London pre-open: Stocks set to step back

Yesterday's drab showing by Wall Street has engendered a cautious mood on this side of the pond, and dealers expect the FTSE 100 to open around 25 points down from its close last night.There has been plenty of corporate news for traders to get their teeth into, much of it relating to the food sector.Contract caterer Compass Group has upped its sales growth guidance again after a strong fourth quarter. Having said in late July that organic sales growth this year would be around 2.5% the company now thinks it will be closer to 3%, including the impact of acquisitions.Increased profits from its cheese products has underpinned an improvement in trading at dairy goods firm Dairy Crest. The company said trading in the six months to the end of September has been in line with management expectations and ahead of last year.Sugar and sweetener firm Tate & Lyle said it expects its encouraging start to the year to continue in spite of higher corn costs. In the speciality food ingredients division, growth in speciality sweeteners and starches has remained steady, while sucralose volumes have been robust, though at lower selling prices, the company said.Private equity house 3i spent much more money on investments and sold far less during the five months to the end of August, it revealed ahead of meetings with analysts and investors. The blue chip firm made investments of £257m during the period, up from £155m last year when the financial crisis was still raging. Buyouts accounted for £236m and growth capital £21m.Rolls-Royce chief executive Sir John Rose will retire from the company at the end of March 2011. He will be succeeded by John Rishton, currently chief executive of the Dutch retail group Royal Ahold. John Rishton has been a non-executive director of Rolls-Royce since 2007 and chairs the Audit Committee.