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London pre-open: FTSE to rise; quiet trade expected as US markets closed for Thanksgiving
(Sharecast News) - London stocks were set to rise at the open on Thursday, but trade was expected to be quiet, with US markets closed for the Thanksgiving holiday.
The FTSE 100 was called to open around 15 points higher.
Investors will be mulling a survey which showed that UK consumer confidence remained largely unchanged following the Budget, weighed down by ongoing concerns about the strength of the economy.
According to the latest consumer sentiment monitor from the British Retail Consortium, expectations for personal finances over the next three months improved slightly, ticking up to -3 in November from -4 in October.
People also expected to spend more on retail over the next three months, with the measure rising to 3 from 2.
However, expectations for the wider economy weakened, easing two points to -19, while personal spending overall was unchanged at 17.
Helen Dickinson, chief executive of the BRC, said: "There was little shift in consumer confidence since the Budget, with many worried about the economy in the lead up to Christmas.
"While there was a very slight improvement in people's expectations of their personal financial situation, this was offset by declining expectations of the wider economy.
"The last month clearly did little to shift the dial for households, either positively or negatively."
Christmas is a crucial time for most retailers as consumer spending traditionally rises notably over the so-called golden quarter.
Opinium surveyed 2,000 adults for the BRC consumer sentiment monitor between 12 and 15 November. The next survey will be published shortly before Christmas.
In corporate news, troubled footwear maker Dr Martens said that it swung to a loss for the half year but that trading since the start of the autumn/winter season had been "encouraging" and held guidance for the 2025 fiscal year.
Pre-tax losses came in at £28.7m for the six months to September, compared with a £25.8m profit a year earlier. Revenue fell 18% to £324.6m.
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