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London pre-open: Stocks seen flat ahead of services PMI
(Sharecast News) - London stocks were set for a steady open on Monday as investors eyed the latest reading on the UK services sector. The FTSE 100 was called to open just three points higher at 7,559.
CMC Markets analyst Michael Hewson said the continued rebound in Chinese markets alongside the pullback from the lows of the day in the US on Friday "doesn't look as if it will feed into European markets this morning with a flat open expected, with the November services PMI numbers the main focus today".
Hewson said UK services sector activity is expected to come in at 48.8, while in the US, services sector activity numbers have continued to be mixed.
The UK S&P Global/CIPS services purchasing managers' index for November is due at 0930 GMT.
In corporate news, Vodafone said chief executive Nick Read would step down at the end of the year.
Chief financial officer Margherita Della Valle has been appointed interim CEO and "will accelerate the execution of the company's strategy to improve operational performance and deliver shareholder value", the company said.
Elsewhere, National Express said that interim chief financial officer James Stamp will take on the role on a permanent basis with immediate effect.
Stamp joined the company in July 2017. Prior to his appointment as interim CFO, he had served as CFO of National Express' UK & Germany division and as group commercial and strategy director, where he led work on the Evolve strategy.
He is a qualified chartered accountant with over 25 years' experience in finance and consulting, having previously been a Partner at KPMG where he led their Transport Practice.
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