Next continues to trade ahead of City expectations after the retailer lifted its full-year pre-tax profit guidance by another £15 million to £995 million.

The forecast for annual profits growth of 8.4% comes after sales lifted 6.9% in the first six weeks of the second half-year, materially ahead of expectations.

Full-price sales are set to be 4% higher across the year, having risen by 4.4% in today's half-year results. Pre-tax profits for the six months to July lifted 7.1% to £452 million.

07:01 , Graeme Evans

The Federal Reserve's 0.5% cut to interest rates has given a lift to global markets, with the FTSE 100 index forecast to open 68 points higher at 8322.

Pressure on the dollar means Asia markets are also in positive territory after the Nikkei 225 improved 2.3% and the Hang Seng index by 1.8%.

Wall Street finished slightly lower last night, having initially risen after the Federal Reserve announcement.