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

London stocks were set for a slightly firmer open on Friday despite a downbeat close on Wall Street, as Asian shares advanced.

The FTSE 100 was expected to open eight points higher at 7,348.

CMC Markets' Michael Hewson said: "While markets in Europe managed to eke out some gains yesterday the decline in US markets continued after the expected vote on the new health care bill to replace Obamacare was postponed, due to a failure to garner enough support for it.

"Nonetheless it looks set to be a disappointing week for stock markets on both sides of the Atlantic as a semblance of realism starts to creep into proceedings in terms of what the new US administration will be able to deliver in terms of its reform program in the coming weeks and months."

On the data front, BBA mortgage approvals are at 0930 GMT.

In corporate news, as it makes early progress with a new strategy, Smiths Group reported flat first-half revenues of £1.6bn on an underlying basis but growth of 18% on a reported basis thanks to the weak pound.

With operating margins improving 130 basis points, operating profits increased 8% underlying and 27% reported to £277m and pre-tax profits 10%/31% to £248m.

Land Securities confirmed it was in discussions with Deutsche Bank on pre-letting a site for the German banking giant's London headquarters.

LandSec said it would finish shortly the demolition of existing buildings at 21 Moorfields in London's central business district. The site sits above Moorgate tube station and the new development will contain offices and shops, media reported on Thursday.

Acacia Mining has said there has been no change on the Tanzanian government's ban on exports of gold and copper ore despite efforts by the company.

The FTSE 250 miner has been “engaging with key government official and other stakeholders” in order to lift the ban which has been in effect since 3 March.

Syncona noted on Friday that Blue Earth Diagnostics - which it funds - had received a positive opinion recommending that Axumin be granted marketing authorisation in the European Union from the Committee for Medicinal Products for Human Use of the European Medicines Agency.

The FTSE company holds a 90% interest in the share capital of Blue Earth.