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London pre-open: Stocks to rise after Chinese manufacturing data

Mon, 2nd Dec 2019 07:35

(Sharecast News) - London stocks were set to rise at the open on Monday following the release of encouraging Chinese manufacturing data.
The FTSE 100 was called to open 28 points higher at 7,374.

CMC Markets analyst Michael Hewson said: "Over the weekend the latest China manufacturing numbers for November showed an improvement to 50.2, its best reading since March, while services also improved to 54.4, also the best levels since March this year, post Chinese New Year.

"This appears to have prompted a decent start to the month in Asia trading this morning, along with a decent Caixin manufacturing survey for November, which came in at 51.8, its best reading since January 2017.

"This good start for Asia is expected to translate into a similarly positive European open this morning."

On home shores, the focus will be on election campaigning.

"For now, the Conservative party's lead in the polls, while still over 5%, remains fragile in what is increasingly becoming a much more febrile and polarised atmosphere, if that is even possible," said Hewson. "Whatever the outcome of the vote in just over a weeks' time the poison in UK politics that has been uncorked in the last three years will be very difficult to rein in."

In corporate news, St Modwen said it had completed the sale of its interest in a purpose-built student accommodation building at Swansea University Bay Campus for £38m.

The 411-bedroom accommodation was sold to University Partnerships Programme, which provides on-campus residential and academic accommodation infrastructure.

Sirius Real Estate acquired a 19,600 square meter office complex in Hallbergmoos, near Munich Airport, for €20.2m, using funds from five recent disposals.

The branded business park operator said the park is currently 55% let and produces an annual rental income of €960,000 at an average rate of €6.67 per sqm, with a remaining weighted average lease term of 2.4 years.

PPHE Hotel Group has acquired the freehold interest in a site located in London SE1, it announced on Monday, with a view to developing the Site into a hotel, subject to planning permission being obtained.

The FTSE 250 hotel developer and owner said the site was acquired from a third party seller, at a total investment of £12m excluding taxes and associated costs, funded from its existing cash.

It said it "acted quickly" to secure the opportunity, which is near to the Park Plaza London Waterloo.

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