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09 Mar 2021 | 07:44

London pre-open: Stocks seen muted after mixed US, Asian sessions

(Sharecast News) - London stocks were set for a muted start on Tuesday following mixed sessions in the US and Asia. The FTSE 100 was called to open one point lower at 6,718.

Ipek Ozkardeskaya, senior analyst at Swissquote, said: "The reflation trade is full on, as investors are migrating from growth to value stocks in a fast fashion, leaving their favourite tech darlings abated by aggressive waves of sell-off.

"And the index performances summarise well the underlying migration. Nasdaq closed Monday's session 2.41% lower, while the Dow ended near 1% higher, reaching a new all-time record regardless of its tech peers' despair.

"The aggressive portfolio rotation benefited to consumer staples, to banks and to some extend to the energy sector."

Ozkardeskaya said the the common denominator behind the mass move is rising inflation expectations, which spur expectations of a more hawkish Federal Reserve outlook and less cheap liquidity in the market.

In UK corporate news, asset manager Standard Life Aberdeen declared a dividend as it reported lower annual profits and revenues.

The company reported adjusted operating profit of £219m, down from £301m a year earlier and adjusted profit before tax of £487m from £584m as fee-based revenue declined to £1.42bn from £1.63bn, largely reflecting impact of 2019 outflows.

A 7.3p-a-share final dividend was declared bringing the total to 14.6p a share.

"Our rebranding activity is underway to bring the business under one unifying brand, with further details to come later in the year," the company said.

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