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(Alliance News) - Stock prices in London are set for a higher open on Monday with the UK government's attempt to get its Brexit deal approved by Parliament expected to dominate the day.
In early UK company news, takeaway firm Just Eat reported sharp growth in third quarter revenue, AstraZeneca said the US Food & Drug Administration has approved Farxiga and Smith & Nephew has appointed a new chief executive.
A consortium led by luxury property developer Nicholas Candy confirmed it is in the early stages of considering making a cash takeover offer for FTSE 250-listed Capital & County Properties. Capital & Counties has been in the process of demerging its Covent Garden and Earls Court property portfolios in London.
IG futures indicate the FTSE 100 index is to open 12.13 points higher at 7,162.70. The blue-chip index closed down 31.75 points, or 0.4% at 7,150.57 on Friday.
CMC Market's David Madden commented: "Towards the end of last week the mood in the markets was lifted by the news that a Brext deal was struck. The announcement boosted European equity markets in addition to driving sterling higher. Friday was a quiet day in terms of news flow and volatility was low as traders awaited the sitting of Parliament on Saturday."
At the special Saturday sitting, members of Parliament voted by 322 to 306 in favour an amendment withholding approval of his Brexit deal until legislation to implement it is in place.
This means Boris Johnson is set for a showdown with Commons Speaker John Bercow on Monday as the prime minister pushes for a knife-edge Commons vote on his Brexit deal.
Bercow, who Tory Brexiteers have accused of being pro-Remain, will rule on whether the government can bring a so-called "meaningful vote" on its plans.
If the Speaker blocks the move, focus will switch to the government bringing its Withdrawal Agreement Bill before MPs on Monday, with a vote on its second reading on Tuesday.
Ministers insist they "have the numbers" to push the agreement through, but the parliamentary situation appears to be on a tightrope.
"Even if Bercow doesn't allow the meaningful vote, MPs will have an opportunity to vote on the principal of the deal brokered by Boris on Tuesday. Sterling lost ground overnight on the back of the weekend's events," Madden noted.
The pound was quoted at USD1.2924 early on Monday, higher against USD1.2885 at the close Friday.
In UK economic news, consumer confidence decreased in the third quarter, returning to a level last seen in the final quarter of 2018, according to the latest Deloitte Consumer Tracker survey already released.
UK consumer confidence fell by one percentage point to 9% in the third quarter of 2019. The analysis, based on the response of more than 3,000 consumers in the UK between September 27 and 30, revealed sentiment on job security was three points lower year-on-year at 8%.
At the same time, confidence around job opportunities and career progression also fell by five points to 6% over the same period. According to Deloitte's latest survey, businesses are intensifying cost control, with 70% of employers expecting to reduce hiring in the next 12 months.
In early UK company news, Smith & Nephew said Namal Nawana has agreed to step down as chief executive officer, by mutual agreement, at the end of October. Non-Executive Director Roland Diggelmann has been named as his replacement.
Former Roche Holding AG CEO Diggelmann will take over the job on November 1. He has been on Smith & Nephew's board since early 2018.
Smith & Nephew said Nawana is leaving to pursue other opportunities outside the UK.
Takeaway firm Just Eat said it is confident in its current performance and has confirmed its full-year guidance.
Just Eat reported third-quarter group revenue of GBP247.5 million, a 25% jump year on year. In the year to date, which encompasses the nine months to September 30, Just Eat saw revenue grow 28% to GBP717.8 million.
The company said its group orders were up 16% in the quarter to 62 million with UK orders increasing by 8% to 33 million.
Just Eat reaffirmed its 2019 revenue guidance, expecting to report revenue between GBP1.0 billion and GBP1.1 billion for the full year. Underlying earnings before interest, tax, depreciation and amortization is guided to be between GBP185 million and GBP205 million.
Pharma giant AstraZeneca said the US FDA has approved its Farxiga treatment, used to reduce the risk of hospitalisation for heart failure in adults with type-2 diabetes.
Astra's Executive Vice President of its BioPharmaceuticals unit, Ruud Dobber, said Farxiga is the first sodium-glucose cotransporter 2 inhibitor to be approved in the US.
"This is promising news for the 30 million people living with type-2 diabetes in the US, as heart failure is one of the earliest cardiovascular complications for them, before heart attack or stroke. Farxiga now offers the opportunity for physicians to act sooner and reduce the risk of hospitalisation for heart failure," said Dobber.
Farxiga was approved in the EU in August and is currently under regulatory review in China, with a decision anticipated in the first half of 2020.
Midcap software firm Micro Focus International noted the announcement from Open Text Corp, which said it is not considering a potential acquisition of Micro Focus.
Lending platform Funding Circle said it is "confident" it is on the "right course of action" despite the "uncertain economic environment".
At the end third quarter, ended September 30, Funding Circle's loans under management stood at GBP3.7 billion, up 31% on the year before.
Year to date originations are up 9% year on year at GBP1.8 billion.
The Japanese Nikkei 225 closed up 0.3% Monday. In China, the Shanghai Composite is down 0.4%, while the Hang Seng index in Hong Kong is flat.
In the US on Friday, Wall Street ended in the red, with the Dow Jones Industrial Average closing down 1.0%, the S&P 500 0.4% lower, and the Nasdaq Composite 0.8% lower.
The economic events calendar on Monday has Bank of England policymaker Andy Haldane will speak at a joint BoE, Federal Reserve Board and European Central Bank conference in Frankfurt at 1600 BST.
By Paul McGowan; paulmcgowan@alliancenews.com
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