London pre-open: Stocks seen up on positive US, Asian cues; jobs data in focus

(Sharecast News) - London stocks were set to rise at the open on Tuesday after upbeat US and Asian sessions, as investors mull the latest UK jobs data. The FTSE 100 was called to open 20 points higher at 7,466.

CMC Markets analyst Michael Hewson said: "European markets got off to a weak start yesterday as investors trod lightly ahead of today's US CPI release for November.

"US markets on the other hand saw a more positive session, finishing the session higher, pulling back some of the losses seen last week, with the gains evenly spread across the piste. Asia markets have also edged higher after Hong Kong announced a further easing of covid restrictions.

"These gains look set to see markets in Europe open slightly higher later this morning."

Figures released earlier by the Office for National Statistics showed that the number of people unemployed ticked higher in October as wages fell.

The jobless rate rose 0.1 percentage point in the three months to October, to 3.7%, slightly above consensus for 3.6%.

Growth for both average total pay - which includes bonuses - and regular pay, which excludes them, was 6.1% over the three months, the strongest growth outside of the pandemic period.

However, once adjusted for inflation, total and regular pay both fell in real terms, by 2.7% year-on-year. The ONS said the fall was among the largest since comparable records began in 2001.

In corporate news, Synthomer said it had sold its laminates, films and coated fabrics businesses to Surteco North America for $255m (£208m).

The cash will be used to repay debt in order to strengthen the group's balance sheet and support a reduction in leverage, the company said.

Elsewhere, InterContinental Hotels announced the appointment of Michael Glover as chief financial officer.

Glover will take up his new position and become an executive director of the board and a member of IHG's Executive Committee with effect from 20 March 2023.

Glover, who has been with the company for 18 years, currently serves as CFO of the Americas and group head of commercial finance. He succeeds Paul Edgecliffe-Johnson, who announced in October that he was planning to pursue an opportunity outside IHG after 19 years of service.