London pre-open: Stocks seen up as investors eye ADP report

(Sharecast News) - London stocks were set to rise at the open on Wednesday as investors eyed the latest US jobs data.

The FTSE 100 was called to open around 30 points higher.

With no major UK macro releases due, all eyes will be on the US ADP report at 1215 BST.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "The US is expected to have added 99,000 new non-farm jobs in June. A weaker-than-expected figure could offer short-term support to the Fed doves - though arguably it shouldn't.

"A stronger-than-expected print, on the other hand, could further demoralise the dovish camp and accelerate the long-overdue hawkish repricing in Fed expectations. And the bigger the gap between expectations and reality, the more violent the correction, and the sharper the potential selloff."

In corporate news, bakery chain Greggs warned that FY25 operating profits may be "modestly below" FY24 despite first-half sales growth.

Greggs said it saw total H1 sales grow 6.9% to �1.02bn, with like-for-like sales up 2.6% year-on-year.

Greggs said it had made "good progress" in May but noted this was followed by "slower growth" in June as high temperatures affected the UK, increasing demand for cold drinks but reducing overall footfall.

Elsewhere, KKR said it had agreed a deal to buy precision instrument maker Spectris for �4.7bn, trumping a potential offer from rival Advent.

The private equity giant will pay �40.00 a share made up of �39.72 in cash and an interim dividend of 28p each.

Hospitality group SSP said its joint-owned Indian operations will be worth up to �1.23bn in a proposed stock market listing in Mumbai as it announced the purchase of an additional stake to give it majority control.

The company, which operates convenience food stores and restaurants in travel gateways across 40 countries, plans to list the Travel Food Services joint venture with K Hospitality Corp on 14 July.