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London pre-open: Stocks to edge up as investors mull inflation, borrowing figures

Wed, 21st Oct 2020 07:41

(Sharecast News) - London stocks were set to edge higher on Wednesday as investors mulled the latest UK inflation and borrowing figures.
The FTSE 100 was called to open 17 points higher at 5,906.

Figures released earlier by the Office for National Statistics showed that consumer price inflation rose to 0.5% in September from 0.2% the month before, in line with expectations.

Meanwhile, public sector net borrowing for September came in at of £36.1bn versus consensus of £33.6bn, marking the third highest since records began in 1993.

Capital Economics said: "With CPI inflation just 0.5% in September, it's hard to think of reasons why the Bank of England won't launch another £100bn or so of QE at the November meeting. And despite public borrowing still jumping, the government may yet spend more."

In corporate news, bookmaker William Hill said 10% of its UK betting shops were located in 'high level' Covid-19 alert areas as the government started to introduce tougher measures to combat a resurgence of the coronavirus.

It added that core earnings would fall by £2m if 100 shops were shut for four weeks.

The group, currently subject to a £2.9bn takeover offer from by Las Vegas casino operator Caesars Entertainment, reported third quarter group revenue down 9%, offset by a strong performance in the US.

Segro reported 'strong' rental collection in its fourth quarter, currently at 85% of total rent billed, which was higher than at the equivalent date in the second and third quarters.

The FTSE 100 commercial landlord said a further 13% had been deferred by agreement with its tenants, most of which was now payable monthly, meaning that the majority of that would have been received by the end of the year.

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