LONDON MARKET OPEN: Flat Open Amid China Slowdown And Weak Pound

LONDON (Alliance News) - London equities opened mostly flat on Monday, shrugging off concerns about slowing Chinese economic growth, as the pound dipped ahead of the presentation of the UK government's Brexit 'Plan B'.The FTSE 100 was up 9.24 points, or 0.1%, at 6,977.57, while the FTSE 250 was flat at 18,758.30. The AIM All-Share was flat at 913.50.The Cboe UK 100 was down 0.1% at 11,823.50, while the Cboe UK 250 was flat at 16,750.29 and the Cboe UK Small Companies 0.2% lower at 12,326.23.In mainland Europe, the CAC 40 stock index in Paris was up 1.7%, while the DAX 30 in Frankfurt was 0.3% lower.Another 175,000 jobs are set to be lost from the UK high street this year, while the value of retail property will tumble amid challenges facing the sector, new research showed. Over 23,000 shops are expected to close in 2019, according to research by real estate adviser Altus Group.The numbers mark a significant increase on 2018, when a series of company failures and store closure programmes claimed nearly 20,000 stores and 150,000 jobs. Meanwhile, the woes of the industry are set to hit the value of retail property, which is expected to decline by 16% as shoppers are tempted away from the high street by online alternatives.Shopping centre owner Hammerson was near the bottom of the FTSE 250 index of London mid-cap stock, down 2.9%, after JPMorgan cut the firm's rating to Neutral from Overweight. In the FTSE 100, food delivery marketplace Just Eat was down 2.0% after announcing the departure of Chief Executive Officer Peter Plumb with immediate effect. Plumb will be replaced by Chief Customer Officer Peter Duffy until the appointment of successor.The company also said that 2018 had been a transformational year, and it expects to report annual orders of 221 million, with revenue of GBP780 million, up from GBP546 million generated in 2017. Underlying earnings before interest, taxes, depreciation, and amortization is anticipated to total between GBP172 million and GBP174 million. In 2017, Just Eat reported underlying Ebitda of GBP164 million.Looking ahead, Just Eat expects to invest in the significant opportunity it sees in the high-growth markets of Brazil and Mexico. It also sees 2019 revenue in a range of GBP1.0 billion to GBP1.1 billion and underlying Ebitda of GBP185 million to GBP205 million. Rentokil Initial was in the red as well, down 0.9% after Barclays downgraded the pest control services provider to Neutral from Buy. GlaxoSmithKline was trading 0.6% lower early on Monday, after the blue-chip pharmaceutical company GlaxoSmithKline said Non-Executive Chair Philip Hampton will step down and the search for his successor has begun.Back in UK mid-caps, Babcock International Group was 1.1% higher, as Goldman raised the engineering firm to Conviction Buy List from Buy.Meggitt was up 0.7% after it said it signed a USD750 million contract with Pratt & Whitney to continue the supply of advanced composite components for the F119 and F135 engines which power the F-22 Raptor and F-35 Lightning II aircraft.William Hill was down 2.1%. The betting firm said it expects its adjusted operating profit for the year to January 1 to be GBP234 million, down 15% on the year prior. The result is in line with the betting company's operating profit guidance of GBP225 million to GBP245 million. Separately, William Hill said it now holds 92% stake in online gambling company Mr Green and expects to secure the acceptances of its takeover offer for the remaining 8% interest by the end of January."The market's twin obsessions - China and Brexit - remain firmly the focus as January enters its back half," said Spreadex analyst Connor Campbell.UK Prime Minister Theresa May is to set out her next steps to build a Commons majority for a Brexit deal amid signs she is still unwilling to give ground on her central demands.Following the crushing defeat last week of her agreement with Brussels, the prime minister will make oral and written statements to the House explaining how she intends to proceed.She will also table a "neutral" motion to be debated and voted on - along with any amendments tabled by MPs - on January 29.Government sources said she would be holding further talks with MPs, as well as business leaders and trade unionists, throughout the week in an attempt to find a way forward.But after she briefed the Cabinet in a conference call on Sunday about her first round of cross-party contacts last week, there was little expectation she was ready to offer concessions that could win over opposition MPs.The pound was lower, quoted at USD1.2854 on Monday, down slightly compared to USD1.2897 at the close Friday.In China, the Shanghai Composite index closed up 0.6%, while the Hang Seng index in Hong Kong closed up 0.4%. The Japanese Nikkei 225 index closed 0.3% higher.China's economy grew 6.6% in 2018, the country's statistics bureau said Monday, in the slowest rate since 1990.In the final quarter of 2018, the economy grew 6.4% amid signs the world's second-largest economy is slowing as China grapples with issues including the ongoing trade war with the US.Growth for 2019 is widely expected to fall to 6.5% or lower, according to the World Bank and economic experts.Premier Li Keqiang said Thursday that China would aim to keep growth within a "reasonable range" through innovation and macroeconomic policies, according to state news agency Xinhua.The economy has taken a hit from the US trade war, which if left unresolved past its March deadline for negotiations could further inhibit growth.The economic events calendar Monday will see world leaders gather in Davos, Switzerland for the World Economic Forum starting on Tuesday.