London pre-open: Stocks seen a little lower

London stocks were set for a slightly lower open on Tuesday as oil prices steadied following a rebound in the previous session.

The FTSE 100 was expected to start 17 points lower than Monday’s close at 6,336.

“European markets look set for a mixed open on Tuesday with the FTSE 100 pulling back whilst stocks in Germany and France add to Monday’s gains. The weaker open for UK stocks could be the first signs of a shift in leadership in Europe,” said CMC Markets’ Jasper Lawler.

“The heavy weighting of oil & gas shares could become a burden again for the FTSE 100 with no agreement on a price freeze to support oil prices. It could also be that stocks within the Eurozone are starting to sizzle before Thursday’s ECB meeting and the prospect of soothing commentary for ECB head Mario Draghi.”

There are no major UK data due, but in the US, housing starts and building permits are at 1330 BST.

FTSE 100 information services company Experian announced on Tuesday it has signed a definitive agreement to acquire CSIdentity Corporation, which it described as a leading provider of consumer identity management and fraud detection services.

The total purchase price was $360m (£251.4m), payable in full at closing, to be funded from Experian’s existing committed bank facilities.

Experian’s board said the transaction remained subject to Hart-Scott-Rodino regulatory approval in the United States as well as other customary closing conditions.

First-half earnings from Associated British Foods were better than expected thanks to a long-awaited improvement in its sugar business, while its Primark clothing business endured a tough Christmas.

Like-for-like sales at Primark were less than 1% below the previous year, while total sales rose 5% thanks to increased store selling space.