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

London stocks were set to edge up at the open on Wednesday following a positive close on Wall Street, where the S&P hit a fresh record high, and as investors mulled the latest minutes from the Federal Reserve.

The FTSE 100 was called to open around 10 points higher.

Kathleen Brooks, research director at XTB, said: "It should be quiet for the rest of the week as the US celebrates Thanksgiving, and we could see volumes dwindle, with little direction in markets.

"Tuesday’s FOMC minutes have triggered a mild response in the Fed Fund Futures market, there is now a 66% chance of a rate cut next month. The minutes suggest that the Fed are treading a cautious path on rate cuts, but if the economy continues to move in line with their expectations, then it would be appropriate to cut rates gradually. The BOE and the Fed seem to be singing from the same song book when it comes to gradual rate cuts."

In corporate news, low-cost airline easyJet reported a surge in full-year profit and boosted its dividend on strong summer demand and a narrowing of winter losses.

The company posted a 34% rise in pre-tax profit to £610m. The dividend was lifted to 12.1p a share from 4.5p.

Elsewhere, GSK’s liquid meningitis vaccine Menveo has been approved by EU regulators, paving the way for a simpler vaccination process against invasive meningococcal disease (IMD).

Using a single-vial, fully liquid vaccine means reconstitution isn’t needed before use, which should “simplify immunisation and support vaccine uptake”, according to Philip Dormitzer, head of global vaccines R&D at GSK.