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London open: Stocks flat ahead of UK production data
London stocks were little changed in early trade as investors looked to the release of industrial production and manufacturing figures.
At 0825 BST, London’s FTSE 100 was down 0.1% to 6,821.17.
UK manufacturing and industrial production figures are due at 0930 BST. Market participants will also be turning their attention to Bank of England Governor Mark Carney’s testimony to the Treasury Select Committee at 1000 BST on the 4 August Inflation Report.
CMC Markets‘ Jasper Lawler said: “UK industrial production is forecast to dip 0.2% in July with a 0.5% fall in manufacturing production. It was July that saw a sharp slide in the manufacturing PMI. It’s entirely feasible that the real economy never matched the nerves felt by purchasing managers and that today’s figures see a monthly rise.
“BOE Mark Carney may be hoping for disappointing industrial data today to help justify the Bank of England’s swift, but probably unnecessary decision to ease monetary policy in his hearing with parliament today.”
In corporate news, Sports Direct tumbled after saying it expects earnings to fall 21% this year but adding that, contrary to much media speculation, founder Mike Ashley was not planning to take the company private any time soon.
Housebuilder and property developer Barratt Developments was weaker as it said total completions in the year to the end of June rose 5.3% to 17,319 and revenue rose 12.7% to £4.24bn, with profit from operations up 15.9% to £668.4m.
Hargreaves Lansdown was also in the red despite the investment management firm reporting a jump in full-year profit as asset under administration grew. The company also announced on Wednesday that its chief executive Ian Gorham was stepping down.
