London pre-open: FTSE to edge lower ahead of Eurozone PMIs

UK-listed stocks were forecast to register a small decline at Tuesday's opening bell, extending losses seen both at home and abroad the previous day.City sources predict the FTSE 100 will open around four points higher than yesterday's close of 6,773.63.CMC market analyst Jasper Lawler said: "European markets are expected to open with mixed beginnings today as an unexpected improvement in the Chinese manufacturing sector fails to offset concerns over Europe's own manufacturing and services industries ahead of PMIs released later this morning."There appeared to be a general liquidation yesterday with stocks and commodities lower and only bonds getting a slight lift as investors moved into cash, namely cash denominated in US dollars."On the agenda on Tuesday is the Eurozone composite purchasing managers' index (PMI), which is expected to come in flat at 52.5.Europe's largest economy, Germany, is expected to deliver a decline in manufacturing PMI, from 51.4 to 51.2, while the services PMI is expected to report a drop to 54.6 from 54.9.Overnight, HSBC's 'flash' China manufacturing data helped lift sentiment about the country's economy with an increase from 50.2 to 50.5 month-on-month. The figure had been expected to decline to 50.That came after China's finance minister squashed speculation that the government would boost stimulus.On Monday finance minister Lou Jiwei said the government will not make any major policy changes in response to weak economic data and downward pressure on growth in the world's second biggest economy.In company news, sweetener maker Tate & Lyle blamed severe US weather and the temporary shutdown of a plant in Singapore for higher costs and a profit warning, although it said sales of its flagship Splenda sucralose sweetener were ahead of last year.Tesco has announced that Alan Stewart will join its board as chief financial officer from Tuesday. Stewart had been appointed at the end of July but was not expect to start in his new role until 1 December, but will instead join Tesco with immediate effect, as the stricken retail giant seeks to ride out its latest financial storm.Aerospace and defence group Meggitt has been selected by Bell Helicopter to provide gearbox oil level monitoring and chip detection systems for the new 525 Relentless commercial super-medium helicopter. The group estimates that the agreements will generate gross sales of more than $30m over the production life of the helicopter.