London pre-open: Stocks seen up as investors mull GDP

London stocks were set to rise at the open on Thursday as investors digest the latest UK GDP figures.

The FTSE 100 was called to open 20 points higher at 7,128.

Figures out earlier from the Office for National Statistics showed the economy grew 5.5% between April and June on a quarterly basis, up from a preliminary estimate of 4.8% growth. This left GDP 3.3% below pre-pandemic levels.

In corporate news, Diageo said it made a strong start to the financial year with "organic net sales momentum across all regions" despite supply chain problems.

The drinks company's North American business is performing strongly based on resilient consumer demand, robust off-trade activity and good momentum in the on-trade business. Africa, Asia Pacific and Latin America are performing well, the company said.

UK commercial property company CLS Holdings said it had secured two "significant" leases at its assets in Munich and Hamburg.

The City of Hamburg has taken 4,183 square metres of space at Nagelsweg 37-39 on a 15-year lease. The second lease is for 2,225 sqm on a five-year term at Lochhamer Schlag 1 in Gräfelfing, near Munich, with FUTRUE, an international healthcare group comprising 20 companies and with more than 70 drug approvals.