London pre-open: Stocks to edge lower after downbeat Asian session

London stocks were set to edge lower at the open on Monday following a downbeat session in Asia.

The FTSE 100 was called to open seven points lower at 7,022.

CMC Markets analyst Michael Hewson said: "Today’s European market open looks set to carry on from the weakness that we saw at the end of last week, with a lower open as Asia markets slip back on reports that Chinese authorities want to break up Alipay, and separate it from Ant Group’s wider business."

In corporate news, engine maker Rolls-Royce and defence engineer Babcock said they had sold their stakes in in AirTanker Holdings Limited to Equitix Investment Management.

Rolls-Royce is selling its 23.1% shareholding for £189m and Babcock its 15.4% share for £126m. AirTanker Holdings is an asset joint venture with Airbus, Thales and Rolls-Royce, owning fourteen A330 Voyager aircraft to support air-to-air refuelling, air transport and ancillary services for the UK’s Ministry of Defence.

Specialist information and analytics company Ascential said it has bought OneSpace, a content optimisation business serving brands trading on eCommerce marketplaces, for an undisclosed sum.

OneSpace manages product specific content catalogues, enables the creation of original material and customises content in order to drive higher sales across multiple products and marketplaces.