London pre-open: Stocks to dip ahead of US inflation reading

London stocks were set to dip at the open on Thursday as investors weighed a key US inflation reading. The FTSE 100 was called about 17 points lower, with Brent crude down 1.5% at $72.66 a barrel and West Texas Intermediate off 1.2% at $69.53, returning toward “pre-war levels” as shipping through the Strait of Hormuz increased. Investors also monitored overnight results from Micron Technology, where revenue was nearly $41.5bn versus about $36bn expected, and adjusted earnings per share rose to $25.11 versus roughly $21 expected. Guidance for the current quarter was set at about $49–51bn, above analyst expectations near $45bn. Later in the day, attention centered on US personal spending for May at 1330 BST and first-quarter GDD data. In company news, easyJet rejected Castlelake’s latest offer but extended discussions, while Chemring secured two new US defense contracts totaling $345m.