Source: Sharecast
The FTSE 100 was called to open flat at 8,778.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "In the US, it’s Nvidia earnings day! The company is expected to post $43.2bn in Q1 sales, with net income above $20bn. Its recent Middle East deals should boost revenue forecasts for next quarter and help offset the impact of US export restrictions to China. In that context, AMD was upgraded yesterday to 'hold' at HSBC, thanks to its AI deal with Saudi Arabia.
"Anyway, strategists at BBVA think that strong earnings from Nvidia could fuel another leg of the US equity rally - noting that investors are still sitting on about $7 trillion in cash funds and options markets suggest that the stock price will move more than 7% on either direction depending on whether investors like what they see, or not."
In UK corporate news, Bulmers cider maker C&C said it expected a limited impact from US tariffs as it held annual guidance and reported a jump in profits for 2024/25.
Operating profit surged 28.5% to €77m for the 12 months to February, with net revenue up 13% to €1.66bn.
DIY retailer Kingfisher reported a small increase in underlying sales in its first quarter as continued weakness across its French operations was offset by strong growth in the UK and Ireland.
Group sales totalled £3.31bn over the three months to 30 April, up 2.2% over last year at constant currencies, with like-for-like sales rising 1.8%.
Chief executive Thierry Garnier said the company “made a good start to the year” as he reiterated full-year guidance for adjusted profits and free cash flow.
Pets at Home reported a modest 0.1% rise in statutory revenue to £1.48bn for the 2025 financial year, with group underlying profit before tax increasing 0.7% to £133m, as strong double-digit growth in its Vet Group offset a weaker retail performance amid a subdued UK consumer environment.
Strategic progress included completing a digital platform rollout and distribution centre optimisation, boosting subscription revenue and Pets Club membership, while laying foundations for a new insurance venture.
The FTSE 250 company guided for 2026 underlying PBT of £115 to £125m, with continued investment in vets, digital growth and insurance, alongside a £25m share buyback.