GSK gets US approval for myelofibrosis drug, Mondi sells last Russian facility

Stocks to watch

GSK announced on Monday that the US FDA has approved ‘Ojjaara’, or momelotinib, for the treatment of intermediate or high-risk myelofibrosis in adults with anaemia. The pharma giant said it was the first and only approved treatment for both newly-diagnosed and previously-treated myelofibrosis patients with anaemia. It said Ojjaara, an oral daily medication, addressed key symptoms of the disease including anaemia, constitutional symptoms, and an enlarged spleen.

Paper and packaging group Mondi said it had sold its last remaining facility in Russia to Sezar Invest for 80bn roubles (€775m). Both the Russian Federation’s Federal Anti-Monopoly Service and Government Sub-Commission for the Control of Foreign Investments have approved the sale, Mondi said in a statement on Monday. Western companies have exited Russia after sanctions were imposed in response to Moscow's unprovoked invasion on neighbouring Ukraine.

Newspaper round-up

Residential rents across Britain are rising at their fastest on record as high interest rates shut would-be buyers out of the property market. Monthly rental costs are on average 12 per cent higher than they were this time last year, up £140 to breach £1,300 for the first time, according to the estate agent Hamptons. – The Times

Savers are missing out on interest payments after new figures revealed a third of bank customers keep their cash in current accounts. Most current accounts do not pay any interest at all, and even those that do are far less than the higher returns available in saving accounts. – Telegraph

UK manufacturers are cutting their recruitment plans after being hit by a slowdown in orders as a downturn looms, a new survey shows. Britain’s manufacturers are “battening down the hatches” amid a sharp drop in activity, according to the latest quarterly data from Make UK, which represents manufacturers, and the business advisory firm BDO. – Guardian

The CBI is preparing to update members this week about its annual meeting amid significant uncertainty over its finances. The troubled business group is seeking emergency funding from members while it explores a contentious merger with Make UK, a lobby group for the manufacturing sector. – The Times

The BBC and other broadcasters will launch a free internet-based smart TV platform next year, bringing the end of terrestrial broadcast a step closer. Programmes from the BBC, as well as ITV, Channel 4 and Channel 5, will be available via a consolidated online service that will be available from 2024. – Telegraph

The number of pubs in England and Wales that shut their doors for good rose sharply in the first half of 2023, prompting warnings to the government that planned rises in business rates could force further closures in the beleaguered sector. Figures show that 383 pubs, or more than two a day, “vanished” in the first six months of this year, almost matching the total for the whole of 2022, when 386 were lost. – Guardian

US close

US indices finished with heavy losses on Friday as a poor performance by heavyweight tech stocks dragged markets lower, offsetting any positivity around a barrage of uplifting economic data.

The Dow Jones Industrial Average finished the session down 0.8%, the S&P 500 dropped 1.2% while the Nasdaq tanked 1.6%.

Friday's fall entirely wiped-out Thursday's strong performance – the S&P 500 had risen 0.8%, its best daily performance in over two weeks – after a raft of economic data did little to change investors' predictions that the Federal Reserve would hold rates steady when it meets next week.

Meanwhile, a blockbuster stock-market debut by Arm lifted sentiment across Wall Street, after the biggest IPO since 2021 went off with a bang. However, after a big jump the previous sessions, shares in the British chip designer reversed on Friday, along with a bunch of other heavyweight tech stocks, including Adobe.