UK inflation is expected to fall sharply in April, possibly reaching the 2% target
A shopper selects fresh produce at a market stall in Kingston, London, England, Monday, May 20, 2024.
Bloomberg | Bloomberg | Getty Images
UK inflation may be about to reach a “significant” milestone, with some predicting a sharp fall in April data released on Wednesday will push headline interest rates below the Bank of England’s 2% target.
Economists said that would mean a sharp fall from the current level of 3.2% and could “make or break” a rate cut in June.
Wednesday’s reading of below 2% would be the lowest headline inflation rate since April 2021.
The decline was mainly driven by energy markets, but core and services inflation data will also be crucial in determining the Bank of England’s path.
read more here.
—Jenny Reed
Finance chief says AstraZeneca is in ‘post-COVID era’
AstraZeneca shares rose 0.6% at 9:45 a.m. in London after the company said it plans to increase total revenue to $80 billion in 2030, up 75% from $45.8 billion in 2023.
It will focus on oncology, biopharmaceuticals and rare disease businesses and expects to launch 20 more drugs over the next six years.
“We’re very confident in this $80 billion ambition because of the portfolio we’re seeing today and the breadth and size of the portfolio,” AstraZeneca Chief Financial Officer Aradhana Sarin told CNBC’s Arabile Gumede.
AstraZeneca’s plans include developing drugs to treat at least half of all underlying cancers, as well as developing alternatives to classic treatments such as chemotherapy and radiation.
“There’s no question for us that this is a post-COVID era,” Salling told CNBC. “We’re supplying more vaccines during the COVID-19 pandemic because, you know, it’s a public health crisis. Manufacturing COVID-19 Vaccines are not really our business.”
“We are also looking at some weight management drugs and possibly combining them with drugs that can help treat the comorbidities that many patients with weight management problems have,” she said.
read more here.
——Sophie Kidlin
XP Power surges 46% on $726 million takeover bid
XP Power share price.
Power Solutions Company Stock XP power supply The company jumped 46% in early trading after Advanced Energy Industries made a takeover bid for the Singapore-based company, valuing it at 571 million pounds ($726 million).
Nasdaq-listed Advanced Energy Industries adjusted its October 2023 offer of £17.00 per share for London-listed XP Power to £19.50 per share.
The company said this represents a 68% premium to the May 20 closing price.
XP Power has a market capitalization of £275.66 million, according to the London Stock Exchange.
Advanced Energy Industries said the deal would address several “challenges” facing XP Power, including providing “the additional scale and resources needed to compete more effectively in the precision power industry.”
—Jenny Reed
European stocks open lower
European stock markets generally opened lower on Tuesday, with the pan-European Stoxx 600 index falling 0.26%.
France’s CAC 40 index and Britain’s FTSE 100 index both fell about 0.4%, and Germany’s DAX index fell 0.2%.
Stoxx 600 Index.
AstraZeneca aims to nearly double revenue by 2030
AstraZeneca share price.
pharmaceutical giant AstraZeneca Announced Wednesday, total revenue targets will increase to $80 billion by 2030 from $45.8 billion for all of 2023 through “significant growth in its existing oncology, biopharma and rare disease portfolio.”
The company said in a press release issued on its investor day that it plans to launch 20 new drugs before then.
It is said that the peak year revenue of these drugs may exceed 5 billion US dollars.
read more here.
—Jenny Reed
CNBC Pro: Outperforming value investor calls ‘very cheap’ global gaming stocks a ‘contrarian’ bet
Shares in a global video game developer are currently being ignored by the market and are selling at a “very cheap” price, Schroders fund manager Vera German said.
The company’s shares have been hammered over the past few years, with shares down significantly from their peak in 2021, down 40% in the past 12 months alone.
The value investor believes the company is well-positioned for future growth with $1.1 billion in net cash and strong cash flow.
CNBC Pro subscribers can read more here.
— Ganesh Rao
CNBC Pro: Bernstein says rising U.S. tariffs on Chinese electric vehicles will benefit these global stocks
Bernstein said the U.S.’s imposition of higher tariffs on Chinese electric vehicles will have an impact on the U.S. battery supply chain and create investment opportunities.
Bernstein said in a May 13 report that these tariffs will benefit the U.S. battery supply chain, where demand is expected to grow at a compound annual growth rate of 25% to 30%.
It lists global stocks that investors can consider.
CNBC Pro subscribers can read more here.
— Weizhen Tan
European Markets: Here are the opening calls
European markets are expected to open lower on Tuesday.
British FTSE 100 German stocks are expected to open 43 points lower at 8,381 points German DAX Index France fell 60 points to 18,708 CAC 33 points lower than Italy at 8,139 FTSE MIB It fell 140 points to 34,788, according to IG data.
Profits came from Kingfisher, Smiths Group, Fresnillo and Generali. Eurozone trade balance and construction data for March are due to be released soon.
— Holly Elliot
ETF optimism surges late, Ethereum leads crypto rally
Cryptocurrency prices rose on Monday amid heightened sentiment as the U.S. Securities and Exchange Commission is set to make a decision this week on a spot ether exchange-traded fund filing. The previous consensus was that the funds would likely not be approved.
ether Bitcoin led the cryptocurrency market, surging about 15% to around $3,500, according to Coin Metrics. Bitcoin It rose more than 4% and hit $70,000 for the first time since April.
In regular trading, cryptocurrency-related stocks ride the trend, Coin Library and micro strategy Increases of 8% and 9% respectively.miner marathon numbers and clean spark Each improved by 14%.
— Tanaya Machel
About The Author
