Glencore to return $1bn to shareholders, Rio confirms US probe

London’s FTSE 100 was called to open 12 points lower at 6,772.

Stocks to watch

In corporate news, Anglo-Swiss miner Glencore’s plan to reduce its debt as resources prices retreat is near completion, and the company said it intends to return $1bn to its shareholders next year.

The FTSE 100 group said it is on track for net debt to be between $16.5-17.5bn by the end of the year.

Rio Tinto confirmed that it is cooperating with inquiries from the relevant authorities relating to the impairment included in the company's 2012 accounts in respect of Rio Tinto Coal Mozambique.

The statement followed a press report earlier in the week stating that the company was facing an investigation by the US Securities & Exchange Commission on the timing of the $3bn in impairment charges.

Rio said the SEC investigation, which began in April 2013, remains ongoing so “it would be inappropriate to comment further at this time".

Residential landlord Grainger’s full-year profit rose as it secured £389m of investment and sold its non-core businesses.

Pre-tax profit increased by 64% to £84.2m compared to last year, while net rental income rose by 15% to £37.4m.

In the press

Labour has vowed to protect pensioner benefits, free bus passes and the winter fuel payment until 2025 in an attempt to dent the overwhelming support for the Conservative party among older voters. The £3bn-a-year commitment comes just one week after Philip Hammond, the chancellor, hinted that the pensions triple lock — under which pensions rise by the highest of inflation, earnings or 2.5 per cent — could be abandoned after 2020. – Financial Times

Fitbit is in advanced talks to acquire Pebble, the smartwatch pioneer and darling of crowdfunding site Kickstarter, according to several people close to the negotiations. The deal, which is in its closing stages but has not been completed, would bring intellectual property and new expertise in wearable devices to Fitbit at a time when the fitness-tracker maker is looking to expand its product range. – Financial Times

GlaxoSmithKline has had one of its most promising new asthma drugs recommended for use on the NHS in England and Wales after agreeing to cut the price of the treatment. The National Institute for Health and Care Excellence (Nice) has said mepolizumab, sold under the brand name Nucala, should be available to patients through the NHS who suffer from a severe type of asthma. – Telegraph

A former business analyst at Logica and a man who was his neighbour have pleaded guilty to three counts of insider dealing during the IT consultancy’s £1.7bn takeover by rival CGI four years ago. Manjeet Mohal, who the City watchdog said had been a “trusted member” of Logica’s management reporting team, came by inside information in May 2012 when the IT firm was locked in deal talks with CGI. – Telegraph

US close

US stocks ended mostly lower on Wednesday despite a rally in oil prices following OPEC’s agreement to cut production.

The Dow Jones Industrial Average closed flat, the S&P 500 ended down 0.3% and the Nasdaq fell 1.1%.