March 10, 2014 / 7:46 AM / 4 years ago

UPDATE 1-UK Stocks-Factors to watch on March 10

LONDON, March 10 (Reuters) - Britain’s FTSE 100 index is seen opening lower on Monday, with futures down 0.4 percent by 0740 GMT ahead of the cash market open.

* Sentiment was darkened by poor exports data from China, the world’s top metals consumer, that triggered a sharp decline in base metals prices following the country’s first domestic bond default last week.

* As such, mining stocks pressured the UK benchmark index on Friday, sending it down 75.82 points, or 1.1 percent, to 6,712.67 points, reversing earlier gains on the back of stronger-than-expected U.S. jobs data.

* It is a quiet day in terms of earnings, with no UK blue chips scheduled to report.

* VODAFONE : The British telecoms group has reached a preliminary deal to buy Spanish cable group Ono after raising its initial bid for the company, two people with knowledge of the discussions said.

* UNILEVER : Unilever has bought a majority stake in water purification company Qinyuan, its biggest Chinese acquisition in ten years, the consumer goods company said without disclosing what it paid.

* GLAXOSMITHKLINE : GlaxoSmithKline said it had paid 64 billion rupees ($1.05 billion) to increase its stake in its Indian pharmaceuticals unit to 75 percent, as it banks on rising demand for medicines in emerging markets.

* WM MORRISON : Britain’s fourth-biggest grocer is expected to report its lowest annual profit in five years on Thursday and could also detail plans to sell about 10 percent of its freehold property and return surplus cash to shareholders.

* TESCO : Tesco is preparing the ground for the departure of its finance director amid tensions with its chief executive as the retail giant attempts to reverse the declining fortunes of its core UK operations, Sky News reported.

* ROLLS-ROYCE : The British engineer said it would fund the purchase of German carmaker Daimler’s 50 percent stake of a jointly owned power systems company using cash and some borrowing.


> Financial Times

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