London pre-open: FTSE to track US stocks lower

12th Feb 2013 07:25

City sources predict the FTSE 100 will open down five points from yesterday's close of 6,277, tracking the modest losses seen on Wall Street last night. US stocks continued to drag through Monday ahead of President Barack Obama's highly anticipated State of Union speech. The leader will discuss the US economy and federal deficit on Tuesday as a poll revealed 53% of voters still believe the nation is in a recession.On today's agenda is the US treasury budget statement, as well as the UK retail price index reading, producer price index reading, and the consumer price index reading. In company news, FTSE 100-listed metal mining company Xstrata has posted strong results for its production in the 12 months to December 31st. Total consolidated coal production reached 90.4m tonnes, 7.0% more than was produced in 2011.Power systems giant Rolls-Royce has won a contract to build aircraft engines for the US Marine Corps and Air Force. The $83.7m contract, which is a modification of a prior agreement, includes a total of 38 Rolls-Royce AE 1107C engines manufactured in Indianapolis to power the V-22 aircraft.Homewares retailer Dunelm posted a robust set of half year figures, as it continues to open new stores, and said it remains confident in growth prospects for the business. The maker of bedding, curtains and blinds said pre-tax profit rose by 14.6% to £59.8m for the 26 weeks to December 29th 2012, while revenue jumped 13.4% to £340.1m during the period.