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(Alliance News) - The FTSE 100 index looked set to regain some lost ground early on Monday, having fallen to a four-week low last week.
"Overall, trading is likely to remain on the quiet side as...a large number of traders are going to break for the Christmas holiday. The chances of a Santa rally taking place are minimal as the monthly losses are only piling up more," said Avatrade's Naeem Aslam.
It is a quieter week for economic data in the run-up to Christmas. On Monday's calendar, there is the IFO business climate index for Germany at 0900 GMT and EU construction output at 1000 GMT.
In early corporate news, AstraZeneca announced disappointing phase III results for Imfinzi, but also a raft of regulatory progress in the EU for Imfinzi and other drugs.
Markets in Asia closed in the red, as China begins a more rapid-than-expected reopening from its strict zero Covid measures.
The world's most populous nation is unwinding years of hardline coronavirus policy, with Covid spreading rapidly in the wake of the official end of mass lockdowns, testing and quarantines.
And with authorities admitting the outbreak is "impossible" to track, the southern megacity of Chongqing – home to around 32 million people – became one of the first parts of China to let people work normally even with visible symptoms, the Chongqing Daily reported Monday, citing a notice from municipal authorities.
"Asia markets have turned a tad introspective after a massive reopening bounce gives way to reality check trading as investors come to grips with numerous zero-Covid offramp issues, least of all the scary surge in Mainland Covid cases," said SPI Asset Management's Stephen Innes.
"Media reports suggest that China's fast-tracked exit from its zero-Covid policy is anything but smooth, with health experts predicting 60 % of the population could be infected with Omicron over the winter."
Here is what you need to know ahead of the London market open:
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MARKETS
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FTSE 100: called up 23.8 points, 0.3%, at 7,355.92
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Hang Seng: down 0.5% at 19,351.31
Nikkei 225: closed down 1.1% at 27,237.64
S&P/ASX 200: closed down 0.2% at 7,133.90
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DJIA: closed down 281.76 points, 0.9%, at 32,920.46
S&P 500: closed down 1.1% at 3,852.36
Nasdaq Composite: closed down 1.1% at 10,705.41
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EUR: higher at USD1.0629 (USD1.0601)
GBP: higher at USD1.2184 (USD1.2161)
USD: lower at JPY136.08 (JPY136.60)
GOLD: higher at USD1,792.96 per ounce (USD1,789.21)
OIL (Brent): higher at USD79.42 a barrel (USD78.82)
(changes since previous London equities close)
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ECONOMICS
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Monday's key economic events still to come:
11:00 CET EU labour cost index
11:00 CET EU construction output
10:00 CET Germany IFO business climate index
11:00 GMT UK CBI industrial trends survey
10:00 EST US NAHB housing market index
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UK retailers are braced for a subdued last few days of the build-up to Christmas as households bear the brunt of energy and economic shocks. Analysts Springboard said the declines from month to month from September to November and then just a modest predicted rise this month would eradicate the gains made over much of this year. Diane Wehrle, insights director at Springboard, said footfall would rise in all three destination types from November to December, although would be "more subdued than in previous years" – by 4.5% in high streets, 5% in retail parks, and 10% in shopping centres.
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BROKER RATING CHANGES
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JPMorgan places Next on 'negative catalyst watch'
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JPMorgan cuts Marks & Spencer to 'underweight' (neutral) - price target 100 pence
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COMPANIES - FTSE 100
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AstraZeneca said its phase III Pearl trial for Imfinzi, or durvalumab, did not achieve statistical significance for its primary endpoints of improving overall survival in stage IV non-small cell lung cancer, for certain patients. This was compared to platinum-based chemotherapy as a monotherapy treatment. Astra also said that Forxiga, or generically dapagliflozin, has been recommended for approval in the EU for symptomatic chronic heart failure, by the Committee for Medicinal Products for Human Use. Forxiga received a favourable opinion from the CHMP for the extension of its indication for heart failure with reduced ejection fraction, to cover patients across the "full spectrum of left ventricular ejection fraction". This would include HF with mildly reduced and preserved ejection fraction. "If approved, Forxiga will be the first heart failure therapy indicated across the full ejection fraction range with proven mortality reduction," the pharmaceutical firm said. Separately, Astra announced Imfinzi and Imjudo, or tremelimumab, have also been recommended by the CHMP for EU approval, for the treatment of advanced liver and lung cancers. Lastly, Astra said Enhertu has been approved in the EU as a monotherapy for advanced HER2-positive gastric cancer, and is recommended for approval in the EU for HER2-low metastatic breast cancer.
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COMPANIES - FTSE 250
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Private healthcare provider Spire Healthcare announced it has acquired The Doctors Clinic Group in a GBP12 million deal. TDCG is an integrated provider of occupational health and private general practitioner services, which is expected to deliver turnover of GBP11 million in 2022. It has over 700 corporate clients, and operates 22 private GP clinics. The acquisition is part of its strategy to expand its offering to meet increased healthcare demand in the UK. "This is a modest bolt-on investment in a business that, under Spire's ownership, is expected to break even in 2023 and become profitable in 2024," the firm said.
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OTHER COMPANIES
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Web domain and internet services provider CentralNic said it will acquire a "portfolio of revenue generating niche websites" for USD5.2 million in cash, in an asset deal with multiple sellers. The acquisition will complete immediately, and will be financed from its available liquidity. The deal will be immediately accretive to earnings, with the websites expected to bring in USD1.9 million in annualised revenue, and USD1.4 million in annualised earnings before interest, tax, depreciation and amortisation, post-acquisition.
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Tungsten West said it has increased the JORC ore reserve estimate and internal mineral resource estimate at its flagship Hemerdon project. The ORE sees a 60% increase in ore tonnage, and 10% increase in contained metal from the previous ORE back in 2021. The MRE sees a 7% increase in tonnage and 1% increase in contained metal from the MRE in 2021. "The Hemerdon deposit is now estimated to be the second largest reported CRIRSCO standard tungsten resource globally," the miner noted. Tungsten said it expects to release a summary of its updated feasibility study "shortly".
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By Elizabeth Winter, Alliance News senior markets reporter
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