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(Sharecast News) - London stocks were set to gain at the open on Monday amid hopes of a trade deal between the US and China.
The FTSE 100 was called to open around 20 points higher.
US president Donald Trump and Chinese president Xi Jinping are due to meet in South Korea on Thursday to discuss trade matters.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "Early reports suggest the two sides have reached an initial agreement on major issues, including export controls, shipment levies and fentanyl, raising hopes that Thursday's meeting between Trump and Xi could yield tangible progress."
Looking ahead to the rest of the week, policy announcements are due from the US Federal Reserve and the European Central Bank, while earnings from US tech heavyweights will also be in focus, with the likes of Microsoft, Alphabet and Amazon all slated to report.
In corporate news, HSBC announced that it will take a $1.1bn impairment charge in its third-quarter results after losing an appeal in a long-standing lawsuit in Luxembourg related to Bernard Madoff's multibillion-dollar Ponzi scheme.
HSBC Securities Services Luxembourg is defending a claim brought by Herald Fund SPC for the restitution of securities and cash, but was denied an appeal in respect of the securities restitution claim.
The $1.1bn provision, which was announced just one day before its quarterly results, will also dent the bank's CET1 capital ratio by 15 basis points.
Property developer Great Portland Estates said it has sold 1 Newman Street, West London to Royal London Asset Management Property for 250m, reflecting a net initial yield of 4.48%, marginally ahead of the March 2025 book value.
The FTSE 250 firm said the freehold property, which was redeveloped in 2021, generated annual rent of around 11.9m, with a weighted average unexpired lease term of 6.4 years to the earlier of break or expiry.
Engineering firm Goodwin said it expected to at least double profits on the back of a strong order book.
The company said it expected "with a high degree of confidence" that trading profit before tax for the year ending 30 April will be more than 71m compared with 35.5m a year earlier.