London pre-open: Stocks seen higher after upbeat China data
Stocks in London were set to open higher on Monday following some upbeat data out of China.
The FTSE 100 was expected to open 16 points higher at 7,328.
China's Caixin manufacturing PMI for June came in at 50.4 from 49.6 in May, beating expectations for a drop to 49.8 and marking a three-month high.
Oanda analyst Craig Erlam said: "Trading volumes are likely to be relatively subdued at the start of the week, as we’ve already seen evidence of in the Asian session overnight, due to Tuesday’s bank holiday in the US and the half day today that precedes it. Of course, this doesn’t mean markets will necessarily be flat and the constant stream of data throughout the day could aid this.
"We’ve already had some decent manufacturing numbers out of China and Japan overnight, with the PMIs both beating expectations and the Tankan index rising to 17 – its joint highest reading in almost a decade."
On the UK data front, Markit's manufacturing purchasing managers' index is at 0930 BST.
In corporate news, AstraZeneca confirmed the completion of two major transactions on Monday, bringing in almost half a billion dollars for the drugmaker in the current financial year.
The FTSE 100 company said it had completed the agreement with Recordati for the commercial rights to Seloken in Europe, with an upfront payment of $290m to be recorded in the second quarter of 2017.
It also said it had completed the agreement with Grunenthal for the global rights to Zomig outside Japan, with an upfront payment of $200m to be recorded in the same quarter.
Broadcaster Sky has made a $2m equity investment in early-stage technology company Circle Media Labs, which specialises in connected devices.
"This investment will provide Sky with additional insight into developments within the field," it said.