The UK urgently needs to increase public investment to address its sluggish economic growth, according to IMF official Vitor Gaspar. He highlighted that while interest rates in the UK are comparable to those in the US, the growth rates are significantly lower, emphasizing the necessity for enhanced public spending.
Novo Nordisk has requested the FDA to prohibit compounding pharmacies from producing unapproved versions of its diabetes and weight loss drugs, Ozempic and Wegovy, citing safety concerns due to the complexity of semaglutide. The company has also filed numerous lawsuits against clinics and pharmacies for similar reasons, as patients seek cheaper alternatives amid ongoing shortages of the branded medications. The FDA is currently reviewing Novo Nordisk's petition while warning about the risks associated with compounded semaglutide products.
Russian President Vladimir Putin is hosting a Brics summit in Kazan, where discussions will include the ongoing war in Ukraine, with significant attendance from global leaders, including Chinese President Xi Jinping. While Western nations continue to pledge military aid to Ukraine, Brics members largely refrain from condemning Russia's actions, with some, like Iran, actively supporting Moscow. Ukrainian President Zelensky urges his troops to maintain their positions in the Kursk region, emphasizing the strategic importance of their operations.
Teva Pharmaceutical Industries Ltd. (TEVA) has significantly outperformed the Medical sector this year, returning approximately 76.1% compared to the sector's average gain of 6.6%. With a Zacks Rank of #2 (Buy) and an improved earnings outlook, TEVA stands out in the Medical - Generic Drugs industry, which has seen a 19.2% increase. In contrast, Addus HomeCare (ADUS) has also excelled, returning 40.1% and holding a Zacks Rank of #1 (Strong Buy).
CMC Markets has seen significant growth in Australia, generating over £62.3 million in revenue in H2 FY23, surpassing its UK earnings for the first time. In contrast, IG Group's Australian revenue has declined from £65 million in H1 FY21 to £41.1 million in H2 FY24, while Plus500 also reported a drop in Australian earnings. Notably, Singaporean traders are the most lucrative for IG, averaging £4,914 in revenue per trader, compared to £3,054 in the UK and £2,977 in Australia.
15:40 23.10.2024
UBS has lowered its price target for Genuine Parts (NYSE:GPC) to $125 from $145, maintaining a Neutral rating due to disappointing third-quarter results and a challenging outlook. The company faced a $140 million impact from slower European sales and $40 million from disruptions, leading to a $0.36 EPS shortfall. Despite a 2.5% year-over-year sales increase to $6 billion, adjusted diluted EPS fell from $2.49 to $1.88 amid inflation and high interest rates, while the stock trades near its 52-week low.
15:40 23.10.2024
Mike Ashley’s Frasers Group has withdrawn its bid to acquire Mulberry Group Plc but continues to seek a board seat at the handbag maker. Frasers, which already owns a 37% stake in Mulberry, claims the company has not adequately engaged with its takeover offer.
UBS has issued positive ratings for Deutsche Bank and Merck KGaA, both receiving "buy" ratings, which boosts confidence in the German financial and pharmaceutical sectors. Meanwhile, SAP shares hit a record high with a 2.1% increase following strong quarterly results, highlighting ongoing growth in technology.
15:34 23.10.2024
Danaher Corporation, an industrial and technological group, generates 70.1% of its net sales from medical devices, including diagnostic equipment and digital imaging systems, while 29.9% comes from professional analytical instruments like water quality control systems. Geographically, 40.1% of sales are from the United States, 13.2% from China, and the remaining 46.7% from other regions. UBS has reiterated its Buy recommendation for the company.
15:32 23.10.2024
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