Weekly review
By Josh White
Date: Friday 30 Jan 2026
(Sharecast News) - The FTSE 100 ended the week up 80.4 points, or 0.79%, closing at 10,223.54 on Friday.
Equity view
Drugmaker AstraZeneca said on Friday that it has expanded its weight‑management pipeline after striking a strategic collaboration with CSPC Pharmaceuticals to develop a series of next‑generation obesity and type‑2 diabetes therapies. Under the deal, AstraZeneca will gain exclusive global rights outside China to CSPC's monthly injectable portfolio, including its long‑acting GLP1R/GIPR agonist moving into Phase I SYH2082, alongside three preclinical assets targeting a range of weight‑related conditions.
Military and civil helmet and respirator maker Avon Technologies said it was on track to meet or exceed its 2026 financial targets led by a record start to the year at its protection unit driven by sustained demand and sales pipeline. Its US-based Team Wendy protective helmet unit maintained a strong order book but saw a slower first quarter as the government shutdown delayed product testing and deliveries, which contributed to lower-than-expected Department of Defence and federal revenue in the first quarter.
Womenswear retailer Quiz has warned that roughly 1,000 jobs were now at risk after it filed a notice of intention to appoint administrators, according to The Telegraph. The move comes just days after Quiz said it was reviewing options to secure its future following a disappointing Christmas trading period, including new financing and potential store closures.
Pinewood Technologies has confirmed it is in takeover talks with private equity firm Apax Partners about a possible 500p a share cash offer that it would be minded to recommend to shareholders. Responding to press speculation late on Thursday, the company said that as an alternative to receiving cash, the possible offer will include an unlisted partial share alternative.
Private equity firm 3i Group has reported a further rise in net asset value over the nine months to December, supported by another strong year from Action, which continued to drive the group's overall performance. 3i said on Thursday that NAV per share increased from 2,857p on 30 September to 3,017p at the end of December, with its 20% total return for the period being aided by favourable currency movements.
EasyJet reiterated its full-year guidance on Thursday, on the back of robust first-quarter sales and growing demand for summer holidays. Updating on trading, the budget carrier said the first-quarter performance had been in line with expectations.
Copper output at Glencore fell 11% last year, although higher grades and better recoveries in the second half boosted production. The miner and trader, currently waiting for a potential takeover offer from rival Rio Tinto, said copper production in 2025 was 851,600 metric tonnes, at the lower end of forecasts of 850,000-to-875,000.
Convenience foods maker Greencore said it had delivered "continued strong, above‑market growth" in the first quarter, with momentum from last year carrying into FY26 as revenue and volumes both moved ahead of the wider grocery market. Greencore reported solid volume gains across key categories such as sandwiches and sushi, with premium ranges again performing strongly, while product innovation also remained a key driver, with 129 new launches in the period and further high‑protein, high‑fibre and GLP‑1‑friendly ranges introduced after the quarter end.
FitzWalter Capital said on Wednesday that it would not be improving a 400p a share takeover proposal for online auction operator Auction Technology as it has not been given access to due diligence. FitzWalter, which is the company's largest shareholder, announced earlier this month that it was considering making an offer at 400p a share.
Hospitality real estate firm PPHE Hotel Group said on Wednesday that it had delivered a "solid" fourth quarter trading performance, with full-year results seen in line with market expectations of £458.4m-469m in revenue and reported underlying earnings of £133.2m-137.8m. PPHE said it had seen "good trading momentum" in Q4, with room revenue growth of 4.9% and a RevPAR increase of 5.0%, which it said was the result of a 7.8% increase in average room rates and foreign currency exchange rate tailwinds. On a like-for-like basis, group room revenues grew by 4.6% and RevPAR increased by 3.6%.
Pub group Marston's on Wednesday said it expected to meet full-year forecasts after like-for-like sales rose 4% in the 17 weeks to January 24, driven by strong holiday trading and a record performance on Christmas Day. The company, which has an estate of more than 1,300 pubs, said it had a "strong" programme of demand-driving events lined up, including a new initiative centred on Roald Dahl's characters Matilda and the 2026 football world cup "which represents a significant summer trading opportunity".
British Land has agreed to acquire Life Science Reit, it confirmed on Wednesday, as it looks to bolster its presence in the fast-growing science and technology sector. The deal values AIM-listed Life Science Reit, which last autumn said it would pursue a managed wind down, at 42.8p per share or £150m in total, a premium of around 21% to its closing share price on Tuesday.
