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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

London pre-open: Stocks to edge lower amid corporate deluge

(Sharecast News) - London stocks were set to open just a touch lower on Thursday following heavy losses in the previous session, as investors waded through a deluge of corporate news. The FTSE 100 was called to open 10 points lower at 7,436.

CMC Markets analyst Michael Hewson said: "While European markets got clobbered yesterday US markets losses were fairly contained despite the sharp rebound in yields, and the US dollar which initially rallied strongly to one-month highs, gave up most of its gains to close flat on the day.

"There may be some hope of a respite despite some weakness in Asia markets although we still look set to see another soft open for European markets."

In corporate news, Sainsbury's announced a "phased withdrawal" from its banking operations as it continues to pursue its so-called 'Food First' strategy.

The supermarket giant said that, following a strategic review of the Financial Services (FS) division, FS products will now be offered through dedicated FS providers through a distributed model, like it already does with its insurance products.

"There will be no immediate changes to the products or services that we provide to customers as a result of this decision," the company said.

Elsewhere, JD Sports Fashion said it had taken 100% control of Poland's Marketing Investment Group after clearance from the European Commission.

The retailer mopped up the 40% minority stake in MIG, giving it the opportunity to roll out its brand into Central and Eastern Europe.

In the financial year to January 2024, MIG generated revenues of approximately £270m. As at 30 December 2023, MIG operated a total of 403 stores across 13 countries, including 23 JD stores.

Investors will also be mulling updates from Sage Group, Travis Perkins, Dunelm, Flutter and AJ Bell, among others.

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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