London pre-open: Investors focused on Chinese government's plenum

The Footsie was being called to start the session 18 points lower from Friday’s closing level of 6,444.08.

That came ahead of a much anticipated US central bank policy meeting and the start of the Chinese Communist Party’s Plenum.

The latter will see the Asian giant’s highest ranking officials set the course for the country’s 13th 5-year plan.

“This week there are further possibilities for more monetary policy fairy dust as the Fed (Wednesday) and BoJ (Friday) meet. We also have the very important Chinese Plenum (Monday-Thursday) which will have major implications to how much stimulus China needs to apply depending on the aggressiveness of their growth target over the next 5 years,” Deutsche Bank explained in a research note sent to clients.

In more immediate fashion, at 09:00 Germany’s IFO institute will release its business confidence indicator for the month of October.

Analysts expect that it will show a decline to 107.8 from 108.5 in the month prior in reaction to the scandal at Volkswagen.

In the UK, the latest BBA mortgage data, covering roughly two-thirds of the market, is expected to show that the housing sector remains steady, says Lloyds Bank.

Stateside, the latest figures on US new home sales round out the economic calendar.

FDA gives ‘greenlight’ to AstraZeneca’s gout treatment

The US Food and Drug Administration's Arthritis Advisory Committee has recommended the approval of AstraZeneca's lesinurad tablets for the treatment of hyperuricemia associated with gout. The FTSE 100 drug company announced the decision on Monday. The committee recommended the drug to be used in combination with a xanthine oxidase inhibitor after it reviewed the phase three combination therapy programme trials. If approved by the FDA, lesinurad will be the first selective uric acid reabsorption inhibitor in the US.

Intertek Group has acquired New York-based MT Group LLC and Materials Testing Lab (MT) in a bid to expand its building & construction capabilities in the US. The FTSE 100 listed company announced the deal to acquire the materials testing and inspection services company for the building industry on Monday. The company said the deal supported Intertek's growth strategy in the sector in North America and complements its planned acquisition of PSI.