London stocks were set to fall at the open on Monday following a muted session in Asia, where investors mulled a slew of data releases.
The FTSE 100 was called to open nine points lower at 7,339.
CMC Markets analyst Michael Hewson said: “As we look ahead to this week, Asia markets have started the week rather mixed despite the latest Chinese retail sales numbers for October improving from 4.4% in September to 4.9%.
“This was a little surprising given the lacklustre import numbers in last week’s trade numbers, which showed that domestic demand was still on the weak side, however at least it shows that some optimism may be starting to return.
“Industrial production also remained subdued, even as it improved modestly from 3.1%, to 3.5%, even with a lot of Chinese industry struggling to keep going due to currently elevated energy prices.
“As a result of a fairly subdued Asia session, European markets look set to open in a similarly lacklustre fashion, and slightly lower from Friday’s close.”
In corporate news, government outsourcer Serco lifted profits guidance after better-than-expected trading in Australia and the UK from Covid-related work.
The company, which also runs immigrant detention centres and the UK government’s controversial test and trace programme, said it now expected underlying trading profit to be at least £225m, up from £200m. Revenue guidance was lifted to £4.4bn from £4.3bn.
