London pre-open: Stocks seen up on positive Asian cues; Brexit remains in focus

London stocks were set to rise at the open on Monday, taking their cue from a positive session in Asia as investors kept an eye on any Brexit-related developments.

The FTSE 100 was called to open 25 points higher at 6,977. In currency markets, the pound was up 0.1% against the dollar at 1.2826 and 0.1% lower versus the euro at 1.1294 after Theresa May's Brexit deal was signed off at the EU summit on Sunday.

The real test is yet to come, however, as May needs to get the deal through Parliament.

CMC Markets analyst David Madden said: "Theresa May has a difficult task ahead of her as she has to sell the withdrawal agreement to her own party. The EU over the weekend made it very clear that it is a take it or leave it situation in relation to the deal.

"Prime Minister May will struggle to get fellow Conservatives to support her as many pro-Brexit and anti-Brexit MPs don’t like the deal she struck. There are questions about what would happen in the event of the deal being voted down - it would open up the possibility of a no-deal Brexit."

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

In corporate news, Rio Tinto has struck a deal to sell its majority stake in the Rössing mine in Namibia to China's state nuclear company.

China National Uranium Corporation will pay the world’s second largest miner up to $106.5m for its entire 68.62% stake, dependent on uranium spot prices over the coming seven years.

BBA Aviation said it had completed the $97m acquisition of Firstmark Corp, an aerospace-focused aftermarket service provider having received the necessary governmental and regulatory approvals.

Firstmark provides highly engineered proprietary components and subsystems for the aerospace and defence industries.

AstraZeneca said the US Food and Drug Administration (FDA) had granted Orphan Drug Designation (ODD) for its Fasenra treatment for the autoimmune disease eosinophilic granulomatosis with polyangiitis (EGPA).

The FDA grants ODD status to medicines intended for the treatment, diagnosis or prevention of rare diseases or disorders that affect fewer than 200,000 people in the US.

EGPA is a potentially fatal rare autoimmune disease that can cause damage to multiple organs and tissues, including lungs, skin, heart, gastrointestinal tract and nerves.

Tritax Big Box REIT updated the market on progress with its 114 acre site at Littlebrook, Dartford on Monday, within the M25, which was acquired in July 2017.

The company said it has successfully secured planning permission from Dartford Borough Council for the proposed development of a 450,240 square foot cross-docked logistics facility with a clear internal height of 21 metres. It said the proposed development of the asset was on 28.6 acres of phase one land, with the planning permission consolidating planning consents from other parts of the site.