London pre-open: Stocks seen up amid Ukraine summit hopes
London stocks were set to rise at the open on Monday after US President Biden agreed in principle to hold a summit with Russian president Putin over Ukraine.
The FTSE 100 was called to open 15 points higher at 7,528.
CMC Markets analyst Michael Hewson said: "European markets look set to start the week slightly higher despite tensions on the Ukraine, Russian border ramping up further over the weekend. The move into positive territory only came about due to an agreement in principle for US President Biden, and Russian President Vladimir Putin to meet to avert a further slide into hostilities. The meeting was agreed on the basis that Russia stays out of Ukraine.
"With markets already on edge at the end of last week, the increase in tensions over the weekend has merely served to put further downward pressure on markets, as violence in the eastern part of Ukraine ratchets up a notch.
"It would appear that separatist forces in the Donbas region, keen to get Russian troops into the conflict are attempting to goad Ukrainian forces into a retaliatory response by firing on them by way of mortar rounds, and artillery shells, as well as other insurgency style tactics."
On home shores, investors will be eyeing Markit’s services and manufacturing PMIs for February at 0930 GMT.
In corporate news, commercial property landlord Hammerson confirmed it was in talks over the possible sale of its Victoria Gate and Victoria Quarter shopping centres for £120m as it looked to strengthen its balance sheet after the Covid-pandemic.
Hammerson said it was negotiating with "entities" related to Swiss property developer Redical Holdings AG.