London pre-open: Stocks seen a little higher ahead of BoE announcement

London stocks are set to open a little higher on Thursday as investors digest the Federal Reserve’s decision to stand pat on rates and look to the Bank of England’s latest policy announcement.

The FTSE 100 is seen starting 15 points higher than Wednesday’s close at 6,190.

The BoE rate announcement is at 1200 GMT, with market participants expecting the central bank to keep rates and the asset purchase programme unchanged at 0.5% and £375bn.

“Expectations are for another 0-0-9 vote to keep interest rates unchanged. It’s hard to imagine accompanying BOE meeting minutes turning more hawkish before the June Brexit vote given Governor Mark Carney’s warnings about the risks of uncertainty,” said Jasper Lawler, market analyst at CMC Markets.

In the US, the Philly Fed survey, initial jobless claims and the current account balance are at 1230 GMT.

Rio Tinto chief executive Sam Walsh will retire from the business on 1 July 2016 and will be succeeded by Copper & Coal chief executive Jean-Sébastien Jacques, the company said.

To ensure a smooth transition, Jacques will join the board and become deputy chief executive with immediate effect, Rio added.

Prior to joining Rio Tinto, Jacques worked for more than 15 years across Europe, Southeast Asia, India and the US in a wide range of operational and functional positions in the aluminium, bauxite and steel industries. He served as group strategy director for Tata Steel Group from 2007 to 2011.

OneSavings Bank lifted its profits and grew its loan book in 2015, it reported in its preliminary results on Thursday. Underlying profit before tax was up 52% to £105.9m, and loans and advances grew 31% to £5.1bn.

The FTSE 250 firm's cost to income ratio was further reduced during the calendar year, to 26% from 28%, which the board put down to strong income growth and a focus on cost control and efficiency.

Bowing to pressure from institutional shareholders, GlaxoSmithKline chief executive Andrew Witty has decided to retire from the company at the end of March next year.

The FTSE 100 drug maker will now conduct a formal search for a successor, though reports have indicated it has been putting feelers out for some months, with the board stating it will consider internal and external candidates for the role.