London pre-open: Stocks set for more gains; Glencore, L&G in focus

(Sharecast News) - London stocks were set for more gains on Wednesday as investors braced for another slew of earnings. The FTSE 100 was called to open around 50 points higher, having closed up 0.2% or 14 points on Tuesday.

On the macro front, investors will eye the UK S&P Global construction PMI for July, which is due at 0930 BST.

In corporate news, mining giant Glencore reported a fall in half-year profits, reflecting weaker coal prices and lower copper volumes.

Adjusted core earnings declined 14% to $5.4bn, while marketing operating profits slid 8% to $1.8bn, which the miner and commodities trader hailed as a "solid" result against a macroeconomic environment that was heavily influenced by US tariff policy uncertainty and tensions in the Middle East.

Legal & General said it had an "excellent" six months ended 30 June, with both pre-tax and core operating profits growing, underpinned by strategic progress and a reshaped portfolio.

Core operating profits rose 6%, while IFRS pre-tax profits surged 28%, buoyed by a strong performance in its institutional retirement segment, which saw double-digit profit growth and over £5bn in new business written.

Asset management also delivered a solid performance, with £15m in annualised net new revenue lifting margins to nine basis points.

Results were also out from Coca-Cola HBC, Vesuvius, Lancashire, Quilter and Telecom Plus, among others.