Specialist finance provider Paragon Banking reiterated its full-year guidance on Tuesday following a "strong" first-quarter operating performance, which saw total lending increase 6.8% to £724m. Paragon said buy-to-let lending was up 0.4% at £425m, while commercial lending advances surged 17.6% to £423.2m. Net loan balances grew 3.9% to £16.5bn at the quarter end.
Food producer Cranswick lifted its full-year profit outlook on Tuesday as it hailed strong revenue growth in the third quarter. In an update for the 13 weeks to 27 December 2025, the company said the strong growth, including the key Christmas period, reflected a continuation in the positive trading momentum seen in the first half, with all product categories ahead of the corresponding period in the prior year.
The Sage Group reiterated full-year guidance on Tuesday, on the back of strong first quarter trading. Organic revenues at the accountancy software specialist jumped 10% in the three months to December end, to £674m, of which £574m came from its cloud offering. The blue chip saw growth across all regions.
Gambling business Evoke said on Tuesday that fourth‑quarter revenue came in at roughly £464m, its strongest quarter of the year. Evoke said sales rose 7% quarter‑on‑quarter, but were 3% lower year‑on‑year, reflecting a "strong" comparative period boosted by operator‑friendly sporting results.
The European Commission has approved GSK's respiratory syncytial virus (RSV) vaccine for use in all adults, the drugs giant announced on Monday. The vaccine, called Arexvy, is already authorised for people aged 60 and above, as well as for those who are aged 50 and over and are at increased risk of RSV. But the Commission has now given the drug the green light for use in all adults aged 18 plus.
UK residential landlord Grainger said its property joint venture with Transport for London is forward funding and buying a 195-home rental project at Chiswick Reach in West London to be developed in partnership by Barratt Redrow. The £68.4m purchase price for the scheme will be split 51:49 between Grainger and TfL's Places for London property development arm.
Shares in Costain Group sparked on Monday, after the construction and engineering group outlined plans to ramp up dividend payouts as it reiterated full-year guidance. Updating on full-year trading, the FTSE All-Share firm - which specialises in major infrastructure projects - said profits were on track to meet market expectations, with the adjusted operating margin set to exceed the run-rate target of 4.5%.
S4 Capital said in an update on Monday that full-year trading in 2025 came in ahead of its revised guidance and above current market expectations, as improved liquidity and tighter working capital management drove a sharp reduction in net debt. The London-listed firm said net revenue and operational EBITDA for the year exceeded the consensus forecasts of £664m and £75m respectively, following the update issued in November.
Economic news
Mortgage approvals fell to an 18-month low at the end of last year, Bank of England data showed on Friday, surprising analysts. According to the central bank's latest Money and Credit report, there were 61,013 mortgage approvals in December, against 64,072 in November - revised down from 64,530 - and the lowest since June 2024.
The Treasury unveiled a three-year support package for pubs and live music venues on Tuesday worth more than £80m a year following a backlash over rising business rates. From April, pubs will get a 15% cut to new business rates bills, followed by a two-year real-terms freeze, as well as a review into the method used to value them for business rates.
The Financial Conduct Authority said on Tuesday that it was conducting a review into the implications of advanced AI on consumers, retail financial markets and regulators. The FCA pointed out that AI is already embedded across financial services. It said rapid advances in generative, agentic and emerging forms of AI mean the next phase could have the power to "reshape markets, change the way firms compete and how consumers use retail financial services".
Shop price inflation spiked in January, industry research showed on Tuesday, confounding expectations for no change. According to the latest BRC-NIQ shop price monitor, shop price inflation was 1.5%, up from 0.7% in December. Consensus had been for inflation to remain at 0.7%.
The UK Treasury's sanctions watchdog fined Lloyds subsidiary Bank of Scotland £160,000 on Monday, for breaching financial sanctions imposed on Russia after it processed payments linked to a UK-designated individual in early 2023. The Office of Financial Sanctions Implementation (OFSI) said the lender handled 24 transactions between 8 and 24 February 2023, totalling £77,383, to and from a personal current account held by a sanctioned person.
Private sector activity continued to weaken in the three months to January, an industry survey showed on Monday, weighing on sentiment. According to the Confederation of British Industry's latest growth indicator, private sector activity fell in the three months to January, with a balance of -33, largely unchanged on December's -34. All sub-sectors reported falling activity, the CBI noted.
