London pre-open: Stocks seen flat as investors digest China data

London stocks were seen opening little changed as investors digested manufacturing data out of China.

The FTSE 100 was expected to open three points lower than Tuesday’s close at 6,228.

China's official manufacturing purchasing managers' index printed at 50.1 in May, unchanged from the previous month.

Meanwhile, the Caixin manufacturing PMI remained below the 50.0 that separates contraction from expansion for the 15th straight month, dropping to 49.2 in May from 49.4 in April.

China's official non-manufacturing PMI fell to 53.1 in May from 53.5 in April, according to the National Bureau of Statistics said.

“While US and European equity markets by and large gained ground last month yesterday’s late afternoon selloff tells us that sentiment still remains fragile at best,” said CMC Markets’ Michael Hewson.

“Despite the late decline yesterday afternoon European stocks still managed to close near to their recent multi week highs, however given recent historical precedent June does have a habit of seeing significant stock market underperformance.”

On the data front, Bank of England mortgage approvals are at 0930 BST, along with manufacturing PMI. In the US, ISM manufacturing and construction spending are at 1500 BST.

Halfords inched profits forward to £81.5m profit before tax and non-recurring items for the year to 1 April as new chief executive Jill McDonald claimed to be making progress with her Moving Up A Gear strategy.

This was very slightly above the consensus of analyst forecasts, which pointed to £80.5m. Earnings per share rose 1.5% to 33.2p and the board hiked the dividend 3% to 17p.

Real estate investment trust LondonMetric reported a 19% increase in recurring profits on Wednesday, with its EPRA earnings for the year to 31 March hitting £48.5m, compared with £40.9m a year ago.

The FTSE 250 company’s reported profit was practically half what it was last year, however, at £82.7m against £159.5m.

Its EPRA earnings per share were 7.8p, compared with 6.6p, and its EPRA net asset value per share crept up to 147.7p from 140.6p.

Wolseley said demand in several of the group's markets remained subdued and it continued to experience the adverse impact of commodity deflation, particularly in the US.

Like-for-like revenue growth in the weeks since the end of the quarter was 1% and full year restructuring costs in the UK and Europe will be around £20m.

“We expect trading profits for the full year, before restructuring costs, to be in line with analyst expectations at current exchange rates,” the company said