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London open: Stocks flat as oil prices slide
The FTSE 100 opened flat on Monday following a mixed session in Asia as oil prices slid and markets in China, Hong Kong and Taiwan are closed.
Oil prices remained were under pressure after Saudi Arabia deputy crown prince Mohammed bin Salman last week said it would agree to freeze production only if other major producers did the same.
Iran has been reluctant to agree to any production freeze as it takes advantage of the recent lifting of sanctions. The nation will not take part in a conference in Doha on 17 April, when producers will discuss the freezing of oil output.
Brent crude fell 1.04% to $38.27 per barrel and West Texas Intermediate dropped 1.4% to $36.28 per barrel at 0900 BST.
In Asia, the Nikkei 225 fell 0.25% as the yen strengthened against the dollar and data from the Bank of Japan showed that its decision to adopt negative interest rates in late January has not convinced companies in the nation that it will help inflation.
Another report on Monday as part of the BOJ’s Tankan survey for March revealed that companies expected prices to increase on average 0.8% a year from now, down from a previous forecast for a 1% rise.
Closer to home, the UK will see the release of the Markit/CIPS construction purchasing manager’s index at 0930 BST.
Eurozone unemployment rate is due at 1000 BST while US data on factory orders and durable goods orders will be released at 1500 GMT.
On the corporate front, Ryanair flew higher after saying March traffic rose 28% to 8.5m customers and its load factor, the percentage of seats filled on the flight, increased 4% to 94% year-on-year.
Anglo American gained after saying it has entered into a sale and purchase agreement to offload its 70% interest in the Foxleigh metallurgical coal mine in Queensland, Australia.
Mondi slumped after the packaging and paper group said the Russian authorities are investigating its Mondi Syktyvkar business on claims it violated anti-monopoly laws in regards to pricing of offset paper.
Pets at Home declined as it delayed the joining date of Graeme Jenkins as group chief financial officer.
