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Highlights:
FTSE 100 set to open higher after a strong close last week.
Key retail sales data and business confidence figures to be released this week.
Anglo American and AstraZeneca announce significant corporate developments.
London stocks are set to open higher on Monday following strong gains at the close of the previous week. The FTSE 100 is called to rise by around 11 points, continuing the upward momentum from Friday's session.
In the coming days, key economic updates are expected to provide important insights into the UK economy. On Tuesday, the Confederation of British Industry (CBI) will release its retail sales data for November. Market expectations suggest a decline in reported sales, indicating ongoing pessimism among retailers, particularly as they enter the crucial pre-Christmas period. This could signal challenges for the retail sector as it navigates a demanding consumer environment.
Later in the week, the release of the Lloyds Business Barometer on Friday will offer further indications of business sentiment. A further decline is anticipated for November, as businesses react to the UK’s budget. Weak consumer confidence continues to be a challenge for the broader economy, and there are calls for the government to focus on restoring business confidence if it hopes to spur economic growth.
In corporate news, Anglo American has announced the sale of its steelmaking coal mines in Australia to Peabody Energy as part of its strategic shift towards copper, premium iron ore, and crop nutrients. This deal follows the mining giant's recent sale of its stake in the Jellinbah coal mine in Queensland.
Additionally, AstraZeneca has revealed positive results from a phase three trial of ‘Truqap’ (capivasertib) for treating PTEN-deficient metastatic hormone-sensitive prostate cancer. The combination of capivasertib with abiraterone and androgen deprivation therapy (ADT) showed significant improvement in radiographic progression-free survival, marking a key advancement in the treatment of this specific cancer subtype.
Lastly, Kingfisher, (LSE:KGF) the parent company of B&Q and Screwfix, has revised its full-year profit guidance downward after a mixed third-quarter performance. Despite a 0.6% fall in group sales, the company has adjusted its pre-tax profit forecast to a range slightly below its previous estimate.
