London pre-open: Stocks seen lower ahead of quiet session

London stocks were set for a weaker open on Friday - the first anniversary of the Brexit vote - as the pound ticked higher, with little due in the way of market-moving news and a quiet corporate calendar.

The FTSE 100 was expected to open down 13 points at 7,426.

In her meeting with leaders at the EU summit on Thursday, Prime Minister Theresa May unveiled what she called a "fair and serious" offer for EU citizens living in the UK. May said that around three million EU citizens living in the UK would be allowed to stay on after Brexit, but this would depend on Britons being granted the same rights by EU states.

A new "UK settled status" would allow EU migrants living in the UK for more than five years to stay, with the same rights as UK citizens. May said: "The UK's position represents a fair and serious offer, one aimed at giving as much certainty as possible to citizens who have settled in the UK, building careers and lives and contributing so much to our society.''

In corporate news, Rio Tinto said it had completed its bond tender and redemption exercises and had cut gross debt by a further $2.5bn (£1.97bn).

The mining giant said early redemption costs were expected to reduce underlying earnings by about $180m and cash flow from operating activities by $260m in the first half of 2017. These would be offset by future savings, it added.

Workspace Group announced that it acquired Salisbury House at 28-31 Finsbury Circus, London EC2, for a cash consideration of £158.7m.

The FTSE 250 company said the building is held on a long leasehold from the City of London Corporation, has a gross asset value of £158.7m and generated net rental income of £8.1m over the last 12 months.

There are no major UK data releases due.