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GSK reported positive results from the first part of a phase three trial for ‘Jemperli’#, or dostarlimab, with standard chemotherapy for primary advanced or recurrent endometrial cancer patients on Monday. The FTSE 100 pharmaceutical giant said the trial achieved its primary endpoint of overall survival, showing a significant benefit across the patient population. Additionally, the combination showed clinical benefits in specific patient subgroups with a tolerable safety profile. Jemperli has received US FDA approval for certain endometrial cancer patients and is under review in several other countries.
Retail conglomerate Frasers Group has sold the Missguided fast-fashion brand to SHEIN, as it hinted at further potential collaborations with the Chinese e-commerce giant. The divestment, made for an undisclosed sum, was in line with Frasers' "disciplined approach to managing its portfolio of brands", the company said on Monday. Under the terms of the deal, SHEIN is acquiring the intellectual property and trademarks of Missguided, but the real estate and employees will be retained by Frasers, as these have already been integrated into its wider fashion division.
Newspaper round-up
The recent rise in interest rates has been blamed for ending Britain’s wealth boom and causing total household wealth to plunge by a quarter since the Covid-19 pandemic. A report by the Resolution Foundation, a think tank, and Abrdn, the asset manager, said the fall was due to a drop in house prices and pension pots, which account for about £4 out of every £5 of total wealth, and played a leading role in rising wealth across the country over the 40 years leading up to the pandemic. – Guardian
House prices have fallen in every local property market in the south and east of England this year, as higher mortgage rates have weakened demand for new homes, figures have shown. About 80% of markets in the UK registered house price falls over 2023 compared with last year, the property portal Zoopla found. – Guardian
The approval of 27 new drilling licences in the North Sea has been hailed as a victory by Energy Minister Claire Coutinho, who said it will reduce Britain’s reliance on expensive imports. A new set of offshore oil and gas fields has been announced by the Government, marking a clear division between the Conservatives and Labour ahead of the next election. – Telegraph
Jeremy Hunt is walking a financial tightrope. The Chancellor is under pressure to offer a boost to voters before next year’s general election, whether in the form of tax cuts or extra spending. However, estimates from the Office for Budget Responsibility (OBR) suggest that just £6bn of headroom will be available for next month’s Autumn statement – the smallest margin since the watchdog was set up in 2010 and minuscule compared to Britain’s £2.6 trillion debt pile. – Telegraph
Hargreaves Lansdown (LON:HRGV) has fired a warning shot at its billionaire co-founder after the tycoon publicly attacked bosses at the company. Disclosures in the FTSE 100 wealth manager’s latest annual report show that the business had “shared protocols” with Peter Hargreaves, 77, its biggest shareholder, and his board representative to “ensure a common understanding of how interactions will take place”. – The Times
US close
Wall Street stocks turned in a mixed showing on Friday as indices searched for direction in the wake of key inflation data.
At the close, the Dow Jones Industrial Average was down 1.12% at 32,417.59 and the S&P 500 was 0.48% weaker at 4,117.37, while the Nasdaq Composite saw out the session 0.38% firmer at 12,643.01.
The Dow closed 366.71 points lower on Friday, while the tech-heavy Nasdaq tried to bounce back from disappointing results from heavyweights Alphabet (NASDAQ:GOOGL) and Meta Platforms over recent days, with results from retail titan Amazon (NASDAQ:AMZN) and tech group Intel (NASDAQ:INTC) providing a lift.
In focus throughout much of the session, the US Federal Reserve's preferred inflation gauge eased in September, according to figures released on Friday by the Commerce Department, with the core personal consumption expenditure price index up 3.7% on an annual basis, down from a downwardly revised 3.8% a month earlier and in line with expectations.
Oxford Economics said the small decline "reflects the stickiness of core services inflation, which is still too strong to be consistent with inflation falling back to the Fed's 2% target".