FTSE opens higher ahead of key data

City A.M. Reporter
The FTSE 100 rose on opening this morning with heavyweight miners likely to be buoyed by a softer dollar after the Group of 20 major economies agreed to avoid competitive currency devaluations.

The blue chip index looks set to gain 43 to 48 points, or as much as 0.8 percent, according to financial bookmakers, after it closed 16.49 points, or 0.3 percent, lower at 5,741.37 on Friday, retreating after hitting a six-month closing high in the previous session.

In terms of domestic economic data, preliminary third-quarter GDP data, due on Tuesday, should attract a lot of attention.

With nothing significant due on Monday, investors will look ahead to releases later in the week including the October Nationwide house price index on Thursday along with October's CBI distributive trades survey, with GfK October consumer confidence data due after the market's close that day.

On Friday, investors will look at Bank of England September consumer credit, mortgage lending and mortgage approvals data.

On the other side of the Atlantic, a speech by Federal Reserve Chairman Ben Bernanke, could outline details of an expected new round of US monetary stimulus.

Later in the week, the August US Case-Shiller house price index along with October Conference Board U.S. consumer confidence data is due on Tuesday, September's US durable goods and new home sales data are scheduled for release on Wednesday, weekly US jobless claims data is due on Thursday, with US GDP data out on Friday.