Stock markets across Europe and on Wall Street accelerated strongly, for the most part, back from the red today after a wild, wild 48 hours. The Euro Stoxx 600 saw a +1.9% gain while the Dax surged more than +1.5%. Shortly before 3.45pm the FTSE 100 was up almost +1.9% higher with strong rises for banking players like Old Mutual and Prudential. Scottish Mortgage Investment Trust lifted +6%.
The export-reliant FTSE 100 manfully ignored a new economic modelling report claiming British exports could be slashed by up to a third in a possible post-Brexit future with food and textile makers highly exposed.
Export news was also revived with news that Nissan and several other Japanese companies will meet the PM and Philip Hammond tomorrow to discuss their UK investment position and surely push for more Brexit clarity.
But the pound slipped further into the red this afternoon, down -0.32% at 1.3912 against the dollar but climbed +0.28% against the euro to 1.1303. Closing for business tonight the FTSE 100 was up almost shy of +2% at 7,297.
- UK FTSE 100 7279.63 +1.94%
- DAX 12,583.22 +1.54%
- CAC 40 5,244.61 +1.60%
- Euro Stoxx 600 379.78 +1.88%
- Dow 25,080.99 +0.68%
- S&P 500 2,708.29 +0.49%
- Nasdaq 7,116.27 +0.01%
- Nikkei 225 21,645.37 +0.16%
- Gold 1,325.50 -0.30%
- Oil WTI 63.67 +0.44%
GSK profits climb but generic Advair worries rise
Earlier GlaxoSmithKline announced a doubling of net profits to £2.2bn while revenues surged +8% to more than £30bn. There was solid sales growth across all areas – pharma, consumer and vaccines.
New GSK boss Emma Walmsley said she anticipated fresh sales momentum from new launches. Improvements in operating performance meant she was “increasingly confident in our ability to deliver mid to high single digit growth in adjusted earning per share”.