London pre-open: Stocks seen up on positive US cues

(Sharecast News) - London stocks were set to rise again on Wednesday after another solid session on Wall Street.
The FTSE 100 was called to open 45 points higher at 7,580.

CMC Markets analyst Michael Hewson said: "European markets got off to a solid start to the month yesterday, after Fed officials poured cold water on some of the hawkish narratives being put out with respect to the Federal Reserve's hiking timeline.

"US markets also continued their recent resilient tone, closing higher for the third day in a row, also bolstered by the more measured tone, as the US dollar slid back for the second day in succession.

"Having heard from Mary Daly of the San Francisco Fed, Kansas City's Esther George, Raphael Bostic of the Atlanta Fed, and Patrick Harker of the Philadelphia Fed, there was a common theme, in that markets were getting ahead of themselves, and that any moves should not be disruptive in nature.

"This positive trend looks set to continue today with a positive European open, as we look to the latest EU flash inflation numbers for January."

In corporate news, telecoms giant Vodafone reported higher third-quarter services revenue, driven by growth in Europe and Africa as it reiterated annual guidance.

The company said service revenue grew 3.1% on a reported basis to €9.6bn. Total revenue was up 4.3% to €11.6bn.

Vodafone said it still expects adjusted core earnings of between €15.2bn - €15.4bn and adjusted free cash flow of at least €5.3bn.

Real estate investment trust British Land has acquired three warehouses in Wembley for £157.0m, bringing its urban logistics development pipeline to over £1.0bn.

The FTSE 100-listed firm said the North London warehouses, which comprise over 245,000 square ft on a 12.5 acre site, generate an annual income of £3.6m, with significant reversion.