London pre-open: Stocks seen weaker on downbeat US and Asian cues
London stocks were set for a weaker open on Friday following negative sessions in the US and Asia and the release of some downbeat UK consumer confidence data.
The FTSE 100 was expected to open down 17 points at 7,333.
The final release of first-quarter UK GDP is at 0930 BST, along with current account data.
Investors will also be digesting the latest survey from GfK, which showed consumer confidence in the UK in June fell to its lowest level since the aftermath of the Brexit vote. GfK's consumer confidence index fell to -10 from- 5 in May. This was the worst reading since last July's -12 and weaker than expectations for a smaller drop to -7.
John Staton, head of market dynamics at GfK, said: "This month’s survey covers the period before and after the UK general election and reveals a sharp drop in confidence among consumers across all measures.
"Strong consumer spending has propped up the economy since last June but now the twin pressures of higher prices and sluggish wage growth are squeezing household finances and adding to widespread fears of a Brexit-induced economic slowdown.”
In corporate news, Old Mutual’s affiliated asset management arm, OM Asset Management, announced overnight that Peter Bain was stepping down from his roles as president, chief executive officer and director - positions he had held since 2011 - as of Friday.
The firm’s chairman James J. Ritchie would serve as executive chairman and interim CEO, while the board conducted a thorough search for the company's next CEO.
International originator, active investor and manager of infrastructure projects John Laing Group issued a pre-close update for the half-year to 30 June on Friday morning.
The FTSE 250 firm said it had made investment commitments in two of its three geographical regions during the period - Asia Pacific and Europe, with total investment commitments in 2017 to date of £111m.