London pre-open: Stocks seen weaker on uninspiring cues
London stocks were set for a weaker open on Friday at the end of what has been a very busy week in terms of corporate news, following uninspiring US and Asian sessions.
The FTSE 100 was expected to open 37 points lower at 7,406.
Investors will be digesting the latest GfK survey, which showed economic confidence among British people has deteriorated to its lowest print since the Brexit referendum. GfK's consumer confidence index weakened to -12 in July from -10 the month before, with four of its five segments on the wane.
Consumer confidence about the wider economic situation currently and for the future worsened considerably.
The measures of people's confidence about the general economic situation over the next 12 months fell five points to -28, while perceptions about the past and current situation plunged six points to -31.
But people's confidence about their own personal financial situation for the coming 12 months actually rose, climbing two points to +2.
In corporate news, Barclays' interim results show adjusted profit ahead of forecasts, despite putting aside an extra £700m for PPI mis-selling compensation.
With the second quarter being the first period since the FTSE 100 bank sold most of its African arm and folded its non-core bank back into the main group, a drop-off in non-core losses helped group profit before tax jump 13% to £2.34bn.
Earnings at BT fell in the first quarter, the telecommunications group reported on Friday, with adjusted EBITDA down 2% to £1.79bn, while reported revenue was 1% higher at £5.84bn.
The company’s underlying EBITDA was off 2.5%, while adjusted profit before tax was 1% weaker at £791m.
Its board put the change down increased pension costs and business rates, along with sports programme rights and what it described as an “investment in customer experience”.