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London pre-open: Stocks to edge higher ahead of busy week
(Sharecast News) - London stocks were set to nudge up at the open on Monday on what could be a fairly quiet session, with US markets closed for Martin Luther King day. The FTSE 100 was called to open five points higher at 7,849.
CMC Markets analyst Michael Hewson said: "As we look ahead to a new week, European markets look set to open higher, with the main focus this week being on the UK economy, having seen a better-than-expected November GDP number on Friday, with the latest unemployment, wages and inflation data for November and December, due out tomorrow and Wednesday.
"We'll also be getting a snapshot of how badly the Chinese economy was affected by the various lockdowns and various restrictions during Q4, when the latest GDP numbers are released tomorrow, along with the continuation of the US earnings season."
In corporate news, investment manager Ashmore posted a 2% rise in second-quarter assets under management to $57.2bn. This comprised a positive investment performance of $3.8bn and net outflows of $2.6bn.
The company hailed a strong performance from emerging markets, reflecting a positive shift in investor sentiment against a backdrop of light positioning and "highly attractive" valuations.
"The positive market environment this quarter, offset by some institutional investors taking asset-allocation decisions, meant that net outflows were approximately half the level of the previous quarter," it said.
"Equities flows were neutral over the three months and there was a return of capital from funds in the alternatives theme following successful realisations."
Elsewhere, Qinetiq said it has won an £80m contract with the UK's Ministry of Defence (MOD).
The contract will provide expertise, training and support to accelerate and transform mission data production.
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