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Consumer health products group Abbott and Reckitt have been cleared of liability in a trial investigating whether they hid bowel disease risks associated with premature-baby formula. A state court in St Louis, Missouri, on Thursday rejected claims that formulas produced by Abbott and Reckitt division Mead Johnson caused necrotizing enterocolitis (NEC) – inflammation of the bowel that can require invasive surgery – in the case of one infant.

CMC Markets announced a strategic partnership with New Zealand bank ASB on Friday, marking a significant expansion into the Australia-New Zealand region. The FTSE 250 company said the collaboration would allow ASB’s clients access to CMC’s trading technology via an ASB-branded web and mobile platform, integrated with the bank’s existing systems.

Value-added components supplier Solid State has acquired Q-Par Antennas USA for a maximum consideration of up to $2.0m. Solid State said on Friday that Q-Par, an antenna systems and related technologies distributor primarily for defence and security applications, will join its systems division.

Helical announced on Friday that it has completed the sale of its 50% interest in the JJ Mack Building, London EC1, to joint venture partner AshbyCapital for £71.4m. The London-listed firm said the transaction valued Helical’s stake in the property at £139.2m, and resulted in a 4p per share dilution to its EPRA net tangible assets (NTA) as of March.

Online grocery tech provider Ocado Group has confirmed speculation that it is appointing former Microsoft exec Adam Warby to replace chair Rick Haythornthwaite, who announced his resignation six months ago. Warby, who is currently the chair of Nasdaq-listed executive search and management consultancy Heidrick & Struggles International, previously served as chair of Swiss software firm SoftwareOne, was a founding member and chief executive of IT consultancy Avanade, and prior to that spent 10 years at Microsoft.

Energy major Shell posted a dip in third-quarter profits on Thursday, weighed down by lower oil prices, although the decline was less steep than feared. Adjusted earnings before interest, tax, depreciation and amortisation fell 5% on the second quarter, to $16.01bn, while adjusted earnings - Shell’s definition of net profit - declined 4% to $6.03bn.

Haleon reported organic revenue growth of 6.1% for the third quarter on Thursday, driven by balanced increases in both price and volume/mix at 3.3% and 2.8% respectively, though reported revenue declined by 0.6% due to currency impacts. The FTSE 100 consumer products giant said that for the year-to-date, organic revenue was ahead 4.4%, reflecting ongoing portfolio strength across regions and categories, particularly through its ‘power brands’, with notable contributions from Sensodyne, Parodontax, Advil and Theraflu.

Shares in Smith & Nephew tumbled on Thursday, after the medical devices firm slashed its full-year sales guidance on weaker-than-expected sales in China. Updating on trading, the blue chip said third-quarter revenues had risen 4% to $1.4bn. Within that, orthopaedics revenues improved by 2.3% while advanced wound management jumped 6.5%.

Next lifted its guidance for both the crucial fourth quarter and the full year on Wednesday, after the recent cold snap caused sales to surge. Updating on trading, the blue chip retailer said full price sales surged 7.6% in the 13 weeks to 26 October, well ahead of the 5% uplift it had forecast.

Aston Martin Lagonda backed its full-year outlook on Wednesday as it reported a smaller-than-expected third-quarter loss. Adjusted pre-tax losses for Q3 narrowed from £123.5m in the same period a year earlier to £10.3m. This was below analysts’ expectations for a loss of £92m.

Fintech firm CAB Payments said on Wednesday that it is still in talks with US payments firm StoneX about a possible takeover, as it updated on its third-quarter performance. The company announced earlier this month that it had received an unsolicited non-binding proposal from StoneX at 145p per share. It said on Wednesday: "Discussions with StoneX are continuing and StoneX and its advisers are undertaking due diligence."

Standard Chartered lifted its full-year guidance on Wednesday, after a record performance in its wealth division helped third-quarter profits beat expectations. The Asia-focused bank, which is headquartered in the UK, said operating income rose 11%, or 12% on a constant currency basis, to $4.9bn in the three months to September end.

