London pre-open: Stocks seen higher on positive Asian cues

London stocks were on track for a firmer open on Monday following an upbeat session in Asia.

The FTSE 100 was called to open 20 points higher at 6,022.

CMC Markets analyst Michael Hewson said: "Today’s European open looks set to be a modestly positive one, with markets in Asia trading modestly higher in a week that is relatively light on data, but where investors will be looking anxiously for further evidence that the rise in virus cases, that is taking place across the globe, is starting to affect the various recoveries from differing stages of lockdown.

"This week the main focus, apart from the latest Q2 GDP iterations from the US, Germany and France, is this week’s virtual central bank symposium which will take the place of the annual Jackson Hole event, where the topic will be ‘Navigating the Decade Ahead: Implications for Monetary Policy’ on August 27th and 28th,

"Investors will be looking for clues as to what steps the Federal Reserve might look to take in the event of another serious flare up in covid-19 cases as we head into the autumn, with the added complication of a Presidential election in early November."

In UK corporate news, international distribution and services group Bunzl said it had bought a US-based safety business and a flexible packaging distributor in Ireland for an undisclosed sum.

The twin deals involve MCR Safety, which is based in Memphis, Tennessee and Dublin-based Abco Kovex.

Pearson has recruited Andy Bird, the former boss of Walt Disney's international division, as the FTSE 100 company's next chief executive.

Bird, who is already a non-executive director at Pearson, will replace John Fallon on 19 October.]

Hipgnosis Songs Fund has acquired 50% of the copyright interest and writers share in the song catalogue of the hip hop artist, songwriter and producer, and leader of Wu-Tang Clan, Robert 'RZA' Diggs.

The FTSE 250 music intellectual property investor said it acquired 50% of RZA's worldwide copyrights, including publishing and writer share, in his catalogue comprising 814 songs, though financial terms of the acquisition were not disclosed.