London pre-open: Stocks set to edge higher
London stocks were set to edge up at the open on Wednesday following losses in the previous session.
The FTSE 100 was called to open 10 points higher at 6,047.
CMC Markets analyst Michael Hewson said: "Today’s European market open is expected to be a positive one, however given the choppiness seen so far this week we’re not expecting to see significant moves one way or the other. The main drivers remain on US, China trade relations and on tomorrow’s central bank symposium, and central bank speakers.
"US economic data continues to paint a mixed picture of the US economy, with consumer confidence sliding back sharply in August to its lowest level in six years, over concerns about the state of the US economy, the outlook for jobs against a backdrop of partisan politicians, and the recent lapsing of the $600 a week unemployment enhancement, which has restricted the ability of US consumers to spend any more than they have to, to get by."
In UK corporate news, Provident Financial swung to a loss in the first half as revenue fell and bad debts increased at its consumer credit business.
The company reported a £32.6m adjusted pre-tax loss compared with an £80.4m profit a year earlier as group revenue fell to £445.6m from £501.5m.
Elsewhere, Russian miner Polymetal reported sharply higher interim profits and doubled its dividend, driven by higher gold and silver prices.
The company said adjusted core earnings leapt by 53% to $616m as revenue increased by a fifth to $1.13bn. An interim dividend of 40 cents a share, twice the 20 cents paid a year ago.