| London stocks drifted a little lower on Monday as the pound rallied against the greenback on Brexit speculation, although serviced office provider IWG stormed ahead on the prospect of a bidding war. By the closing bell, the FTSE 100 was down 0.18% to 7,710.98, while the pound was edging higher against the euro to 1.1346 but 0.32% firmer against the dollar at 1.35866 amid hopes that the UK could join the European Economic Area following Brexit after the Norwegian Prime Minister said that Oslo was open to this option. David Cheetham, chief market analyst at XTB, said: "UK membership of the EEA had previously be seen as unlikely with senior Norwegian diplomats and business leaders warning that it would distort the relatively small group away from its current priorities such as protecting agriculture and fishing. "However, last week saw the House of Lords vote in favour of EEA membership and whilst at present the Commons would be unlikely to follow suit, the latest comments from Norway do increase the chances of this happening." Oil prices were in focus as the Organization of the Petroleum Exporting Countries said it had "all the tools" needed to balance the market following the US decision to withdraw from the Iran nuclear deal. Despite that, West Texas Intermediate was higher by 0.394% to $70.98 a barrel and Brent crude was up by 1.204% at $78.06. If oil prices remain elevated and Tuesday's labour market report from the ONS goes the right way, the FTSE 100 could reach its all-time intraday high of 7,793 and closing level of around 7,787, said Spreadex analyst Connor Campbell. Meanwhile, there was support from global markets from developments in trade talks between the US and China, after President Trump said over the weekend that he would help Chinese telecom giant ZTE return to business. ZTE suspended operations last month as the US banned American firms from selling components to the company after it admitted to making illegal shipments to Iran and North Korea. Investors were also digesting events in Italy, where the anti-establishment 5 Star Movement and hard-right League party reached an agreement on a government programme, likely clearing the path for the formation of a governing coalition. UK economic data was weighing on sentiment, with Visa's UK consumer spending index showed a fall of 2.0% year-on-year for April, the same as seen in Marc. High street visits declined 3.3% in April, according to the BRC-Springboard survey, following the terrible performance in March where shopper numbers declined 6%. The BRC also highlighted that nearly one in 10 town centre shops are lying empty. In corporate news, Entertainment One was in the red as it emerged that its major TV series 'Designated Survivor' has been dropped by US network ABC, which could affect revenue next year depending on the speed and size of a replacement deal. Shares of Victrex also fell despite the company having posted a 26% jump in first-half pre-tax profit, as it said FX would be less of a tailwind for the rest of the year. Indivior fell as it reached a settlement over its Suboxone treatment for opioid addiction with Par Pharmaceutical, allowing it to begin selling a generic version from 1 January 2023 in exchange for undeclared conditions. Luxury fashion brand Burberry on the other hand recovered from early losses after it agreed to buy a luxury leather goods business from longstanding Italian partner CF&P for an undisclosed sum. Stock in Centrica also ticked up despite announcing it lost 110,000 customers in the UK in the first four months of the year, as it said the 'Beast from the East' snowstorm in February helped increase customer demand in a tough competitive environment. IWG surged 22% after announcing late on Friday that it had received an approach from private equity group Lone Star and two separate indicative proposals from Starwood and TDR regarding a possible cash offer for the business. In broker note action, Compass was boosted by an upgrade to 'outperform' at Bernstein, while Zoopla and Uswitch owner ZPG was cut to 'equal-weight' at Barclays and Cairn Homes was lifted to 'buy' at Investec. | 
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