London pre-open: Stocks seen muted as investors eye US developments
(Sharecast News) - London stocks were set for a muted open on Wednesday amid ongoing worries about the Covid-19 crisis and as investors eyed a vote on US President Donald Trump's impeachment.
The FTSE 100 was called to open seven points higher at 6,761.
CMC Markets analyst David Madden said: "President Trump will face impeachment threats today. Lawmakers have requested that Mike Pence, Vice President, invoke the 25th amendment, something he has already spoken out against.
"Should a majority in the House of Representatives press ahead to impeach Mr Trump, it will then go a Senate trial. The House vote will take place today."
In corporate news, Just Eat Takeaway's revenue rose by more than 50% in 2020 after UK delivery orders increased 387% in the fourth quarter.
The company said it would continue to invest heavily in its business and prioritise market share over earnings. Just Eat also said it was reviewing which exchanges its shares would be listed on after buying Grubhub in the US.
Gambling firm William Hill said net annual revenue fell 16% to £1.32bn, reflecting the impact of betting shop closures during the Covid-19 pandemic.
The company, which is being taken over by US giant Caesars Entertainment, reported a 9% rise in fourth quarter net revenue.
Sportsbook staking increased 16%, driven by enhanced products and geographical expansion, whilst gross win margins benefitted from favourable sporting results, driving Group sportsbook net revenue up 20% year-on-year.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.