London pre-open: Stocks to edge up as investors eye more Brexit news
London stocks were set to edge up at the open on Friday as investors eyed more Brexit-related headlines and news on trade talks between the US and China.
The FTSE 100 was called to open 13 points higher at 7,180.
London Capital Group analyst Jasper Lawler said: "The pound is still around 0.9% stronger than the dollar across the week. With no high impacting UK economic data to distract pound traders, attention will fall squarely on Brexit today and across the weekend. Theresa May is in Brussels, in talks with EU Commission President Jean-Claude Juncker.
"However, Mr Juncker has made it clear that he is not optimistic that a no deal Brexit will be avoided. Theresa May will meet with EU leaders across the weekend in a last-ditch attempt to secure a Brexit deal that can be voted through Parliament.”
As far as Sino-US relations are concerned, market participants were keen to see some progress ahead of next week’s trade truce deadline.
"Hope of a bit more transparency out of Washington this week versus last week in Beijing has not panned out," said Lawler. “European futures are pointing to a softer start as they trace Wall Street and Asia lower. The FTSE looks set to be an exception, boosted by the weaker pound."
On the data front, the CBI distributive trades survey is at 1100 GMT.
In corporate news, publishing group Pearson said underlying full year adjusted operating profit rose 8% to £546m for 2018, in the in the upper half of the guidance range of £520m - £560m.
Underlying sales fell 1% to £4.1bn with declines in US Higher Education Courseware of 5% and in US K12 Courseware largely offset by the rest of the business growing in aggregate at over 1%.
Construction products manufacturer Hill & Smith Holdings announced that it has completed the acquisition of ATG Access from LDC and private shareholders, for a cash consideration of £22.5m, on a debt and cash free basis.
The company said the consideration was being funded from its existing bank facilities.
Metro Bank has been awarded £120m from the fund set up with cash from Royal Bank of Scotland designed to boost competition in the banking sector, with Starling Bank getting £100m and ClearBank £60m.
CYBG was one of 13 applicants that had missed out on the first pool of cash from the Capability and Innovation Fund being distributed by the Banking Competition Remedies body, with other successful Arbuthnot, Co-op Bank, Handelsbanken, Monzo, Starling and TSB.