The FTSE 100 closed Tuesday up 0.44%, as GBP/USD weakness early in the session helped drive an initial outperformance that steadily unwound as the pound pushed higher. U.K. jobs data highlights shrinking spending power for consumers, although investors seem to care little as stocks push higher once again, IG Group senior market analyst Joshua Mahony says in a research note. While economic concerns have brought volatility in the commodity space, the Russia-Ukraine war has helped drive demand for alternate energy such as coal and gas, the online trading provider says. "While the recessionary environment does raise questions for the year ahead, the forward-looking nature of markets should mean that investors look beyond any short-term weakening in favor of a 2024 recovery," Mr. Mahony says.
AstraZeneca's Lynparza Supplemental New Drug Application Granted Priority Review by FDA
AstraZeneca PLC said Tuesday that its supplemental new drug application, or sNDA, for its cancer treatment, Lynparza in combination with abiraterone, has been granted a priority review by the U.S. Food and Drug Administration.
Abrdn Sells GBP225M Shareholding in HDFC Asset Management
abrdn PLC said Tuesday that it has sold 12.8 million shares in HDFC Asset Management Co. for 225 million pounds ($271.2 million), with the proceeds to be used for general corporate purposes.
Sage Group to Buy Lockstep for Undisclosed Sum to Drive Growth
Sage Group PLC said Tuesday that it has agreed to buy cloud accounting technology provider Lockstep for an undisclosed amount to accelerate the growth strategy.
Watches of Switzerland 1Q Revenue Rose Amid Luxury Demand; Backs FY 2023 Views
Watches of Switzerland Group PLC said Tuesday that its performance for the first quarter of fiscal 2023 was robust as demand for luxury products continues to increase, and reiterated its previous guidance.
Ted Baker Agrees to $254.3 Mln Takeover by Reebok Owner Authentic Brands
Ted Baker PLC said Tuesday that it has agreed to a 211 million pound ($254.3 million) final cash offer from Juicy Couture, Reebok and David Beckham brand owner Authentic Brands Group LLC.
UK Labor Market Expected to Remain Tight Despite Economic Slowdown
0841 GMT - While the June labor market report showed little change in the unemployment rate, wage data was stronger than expected and labor-force participation still remains suppressed relative to prepandemic levels, Goldman Sachs says in a note. Tuesday's data is consistent with Goldman Sachs's view that the U.K. labor market will remain tight and wage growth will continue to be elevated despite the recent slowdown in GDP growth. Given the tight labor market and strong inflationary pressures, the American bank continues to expect the Bank of England to raise the deposit rate by 50 basis points in September and 25 basis points in November and December. (firstname.lastname@example.org)
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(END) Dow Jones Newswires
August 16, 2022 11:58 ET (15:58 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.