London pre-open: Stocks seen muted ahead of Budget

The FTSE 100 was called to open six points lower at 7,271.

CMC Markets analyst Michael Hewson said: "As we look ahead to today’s European open, we look set for a slightly softer start with the main focus for today will be the UK Autumn Budget which is due to start after 1230 BST, after PMQs.

"With all the briefings that have been taking place since the weekend there would appear to be little in the way of surprises when the Chancellor of the Exchequer gets up to speak later today. Most of the content appears to have already been pre-briefed much to the displeasure of the Speaker of the House of Commons.

"These include increases to public sector pay, a huge cash injection for the NHS, investment in regional transport, skills, housing, and education, along with a freeze to fuel duty, however the devil will be in the detail, in terms of how much it is all likely to cost."

In corporate news, HomeServe said it had bought CET Structures, a UK home emergency assistance business, for £53m and added that current trading was in line with guidance.

CET provides emergency plumbing, heating and electrics services to home insurance policy holders on behalf of leading consumer brands, via its digital claims handling and job management platform.

Network International reported a 19% improvement in total third quarter revenue year-on-year, with merchant solutions revenue ahead 38% and issuer solutions revenue 9% firmer.

The FTSE 250 payment technology company said that given the ongoing recovery, the pace of execution and expected recognition of Mastercard partnership revenue in the fourth quarter, it expected the core Network business excluding DPO to deliver revenues "slightly higher" than those recorded in 2019, in line with previous guidance.

DPO consolidation in the fourth quarter, following acquisition, was expected to provide an incremental mid-high single digit million revenue contribution to the group.