London shares move higher midday after pleasing UK, German data; NY seen higher.

(From AFX Europe (Focus))

LONDON (AFX) - Leading shares had climbed above the gain line by midday following better-than-expected UK business investment and German Ifo figures, and with US market futures turning positive amid retreating oil prices, dealers said.

At 11.54 am, the FTSE 100 index was 7.7 points stronger at 5,867.7, having recovered from morning lows of 5,832.5, while the wider market remained in the red, although above intraday troughs.

On Wall Street later today, the DJIA is seen by spread-bettors IG Index as opening around 5 points to the good at 11,309-11,315 amid retreating crude oil prices and ahead of a handful of economic data reports.

US durable goods orders are forecast to come in 0.1 pct lower in July versus the previous month's 2.9 pct rise, while new homes sales are seen at 1.11 mln last month against 1.13 mln in June.

Weekly jobless claims are also due, with the market looking for a slight increase to 315,000 for the week ending August 19, up from 312,000 in the preceding week.

Meanwhile, New York's main oil contract, light sweet crude for October delivery, extended yesterday's declines, sliding back towards 71.50 usd per barrel levels after dropping by more than a …