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London pre-open: Stocks seen up on positive Asian cues

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Updated: Mon, 17th Jul. 07:24:39

Michele Maatouk

(ShareCast News) - London stocks were set for a firmer open on Monday, taking their cue from a mostly positive session in Asia.

The FTSE 100 was expected to open 13 points higher at 7,391.

There are no major data due, but Tuesday will see the release of UK consumer and producer price inflation.

CMC Markets analyst Michael Hewson said: "The pound will also be facing a key week after breaking above 1.3100 for the first time since last September, ahead of key inflation data tomorrow, and a speech by Bank of England governor Mark Carney. The pound had a decent week last week, after a rebound in wages and another decline in the unemployment rate to a 42 year low.

"Recent splits on the Bank of England policy committee has also raised the prospect that policy might change by the end of the year, with some speculation on a reversal of last August's rate cut, as well as a suggestion by MPC member Ian McCafferty, who voted to raise rates in June, that the Bank might also consider cutting back on the size of its stimulus programme."

In corporate news, ITV has poached Carolyn McCall from easyJet to be its new chief executive. McCall takes the controls at the broadcaster after seven years at Easyjet, prior to which she was chief executive of the Guardian newspaper group.

Centrica and Stadtwerke München (SWM) have agreed to combine Centrica's European oil and gas exploration and production business with Bayerngas Norge to form a new joint venture.

Centrica will own 69% and Bayerngas Norge's existing shareholders, led by SWM and Bayerngas GmbH, will own 31%.

The gas-weighted joint venture will comprise Centrica's assets in the UK, Netherlands and Norway and Bayerngas Norge's assets in the UK, Norway and Denmark.

Weir Group said its updated outlook for the group's full-year performance is now for strong constant currency revenue and profit growth, with revenues and operating profits in the oil & gas division set to be above the upper end of analysts' estimates as upstream North American markets have recovered more strongly than anticipated in recent weeks.

News provided by Digital Look

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