BP posted a slide in quarterly profits on Tuesday, hit by weaker refining margins, although the decline was not as steep as feared. Underlying replacement cost profit, a key measure for the oil and gas major, was $2.27bn in the third quarter. That was down on both the second quarter’s $2.76bn and last year’s $3.29bn.

Educational publisher Pearson reiterated its full-year outlook on Tuesday, after an uptick in quarterly sales. Updating on trading, the blue chip said sales rose 4% in the third quarter and by 2% in the year to date. Underlying sales growth, which strips out businesses under strategic review, was 5% and 3% respectively over the two periods.

Hargreaves Lansdown reported a positive quarter for the three months ended 30 September on Tuesday, with assets under administration (AuA) reaching £157.3bn. The FTSE 100 company , which agreed in August to be acquired by a private equity consortium for £5.4bn, said that represented an increase driven by £1.5bn in market growth and net new business inflows of £0.5bn, though slightly lower than the £0.6bn reported in the prior quarter.

Vertu Motors announced the acquisition of Burrows Motor Company on Tuesday, expanding its dealership network by nine outlets. The AIM-traded firm said the acquisition would strengthen its presence in Yorkshire and Nottinghamshire, with new locations in Barnsley, Doncaster, Rotherham, Sheffield, York, and Worksop, and deepen its relationships with key manufacturers Toyota, Mazda and Kia.

Train and coach bookings platform Trainline has raised its full-year guidance for top-line growth and margin expansion following a strong first half. The company said it expects net ticket sales to increase by 12-14% in the year to 28 February 2025, up from a previous target of 8-12% growth, while revenue growth is tipped to be 11-13%, up from 7-11% previously.

Online CFD trading platform Plus500 said it benefited from continued investments to attract new customers in the third quarter, as it reported a double-digit increase in revenue, though falling margins kept a lid on profit growth. The company grew customers by 21% on last year to 24,922 in the three months to 30 September, while increased higher-value customers meant that the average deposit per active customer rose 17% to $6,150.

Healthcare-focused property investor Assura is to apply for a secondary listing on the Johannesburg Stock Exchange, which it believes will be beneficial to the company and its shareholders. The FTSE 250-listed real estate investment trust (REIT) said that a secondary listing on the JSE should contribute to liquidity through increased profile in the South African market.

Computacenter downgraded its full-year profit guidance on Monday after a softer-than-expected end to the third quarter. In an update for the third quarter to 30 September, the company said it continues to expect to deliver a second half "comfortably ahead" of last year. However, after a softer end to Q3 than expected and amid a backdrop of "prudent" corporate spending, full-year adjusted pre-tax profit on a constant currency basis is expected to be "modestly behind" last year.

Economic news

UK manufacturing activity contracted in October ahead of the Budget, according to a survey released on Friday. The seasonally adjusted S&P Global purchasing managers' index for the sector fell to 49.9 from 51.5 in September. This was below the flash estimate of 50.3 and marked the first time the PMI has fallen below the neutral 50.0 mark that separates contraction from expansion since April.

UK house price growth slowed in October, according to figures released on Friday by Nationwide. House prices ticked up just 0.1% on the month following 0.6% growth in September. This was below expectations for 0.3% growth. On the year, house prices rose 2.4% in October, down from 3.2% a month earlier.

UK retail footfall declined in October, industry data showed on Friday, reversing much of September’s surprise uplift. Footfall jumped 3.3% in September, the first rise in over a year and a notable improvement on August’s 0.4% dip. But according to the latest data from the British Retail Consortium and Sensormatic, total UK footfall decreased 1.1% in October, dampening hopes for the start of a more positive trend.

Chancellor Rachel Reeves unveiled £40bn of tax rises on Wednesday, as she used her long-awaited first Budget to launch a scathing attack on the previous government’s fiscal record. In the first UK Budget ever to be delivered by a woman, Reeves reiterated claims that the previous Conservative government had left a £22bn black hole in public finances. “The British people have inherited their failure,” she said.

Business confidence in the UK fell to a four-month low this month ahead of chancellor Rachel Reeve's first budget statement this week. The Lloyds Business Barometer, which surveyed businesses between 1 and 15 October, dropped to 44% in October, down from 47% in September and 50% the two months prior.

