2nd Feb 2015 07:35
LONDON (Alliance News) - UK stocks are set to open fractionally higher Monday despite poor performances by Asian stock markets overnight, and in the US on Friday.
Futures indicate the FTSE 100 to open 14.4 points higher at 6,763.80. The index closed down 0.9% at 6,749.40 on Friday.
Wall Street ended firmly in the red Friday. The DJIA closed down 1.5%, the S&P 500 ended down 1.3% and the Nasdaq Composite down 1.0%.
In Asia on Monday, the Japanese Nikkei 225 closed down 0.7%, and the Hang Seng trades down 0.4%. The Shanghai Composite is underpeforming, trading down 2.6% after China's manufacturing sector was reported to have contracted slightly more than the initially estimated in January.
Revised estimates showed that the HSBC manufacturing purchasing managers' index came in at 49.7 in January, slightly less than the flash estimate of 49.8. However, the score was marginally more than the 49.6 reading in December. The NBS manufacturing PMI for January, released Sunday, showed the sector fell into contraction in January, with a reading of 49.8, falling from 50.1 in December. A score over 50.0 marks an expansion.
Oil prices are holding above the psychological USD50 a barrel mark. Ahead of the London open, Brent oil was quoted at USD52.00 a barrel.
Standard Life confirmed it intends to return about GBP1.75 billion, or 73 pence a share, to its shareholders after it completed its sale of its Canadian units to a subsidiary of Manulife Financial Corp for CAD4.0 billion, or about GBP2.2 billion in cash. The shareholder return will be done by way of a B/C share scheme accompanied by a share consolidation, a move expected to take place before April 6. Its final dividend will be paid on the resulting number of ordinary shares after the consolidation.
FTSE 100-listed gold miner Randgold Resources said it is looking at developing a third underground mine at its Loulo-Gounkoto gold mining complex in Mali, a move that would bolster rising production from the site.
Irish building materials company CRH said it has agreed a deal with Lafarge SA and Holcim Ltd under which it will buy a range of assets being sold by its French and Swiss rivals as part of the conditions for their merger to be given regulatory approval.
In the economic calendar, there are Markit Purchasing Managers' Index readings from Germany at 0855 GMT, the eurozone at 0900 GMT, the UK at 0930 GMT, and the US at 1445 GMT. There also will be income and consumption data from the US at 1330 GMT and ISM manufacturing PMI at 1500 GMT.
By Neil Thakrar; [email protected]; @NeilThakrar1
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