London pre-open: Stocks seen muted ahead of services PMI
London stocks were set for a muted open on Tuesday ahead of the latest UK services data.
The FTSE 100 was called to open five points lower at 7,554.
CMC Markets analyst Michael Hewson said: "Asia markets have taken their cues from last night’s positive US finish pushing modestly higher in a manner while markets here in Europe set to open unchanged from last nights close."
Investors will be eyeing the UK services PMI for March due at 0930 BST.
Hewson said: "In the UK, services activity is expected to remain steady at 61, however in a worrying sign for the sector for Q2 inflation pressures in the sector are at a record high, and look set to rise further.
"Business optimism on the other hand saw a sharp drop in the recent flash PMI numbers suggesting that there is rising concern about the growth outlook over the rest of the year.
"A lot of the recent improvement in the last two months has been as a result of inventory rebuilding as businesses get ahead of rising prices by restocking while prices are lower."
Market participants will also continue to watch for any developments in the Ukraine conflict following reported Russian atrocities in Bucha, just outside Kyiv.
In corporate news, Moonpig upgraded its revenue outlook for the current financial year after sales were boosted by consumer behaviour during the Omicron strain of Covid-19.
The online greeting card and gift platform said revenue in the year to the end of April would be about £300m - up from earlier guidance of £270m-£285m. The outlook for underlying revenue is unchanged at about £265m.
The FTSE 250 group said trading was supported by consumers using its services in late December and January when trade at physical stores was dampened by the arrival of the Omicron variant. Trading remained strong in February and March, it said.
Home repairs service Homeserve said it had traded in line with expectations during its fiscal year with steady policy retention rates in the UK and US.
The company said its total membership business had retained 84% of policies, up from 83% a year earlier.
Polymer solutions firm Victrex said Ian Melling had been tapped to take over as its next chief financial officer, with effect from 4 July.
Victrex said Melling had been selected to succeed Richard Armitage, who will step down as CFO on 27 May, following "a diverse and thorough search process". In the intervening period between Armitage's departure and Melling's arrival, Mike Ward, currently the firm's finance director, will assume the role of interim CFO.