Tuesday,24 December 2024 08:23:19

Market Report by Email

If you would like to receive the daily Market Report by email please fill out your name and email address in the sign-up form below and you will be added to our mailing list.

Tuesday,24 December 2024 at 08:19

UK and European markets opened higher in a shortened trading session for Christmas Eve.

Asian stocks edged up though moves were subdued in a holiday-curtailed week, while the greenback held near a two-year high helped by elevated U.S. Treasury yields as investors prepared for fewer Federal Reserve rate cuts in 2025.

Oil prices rose reversing the prior session's losses, buoyed by a slightly positive market outlook for the short term, despite thin trade ahead of the Christmas holiday.

Gold prices edged higher in lackluster trading in a holiday-trimmed week, as investors braced for U.S. President-elect Donald Trump's trade tariff policies and a less aggressive rate-cut path from the Federal Reserve next year.

In corporate news, AstraZeneca has pulled its European marketing authorisation application for its non-small cell lung cancer treatment based on the results of a phase III trial.

The filing for datopotamab deruxtecan (Dato-DXd), jointly developed by AstraZeneca and Japanese pharma group Daiichi Sankyo, was voluntarily withdrawn after feedback on the Tropion-Lung01 trial from the Committee for Medicinal Products for Human Use of the European Medicines Agency, the company said on Tuesday.

The news comes despite primary results from the trial showing that datopotamab deruxtecan demonstrating a statistically significant improvement in progression-free survival over standard chemotherapy.

"AstraZeneca and Daiichi Sankyo will continue to work to bring datopotamab deruxtecan to patients with lung cancer in the EU who can benefit and are committed to unlocking the potential of this medicine in lung cancer through our robust clinical development programme which includes seven pivotal trials in various lung cancer settings," AstraZeneca said in a statement.

The companies' ongoing EU application for datopotamab deruxtecan for the treatment of hormone receptor-positive, HER2-negative metastatic breast cancer based on the TROPION-Breast01 Phase III trial still remains under review.

Markets

At 8:20

FTSE 100 8,133 +0.38%

FTSE 250 20,472 +0.26%

DAX 19,835 (-0.18%)

At the close

Dow Jones 42,906 +0.16%

S&P 500 5,974 +0.73%

NASDAQ 19,764 +0.98%

Fixed Income

UK 10-YR YIELD 4.578

Exchange Rates

GBP/USD 1.253

GBP/EUR 1.205

Commodities

Gold $2,618 +0.28%

Brent $73.15 +0.25%

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.