London pre-open: Stocks seen up amid flurry of corporate news

29th Apr 2025 07:37

(Sharecast News) - London stocks were set to rise at the open on Tuesday amid a flurry of corporate releases from the likes of HSBC, BP, AB Foods and AstraZeneca.

The FTSE 100 was called to open around 20 points higher.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "The good news of the day is that it's been a few days since we last heard fresh attacks by Trump. It feels like he's been obliged to slow down the pace and intensity of his attacks.

"The bad news is, there is no clarity regarding the tariff situation, and the best outcome would be that the US keeps the 10% tariffs for everyone even if negotiations go well and lead to a favourable outcome."

She added: "No news from Trump is good news - it means that he and his government are softening their tone. Scott Bessent says that they are leaving China aside and concentrating on other negotiations for now, but there is a clear reluctance to further escalate the war on the Chinese front."

In corporate news, Asia-focused bank HSBC lifted its bad loan provisions in the first quarter, blaming a bleak macroeconomic outlook from higher tariffs and geopolitical tensions as it also announced a $3bn share buyback.

The lender said it now expects credit losses of $876m, an increase of $202m, with $100m set aside to cover Hong Kong's commercial property sector.

Pre-tax profits were down by a quarter to $9.5bn in the first three months of the year, better than analyst expectations of $9.1bn.

Elsewhere, Primark owner Associated British Foods said first-half profits fell by a tenth with sales slightly behind last year, as growth in retail and food ingredients was offset by a "frustrating" performance in the sugar division.

Adjusted pre-tax profit totalled £818m in the 24 weeks to 1 March, down from £911m the year before, as group revenues fell 2% to £9.51bn. The interim dividend was unchanged at 20.7p per share.