London pre-open: Stocks set for more gains; Glencore, L&G in focus.


London stocks were set for more gains on Wednesday as investors braced for another slew of earnings.

Source: Sharecast

The FTSE 100 was called to open around 50 points higher, having closed up 0.2% or 14 points on Tuesday.

On the macro front, investors will eye the UK S&P Global construction PMI for July, which is due at 0930 BST.

In corporate news, mining giant Glencore reported a fall in half-year profits, reflecting weaker coal prices and lower copper volumes.

Adjusted core earnings declined 14% to $5.4bn, while marketing operating profits slid 8% to $1.8bn, which the miner and commodities trader hailed as a “solid” result against a macroeconomic environment that was heavily influenced by US tariff policy uncertainty and tensions in the Middle East.

Legal & General said it had an "excellent" six months ended 30 June, with both pre-tax and core operating profits growing, underpinned by strategic progress and a reshaped portfolio.

Core operating profits rose 6%, while IFRS pre-tax profits surged 28%, buoyed by a strong performance in its institutional retirement segment, which saw double-digit profit growth and over £5bn in new business written.

Asset management also delivered a solid performance, with £15m in annualised net new revenue lifting margins to nine basis points.

Results were also out from Coca-Cola HBC, Vesuvius, Lancashire, Quilter and Telecom Plus, among others.

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