Berkeley earnings better than expected, GSK's Relvar Ellipta approved for COPD in Japan

London’s FTSE 100 was called to open 44 points lower at 6,708.

Stocks to watch

G4S has agreed to sell G4S Israel to private equity fund FIMI Opportunity Funds for an estimated net consideration of 425 million new Israeli Sheqel (£88m) in cash.

Chief executive officer Ashley Almanza said: "The sale of our business in Israel is part of our active portfolio management programme announced in 2013 to improve our strategic focus and capital discipline.

“G4S Israel is a well-managed business that will grow and prosper as part of the FIMI group providing a positive future for our 6,000 colleagues in Israel and long term, high quality service and support to customers operating in the Israeli market."

The Japanese government has approved GlaxoSmithKilne and Nasdaq-listed Innoviva’s drug which treats chronic bronchitis and pulmonary emphysema.

Japan’s Ministry of Health, Labour and Welfare approved the use of Relvar, which relieves symptoms of chronic obstructive pulmonary diseases, for a dose of 100/25mcg a day using the Ellipta dry powder inhaler.

Property developer Berkeley Group reported a better-than-expected increase in first half earnings and revenue on Friday, boosted by continued strength in the London market.

In the six months ended 31 October, pre-tax profit gained 33.9% to £392m compared to the same period a year earlier, exceeding estimates of about £351.7m. Revenue rose 24.1% to £1.41bn, beating expectations of £1.31bn and driven by the sale of new homes in London and the South East of England.

In the press

The British government has rejected a Freedom of Information request to release a letter from Greg Clark, the business secretary, that encouraged the Japanese carmaker Nissan to invest in its factory in Sunderland despite the uncertainty over Brexit. The Department for Business, Energy and Industrial Strategy (BEIS) said it would consider where there is a “public interest” in making the letter public but said it rejected the request because the details are commercially sensitive. – Financial Times

Buy to let landlords are scrambling to avoid the impact of tax changes that come into effect next year, a report has found. The Buy to Let Britain report found landlords were restructuring their portfolios to escape higher taxes on their rental income, which will be phased in from April 2017. Some landlords have set up limited companies, it said, while others have increased rents or transferred properties to family members. – Guardian

Britain's vote to leave the European Union has had no effect on the majority of shoppers Christmas spending plans, according to fresh figures. The average UK adult expects to spend £280 on Christmas gifts this year, according to a survey by PwC of 2,000 shoppers across the country. – Telegraph

The Bank of Italy’s liabilities to the rest of the eurozone hit a record in October as capital continued to leak out of the country, a sign that the currency bloc remains deeply fragmented despite the efforts of the European Central Bank. Italy’s imbalances within the ECB’s Target2 payments nexus rose to €355bn (£300bn). The tally is now higher than it was during the white heat of the eurozone debt crisis and is approaching 20pc of Italian GDP. “By some of the standard definitions, these are crisis-level reserve losses,” said Harvard professor Carmen Reinhart. - Telegraph

US close

US stocks were mixed on Thursday as oil prices continued to rally and as investors sifted through economic data.

The Dow Jones Industrial Average closed at a record high, rising 0.4% to 19,191.93 points after reaching an intra-day high of 19,214.30. The Nasdaq fell for a second straight session, shedding 1.4% to 5,251.11 points. The S&P 500 dropped 0.35% to 2,191.08 points.