Rentokil Initial Q3 revenues up double-digits, Ocado partners with South Korea's Lotte Shopping

London pre-open

The FTSE 100 was called to open 60.2 points higher ahead of the bell on Tuesday after wrapping up the previous session 0.66% higher at 7,094.53.

Stocks to watch

Services group Rentokil Initial saw "continued momentum" across the group in the third quarter, with revenues up double-digits year-on-year.

Rentokil said ongoing and total revenues were both up 18.9% at £900.9m and £901.3m, respectively. The FTSE 100-listed group also noted it had "continued to successfully manage inflationary pressures" and maintained its full-year outlook for the underlying business.

Grocery technology firm Ocado has struck a partnership with South Korean business conglomerate Lotte Shopping to develop the latter's online offering.

Ocado expects the deal to create "significant long-term value", with the impact of the transaction likely to be "negligible" on earnings in the current financial year as no cash fees will be recognised in revenue until operations commence.

Newspaper round-up

The chief executive of National Grid has warned of an "exponential increase" in customers seeking help with their energy bills as the company created a £50.0m emergency support fund. John Pettigrew said the UK electricity network operator's fund will be used this winter and next to make donations to bodies providing support for vulnerable households and advice on energy efficiency measures to lower bills long term. – Guardian

Elon Musk has appointed himself CEO of Twitter and dissolved its board of directors, it was revealed in a company filing on Monday, as Twitter employees brace for extensive layoffs under a new restructuring that could target up to a quarter of staff. The Washington Post reported on Monday that Musk's team has been discussing letting go of 25% of the company's workforce in a first round of layoffs. – Guardian

Rishi Sunak is drawing up plans for years of tax rises for everyone in the country, as a Treasury source warned: "It's going to be rough." On Monday, the Prime Minister and the Chancellor decided to bring in "stealth" increases in income tax and National Insurance over the coming years by freezing the thresholds at which people start to pay different rates. – Telegraph

More than 50 company directors who have been disqualified have faced no disciplinary action from the Financial Conduct Authority and seven remain approved by the regulator, a Times investigation has found. The findings underscore the failings of the watchdog's register, which keeps track of firms and individuals approved for regulated activities. The Times has uncovered at least 55 directors who were banned for offences ranging from pension fraud to tax evasion, while carrying out a role regulated by the authority. – The Times

About £40.0m is likely to be set aside by GSK for legal costs relating to the Zantac litigation that has overshadowed the demerger of Haleon, its consumer healthcare wing, and has taken billions of pounds off the two companies' market values. The drugs group is expected to make a provision when it announces third-quarter figures tomorrow, covering its likely maximum defence costs in any legal action over the heartburn drug. GSK is being represented by Dechert, the law firm. – The Times

US close

Wall Street stocks closed lower on the final day of trading for October but the blue-chip Dow Jones still managed to deliver its best monthly performance in almost half a century.

At the close, the Dow Jones Industrial Average was down 0.39% at 32,732.95, while the S&P 500 shed 0.75% to 3,871.98 and the Nasdaq Composite saw out the session 1.03% weaker at 10,988.15.

Reporting by Iain Gilbert at Sharecast.com