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London stocks were flat in early trade, with investors likely to be reluctant to make any bold moves as the focus shifts to Friday’s non-farm payrolls release.
At 0910 BST, the FTSE 100 was down 0.1% to 7,024.38 points.
Meanwhile, oil prices slipped back as investors booked some profits after prices rallied overnight on the back of US Energy Information Administration data showing crude supplies fell by 3m barrels in the week ended 30 September, down for the fifth straight week.
West Texas Intermediate was down 0.5% at $49.57 a barrel and Brent crude was off 0.5% at $51.61.
Lee Wild, Head of Equity Strategy at stockbroker Interactive Investor, said: “Wall Street was up overnight, but Friday’s monthly jobs data is the major focus for the rest of this week. Expect trouble if the number comes in below 150,000. For now, the banking sector is shoring up the FTSE 100, although the index is being kept in check by weaker miners and profit taking at Tesco.”
In corporate news, BAE Systems was in the black after it reiterated its confidence about hitting full-year targets and supplied encouraging platitudes about ongoing long-term contracts, including the government’s politically sensitive talks about the next defence export contract with Saudi Arabia.
Furniture retailer DFS was on the front foot after it reported a rise in full-year profit as revenue grew and the company lifted its dividend.
On the downside, low-cost carrier easyJet tanked after it warned that profits for the year would be hit by the weakening of the pound.
Dunelm was also under the cosh after it posted a drop in first-quarter revenue due to unseasonably warm weather.
Shares in SVG Capital retreated after it said it had agreed the terms of the sale of its investment portfolio to funds managed by Goldman Sachs and Canada Pension Plan Investment Board for £748m.
There are no major UK data releases due, but US initial jobless claims are at 1330 BST.