International events
Donald Trump confirmed on Friday that he was nominating former Fed governor Kevin Warsh as the next chair of the Federal Reserve. Warsh served as Fed governor between 2006 and 2011. In a post on Truth Social detailing the appointment, the US President said he had "no doubt" that Warsh "will go down as one of the GREAT Fed Chairmen, maybe the best".
German inflation unexpectedly ticked higher in January, according to preliminary data released on Friday by Destatis. Consumer prices rose 2.1% on an annual basis, up from 1.8% in December and versus expectations for them to be unchanged. Core inflation, which excludes food and energy, increased to 2.5% from 2.4%.
The eurozone economy ended 2025 on a firmer footing than expected, with preliminary data showing gross domestic product rising by 0.3% quarter-on-quarter in the final three months of the year, beating forecasts for a 0.2% expansion. Growth in the wider European Union matched that pace, underscoring a picture of modest but resilient momentum despite persistent structural and policy challenges.
Gold, silver and copper prices all fell back from record highs on Thursday afternoon. At 1600 GMT, gold was down 2% at $5,195.80 an ounce, while silver was 2.6% lower at $110.54. Earlier in the day, gold was within touching distance of $5,600 an ounce, while silver hit $121.
Americans lined up for unemployment benefits at a decelerated pace in the week ended 24 January, according to the Labor Department. Initial jobless claims fell to 209,000, dropping by 1,000 from the prior week's upwardly revised reading, while continuing claims decreased by 38,000 to 1.82m.
Sweden's Riksbank kept interest rates on hold on Thursday as widely expected. The policy rate was left at 1.75% and the central bank said it was expected to remain at this level "for some time to come", in line with its forecast in December.
The Federal Reserve left interest rates unchanged on Wednesday, holding its benchmark range at 3.5%-3.75% after three cuts late last year, as policymakers waited for clearer evidence on how earlier easing is feeding through to the economy. Officials have signalled they want more time to assess the impact of those reductions and indicated policy would only be loosened once price pressures begin to ease. "Uncertainty about the economic outlook remains elevated," the Fed said, adding that the committee remained alert to risks on both sides of its mandate.
The Bank of Canada left interest rates on hold on Wednesday, as widely expected. The policy rate was kept at 2.25% for the second meeting in a row as the Bank said the outlook for the global and Canadian economies is little changed relative to its projection in the October monetary policy report.
US mortgage applications fell 8.5% in the week ended 23 January 23rd, according to the Mortgage Bankers Association, trimming the combined 47% surge seen since the start of 2026. The pullback came alongside a fresh increase in benchmark mortgage rates, which hit a three‑week high, as markets also weighed how Freddie Mac and Fannie Mae would respond to Donald Trump's directive to buy $200bn of mortgage‑backed securities.
The dollar remained under pressure on Wednesday, while gold once again breached fresh records, as the Trump administration's erratic policies continued to weigh heavily on markets. The greenback sank to a four-year low on Tuesday, and continued to ease on Wednesday against a basket of currencies, dipping 0.2% in early trading. It has now shed 2.6% since the start of this year alone.
German consumer sentiment is expected to improve in February, according to a survey released on Wednesday by GfK and the Nuremberg Institute for Market Decisions (NIM). The forward-looking February consumer climate indicator rose to -24.1 from -26.9 in January.
Fresh data from the European Automobile Manufacturers' Association on Tuesday showed that new car registrations in the European Union rose by 1.8% in 2025 to 10.8 million vehicles, extending a gradual recovery in demand, though overall volumes remain well below pre-pandemic levels as high prices and strained household budgets continued to weigh on buyers. The growth was driven increasingly by electrified vehicles. Battery-electric cars accounted for 17.4% of EU registrations last year, up from 13.6% in 2024, with 1.88 million units sold.
The European Union and India on Tuesday finally signed a free trade agreement expected to slash €4bn of duties on the bloc's exports, described as the "mother of all deals" by European Commission president, Ursula von der Leyen. After almost 20 years of talks, officials shook hands on a deal giving the 27-nation bloc access to India's tightly regulated market. Discussions had sped up in the last six months in response to US President Donald Trump's global tariff war.
US durable goods orders rose 5.3% in November, according to the Census Bureau, bouncing back from a revised 2.1% decline in October and beating expectations for a more modest 3.7% increase. November's gain was primarily due to a sharp rebound in transportation equipment orders, which surged 14.7% following a 6.3% drop in October, driven by a 97.6% surge in civilian aircraft bookings.
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