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London pre-open: Stocks seen lower as inflation hits fresh 40-year high
(Sharecast News) - London stocks were set to slump at the open on Wednesday as investors digest the latest UK inflation data.
The FTSE 100 was called to open 70 points lower at 7,082
CMC Markets analyst Michael Hewson said: "Despite yesterday's gains, today's European open looks set to be a negative one, as a slide in oil prices over demand concerns weighs on the wider narrative, prompting weakness in Asia markets, along with US futures."
Figures released earlier by the Office for National Statistics showed that consumer price inflation surged to a fresh 40-year high of 9.1% in May from 9% in April. This was in line with analysts' expectations.
ONS chief economist Grant Fitzner said "historically high levels" for goods like food and fuel were offset by clothing costs rising by less than this time last year, "and a drop in often fluctuating computer games prices".
""The price of goods leaving factories rose at their fastest rate in 45 years, driven by widespread food price rises, while the cost of raw materials leapt at their fastest rate on record," he said.
In corporate news, retailer JD Sports Fashion more than doubled annual profits and said trading in the current year to date was up 5%.
The company posted pre-tax profits of £654.7m for the year to January 29, up from £324m a year earlier, driven by strong performances in the UK, Ireland and North America. It added that earnings for the current year would be in line with expectations.
Property developer and housebuilder Berkeley Group said that full-year pre-tax profits and earnings per share had both improved in the twelve months ended 30 April, reflecting the "stability" of its "uniquely long-term operating model" throughout an "exceptionally volatile" period.
Berkeley posted a 6.4% rise in pre-tax profits to £551.5m, a 23.1% surge in basic earnings per share to 417.8p, and a single percentage point increase in pre-tax return on equity to Fritzner 17.5%.
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