October 10, 2008 / 6:32 AM / 11 years ago

FTSE seen opening more than 6 pct lower

LONDON (Reuters) - The FTSE 100 .FTSE index is seen opening down as much as 6.7 percent on Friday, according to financial bookmakers, as investors continue to fret about the parlous state of the global banking system.

City workers cross London Bridge during the evening rush-hour in the City of London October 8, 2008. REUTERS/Toby Melville

Asian stocks plunged on Friday with Japan's Nikkei 225 .N225 down nearly 10 percent as jitters intensified and investors shrugged off efforts to unlock credit markets.

A synchronised cut in borrowing costs is being seen as too little, too late and investors are sceptical that a G7 meeting held in Washington can do much to avert impending recession.

Japan’s unlisted Yamato Life Insurance Co filed for bankruptcy protection because of market turmoil showing that Asian institutions are not immune from the whirlwind reaped by the credit crisis.

As well as financials, energy stocks will be in focus as oil prices fell $4 to $82.5 a barrel as fears that market turmoil for fuel slumping while miners will also be heavily under pressure once again as base metals prices slid.

* Recession fear plunders Wall St, Dow dives

* Nikkei down 10.1 pct, looks at biggest fall since ‘87

* Yen soars as stocks plunge, crisis panic worsens

* Oil hits $82 one-year low on demand fears

* Gold extends gains to 2-month high as panic grips

* Treasuries-Bonds recoil as supply outweighs panic

* Global crisis hits Japan financial sector

* Metals plunge as much as 10 pct as panic spreads

Stocks to watch on Friday are:

SAINSBURY (SBRY.L)

Bhs owner Philip Green is understood to have spent around 125 million snapping up a stake of just under 3 percent in the supermarket chain from Robert Tchenguiz, the Daily Mail said.

BRITISH AIRWAYS BAY.L

Iberia IBLA.MC has taken advantage of steep fall in the British Airways share price to more than double its stake in BA to 7.3 percent in the past three weeks, the Financial Times.

XSTRATA XTA.L

Xstrata has restarted the concentrator at its Kidd copper and zinc metallurgical operations in northern Ontario, but the two smelters and a refinery are still silent as unionised workers continue their strike.

WOOLWORTHS WLW.L

Alan Sugar, who recently sold his Amstrad business to BSkyB BSY.L, is reported to have acquired almost 4 percent of Woolworths, the Times said.

RENISHAW (RSW.L)

Slideshow (5 Images)

Renishaw is releasing its first half results and holding its AGM

ADMIRAL GROUP (ADML.L)

Admiral Group is due to release its trading update.

Reporting by Simon Falush.

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