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London pre-open: Stocks seen weaker on downbeat Asian session
(Sharecast News) - London stocks were set to fall at the open on Monday following a downbeat Asian session. The FTSE 100 was called to open 30 points lower at 7,358.
CMC Markets analyst Michael Hewson said: "Today's European open looks set to be a negative one, after Asia markets also slid back, with little sign that Chinese leaders were contemplating shifting their zero- Covid policy.
"With China continuing to pursue its misguided zero-Covid policy the restrictions in Shanghai are already having a chilling effect on economic output there, as well as port activity, or rather the lack of it, as container ships continue to sit off the Chinese coast waiting to be unloaded. Any prospect of supply chain concerns easing looks even further away than it was a few months ago.
"This morning's China trade data for April only serves to reinforce that further. The numbers in March were disappointing, and Aprils were little better, with imports down 0.1% in March and unchanged in April. Exports were also disappointing coming in at 3.9%, down sharply from 14.7%, as transportation difficulties and port stoppages impacted the flow of goods and services."
In corporate news, property firms Shaftesbury and Capital & Counties confirmed they are in advanced discussions about a possible merger.
Responding to press speculation of a £3.5bn deal, they said: "The possible merger would create a REIT focused on the West End of London with a portfolio of circa 2.9 million square feet of lettable space located in high-profile destinations including Covent Garden, Carnaby, Chinatown and Soho.
"The combined ownership would comprise c.1.8 million square feet of retail and hospitality space, together with office and residential accommodation of c.1.1 million square feet."
Elsewhere, cyber security company NCC Group said it had appointed a new chief executive and lifted revenue guidance for the second half of the year.
NCC said Mike Maddison would take over at the helm, replacing Adam Palser. The board added that second-half revenue would be "substantially higher" than both 2021 and the first six months of the year, driven by acquisitions and accelerating sales growth from its assurance unit.
Full year revenue and adjusted EBIT were anticipated to be in line with management expectations
Real estate group Rightmove revealed that chief executive Peter Brooks-Johnson will step down from the board and leave the company in the coming year.
Brooks-Johnson, who has spent more than 16 years with Rightmove, will continue as CEO until the announcement of the firm's full year results in February 2023, and will assist with the recruitment of his replacement and "a smooth and orderly handover".
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