FTSE 100 Rises as Miners Rally After Strong BHP Results

0749 GMT - The FTSE 100 rises 0.3% to 7528 points as mining shares gain following well-received results from the world's biggest miner, BHP Group, while pharmaceutical giant GlaxoSmithKline rallies after an acquisition announcement. BHP posted its highest ever full-year profit on record commodity prices, boosting sector peers including Glencore, Rio Tinto and Anglo American. GSK rises 2.9% after saying it has completed the acquisition of U.S. biopharmaceutical company Affinivax. Meanwhile, investors digest the latest U.K. employment data. "June's labor market figures revealed further evidence that the weaker economy is leading to a slightly less tight labour market," Capital Economics economist Ruth Gregory writes. "That said, by any metric the labor market is still exceptionally tight."(renae.dyer@wsj.com)

Companies News: 

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.

Market Talk: 

UK Labor Market Is No Longer Tightening as Hiring Demand Falls

0741 GMT - Hiring demand in the U.K. is clearly falling, and that is most evident from a decline in unfilled job vacancies, ING developed markets economist James Smith says in a note. This trend is likely to continue, according to more up-to-date online vacancy numbers, Smith says. "Hiring demand is fading, but at the same time the skill shortages and labor supply issues that have plagued the jobs market for several months now are showing only limited signs of improvement", Smith says. According to the economist, there isn't much in the latest labor market figures that will stop the Bank of England from hiking rates by 50 basis points again in September. (maria.martinez@wsj.com)

UK Unemployment Rate Is Expected to Rise Soon

0713 GMT - The U.K. unemployment rate is no longer falling and the timeliest indicators suggest that it will start to rise far sooner than the Bank of England anticipates, Samuel Tombs, chief U.K. economist at Pantheon Macroeconomics, says. "Labor demand is stabilizing just as labor supply is picking up," Tombs says. The workforce grew at a 195,000, or 0.6%, quarter-on-quarter rate in June, well above its 0.2% average increase in the 2010s, according to Pantheon. The rebound in the workforce has been driven by an increase in immigration, now that Covid-19 is no longer influencing migration decisions and more U.K. businesses have sponsor licences, Tombs says. (maria.martinez@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

August 16, 2022 04:15 ET (08:15 GMT)

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