Proactive Investors -
- FTSE 100 down 2 points at 7,664
- House prices rise 0.7% in January
- US interest rate decision after London close
UK business confidence at two-year high, Lloyds
UK businesses started 2024 with their confidence at the highest level in nearly two years boosted by cooling inflation and hopes for interest rates cuts, according to a survey published on Wednesday.
The Lloyds Bank Business Barometer jumped by nine points to 44% this month, its strongest since February 2022.
Hann-Ju Ho, senior economist Lloyds Bank Commercial Banking (LON:LLOY), said weaker inflation and hopes of interest rate cuts pushed the index to its highest level for the month of January since 2016.
"With ongoing geopolitical issues and a general election on the horizon, businesses will have factored these into their risk radars and will be working to prepare for any potential impacts on their trading prospects," he said.
"Also, half of all companies say they’re planning to increase headcount in the coming year. Despite that and the changes to minimum wage that will come into force in April, expectations for staff pay fell back following last month’s increase."
Companies also scaled back plans for increasing the prices they charge for a second month in a row, the first back-to-back decrease since June 2022, Lloyds said.
GSK targets £3billion sales for RSV vaccine
Sticking with GSK (LON:GSK), boss Emma Walmsley said the company expects its new RSV vaccine to bring in annual sales of “at least £3 billion” in future.
Speaking to journalists after the company released better-than-expected 2023 results, she said: "We’re absolutely delighted with the RSV launch, in four months reaching blockbuster status."
She explained: "We’re only 11% penetration so far in the US. We do expect ‘24 to be a year of good growth as we continue to drive penetration. We’re excited about being able to hopefully add a further cohort of the 50 to 59 year olds."
The RSV vaccine is currently approved for people aged over 60, but GSK is seeking regulatory consent for those aged over 50.