London pre-open: FTSE set for more losses as investors mull jobs data

The FTSE 100 was called to open 31 points lower at 7,500, having dropped 1.7% on Monday amid worries about tensions between Russia and Ukraine.

Figures released earlier by the Office for National Statistics showed that wage growth fell below the cost of living between October and December.

Basic pay was up 3.7% in December, while total pay, including bonuses, rose 4.3%, up from 4.2% a month earlier. Taking into account inflation, however, regular pay fell 0.8%.

The data also showed that the unemployment rate was steady at 4.1%, while on a quarter-on-quarter basis it declined from 4.3%.

In corporate news, BHP is handing back more than $7bn to shareholders in a record half-year dividend as soaring commodities helped the world’s biggest mining company post a jump in profits.

The company said net profits rose to $9.4bn in the six months to December 31 from $3.9bn a year earlier.

Iron ore pellets exporter Ferrexpo tapped Jim North to take over as permanent chief executive officer, with immediate effect.North has held the position of acting CEO since May 2020, having previously been the group's chief operating officer since 2014.

Glencore said it would return $4bn to shareholders as the company reported an 84% increase in underlying earnings boosted by soaring commodity prices. Adjusted earnings before interest, tax depreciation and amortisation rose to $21.32bn in the year to the end of December from $1.56bn a year earlier as revenue increased 43% to $203.75bn.

The FTSE 100 group swung to a $4.97bn net profit from a $1.9bn loss. The miner and commodities trader said it would pay a dividend of $0.26 a share, totalling $3.4bn, and announced a $550m buyback programme.