(Sharecast News) - London stocks were set to fall at the open on Thursday following downbeat US and Asian sessions, as investors eye the latest US inflation data.
The FTSE 100 was called to open 33 points lower at 7,263.
CMC Markets analyst Michael Hewson said: "Having come off the back of three days of losses the US dollar rebounded strongly yesterday as markets absorbed further disappointing earnings numbers, and cryptocurrency exchange Binance backed out of the FTX takeover, due to an $8bn shortfall, prompting a rout in cryptocurrencies in the process.
"This jittery market backdrop prompted a sharp selloff in US markets after Europe had closed, with the Nasdaq 100 leading the losses, snapping a four-day rise for it, as well as the Dow and S&P500.
"The late weakness seen in the US looks set to filter into today's European open, as we look ahead to this afternoon's US CPI report for October."
The US consumer price index for October is due at 1330 GMT.
In corporate news, book and stationery retailer WH Smith swung to an annual profit as a rebound in air and rail travel boosted revenues, with that momentum continuing into the new fiscal year.
The company posted pre-tax earnings of £63m compared with a loss of £116m a year ago when Covid travel restrictions were in place.
Utilities company National Grid said that interim operating profits from continuing profits had shot up 50% on an underlying basis to £2.11bn, reflecting the "strength and resilience" of the business.
National Grid said underlying pre-tax profits had risen 47% to £1.44bn, while earnings per share surged 193% on a statutory basis to 30.8p.
British Gas owner Centrica announced a share buyback programme, as it lifted guidance for full-year earnings.
Updating on trading, the blue chip acknowledged that inflationary and economic pressures had affected both the cost base and customer numbers in British Gas Services and Solutions, while the warmer October weather has led to lower volumes and profits at British Gas Energy.
As a result, it warned that adjusted operating profits in the retail division were likely to be lower than expectations.
However, overall, a "strong operational performance" across the portfolio since the interim results in July meant group full-year adjusted earnings per share were now likely to come in towards the top end of forecasts.