Wed. Jul 6th, 2022

Good morning. 

All eyes are on GSK this morning, which released its annual results at a busy time for the company.

The pharmaceutical firm logged £1.4bn in Covid sales last year, driven largely by its antibody drug sotrovimab. It also forecast a rise in profits of between 12pc and 14pc in 2022 after beating expectations in the fourth quarter.

The numbers will come as a boost to GSK, which is preparing to spin off its consumer health arm in the middle of the year after rejecting a £50bn bid from Unilever.

However, it still needs to appease activist investor Elliott, which has piled pressure on chief executive Emma Walmsley.

5 things to start your day 

1) BP hopes green is the new black as it sets course for net zero  Oil giant faces battle to keep investors sweet as it funnels more money into renewables

2) Mark Carney banks on second act in Canada as country looks past Trudeau  Hardline rhetoric against anti-vaxxers seen as a move to craft ex-Bank of England governor as a future leader

3) Peloton removes chief and cuts jobs as it resists pressure to sell  Luxury treadmills maker cuts full-year forecasts in a new sign that it is struggling as gyms reopen 

4) Bank of England failures leave Britain ‘just one shock from recession’  National Insurance rise must be scrapped to protect economy, says Niesr economist

5) BrewDog culture clean-up ‘doesn’t go far enough’  Former workers say company has made limited progress since warning of a ‘toxic’ workplace

What happened overnight 

Asian stocks rose on Wednesday after Wall Street rebounded as investors waited for US inflation data that might influence the pace of Federal Reserve interest rate hikes.

Shanghai, Tokyo, Hong Kong and Sydney advanced.

The Shanghai Composite Index advanced 0.1pc to 3,457.44 and the Nikkei 225 in Tokyo gained 0.9pc to 27,530.82. The Hang Seng in Hong Kong was 1.6pc higher at 24,735.75.

The Kospi in Seoul rose 0.6pc to 2,764.21 and Sydney’s S&P-ASX 200 added 0.3pc to 7,209.10.

New Zealand and Southeast Asian markets rose.

Coming up today

  • Corporate: Smurfit Kappa (Full-year results); Barratt Developments, Dunelm, GlaxoSmithKline, PZ Cussons (Interims)
  • Economics: BRC retail sales (UK), trade balance (Ger)

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