London pre-open: Stocks to edge lower amid corporate deluge

London stocks were set to open just a touch lower on Thursday following heavy losses in the previous session, as investors waded through a deluge of corporate news.

The FTSE 100 was called to open 10 points lower at 7,436.

CMC Markets analyst Michael Hewson said: "While European markets got clobbered yesterday US markets losses were fairly contained despite the sharp rebound in yields, and the US dollar which initially rallied strongly to one-month highs, gave up most of its gains to close flat on the day.

"There may be some hope of a respite despite some weakness in Asia markets although we still look set to see another soft open for European markets."

In corporate news, Sainsbury’s announced a "phased withdrawal" from its banking operations as it continues to pursue its so-called 'Food First' strategy.

The supermarket giant said that, following a strategic review of the Financial Services (FS) division, FS products will now be offered through dedicated FS providers through a distributed model, like it already does with its insurance products.

"There will be no immediate changes to the products or services that we provide to customers as a result of this decision," the company said.

Elsewhere, JD Sports Fashion said it had taken 100% control of Poland’s Marketing Investment Group after clearance from the European Commission.

The retailer mopped up the 40% minority stake in MIG, giving it the opportunity to roll out its brand into Central and Eastern Europe.

In the financial year to January 2024, MIG generated revenues of approximately £270m. As at 30 December 2023, MIG operated a total of 403 stores across 13 countries, including 23 JD stores.

Investors will also be mulling updates from Sage Group, Travis Perkins, Dunelm, Flutter and AJ Bell, among others.