London pre-open: UK stocks to rise, Thomas Cook CEO departs

26th Nov 2014 07:34

Gains on Asian markets overnight are expected to feed into a higher open for stocks across Europe as investors await gross domestic product (GDP) figures in the UK.City sources predict the FTSE 100 will open around 10 points higher than yesterday's close of 6,731.14.UK GDP grew by 3% in the third quarter, the Office for National Statistics is expected to confirm on Wednesday.Ahead of the release, a Bank of England (BoE) Governor Mark Carney on Tuesday said the prolonged slowdown in Eurozone poses the biggest threat to the UK economy.However, on the same day BoE member Kristen Forbes said that the outlook for the global economy may not be as weak as fellow policymakers predict. She told lawmakers in Britain's parliament that recent international economic data had been stronger.In the States, a report on US durable goods orders in October will be in focus on Wednesday. Analysts predicted a 0.6% fall, following a 1.1% drop in September.Stocks to watchThomas Cook chief executive Harriet Green has stepped down after just over two years in charge of the troubled travel group. Green, who was appointed after cold-calling chairman Frank Meysman to tell him "you need me", will be replaced by chief operating officer Peter Fankhauser with immediate effect.Catering group Compass lifted its annual dividend by over a tenth after an improvement in both sales and profits in the year to 30 September. The company, which provides food and support services to the schools, government and hospitality markets, said revenues totalled £17.1bn, up 4.1% on last year on an organic basis. Growth was driven by "good levels of new business wins and high retention rates", it said.Weak market conditions throughout Europe put gross margins in the region under pressure at plumbing and heating products distributor Wolseley. In the three months to 31 October revenue at constant exchange rates rose 9.8%, including a like-for-like growth of 6.6%, to £3.55bn, while the company said overall gross margin of 27.5% was "in line with last year."