London pre-open: Stocks seen muted ahead of UK data, China-US trade deal

Mon 13 Jan 2020

LONDON (SHARECAST) - (Sharecast News) - London stocks were set for a muted open on Monday as investors eyed the signing of a 'phase one' trade deal between the US and China and a slew of UK data releases.
The FTSE 100 was called to open seven points higher at 7,594.

CMC Markets analyst Michael Hewson said: "The main focus this week, in the absence of any fresh Iran tension, is likely to be on this week's meeting between the US and China in Washington DC, and the expected signing of a phase one trade deal on Wednesday, along with a host of economic reports including the start of US bank earnings season, at the end of the week."

On the UK data front, industrial and manufacturing production figures are due at 0930 GMT, along with the trade balance and gross domestic product.

In corporate news, higher prices helped iron ore pellet producer Ferrexpo offset cost increases as it reported a slight fall in annual production.

The company said full year total production was down 0.8% to 10.7m tonnes. A 16% rise in prices helped overcome a rise in cash production costs of $5 per tonne to $48.Production of high quality 65% pellets from own ore was up 3% in 2019 to 10,116kt, the company said in a trading statement.

William Hill said full-year adjusted operating profit for 2019 is now expected to come in ahead of market and management expectations as it announced the departure of chief financial officer Ruth Prior.

The company expects operating profit of between 143m to 148m, driven by favourable sporting results through the year end.
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