London stocks looked set to rise at the open on Wednesday as investors eye the latest policy announcement from the US Federal Reserve.
The FTSE 100 was called to open 10 points higher at 6,991.
CMC Markets analyst Michael Hewson said: “Today’s European open looks set to be a positive one after yesterday’s rebound, with the main focus now shifting towards the Federal Reserve monetary policy decision, although concern over Evergrande remains.
“More importantly, with Chairman Powell due to speak later, investors will be looking to determine whether recent events around surging energy prices, and Evergrande, have altered the prevailing narrative, that until a week ago, had been very much that this meeting was a waypoint on the way to the September payrolls number, which is due on October 8th.”
In corporate news, Covid-19 vaccine producer Oxford Biomedica swung to a profit in the half year on the back of a surge in revenues.
The company said operating core earnings rose to £27.1m from a £0.4m loss. Revenue increased by 139% to £81.3 m.
Group operating earnings before interest, tax, depreciation and amortisation for the second half, whilst anticipated to be higher year on year was expected to be below the first six months as a result of an increase in operating expenditure levels, the company said.
Halma said that it had made “strong progress” in the first half of its financial year, with its financial performance ahead of the board’s expectations, as revenue growth and return on sales exceeded both expectations and historic levels.
The safety products company said order intake was ahead of both revenue this year and of order intake for the same period last year. It said it expected to report strong organic constant currency revenue and profit growth for the first half, and “more typical” rates of revenue growth and return on sales in the second half.
