London pre-open: Stocks seen up as investors mull GDP

(Sharecast News) - London stocks were set to rise at the open on Thursday, taking their cue from a solid session on Wall Street, as investors mull the latest UK GDP data. The FTSE 100 was called to open up around 20 points at 7,517.

Data released earlier by the Office for National Statistics showed that the UK economy contracted more than first estimated in the three months to September.

GDP shrank 0.3% in the third quarter, versus an initial estimate of a 0.2% contraction.

ONS director of economic statistics Darren Morgan said: "Our revised figures show the economy performed slightly less well over the last year than we previously estimated, with manufacturing and electricity generation notably weaker.

"Household incomes continued to fall in real terms, albeit at a slower rate than in the previous two quarters, while - taking account of inflation - household spending fell for the first time since the final Covid-19 lockdown in the spring of 2021."

Corporate news was thin on the ground as we head towards the Christmas break, but electronics maker discoverIE Group said it had bought US-based Magnasphere Corporation for $22m (£19.1m).

Magnasphere makes magnetic sensors and switches for industrial electronic applications. DiscoverIE said the acquisition is expected to be immediately accretive to group underlying earnings and underlying operating margin.