The UK’s main stock indexes opened largely flat on Monday as investors await a set of crucial economic data this week, while gambling firms fell after reports of the government considering tax raids.
The blue-chip index FTSE 100 was trading flat at 8247.86 by 0718 GMT, while the mid-cap index FTSE 250 lost 0.1%.
British bookmakers Flutter and Entain lost 7.3% and 14.2%, respectively, after reports said that the new government is considering a 3-billion-pound ($3.92 billion) tax raid on gambling firms.
The travel and leisure sector dropped 2% after the news and was the biggest decliner amongst sectors.
The oil sub-sector lost 0.2% after data showed that China’s inflation rate declined and a lack of clarity on the country’s economic stimulus plans stoked fears about fuel demand.
Investors are bracing for a flood of key economic data from Britain, starting with payrolls and employment figures on Tuesday.
Consumer Price Index figures for September are due on Wednesday, with economists polled by Reuters expecting core CPI to ease to 3.4% on an annual basis.
London stocks regain ground after worst session in two months
The Producer Price Index (PPI) figures are also scheduled for release on the same day. British retail sales figures for September, set to be released on Friday, will wrap up the week’s economic data.
Markets are also eyeing comments from Bank of England’s Monetary Policy Committee member, Swati Dhingra, who is due to speak at a panel later in the day.
Meanwhile, market participants are assessing China’s economic stimulus promises made over the weekend, which were light on details.
Among individual stocks, TI Fluid Systems jumped 20.2% to the top of the FTSE 250 after the automotive fluid storage maker received a revised offer from ABC Technologies.
Ashmore Group rose 6.3% after the emerging markets-focused investor reported higher first-quarter assets under management.
Source: Brecorder
