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London pre-open: Stocks set to edge up, US debt ceiling talks in focus
(Sharecast News) - Stocks in London appear headed for a slightly higher start with some positive headlines around the ongoing debt ceiling talks in the US buoying sentiment. In remarks made overnight, Lael Brainard, the head of the US National Economic Council, said that talks thus far had been "serious" and "constructive", even as she added that a debt default would be "catastrophic" for the economy.
"Sentiment hasn't been helped by the political theatre around the US debt ceiling which has dominated the discourse in the media, and where discussions have been pushed into this week," chipped in Michael Hewson at CMC Markets UK.
"While the risks around this are well-rehearsed it could be argued that the risks appear somewhat overstated given how regularly we've seen this scenario play out over the last few years on a regular "rinse and repeat" basis before a late compromise is sealed."
As of 0724 BST, futures for the FTSE 100 were rising by 26 points to 7,781.0.
No major economic releases were scheduled in the UK, but Bank of England chief economist, Huw Pill was due to deliver a speech at 1700 BST.
Across the Channel, at 1000 BST the European Commission would publish its latest set of economic forecasts for the bloc.
They would be followed at 1330 BST by the Federal Reserve Bank of New York's regional factory sector index.
Several top Fed officials were expected to deliver speeches or make remarks on Monday.
Apollo pulls Wood Group bid
US private equity firm Apollo Global on Monday pulled plans to make a takeover offer for UK oil industry engineer Wood Group. Apollo had made five approaches for the company and was had to table a firm bid or walk away by May 17. In response, the Wood board said it remained confident in its strategic direction and long-term prospects and believes that, "following a transformative year in 2022, including new executive leadership and a new strategy" the company was "well placed to deliver substantial value for shareholders".
Diploma posted a strong set of results for the first half of its financial year. Revenues were up ahead by 30% to £582.8m and by 10% on an organic basis. It also said that the back half had begun "positively", which led management to raise its full-year guidance. Full-year organic growth was now pegged to come in at 7%. That was on top of approximately another 7% rise in sales expected to accrue from acquisitions, net of disposals. In parallel, the company's leverage was seen declining to below 0.4 times before any acquisition investment.
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