London pre-open: Stocks seen lower as investors digest Trump's latest policies

London stocks were set for a weaker open on Monday, taking their cue from an uninspiring Asian session as investors digested US President Donald Trump’s curb on refugees and his travel ban on arrivals from predominantly Muslim countries.

The FTSE 100 was expected to open 29 points lower than Friday’s close at 7,155.

On Friday, Trump put a 120-day hold on allowing refugees into the country, an indefinite ban on any refugees from Syria and a 90-day ban on citizens from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen. The ban also applies to anyone with dual nationality including any of those countries.

CMC Markets’ Michael Hewson said: “If price action is any guide it would appear that his new executive order regarding immigration signed over the weekend appears to have gone down less well with financial markets as early weakness in the US dollar and Asia stocks suggest that markets fear some significant economic blowback.

"As far as businesses are concerned the fallout has been negative the ban receiving criticism from all over the business community including the CEOs of Google and Netflix, amongst others.”

There are no major UK data releases due, but in the US, personal consumption expenditure is at 1330 GMT, while pending home sales figures are at 1500 GMT.

In corporate news, Randgold Resources said it was confident of topping production guidance of 670,000 oz of gold for 2016 from its Loulo-Gounkoto mining complex in Mali, with another record quarter at the end of the year.

Chief executive Mark Bristow said Loulo-Gounkoto should maintain an annual production of at least 600,000 oz for at least the next 10 years.

Elsewhere, the UK government has cut its stake in Lloyds Banking Group to just under 5%, or 3.57bn shares as it looks to take the bank private again in the next few months.

This is down from 4.24bn shares previously.