London pre-open: Stocks seen up after recent losses but trade spat still in focus

London stocks were set for a positive open on Wednesday following losses in the previous session, although trade war fears were expected to continue to weigh on investors’ minds.

The FTSE 100 was called to open 35 points higher at 7,638.

London Capital Group analyst Jasper Lawler said: "The markets have been trading on the same piece of general trade war news for a while, as a result selling exhaustion has started to set in. Asian markets are seen moving higher overnight and European bourses are also expected to push northwards on the open, although the gains are making up fraction of what the losses totalled over the previous few sessions. Any fresh news of retaliation could see traders snatch risk back off the table quickly."

On the data front, the CBI industrial trends survey for June is at 1100 BST.

In corporate news, Berkeley Group increased its profit guidance after the housebuilder reported a 15% increase in annual profit. Pre-tax profit for the year to the end of April rose to £934.9m from £812.4m a year earlier.

Berkeley said pre-tax profit for the two years ending April 2019 would be at least £1.575bn – £75m higher than previously estimated.

British Land said 63% of the estimated rental value of properties were let or under offer across its total development pipeline, with 45% of ERV of committed developments across Broadgate in the City of London.

The FTSE 100 company is currently on site at three buildings at Broadgate, 100 Liverpool Street, 1FA and 135 Bishopsgate, together delivering more than 1 million sq ft of space.

LondonMetric Property announced the acquisition of ten single-let properties for £55m from the ACT Foundation.

The portfolio consists of nine urban logistics assets totalling 340,000 sq ft and a retail store let to Wickes for another 14 years. The assets are situated in established distribution locations, with around half in London and the South East and a further 35% in the Midlands.

The purchase price reflects a day one net initial yield of 4.4% and a reversionary yield of 5.3%.