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London pre-open: Stocks to edge up as investors eye BoE, Fed rate decisions this week
(Sharecast News) - London stocks were set to edge higher at the open on Monday ahead of a busy week that includes rate announcements from the US Federal Reserve and the Bank of England. The FTSE 100 was called to open eight points higher at 7,055.
CMC Markets analyst Michael Hewson said: "As we look ahead to this week's price action the main driver is undoubtedly going to be Wednesday's Fed meeting, followed by the Friday payrolls report, although the Bank of England could well provide some fireworks given recent moves in gilt and sterling markets.
"After last week's positive finish European markets look set to start the week slightly higher, despite another set of weak Chinese services and manufacturing PMIs, which has prompted a mixed Asia session."
On the UK macro front, net lending, consumer credit and mortgage approvals data for September are all due at 0930 GMT.
In corporate news, engineering company IMI said it had agreed to acquire New York-based micro-fluid flow control business CorSolutions in order to provide it with "unique microfluidic capabilities" within the "attractive" analytical instrument market.
IMI said it will make an initial cash consideration of $10.0m for CorSolutions, which will become part of its Precision Fluid OEM business unit.
Bodycote said it had appointed Ben Fidler as chief financial officer, succeeding Dominique Yates who announced his intention to retire earlier this year.
Fidler is currently the deputy CFO of Rolls-Royce, a position he has held since January 2021. He has been with the aircraft engine maker for five years and will take up his new role on May 1, 2023.
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