London pre-open: Stocks seen lower after weak China data

London stocks are expected to open lower on Wednesday following another round of disappointing Chinese data.

The FTSE 1000 is called to open 32 points lower than Tuesday’s close at 6,105.

Caxin's service PMI dropped to a 17-month low of 50.2 in December from 51.2 the previous month, but still above the 50 mark that separates contraction from expansion.

Meanwhile, the composite index printed at 49.4 in December compared with 50.5 in November, moving into contraction.

On the economic front, UK services PMI is at 0930 GMT, while the US ADP employment report is at 1315 GMT and US trade balance is at 1330 GMT. At 1500 GMT, investors will eye the release of US industrial new orders, ISM non-manufacturing and durable goods orders.

WPP buys majority stake in Korean digital agency

WPP Group - through its wholly-owned Grey Group subsidiary - expanded its Asia operation on Wednesday, with the purchase of a majority stake in Vinyl-I Co.

The FTSE 100 advertising and communications agency reported its purchase to the market by describing Vinyl-I as “a leading creative digital agency based in Seoul, South Korea”.

Vinyl-I reported gross revenue of KRW 12.8bn (£7.3m) in the year to 31 December 2014, with gross assets of KRW 4.2bn. It employs more than 70 people.

Card Factory has appointed Karen Hubbard as the company’s new chief executive, taking over from Richard Hayes later in the year.

Hubbard, who has been chief operating officer of B&M European Value Retail since 2014, will join the board of the FTSE 250 company in February and take up the role in mid-April.

Hayes will leave the board in June 2016 to ensure a smooth transition.