FTSE 100 edges up

Standard Chartered rose 2.2 percent on Monday after weekend media reports that Dubai government agency Istithmar might raise its stake in the Asia focused bank. There were also reports the bank could take over Singapore's DBS Group Holdings, Southeast Asia's biggest bank.

The FTSE 100 rose 5.6 points, or 0.1 percent, to 6,160.8 by 8:39 a.m. It closed down 8 points on Friday at 6,155.2 despite reaching a record intraday high of 6,199.88.

"Everybody's looking for the next bid," said Martin Slaney, head of spread betting, GFT Global Markets.

"The market is otherwise being driven by the U.S., which looks as if it has shaken off the disappointing earnings from Caterpillar," he said.

"So long as we continue to see decent earnings, we could see the FTSE 100 rise to the next resistance level of 6,200 and break new records this week."

Among financials, Prudential rose 1 percent after UBS upped its target price on the stock. The insurer's chief executive has been set a five month deadline by investors to turn round the business, the Sunday Telegraph reported, citing sources close to institutional investors.

Pharmaceuticals were strong. GlaxoSmithKline rose 0.2 percent after it said on Friday it won approval to sell a new once a day formulation of its Coreg hypertension drug.

AstraZeneca rose 0.4 percent after the FDA on Friday approved its Seroquel bipolar depression treatment.

Intercontinental tacked on 0.6 percent after announcing a new venture to operate 31 hotels in Japan.