London stocks were set to fall at the open on Tuesday as investors eyed the latest US GDP reading.
The FTSE 100 was called to open around 10 points lower.

Ipek Ozkardeskaya, senior analyst at Swissquote, said: "All eyes are now on the final US data releases of the year, with the Q3 GDP revision and PCE inflation - the Fed's preferred gauge - on the menu ahead of the Christmas break.

"US growth is expected to have exceeded 3% in Q3, with AI-related investment accounting for a significant share, while price pressures are expected to have firmed. A combination of stronger growth and higher inflation could revive the Fed's hawks, unless the more up-to-date PCE data proves soft enough to bolster the dovish camp.

"At present, Fed funds futures price roughly a 20% probability of a rate cut in January and slightly above a 50% chance of a cut in March. Any increase in expectations for further easing would support equity valuations, though cyclical and non-tech segments are likely to benefit more than richly valued Big Tech."

Preliminary third-quarter US GDP figures are due at 1330 GMT, along with the PCE.

Corporate news was unsurprisingly thin on the ground but Pets at Home said it has appointed former Waitrose managing director James Bailey as chief executive officer, replacing Lyssa McGowan who stood aside in September after a profit warning.

Bailey was MD of Waitrose for more than five years from April 2020 steering the business through the Covid pandemic and high inflation that followed, the pet care company said.

He also relaunched Waitrose.com after the company moved off the Ocado platform.

HSBC said senior independent director Ann Godbehere will be stepping down and retiring from the board at the bank's 2026 annual general meeting.

Chair Brendan Nelson said: "I would like to thank Ann for her considerable contribution to the HSBC board and fully respect her decision to step down for personal and lifestyle reasons, now the chair search has successfully completed."

Elsewhere, software developer Alfa Financial Software said chief financial officer Duncan Magrath had informed the board of his intention to retire at the end of 2026. Alfa Financial will now proceed with a search for a successor.