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London pre-open: Stocks seen down as investors mull jobs data
(Sharecast News) - London stocks were set to fall at the open on Tuesday following losses on Wall Street and as investors mulled the latest UK jobs data. The FTSE 100 was called to open 32 points lower at 6,927.
Data from the Office for National Statistics showed the unemployment rate fell in the three months to August to its lowest level in nearly 50 years.
The rate declined to 3.5% from 3.6% in the previous three months, versus expectations for it to be unchanged and marking the lowest level since early 1974.
Meanwhile, total pay, including bonuses, rose 6% on the year, up from 5.5% in the three months to July. Regular pay, excluding bonuses, was grew 5.4%, up from 5.2%. In real terms, however, adjusted for inflation, total pay fell 2.4% and regular pay was down 2.9%.
"This is slightly smaller than the record fall in real regular pay we saw April to June 2022 (3.0%), but still remains among the largest falls in growth since comparable records began in 2001," the ONS said.
In corporate news, healthcare company PureTech and Nektar Therapeutics have terminated merger talks only four days after they announced a potential tie-up.
"These discussions were early in nature and the required announcement created the impression that discussions were more advanced than they were," PureTech said.
"Given the early stage of the discussions and the potential for an extended period of uncertainty, these discussions were terminated."
Fintech group Plus500 said that it had delivered a "further outstanding financial and operational performance", with on-going strategic progress seen throughout the nine months ended 30 September.
Plus500 stated that revenues had increased 27% year-on-year to $705.9m, while underlying earnings rose 29% to $407.1m and EBITDA margins widened 2% to 58%.
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