London pre-open: Stocks seen up as investors eye PMIs
By Michele Maatouk
Date: Monday 24 Mar 2025
(Sharecast News) - London stocks were set to rise at the open on Monday as investors eyed the latest UK PMIs.
The FTSE 100 was called to open around 20 points higher.
Kathleen Brooks, research director at XTB, said: "Recession fears have driven market action in recent months. This makes the provisional March reading for global PMIs at the start of this week even more pivotal than usual.
"They will give us a timely update on how economies and businesses are faring now that markets have had a few weeks to get used to President Trump's tariff regime, and to see if businesses have shifted their practices ahead of reciprocal tariffs that are due on 2nd April.
"The UK is expected to see a slight pickup in manufacturing PMI to 47 from 46.9, however the composite index is expected to remain just above the expansion zone at 50.5, with the service sector PMI also remaining steady at 51.
"If we get a surprise uptick in the PMI data, then it could signal the weakness in GDP in January was temporary. However, an unexpected decline in PMI could trigger risk off sentiment for UK bonds, the pound and the UK mid cap equity sector."
The UK PMIs are due at 0930 GMT.
In corporate news, fintech group Plus500 said it has bought Indian financial services company Mehta Equities for $20m.
Mehta provides broking services including futures, options and cash equities trading products, Plus500 added.
Elsewhere, Wood Group said the deadline by which Dubai's Sidara must either announce a formal intention to make an offer for the company or walk away has been extended.
Under UK takeover rules, Sidara had until 24 March, but this has now been pushed back to 17 April.
Wood Group confirmed on 24 February that it had received a non-binding, conditional proposal from Sidara about a potential cash offer.
"Following this, Wood provided Sidara with access to due diligence information and entered into discussions with Sidara," it said on Monday.
Wood said discussions are continuing and the board of Wood has therefore requested an extension to the 'put up or shut up' deadline.
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