London pre-open: Stocks to edge up after mostly positive Asian session

(Sharecast News) - London stocks were set to edge up at the open on Monday following a mostly positive session in Asia.
The FTSE 100 was called to open 14 points higher at 7,033.

Naeem Aslam, chief market analyst at Ava Trade, said: "European and US futures are trading modestly higher while investors are keeping a close eye on the massive rout which is taking place in the crypto market.

"The risk sentiment among investors and traders is still very much shaken after the fact that the S&P 500 index closed in negative territory and it has posted two consecutive weeks of losses.

"The major question is if buy the dip mentality will continue to prevail and if it will then we are likely to see the US equity markets recovery their losses in no time. On the flip side, if investors have lost their appetite for riskier assets, then we have a long way to go."

In corporate news, movie theatre operator Cineworld reported a strong opening weekend in the UK after Covid-19 restrictions were lifted, led by the success of Peter Rabbit 2: The Runaway.

"This weekend's performance went beyond our expectations as customers were eager to return to the movies and enjoy the full movie experience, including the traditional popcorn which led to strong concession income," the company said.

Cineworld said more than 97% of its US cinemas, or 502 sites, had resumed operations after the opening of an additional 167 cinemas. In the rest of the world, Poland and Israel would be opening at the end of the coming week and the company anticipates that most of its cinemas will be open by the end of the month.

The group added that it had received the full $203m tax refund under the US CARES Act.

Hilton Food Group said trading so far in 2021 was in line with its expectations after a strong start to the year.

The food packing company reported growth in all its markets. Demand increased in Europe with most countries under Covid-19 restrictions and home consumption of food up. Hilton said its financial position was strong and it was looking for opportunities to invest and expand.