London pre-open: Stocks to fall after record close

(Sharecast News) - London stocks were set to fall at the open on Wednesday following a record close the previous day as investors continued to assess recent events in Venezuela, and looked to the release of the latest ADP report ahead of Friday's non-farm payrolls.

The FTSE 100 was called to open around 25 points lower. On Tuesday, the index closed up 1.3% at a fresh record high of 10,132.02, setting its third closing record high in as many days.

Market participants were digesting the latest developments after US President Donald Trump said Venezuela will be "turning over" up to 50 million barrels of oil to the US to be sold at its market price.

In a post on Truth Social, Trump said the US will use the proceeds "to benefit the people of Venezuela and the United States!".

On the macro front, attention will turn to the US ADP report for December, due at 1315 GMT, while the November JOLTS report at 1500 GMT will also be eyed. Both have the potential to shape market expectations ahead of Friday's payrolls.

ING said: "Interestingly, ADP payrolls undershot consensus in seven of the last 10 prints, and given our dovish view on the US jobs market, we are inclined to see US jobs data events as bearing asymmetrical downside risks for the dollar."

In corporate news, GSK said its potential chronic hepatitis B treatment had met primary endpoints in two trials that covered 1,800 patients from 29 countries.

The drug, called bepirovirsen, produced functional cure rates that were "significantly higher" when combined with standard care compared with standard of care alone, the company added.

"CHB is a major health challenge affecting over 250 million people worldwide and is the leading cause of liver cancer. The current standard of care ... often requires lifelong therapy and the functional cure rates remain low, typically only 1%," it said.

Great Portland Estates said it has agreed to buy a building from the City of London Corporation for �51m, boosting its West End portfolio.

The FTSE 250 property firm has acquired a 155-year leasehold interest in 10 South Crescent, WC1, a 72,605sq ft building off Tottenham Court Road.

The price reflects a net yield of 6.8%, and a projected running yield of 7.1% once the vacant retail unit is let.

Outside the FTSE 350, tile specialist Topps Tiles reported its fifth consecutive quarter of like-for-like sales growth.

In the 13 weeks to 27 December, revenue in the Topps Tiles brand grew 2.0% on a LFL basis, supported by a continued strong performance in trade and growth in the company's "Mission 365" strategic category extensions.