London pre-open: Stocks seen higher ahead of manufacturing data

London stocks were set to kick off the month of May on the front foot as investors eyed the release of UK manufacturing figures.

The FTSE 100 was expected to open 25 points higher at 7,229

On the data front, Markit's manufacturing PMI is at 0930 BST.

CMC Markets analyst Michael Hewson said: "Today’s April manufacturing PMI number is expected to come in at 54, down from 54.2, and weaker for the fourth month in a row since December’s 56.1. While 54 is still a decent number the trend has been in the opposite direction to the recent trend in Europe."

In corporate news, AstraZeneca and its global biologics research and development arm, MedImmune, said the US Food and Drug Administration (FDA) has granted accelerated approval to the bladder cancer treatment Imfinzi (durvalumab).

Imfinzi is indicated for the treatment of patients with locally advanced or metastatic urothelial carcinoma who have disease progression during or following platinum-containing chemotherapy, or whose disease has progressed within 12 months of receiving platinum-containing chemotherapy before or after surgery.

"Imfinzi is approved under the FDA's accelerated approval pathway, based on tumour response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials," Astra said.

BP got off to a strong first quarter, with a £1.45bn profit and expectations of a "material improvement" in cash flow from the second half of the year.

The oil colossus kept its quarterly dividend unchanged at 10 cents a share as $2.1bn of cash flowed from the production of 3.5m barrels of oil and gas per day, up 5% than same period in 2016.

Global medical technology company ConvaTec Group announced the US launch of the Flexi-Seal PROTECT Fecal Management System, following receipt of 510(k) clearance from the US Food and Drug Administration.

Thegroup said Flexi-Seal PROTECT FMS was the latest addition to the company's “market-leading range” of advanced systems developed to manage acute fecal incontinence, and help to reduce the associated risks of skin breakdown and spread of C. difficile infection.

It said the new product was designed to provide protection for both patients and clinicians in a “number of innovative ways”.