London pre-opening

FTSE 100 futures were pointing to a broadly flat open before the bell, up just 3.7 points before the open after closing 0.19% higher in the previous session at 7,600.06 .

Stocks to Watch

Retailer B&M value said on Tuesday that comparable UK sales in the first eight weeks of the current financial year were down 13.2% and 11.5% from 2022 and 2021, respectively, as inflationary pressures and the cost of living crisis weighed on trade.

B&M Value also reported flat annual profits for the year to March 26 and said chief financial officer Alex Russo would replace Simon Arora as chief executive.

Drug manufacturer GlaxoSmithKline said Tuesday it had agreed to acquire Boston-based clinical-stage biopharmaceutical company Affinivax in a deal valued at $3.3 billion.

GlaxoSmithKline will make an upfront payment of $2.1 billion for Affinivax, with an additional $1.2 billion in potential development milestones to follow after certain pediatric clinical development milestones are achieved. Under the terms of the agreement, GSK will acquire 100% of the outstanding shares of Affinivax.

Newspaper overview

missguided, the online fashion specialist, appealed to administrators after failing to secure a bailout bid. Administrators of Teneo were named on Monday after the company received a liquidation petition from clothing suppliers who owe millions of pounds. Around 140 jobs are believed to be at risk, with a source saying more than 80 people were immediately made redundant. – Guardian

The British battery startup Britishvolt said it would invest more than £200.0 million in a new facility in the West Midlands to test the manufacturing methods that will be used at the planned factory in Northumberland. The company will lease a site in Hams Hall, Warwickshire, from warehouse developer Prologis, with installation of equipment expected by late autumn 2023. – Guardian

British Airways check-in staff threaten to strike in the height of summer as unions take advantage of the travel chaos to force through a new pay deal. Bosses at Unite, the union, says check-in staff have missed out on pay rises that bring wages back to pre-pandemic levels. BA has restored executive salaries to pre-crisis levels, but the airline is refusing to reverse a 10% cut imposed on blue-collar workers during the pandemic, it is claimed. – Telegraph

Supermarkets have warned Boris Johnson that a return to imperial measures would drive up inflation and deepen the cost of living crisis. Reintroducing measurements in pounds and ounces would be a “distraction” from the problems of the country and would increase the costs of grocers according to the British Retail Consortium, speaking on behalf of key industry players. – Telegraph

Businesses are increasingly confident they can use high inflation to rebuild margins, according to a survey. Business confidence is up for the first time since the start of the war in Ukraine, according to the monthly barometer of Lloyd’s Bank. It rose five points on the index to 38%, well above the long-term average of 28%. – The temperature

Close in the United States

The New York Stock Exchange was closed Monday for Memorial Day.