AstraZeneca's Imfinzi gets EU recommendation, Serica Energy extends Rhum licence
By Josh White
Date: Monday 03 Feb 2025
(Sharecast News) - London open
The FTSE 100 is expected to open 109 points lower on Monday, having closed up 0.31% on Friday at 8,673.96.
Stocks to watch
AstraZeneca's Imfinzi has been recommended for approval in the European Union (EU) as a monotherapy for the treatment of adults with limited-stage small cell lung cancer (LS-SCLC) whose disease has not progressed following platinum-based chemoradiation therapy. The Committee for Medicinal Products for Human Use of the European Medicines Agency based its positive opinion on the results from the ADRIATIC Phase 3 trial which showed Imfinzi reduced the risk of death by 27% versus placebo. An estimated 57% of patients treated with the drug were alive at three years compared to 48% for placebo.
UK Continental Shelf-focused oil explorer Serica Energy has announced that its license to operate the part-owned Rhum field has been extended by two months, which the company hopes will give it more time to secure a new long-term solution. This extension is to allow the processing of the company's application "for a new long-term license to be completed following the transition in US Administrations", Serica said.
Bank of Georgia said on Monday that its Armenian banking subsidiary, Ameriabank, has secured a €105m loan from the European Investment Bank to support local micro, small, and medium-sized enterprises (MSMEs) and mid-cap companies. The company said the financing would help to enhance business growth, competitiveness, and sustainability, with at least 20% allocated to green investments. A portion of the loan would be available in local currency to help MSMEs mitigate currency risks.
Newspaper round-up
Hundreds of thousands of British workers are on zero-hours contracts despite being with the same employer for years, according to analysis from the TUC. The majority of zero-hours contract workers have been with their employer for more than 12 months, while one in eight have not been granted regular employment rights after more than a decade working in the same place, the organisation said. - Guardian
Barclays says it has fixed the IT glitch that left thousands of customers locked out of their accounts on Friday and Saturday, and promised to compensate them for any losses incurred. The bank said customers could use its payment apps and online services, although some still faced a wait on Sunday to check updated balances and whether payments had been processed. - Guardian
Britain's growth outlook has been slashed for 2025 as the economy struggles with tax hikes, high borrowing costs and a slump in business confidence. The UK's GDP will grow by just 1pc this year, according to the EY Item Club, down from previous forecasts of 1.5pc after the economy ground to a halt over winter. - Telegraph
The US Federal Reserve could be forced to delay further interest rate cuts for 18 months due to President Trump's imposition of tariffs on Canada, Mexico and China, leading economists have warned. On Saturday, Trump said that a tariff of 25 per cent on Canadian and Mexican imports and an additional 10 per cent tax on Chinese goods would come into force on Tuesday. Energy imports from Canada would face a lower 10 per cent levy. - The Times
Two leading credit insurers have reinstated cover for Asos clothing suppliers, signalling renewed confidence in the online fashion retailer's financial stability. Atradius and Coface restored cover last month having withdrawn it in 2023 amid concerns over the fashion retailer's tumbling profits, The Times understands. - The Times
US close
Wall Street stocks closed lower on Friday despite a slightly better-than-expected US consumption reading.
At the close, the Dow Jones Industrial Average was down 0.75% at 44,544.66, while the S&P 500 lost 0.50% to 6,040.53, and the Nasdaq Composite was 0.28% weaker at 19,627.44.
In the background, the US dollar and gold futures were higher amid reports that the White House was set to impose 25% tariffs on Canada and Mexico on Saturday.
West Texas crude oil futures were down 0.28% to $72.53 a barrel and the yield on the benchmark 10-year Treasury note was more than two basis points higher at 4.541%.
On the macro front, the Department of Commerce revealed personal consumption expenditures jumped in December by 0.7% month-on-month (consensus: 0.6%).
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