London pre-open: Stocks set for higher start ahead of possible Brexit vote
Stocks are set for a slightly higher start ahead of another possible meaningful vote later in the day, likely before 2200 BST, on Prime Minister Boris Johnson's Brexit deal proposal.
At the weekend, MPs voted in a favour of an amendment proposed by Sir Oliver Letwin meant to close off the last remaining loop-hole for a no-deal Brexit even if MPs had voted in favour of Johnson's proposed deal with Brussels, which in the end resulted in Johnson's proposal not being voted on at all.
Despite that, the FTSE 100 was being called to start the session 14 points higher to 7,164.
To take note of, in remarks made on the Andrew Marr show on Sunday, Foreign Secretary, Dominic Raab, said that the government had enough votes in the House of Commons to secure the passage of Johnson's deal.
"A meaningful vote on the Brexit deal should take place today, unless the Speaker of the House, John Bercow, decides against the event," said David Madden, market analyst at CMC Markets UK.
"Even if Mr Bercow doesn’t allow the meaningful vote, MPs will have an opportunity to vote on the principal of the deal brokered by Boris on Tuesday. Sterling lost ground overnight on the back of the weekend’s events."
Nonetheless, some reports indicated that as things now stood, even if the UK did leave the European Union on 31 October with a deal, should Westminster fail to reach an agreement with the EU on a free trade area between the two economies during the so-called transition period, then the UK could still stumble out of the bloc without a deal.
No major economic releases were scheduled in the UK, euro area or US on Monday.
Just Eat keeps growing at a good clip
Third quarter revenue at online food delivery service Just Eat grew 25% to £248m as the group reaffirmed full year guidance and losses in its Latin American operations. Group orders increased 16% to £62m, with an 8% rise in the UK to £33m. The company said it still expected 2019 revenue in the range of £1bn - £1.1bn and underlying core earnings of £185m - to £205m (both excluding Brazil and Mexico). It added that it still expected losses in Brazil and Mexico to be in the range of £80m - £100m.
AstraZeneca announced that its Farxiga treatment has received approval from the US Food and Drug Administration to reduce the risk of hospitalisation for heart failure in adults with type-2 diabetes and established cardiovascular disease. The treatment has received marketing authorisation in the European Union and is currently under regulatory review in China, with a decision anticipated in the first half of next year.
Great Portland Estates announced on Monday that its joint venture, the GHS Limited Partnership, has pre-let the first flagship store at 64 New Bond Street to the luxury Italian menswear brand Canali, which has signed a new 10-year lease on covering 5,014 square feet over three floors. The FTSE 250 company said 64 New Bond Street formed part of the “world-class” Hanover Square mixed-use development, adding that once completed, it would provide 167,200 square feet of Grade A offices, 33,500 square feet of retail predominately fronting New Bond Street, an 8,300 square foot restaurant, and six residential apartments totalling 12,200 square feet.