London pre-open: Stocks seen up after last week's losses
By Michele Maatouk
Date: Monday 10 Mar 2025
(Sharecast News) - London stocks were set to gain at the open on Monday following heavy losses last week.
The FTSE 100 was called to open around 25 points higher.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "Last week was packed with tariff uncertainty and weak economic data. Friday's jobs figures - the first set of jobs data of the new Trump era so far marked by mass firings at federal agencies - resulted in a weaker-than-expected NFP print, a higher-than-expected unemployment rate and a lower-than-expected participation rate.
"The only bright spots from Friday's data were the higher-than-expected rise in manufacturing payrolls and the slower-than-expected wages growth on an annual basis. The latter could help tame additional inflationary pressures from tariffs in the US along with the waning consumer confidence and spending, and help the Federal Reserve (Fed) support the US economy navigate through agitated waters. But inflation will be crucial to determine the extent of Fed support.
"This week, the US CPI update will be closely watched. rising inflation expectations keep the Fed doves on the sidelines. Activity on Fed funds futures hints that the Fed won't be able to cut the rates before its June meeting - if it cuts at all this year. Fed's Powell said on Friday that the US economy continues to 'be in a good place.' But the recession bets are rising, and the latest forecasts point at a sharp drop in economic growth in Q1."
In corporate news, Assura said it was minded to recommend an improved, £1.61bn cash takeover proposal from investment firms KKR and Stonepeak.
The consortium has offered 49.4p per share, which is 2.9% increase on the previous proposal of 48p per share.
Assura siad: "Having carefully considered the possible cash offer with its advisers and consulted with the company's major shareholders extensively following the announcement of a possible offer on 14 February 2025, the board has indicated to the consortium that, should a firm offer be made on the financial terms set out above, it would be minded to recommend such an offer to Assura shareholders, subject to the agreement of the other terms of the offer."
Elsewhere, Deliveroo said it had decided to exit its Hong Kong operations through a sale of certain assets to Foodpanda and the closure of other assets.
Deliveroo Hong Kong has nominated liquidators to manage closure of the Hong Kong business and the remainder of its assets "in the most efficient way possible", it said.
The company said in a statement: "There are several dynamics specific to the Hong Kong market which led the board to consider strategic options and, given the group's commitment to disciplined capital allocation, determine that it would not serve shareholders' best interests to continue to operate in Hong Kong."
Deliveroo Hong Kong's platform will remain live until 7 April.
Great Portland Estates said it had secured its largest fully managed deal to date, letting more than 11,500 sq ft of office space to FTSE 100 retailer Next in central London on a five-year term.
No financial details were disclosed.
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