London pre-open: Stocks to nudge up as May prepares to present 'Plan B'

London stocks were set to nudge up at the open on Monday as investors digested uninspiring Chinese growth figures and awaited Theresa May’s presentation of her ‘Plan B’ on Brexit to Commons.

The FTSE 100 was called to open 11 points higher at 6,979.

Figures out earlier showed that Chinese GDP slowed to 6.4% in the fourth quarter, in line with expectations and representing the slowest rate of growth since the financial crisis. Meanwhile, full year growth was above expectations at 6.6%, which was the softest since 1990.

On home shores, with cross-party talks achieving little towards a workable alternative Brexit, Theresa May was expected to continue with more of the same.

“She will carry on trying to seek changes to the Irish backstop part to the deal that she negotiated with Brussels,” said London Capital Group analyst Jasper Lawler.

“There is a growing concern among pound traders that there is no Plan B. Just more of the same from May as she runs the clock down. After crossing above €1.14 last week, for the first time since November, the pound is slipping lower, targeting €1.13.”

In corporate news, GlaxoSmithKline said chairman Sir Philip Hampton was stepping down and the board had started the process to find a successor.

“Following the announcement of our deal with Pfizer and the intended separation of the new consumer business, I believe this is the right moment to step down and allow a new chair to oversee this process through to its conclusion over the next few years and to lead the board into this next phase for GSK."

Just Eat said full year results were going to be ahead of revenue and profit targets but that chief executive Peter Plumb is leaving the online takeaway food marketplace little over a year after he started.

The company, which Plumb joined after nine years as boss of Moneysupermarket in September 2017, said chief customer officer Peter Duffy would step in as interim CEO with immediate effect and that the search for a permanent replacement has begun.

Aerospace engineer Meggitt said it had signed a $750m (£582.6m) 10 year deal with Pratt & Whitney to continue the supply of advanced composite components for the F119 and F135 engines which power the F-22 Raptor and F-35 Lightning II aircraft.