UPDATE 1-UK Stocks-Factors to watch on July 26

(Adds futures, company news items)

July 26 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening up 16 points, or 0.2 percent, on Tuesday, according to financial bookmakers, with futures FFIc1 up 0.3 percent ahead of the cash market open.

* The UK blue chip index closed 0.3 percent lower on Monday at 6,710.13, with a fall in crude oil prices hurting energy stocks and weaker gold prices and negative company updates dragging down precious metals miners. BT: British regulator Ofcom on Tuesday said BT's BT.L network division should become a legally separate company within the telecoms group, to improve broadband coverage and avoid the need for a full break-up of the firm. BP: British oil major BP BP.L reported lower-than-expected profit for the second quarter due to weak refining margins and oil prices, prompting another cut to its 2016 investment budget to below $17 billion. VIRGIN MONEY: Lender Virgin Money Holdings Plc VM.L said on Tuesday interest rates were expected to stay low for longer after Britain voted to leave the European Union, an outcome that could put pressure on banks' financial performance and net interest margins. ROYAL DUTCH SHELL: Pilipinas Shell Petroleum Corp, a unit of Royal Dutch Shell Plc RDSa.L , is looking to raise up to 29.7 billion pesos ($629 million) in what could be the Philippines' third and largest initial public offering this year. SABMILLER: U.S. and European buyout funds are gearing up for SABMiller's SAB.L sale of its central and eastern European beer brands, with some seeking to join forces to snap up assets worth up to 7 billion euros ($7.7 billion), sources familiar with the matter said. ARM HOLDINGS: A huge investment programme at Arm Holdings Plc ARM.L will propel Britain's largest technology company on to the same plane as Google (NASDAQ: GOOGL ), Facebook (NASDAQ: FB ), Amazon (NASDAQ: AMZN ), Apple (NASDAQ: AAPL ) and Alibaba (NYSE: BABA ), its new owner, SoftBank Group Corp 9984.T Chief Executive Masayoshi Son said. UK MANUFACTURING: Optimism among British manufacturers fell in July to its lowest level since early 2009 after Britain's decision to leave the European Union, a survey showed on Monday, even as output rose in the last three months. UK BANKS: Failings in the way regulators handled the collapse of HBOS bank bolster the case for an independent financial services enforcement body, a panel of British lawmakers said on Tuesday. COPPER: London copper was trapped near a one-week low on Tuesday as the appetite for risk among investors fell and volumes dwindled ahead of the U.S. Federal Reserve's policy meeting starting later in the session. OIL: Oil prices edged away from three-month lows on Tuesday, supported by a weaker dollar, but concerns of ongoing oversupply weighed on markets and many traders are raising their bets on further price falls. For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets

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