London pre-open: Stocks to edge lower ahead of GDP

London stocks were set to edge lower at the open on Thursday as investors eyed the latest UK GDP figures.

The FTSE 100 was expected to open 14 points lower at 7,405.

On the data front, the second estimate of third-quarter gross domestic product data is due at 0930 GMT, while the CBI distributive trades survey is at 1100 GMT.

CMC Markets analyst Michael Hewson said: "Today’s second iteration of Q3 GDP is expected to show the UK economy grew at 0.4% unchanged from the first iteration. Business investment is expected to slow to 1.4% from 2.5% on an annualised basis.

"Later in the morning the latest CBI retail sales figures for November are expected to show a modest recovery to the dreadful October numbers of -36, coming in at 5."

In corporate news, Centrica has warned annual profit will be lower than market expectations due to poor performance at its business energy supply division. Britain’s biggest energy supplier said it faced competitive market conditions for business energy supply in North America and the UK. As a result, 2017 earnings per share will be about 12.5p – below market consensus.

GlaxoSmithKline, along with its partner Innoviva, announced the filing of a supplemental New Drug Application (sNDA) with the US Food and Drug Administration on Thursday, for the use of Trelegy Ellipta (fluticasone furoate/umeclidinium/vilanterol) for an expanded indication.

The drugmaker said that indication was for the maintenance treatment of airflow obstruction and reduction of exacerbations in patients with chronic obstructive pulmonary disease. It said approval of the sNDA would mean FF/UMEC/VI could be used by physicians to treat a wider population of patients with COPD, who were at risk of an exacerbation and required triple therapy.

Residential landlord Grainger has exchanged contracts with Blackswan Property to forward-fund and acquire a private rented sector build-to-rent development at Gilder's Yard in Birmingham, comprising 156 new purpose built PRS homes, for £28m.

The group said it expected the investment to generate a gross yield on cost over 7% once stabilised. Blackswan Property will develop the site and Shaylor - a Midlands-based contractor - will construct the scheme.

Severn Trent lifted its forecast for regulatory bonuses after a strong first half of the year, where sales increased 3.7%, underlying earnings per share by 7.7% and dividend by 6.2% to 34.63p.

Having made strong operational improvements during the six months to 30 September, management were confident enough to increase the full year customer 'outcome delivery incentive' forecast to "at least £50m" from the £23m previously given.