London pre-open: Stocks seen up after positive US, Asian sessions
London stocks were set to rise at the open on Tuesday following positive sessions in the US and Asia.
The FTSE 100 was called to open 55 points higher at 6,975, having ended up 0.9% on Monday after new chancellor Jeremey Hunt tore up the mini-budget.
CMC Markets analyst Michael Hewson said: "In a day that is light on the data front, European markets look set to open higher with Asia markets also enjoying a positive session despite China taking the decision to delay its Q3 GDP and September retail sales and trade numbers.
"This seems a strange decision given that they are unlikely to be as bad as the Q2 numbers, unless Chinese authorities don’t want them to overshadow the 20th National Congress which is taking place right now."
He added: "Bond yields have also continued to come under pressure on reports that the Bank of England may delay its quantitative tightening program in light of the recent turmoil in gilt markets."
In corporate news, bookmaker 888 Holdings said that group revenues had slipped 7% year-on-year to £449.0m in the three months ended 30 September, primarily due to enhanced UK online player safety measures and the shuttering of its Dutch operations.
Retail revenue was stable year-on-year at £124.0m, despite a £4.0m hit from three days of temporary closures and sporting fixture cancellations/postponements during the period of national mourning for Queen Elizabeth II, while total online revenues slumped 10% to £325.0m.
Mike Ashley’s Frasers Group said its offer for Australian retailer MySale was now unconditional after passing the 50% threshold.
The company launched a 2p-a-share offer in August which MySale initially rejected, but last week advised shareholders to accept after Frasers secured commitments from the founding Jackson family to sell their shares.