London pre-open: Stocks seen up ahead of busy week
(Sharecast News) - London stocks were set to rise at the open on Monday ahead of a week packed full of corporate news and the Autumn Budget.
The FTSE 100 was called to open 22 points higher at 7,226.
CMC Markets analyst Michael Hewson said: "After Friday's strong US finish, markets in Europe look set to see a positive open in what is also set to be an important week for macroeconomic data, with EU and US Q3 GDP, and the rate meetings from the European Central Bank and the Bank of Japan, while in the UK, the Chancellor of the Exchequer will be delivering his Autumn Budget."
In corporate news, HSBC reported bumper third-quarter profits that smashed expectations as it unveiled plans for a share buyback of up to $2bn.
The bank's reported pre-tax profit for the third quarter jumped 75.8% year on year to $5.4 billion, well beyond the $3.776bn forecast by analysts in estimates compiled by the bank. Revenue rose 0.7% to $12bn, compared with an expected 3.1% rise.
HSBC also released around $700m in Covid-19 bad debt provision.
"While we retain a cautious outlook on the external risk environment, we believe that the lows of recent quarters are behind us," said chief executive Noel Quinn.
Elsewhere, online trading platform Plus500 said full-year revenues and earnings before interest, tax, depreciation and amortisation were set to be ahead of analysts' expectations after an "excellent performance" so far this year.
Chief executive David Zruia said: "Plus500 delivered another excellent performance in Q3 2021, maintaining the strong operational momentum achieved in previous periods. This has been primarily driven by the strength and agility of our technology and our ability to effectively respond rapidly to market developments, news events and customer requirements."
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