London pre-open: Stocks seen lower as investors mull jobs data

12th Nov 2024 07:29

(Sharecast News) - London stocks were set to fall at the open on Tuesday following a weak session in Asia, as investors mulled the latest UK jobs data.

The FTSE 100 was called to open around 40 points lower.

Figures released earlier by the Office for National Statistics showed that unemployment ticked higher in the three months to September, while wage growth slowed.

The unemployment rate rose to 4.3% from 4% in the previous quarter, and versus expectations for a 4.1% increase.

Meanwhile, quarterly average earnings excluding bonuses were up 4.3% on the previous year, down from 4.9% and below expectations of 4.7%.

In corporate news, the battle for warehouse owner Tritax EuroBox looked over after Segro said it would not up its offer, leaving Canadian investment firm Brookfield as the winner subject to shareholder approval.

Segro also said it would buy a portfolio of six Tritax EuroBox assets from Brookfield following completion of the Brookfield Offer for €470m.

AstraZeneca reported a strong financial performance for the first nine months of the year, with a 19% increase in revenue driven by solid growth in oncology, CVRM, respiratory, and rare diseases, leading to upgraded full-year guidance.

The FTSE 100 pharma giant said it had also submitted a new biologics licence application for datopotamab deruxtecan in EGFR-mutated non-small cell lung cancer, informed by phase two and three trial data, while withdrawing a prior BLA for a broader indication.

Additionally, AstraZeneca announced positive phase three trial results for Koselugo in adults with neurofibromatosis type 1, as well as a $3.5bn investment to expand its research and development and manufacturing footprint in the United States.

Results were also out from Vodafone, BAE Systems and Drax, among others.