuring talks take their toll.    The blue chip index closed 8.87 points lower at 5,892.20 yesterday, led by weakness in mining issues and banks in the absence of a debt deal for Greece.    U.S. blue chips shed 0.1 per cent as lingering questions about Europe's debt crisis and corporate earnings overshadowed growing optimism about economic growth after a five-week rally.    Asian markets also edged lower after earlier gains. MSCI's broadest index of Asia-Pacific shares outside Japan rose as much as 0.4 per cent to its highest in more than five months, before reversing direction to stand down 0.1 per cent.      Japan's Nikkei average also fell 0.1 per cent, slipping from a three-month high just shy of 9,000 hit on Monday. After resisting terms of a proposed new bailout deal which demands strict labour reforms and other austerity steps, Greek political leaders face more talks today to clinch an agreement needed to avoid a messy debt default.The full package must be approved by the eurozone, the European Central Bank and the International Monetary Fund before February 15 in order to complete legal procedures in time for a March 20 Greek bond repayment.Moreover, some eurozone countries require parliamentary approval to raise the bailout money. Some major corporate results are out today, with blue chip giants GlaxoSmithKline and BP due to post numbers in London, and European bellwethers UBS and ArcelorMittal both unveiling disappointing results.   On the domestic data front, British retailers suffered their second-weakest January since records started in 1995 as shoppers reined in spending after splashing out on December discounts, a British Retail Consortium survey showed.The value of retail sales on a like-for-like basis - a measure favoured by equity analysts - was 0.3 per cent lower on the year after a 2.2 per cent rise the previous month.    Stocks to watch today include:   Glencore, Xstrata: Miner Xstrata and trading house Glencore will unveil details for their 90billion merger, which will see the new copper-to-commodities trading titan catapulted to seventh place in the UK's FTSE 100, according to a number of British newspaper reports.  BAE Systems: The British defence company is looking at all options to win back a 20billion tender with the Indian air force, the company's chief executive told the Financial Times.Smith & Nephew: The British medical device maker said that it has agreed to pay 22.2million to settle U.S. allegations that its subsidiaries paid bribes to win business in Greece.     GlaxoSmithKline: The drugmaker issues fourth-quarter results.    BP: The oil major posts fourth-quarter results.TUI Travel: The tour operator posts first-quarter results.    TalkTalk: The telecoms provider issues a third-quarter trading update.    buy NFL Jerseys Victrex: The specialty chemicals group issues a trading update.          Wolfson Microelectronics: The chip designer posts fourth-quarter results.    Beazley: The insurer unveils full-year results.     Bellway: The housebuilder issues a trading update.    Low and Bonar: The firm posts full-year results.    St Modwen Properties: The property group issues a trading update.

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