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London pre-open: Stocks seen up ahead of manufacturing data

By Michele Maatouk

Date: Wednesday 01 Dec 2021

London pre-open: Stocks seen up ahead of manufacturing data

(Sharecast News) - London stocks were set to rise at the open on Wednesday following heavy losses in the previous session, as investors eyed the latest reading on the UK manufacturing sector.
The FTSE 100 was called to open 64 points higher at 7,123.

CMC Markets analyst Michael Hewson said: "Having finished November on a choppy note, today's European open looks set to be a positive one, despite Powell's sudden shift with the focus, apart from virus concerns, whether they be Delta or Omicron, on the latest manufacturing PMIs, and latest US economic numbers, and a Fed that seems keen to pursue tapering come what may.

"While it's become increasingly apparent that we've seen peak PMI in Europe over the past few months, it's also been surprising that the numbers have remained in expansion territory when related industrial and manufacturing production numbers have come in so poor."

On the macro front, Markit's manufacturing PMI for November is at 0930 GMT.

In corporate news, biomass energy provider Drax said it expected annual core earnings to be at the top end of current forecasts driven by increased power generation.

The company said it had played an "important role providing stability to the UK power system" as higher gas prices, European interconnector issues, and periods of low wind placed the system under increased pressure.

It now expected adjusted earnings before interest, tax, depreciation and amortisation to be at the upper end of analyst consensus of £374m-£391m subject to a good December performance.

Elsewhere, vehicle rental provider Redde Northgate reported a jump in interim profit and revenue as it hailed a strong performance across the group

In the six months to the end of October, underlying pre-tax profit rose 94.4% to £78.9m, while total revenue grew 10.2% to £612.9m.



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