London pre-open: Stocks seen weaker as investors mull GDP
London stocks were set for more losses on Friday following a downbeat US session, as investors mulled the latest UK GDP figures.
The FTSE 100 was called to open down around 20 points at 6,862.00.
Data released earlier by the Office for National Statistics showed that the economy nudged higher in the last quarter, reversing an earlier estimate for a small decline.
The ONS said UK GDP was estimated to have increased by 0.2% in the second quarter, after it revised its first estimate for a 0.1% contraction.
It noted that there continued to be weakness in the wholesale and retail trade, and in health industries. But services output was estimated to have increased by 0.2%, reflecting "an easing" in information and communication, and professional, scientific and technical activities output.
The ONS had previously estimated that services output had fallen by 0.4%, reflecting a reduction in Covid-19 activities.
In corporate news, sportswear retailer JD Sports has struck a "connected partnership" with footwear giant Nike that will give the group's customers "unprecedented access" to select member-only shoes and apparel.
JD Sports said the agreement made it Nike's first European retail partner, further cementing the duo's "trusted partnership" as they look to harness their "technological and digital expertise" to serve consumers.
3i Infrastructure said that in the period from 1 April to 29 September, its portfolio continued to perform robustly and ahead of the expectations set in March.
The group also said it now expects to report net asset value growth ahead of its target return for the period.
Scott Moseley and Bernardo Sottomayor, managing partners and co-heads of European Infrastructure at 3i Investments, said: "This is a high quality and differentiated portfolio, with proven resilience, that is structurally positioned to continue to deliver value growth in real terms.
"The market for infrastructure investments remains competitive, with significant fund-raising activity amongst our private markets' competitors and strong demand for quality infrastructure assets."