London pre-open: Decent gains expected on FTSE

27th Jun 2012 07:32

City sources predict the FTSE 100 will open up 25 points from yesterday's close of 5,447, tracking gains seen in the US and Asia as stocks position themselves ahead of the EU summit being held in Brussels on Thursday. Real estate investment trust British Land has done a deal with the Daily Mail owners to buy the land which is currently home to the newspaper's printing operations. The purchase of the 14.57 acre Harmsworth Quays printing works site at Canada Water in South East London is British Land's latest investment in the area. In January it announced plans for a £34m investment at nearby Surrey Quays shopping centre along with improvements to public spaces and transport connections.Commodities marketer and producer Glencore International has confirmed rumours that it will be shaking up management incentive arrangements as part of its multi-billion pound merger with mining giant Xstrata. In a brief statement on Wednesday, Glencore said: "In the light of the recent press speculation, Glencore confirms that it has received a proposal from the board of Xstrata in relation to certain amendments to the management incentive arrangements that were proposed in the Scheme documents. We are considering that proposal and will make a further announcement when appropriate."Emerging markets-focused lender Standard Chartered said that the robust income growth seen in the first quarter continued into the second, although foreign exchange movements are still limiting the increase. Income growth in the six months to June 30th is still expected to be at a high single-digit rate over the comparable period in 2011. However, the continued strength in the US dollar against currencies in its footprint is expected to drag group income by over 2.0%, with the Indian Rupee being a major contributor.