London pre-open: Stocks to edge up after mixed US session

London stocks were set to nudge up at the open on Tuesday following a mixed close on Wall Street.

The FTSE 100 was called to open around five points higher.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "The selloff in Nvidia deepened yesterday and sent the shares into the correction territory following a 10% selloff. Nvidia shares erased around $430bn in market cap over the past three sessions.

"The selloff hit suddenly, right after the company stole the status of the world’s most valuable company from Microsoft last week. There has been no bad news regarding the company’s fundamentals on the newswire, no analyst downgrades, no soft forecasts, no rumours of slowing sales. It’s just that the end of last quarter and the first half may have brought some investors to take some profit and go to the sidelines."

In UK corporate news, real estate group Landsec raised its stake in Kent’s Bluewater Shopping Centre to 66.25% after a further £120m investment.

The company announced it had completed the acquisition of an additional 17.5% shareholding from Singaporean investment firm GIC. The deal raises Landsec’s net rental income by £10.3m on an annualised basis.

AstraZeneca announced that a recent trial revealed that ‘Imfinzi’, or durvalumab, combined with chemotherapy, significantly enhanced event-free survival (EFS) and overall survival (OS) in patients with muscle-invasive bladder cancer (MIBC) compared to chemotherapy alone.

The pharmaceutical firm said the regimen, involving Imfinzi both before and after bladder removal surgery, was the first immunotherapy approach to successfully extend survival in bladder cancer patients.

It also confirmed that Imfinzi was well-tolerated, maintaining consistent safety profiles without increasing treatment discontinuation rates.