London pre-open: Stocks set for muted start to week
London stocks looked set for a flat open on Monday following a negative session in Asia.
The FTSE 100 was called to open just three points higher at 7,307.
CMC Markets analyst Michael Hewson said: "Asia markets have got the week off to a quiet start this week, with the latest China trade data for October giving a mixed insight into the world’s second biggest economy.
"The last couple of months have proved to be fairly resilient ones for China trade, despite disruption at Chinese ports, and the various lockdown restrictions that had affected a lot of the country over the course of Q3. Recent weakness in retail sales numbers has shown that demand in the Chinese economy has been slowing in recent months, although exports growth has been robust.
"A lot of the improvements in the numbers have been as a direct consequence of the disruptions to global supply chains as retailers bring forward their pre-Christmas order spend in order to ensure delivery in time for the Thanksgiving, Black Friday, and Christmas periods."
In corporate news, JD Sports Fashion hit back at reports over a meeting between the retailer’s boss Peter Cowgill and Footasylum chief Barry Brown in an industrial estate car park, leading to claims they may have broken UK takeover rules.
"Peter Cowgill has known Barry Brown on a business and personal basis for over 25 years. As a result, it is not unusual, or in any way suspicious or illegitimate, for them to meet from time to time, including in relation to the ongoing review by the Competition and Markets Authority of JD's acquisition of Footasylum Limited," the company said in a statement.
BHP has agreed to divest its 80% interest in BHP Mitsui Coal (BMC), an operated metallurgical coal joint venture in Queensland.
The FTSE 100 mining giant said Stanmore SMC Holdings, a wholly-owned subsidiary of Stanmore Resources, was acquiring all of the shares in Dampier Coal Queensland from BHP Minerals for cash of up to $1.35bn (£1bn).
It said the purchase price would comprise $1.1bn cash on completion, $100m in cash six months after completion, and the potential for up to $150m in a price-linked earnout payable in the 2024 calendar year.