London pre-open: Stocks seen higher after upbeat US session

London stocks are expected to open higher on Wednesday, tracking a positive close in the US, where the Dow rose 165 points after better-than-expected GDP figures.

“Stocks have continued to move in their choppy range of the past few weeks with little in the way of new catalysts to spark a strong move one way or the other, but once again it’s been the prospect of further stimulus measures, as yet unknown from China, in the coming weeks that has helped put a floor under recent proceedings,” said Michael Hewson, chief market analyst at CMC Markets.

The final release of third quarter UK GDP is due at 0930 GMT, while US personal goods data and personal income and spending figures are at 1330 GMT. New home sales and University of Michigan confidence are scheduled for release at 1500 GMT.

AstraZeneca gout drug gets FDA approval

AstraZeneca said its Zurampic drug, used to treat gout, has received approval from the US Food and Drug Administration.

Zurampic, also known as Lesinurad, is used in combination with another type of drug that reduces production of uric acid in the body.

Galliford Try was celebrating a renewed relationship with the Ministry of Defence on Wednesday, having been appointed to two regional frameworks under the Next Generation Estates Contract (NGEC) programme.

The two frameworks, procures by the Defence Infrastructure Organisation, cover the South West and South East regions.

Galliford Try said they were worth up to £1.1bn in total over a four year period, with potential for a three year extension.

Individual projects worth up to £12m each were to be procured through the frameworks.

"Long-term relationships with key public sector clients remain a strategic focus for our business, and this appointment reinforces our position with the Ministry of Defence", said Galliford Try chief executive Peter Truscott.