London pre-open: Stocks tipped to follow US higher

(ShareCast News) - City sources predict the FTSE 100 will open 36 points higher than Friday's close of 6,550.74.European equities are set to start with gains this morning, tracking a modest finish higher in the US on Friday, London Capital Group night dealer Jonathan Sudaria said."European markets have decided to shrug off the soft Asian session overnight and instead take their cue from the US," Sudaria said.Stocks to watchBovis Homes posted a 9% rise in first-half pre-tax profit as it reported a record number of legal completions and said it was on track to deliver its expected volume of new homes for 2015. Pre-tax profit for the six months ended 30 June came in at £53.8m from £49.4m in the first half of last year, on revenue of £350.7m, up 9% from £322.1mMurray International Trust said its net asset value declined by 2.6% in the first half of the year compared with the company's benchmark of 2%. The investment firm said the current financial environment for investors was "uncomfortable" and the sterling's strength had constrained returns.In the pressHM Revenue & Customs will be forced to pay tax refunds running into tens of billions of pounds if it fails to fend off defeat in some of its biggest court battles, accountants show. Over the past two years, the UK tax authority has been forced to more than double its "worst case" estimate, leaving it potentially facing a £42.8bn bill to companies that believe they paid too much tax decades ago. - Financial TimesThe European Central Bank now thinks it will take four years, instead of two, for an 'intrusive' review that could force the Eurozone's biggest banks to hold even more capital. Some experts said the review could take even longer, since the project is so comprehensive and demands a huge amount of manpower. - Financial TimesChina's central bank has warned of further volatility in the yuan but reiterated that Beijing had no intention of sparking a "currency war" following a series of shock devaluations last week. The chief economist at the People's Bank of China, Ma Jun, said the Chinese government had "no intention or need to participate in a currency war". - The Guardian