Kingfisher sales down in first quarter, GSK reports positive asthma treatment results

London open

The FTSE 100 is expected to open 32 points lower on Tuesday, having closed up 0.05% on Monday at 8,424.20.

Stocks to watch

Home improvement retailer Kingfisher has said that first-quarter like-for-like sales were down on last year on the back of weakness in France, but full-year expectations were unchanged. The company, which owns B&Q and Screwfix in the UK, along with European chains Castorama, Brico Dépôt, TradePoint and Koçtaş, reported a 0.9% decline in LFL sales, with growth in the UK and Ireland, Poland, Iberia and Romania offset by a 5.3% drop in France, which it said was "broadly in line with [a] weaker market".

GSK announced positive results from trials of depemokimab on Tuesday, showing significant reductions in asthma exacerbations over 52 weeks compared to placebo. The FTSE 100 pharmaceuticals giant said depemokimab could become the first approved ultra-long-acting biologic for severe asthma with a six-month dosing schedule, potentially simplifying treatment for millions of patients. It said the trials demonstrated that the safety profile of depemokimab was comparable to placebo, with further analysis ongoing.

Newspaper round-up

A Labour government would aim to announce the sites for a series of new towns within a year of taking office, with the promise that homes would be built in them by the end of a first term, Angela Rayner is to say in a speech. Giving more detail to a plan first outlined in Keir Starmer’s party conference speech in October, Rayner will tell a housing conference that Labour will strongly support private developers who create high-quality and affordable housing. – Guardian

The sectors of the global economy most heavily exposed to artificial intelligence (AI) are witnessing a marked productivity increase and command a significant wage premium, according to a report. Boosting hopes that AI might help lift the global economy out of a 15-year, low-growth trough, a PwC study found productivity growth was almost five times as rapid in parts of the economy where AI penetration was highest than in less exposed sectors. – Guardian

The decision to block a UAE-backed takeover of The Telegraph has damaged relations with the Gulf state, a former Cabinet minister has warned. Sir Brandon Lewis, the former Northern Ireland secretary, said that it “would be logical” if the handling of Redbird IMI’s bid had contributed to a diplomatic breakdown between the UK and UAE that puts billions of investment at risk. – Telegraph

TalkTalk founder Sir Charles Dunstone is preparing to inject fresh funding into the debt-laden broadband provider, as looming repayment deadlines stoke fears over its future. Sir Charles and TalkTalk’s other main shareholders have offered to inject £150m into the company to stave off a potential debt crisis, sources said. – Telegraph

Mike Ashley is eyeing up a stake in Exeter’s Princesshay estate, The Times has learnt, in what would be the first joint venture between the retail mogul and the King’s property company. Frasers Group, the FTSE 100 retailer majority-owned by Ashley, “is the frontrunner” to buy a 50 per cent interest in the estate from Nuveen, a retail property source said. – The Times

US close

Wall Street stocks turned in a mixed performance on Monday after the Dow Jones closed above the 40,000-point watermark for the first time in history.

At the close, the Dow Jones Industrial Average was down 0.49% at 39,806.77, while the S&P 500 advanced 0.09% to 5,308.13, and the Nasdaq Composite saw out the session 0.65% firmer at 16,794.87.

The Dow closed 196.82 points lower on Monday, knocking the blue-chip index back below the psychologically important 40,000-point level.

Investors will be keyed on a number of artificial intelligence players this week, with Microsoft kicking off its three-day Build event on Tuesday and Nvidia publishing its Q1 earnings on Wednesday.

Also in the corporate space, Palo Alto Networks, AutoZone, Target, Ralph Lauren, and Intuit will all report earnings throughout the course of the week.