London pre-open: Stocks to edge higher ahead of balance of trade report

City sources predict the FTSE 100 will open up seven points from yesterday's close of 6,593, and as such largely ignoring declines seen in the US last night ahead of today's balance of trade reading.Thursday saw the dollar surpass the 100 Japanese yen mark - something that has not happened in four years. Back in the UK, the balance of trade will be released at 09:30, and while the figure is not expected to show the UK is rebalancing, growth has been better-than-expected, and in the words of George Osbourne, the economy is "healing". The same measure is also due out from Germany, along with its current account numbers and retail price index. The US will give its US treasury budget statement this evening. In UK news, defence technology group Cobham has acquired Axell Wireless, a privately-owned supplier of wireless communications for commercial and public safety markets. The consideration was paid on a cash and debt free basis, with £60m paid upfront and a further £25m to be paid during 2014 and 2015 based on the future performance of the business. BT Group's annual pre-tax profits were up 11% on the previous year as the telecoms company kept a rein on costs. The company, which Thursday revealed it would offer free sports channels to broadband customers, saw profit for the 12 months to end of March come to £2.6bn despite a 5.0% year-on-year fall in revenue to £18.2bn.International Consolidated Airlines Group (IAG) widened its first quarter losses reflecting the costs of restructuring its Spanish carrier Iberia. The parent company of British Airways reported an operating loss of €278m, before exceptional items, up from the previous year's €249m loss. IAG blamed an exceptional charge of €311m relating to the restructuring of Iberia.NR