London pre-open: Stocks seen flat as investors mull North Korea missile launch
London stocks were called to open flat on Friday, with traders expected to react calmly after North Korea fired another ballistic missile over Japan.
The FTSE 100 was expected to open unchanged at 7,295.
The missile was said to have travelled 3,700km before landing in the sea off Hokkaido, flying further and higher than the one fire over Japan last month.
CMC Markets analyst Michael Hewson said: "This time global markets have reacted fairly calmly to the test yet it is hard to escape the feeling that this so called shadow boxing between North Korea, and the rest of the world could end with a miscalculation from one side or the other. In a sign of this South Korea responded with some drills and tests of its own."
There are no major UK data releases due but in the US, retail sales are at 1330 BST, while University of Michigan consumer sentiment is at 1500 BST.
On the corporate front, JD Wetherspoon served up a potent 43% shot of earnings growth and a passionate diatribe about Brexit from founder and chairman Tim Martin.
On like-for-like sales that rose 4.0% in the 53 weeks to 30 July, profit before tax and exceptional items increased 13.7% to £76.4m and earnings per share to 69.2p.
Coca‑Cola HBC said that its CEO, Dimitris Lois, will be taking a temporary leave of absence from the company in order to undergo treatment for a medical condition.
The FTSE 100 firm said Lois was currently expected to be on leave for approximately four months.
During his leave, he would stay involved in the business and would remain a member of the board of directors, while Michalis Imellos - Coca-Cola HBC's CFO - would serve as acting CEO during Lois’ absence.
JD Sports Fashion has entered into a joint venture agreement with South Korean footwear retailer, Shoemarker Inc, in relation to its J&S Partners unit, which currently trades as Hot-T.
The company has bought an initial 15% of Hot-T for a cash consideration of around £5.5m. As part of the JV, it has a call option to buy a further 35% share of following the finalisation of Hot-T's accounts for its financial year ending 31 December 2017.