(Alliance News) - Stocks in London are set to open higher on Wednesday, ahead of a data-heavy day for several global economies.

The election campaign had heated up on Tuesday, after leaders of the Labour and Conservative Parties faced off in the first live TV debate of the general election campaign on Tuesday, a month before voters go to the polls.

Meanwhile, in corporate news, B&M European Value Retail saw both revenue and profit rise in the year ended March 31.

Here is what you need to know at the London market open:

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MARKETS

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FTSE 100: called up 0.6% at 8,280.50

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Hang Seng: up 0.1% at 18,463.47

Nikkei 225: closed down 1.0% at 38,449.04

S&P/ASX 200: closed up 0.4% at 7,769.00

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DJIA: closed up 140.26 points, 0.4%, at 38,711.29

S&P 500: closed up 7.94 points, 0.2%, to 5,291.34

Nasdaq Composite: closed up 28.24 points, 0.2%, at 16,856.91

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EUR: down at USD1.0876 (USD1.0881)

GBP: down at USD1.2768 (USD1.2786)

USD: up at JPY155.64 (JPY154.89)

Gold: up at USD2,338.70 per ounce (USD2,322.80)

(Brent): up at USD77.42 a barrel (USD77.01)

(changes since previous London equities close)

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ECONOMICS

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Wednesday's key economic events still to come:

09:30 EDT Canada composite PMI

09:45 EDT Canada interest rate decision

10:00 CEST eurozone composite PMI

11:00 CEST eurozone PPI

10:25 CEST eurozone European Central Bank member of the supervisory board Kerstin af Jochnick speaks

22:30 CEST eurozone European Central Bank member of the supervisory board Elizabeth McCaul speaks

08:45 CEST France industrial production

09:50 CEST France composite PMI

09:55 CEST Germany composite PMI

11:00 CEST Germany new car registrations

09:45 CEST Italy composite PMI

09:15 SAST South Africa PMI

12:00 SAST South Africa business confidence

09:15 CEST Spain composite PMI

09:00 BST UK new car sales

09:30 BST UK composite PMI

09:15 EDT US ADP jobs report

09:45 EDT US composite PMI

10:00 EDT US ISM services PMI

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The leaders of Britain's two main political parties faced off in the first live TV debate of the general election campaign on Tuesday, a month before voters go to the polls and with predictions of a record win for the main opposition Labour party. Conservative Prime Minister Rishi Sunak said he had "a clear plan for a more secure future" while Labour leader Keir Starmer said he wanted the country's backing on July 4 to "change our country". The run-up to the clash was overshadowed by Nigel Farage, whose return to the political frontline could spell even more bad news for the Tories. Farage, whose once fringe idea of getting Britain out of the EU eventually became mainstream, is standing as a candidate for his anti-immigration Reform UK party.

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A Labour government would create an offshore skills passport to allow workers to move between fossil fuels and renewables. Offshore workers may currently need to duplicate training when moving between the two sectors, increasing costs and the length of time it takes to change jobs. But speaking to workers and businesses in Aberdeen on Wednesday, shadow Scottish secretary Ian Murray has pledged to work with the Scottish Government to introduce the policy, if Labour wins the election on July 4. Work has already begun between oil and gas training body OPITO and the National Energy Skills Accelerator, with GBP5 million of Scottish Government funding to create an Energy Skills Passport.

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Indian Prime Minister Narendra Modi faces the prospect of a far tougher-than-expected third term, after his party failed to secure an outright majority for the first time since sweeping to power a decade ago. The release of the results on Tuesday upended conventional wisdom throughout the six-week election that Modi's Hindu nationalist agenda would power him to a landslide win. Modi's Bharatiya Janata Party lost the outright parliamentary majority it had enjoyed during its first two terms, but is expected to still be able to rule leading an alliance of smaller parties. The BJP secured 240 seats in parliament, well down on the 303 from five years ago, and falling 32 seats of a majority. In a remarkable turnaround, the main opposition Congress party won 99 seats, almost doubling its 2019 tally of 52.

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The EU is urging Israel and the militant movement Hamas to accept a plan laid out by US President Joe Biden to end the Gaza war. The plan sets out three phases of de-escalation, principally featuring a truce that would become permanent and Israel's withdrawal from the Palestinian territory. The EU gave its "full support to the comprehensive roadmap," a statement said. Qatar, the US and Egypt have been mediating between Israel and Hamas for weeks to achieve a ceasefire and an exchange of hostages for Palestinian prisoners. Neither Israel nor Hamas have yet officially agreed to or rejected the plan. The EU said it was also "increasingly concerned" about rising tensions at the border between Israel and Lebanon.

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BROKER RATING CHANGES

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Berenberg raises Taylor Wimpey to 'buy' (hold) - price target 175 (130) pence

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Jefferies raises LondonMetric Property price target to 250 (247) pence - 'buy'

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COMPANIES - FTSE 100

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B&M European Value Retail posted a statutory pretax profit of GBP498 million for the year ended March 30, up 14% from GBP436 million a year prior. Revenue rose to GBP5.48 billion, up 10% from GBP4.98 billion. The firm declared a final dividend of 9.60 pence per share, unchanged from a year prior, making its total dividend 14.70p per share, up 0.7% from 14.60p. Looking ahead, B&M said it was confident in its outlook for cash generation and profit growth in financial 2025. The group also announced the promotion of Tiffany Hall to chair, succeeding retiring Peter Bamford on July 23.

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COMPANIES - FTSE 250

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Workspace Group reported a pretax loss for the year ended March 31 of GBP192.8 million from GBP37.5 million the previous year. Revenue came to GBP184.3 million from GBP174.2 million, while net rental income was GBP126.2 million from GBP116.6 million. Loss via change in fair value investment properties was GBP251.2 million, up from GBP88.0 million, while administrative costs rose to GBP25.3 million from GBP21.5 million. The firm declared a total dividend per share of 28.0p, up from 25.8p. Looking forwards, Workspace said that rental income in the next year will be underpinned by growth in like-for-like rent roll.

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OTHER COMPANIES

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Biotech Growth Trust reported net asset value per share as at March 31 of 1,078.9 pence, up from 852.6p a year prior. NAV per share total return came to 26.5%, versus the firm's benchmark, which returned 5.0%. This compared to negative 11.0% a year previously. Chair Roger Yates said: "While performance this year has been encouraging and we are relieved to be seeing signs of recovery in the sector, the Board is aware that there is still some way to go before the company fully recovers its relative and absolute losses from the past two years. Nevertheless, our portfolio manager's investment strategy has started once again to yield results."

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By Holly Beveridge, Alliance News reporter

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