London pre-open: Stocks seen lower ahead of busy week

London stocks were set for a weaker open on Monday ahead of a busy week of earnings, as investors digested news that the International Monetary Fund has cut its forecasts for UK and US economic growth this year.

The FTSE 100 was expected to open 10 points lower at 7,443.

According to the IMF, the UK will grow 1.7%, down from a previous estimate of 2% growth. Meanwhile, the US forecast for growth this year was cut to 2.1% from 2.3%.

CMC Markets analyst Michael Hewson said: “It cited a less than anticipated expansionary fiscal policy from the United States along with protracted political uncertainty as the key risks to its forecast, as well as corrections to rich market valuations as key risks to its forecast.”

There are no major UK data releases due.

On the corporate front, Reckitt Benckiser boosted its interim dividend 14% as it reported a solid first-half performance in the face of "tough" market conditions and slightly weaker profit margins from newly acquired baby food business Mead Johnson Nutrition.

For the first six months of the year, Reckitt generated £5.02bn revenues, an increase of 14% or 2% at constant exchange rates, as the consumer goods compay indicated earlier this month when it warned of the effects of a cyber attack.

Randgold Resources was continuing to ramp up production at its Tongon gold mine in Côte d'Ivoire, tracking towards its 2017 target of 285,000 ounces, the company reported on Monday morning.

The FTSE 100 company confirmed that, with Tongon now operating to plan, its focus had shifted to finding additional reserves and resources to replace depleted ounces and extend the mine’s life beyond the currently anticipated four years.

Real estate investment trust Tritax Big Box said it had bought the freehold of the former Littlebrook Power Station site at Dartford, London for £65m funded by equity.