UK mortgage approvals have climbed to their highest level since before 2022’s disastrous mini Budget, official data showed on Tuesday. According to the Bank of England, net mortgage approvals for house purchases rose to 65,600 in September, the highest level since August 2022, when they reached 72,000. Analysts had expected September’s approvals to be nearer 65,000. Approvals for re-mortgaging also increased, rising by 3,100 to 30,800.

The British Retail Consortium has urged the chancellor to take action to keep prices low as data revealed that shop price deflation accelerated in October. Prices at UK tills were 0.8% lower than 12 months ago, compared with a 0.6% year-on-year fall in September, according to the BRC/NielsenIQ Shop Price Index for October. This was the third straight month of annual deflation and lowest rate of change since August 2021.

International events

The US economy added 12,000 jobs in October, according to the Bureau of Labor Statistics, well below September's downwardly revised 223,000 print and expectations of 113,000. Last month's non-farm payrolls figure marked the weakest level of job growth since December 2020, when 243,000 jobs were lost, as a result of Hurricanes Helene and Milton, as well as strikes at Boeing.

Japan's Cabinet Office has cut its economic growth predictions for the second time in four months as slowing global demand weighs on exports. The government now expects GDP to expand by just 0.7% during the current fiscal year to March 2025. This marks a downward revision from 0.9% in July, when it made a similar downgrade.

A private survey of China's manufacturing sector pointed to further signs of a recovery in October, with the Caixin purchasing managers' index (PMI) returning to positive territory. The Caixin China manufacturing PMI rose to 50.3 last month from 49.3 in September, beating the 49.7 consensus forecast.

Eurozone inflation met the European Central Bank's target level of 2% in October after rebounding strongly from its lowest rate in three years the previous month. According to data from Eurostat on Thursday, the harmonised index of consumer prices rose at a year-on-year pace of 2.0% this month, up from 1.7% in September, the lowest reading since April 2021.

Retail sales in Germany unexpectedly rose for the third straight month in September, according to data from the Federal Statistical Office. Retail sales were 1.2% higher over the month in price-adjusted terms, following a revised 1.2% increase in August and a 1.5% gain in July, Destatis reported on Thursday.

The Bank of Japan kept its benchmark policy rate unchanged on Thursday at 0.25%, as widely expected. In its first policy announcement since an inconclusive general election, the BoJ indicated it will keep hiking borrowing costs if the economy sustains a moderate recovery. In its quarterly outlook statement, the Bank said inflation would remain around its 2% target in the coming years.

International Paper posted strong third-quarter results on Thursday, reporting adjusted earnings of 44 cents per share, surpassing the Zacks consensus estimate of 24 cents by 83%. The company achieved net earnings of $150m on $4.69bn in revenue, marking a 0.37% increase over expectations, though a year-on-year earnings decrease from 64 cents per share. Despite robust sales figures, IP said its industrial packaging business recorded a drop in operating profit to $197m from $291m in the second quarter, largely due to seasonally-lower sales volumes, rising costs, and one fewer shipping day.

Pharmaceuticals firm Merck reported a solid third quarter on Thursday, with revenue up 4% year-over-year to $16.7bn, driven by robust sales of its cancer drug Keytruda, although muted demand for the Gardasil HPV vaccine remained a challenge. Adjusted earnings per share came in at $1.57, surpassing analysts’ expectations of $1.48, though that still marked a decline from the prior year due to charges related to acquisitions, including Eyebiotech and Curon Biopharmaceutical.

America's economy expanded at a steady clip during the third quarter on the back of robust consumer outlays. According to preliminary figures from the Department of Commerce, in seasonally adjusted terms the country's gross domestic product grew at an annual rate of 2.8%. That was only a tad less than the 3.0% clip observed over the three months ending in June and economists' forecasts calling for growth of 2.9%.

Eurozone economic growth accelerated in the third quarter, official data showed on Wednesday, beating expectations. According to flash estimates from Eurostat, the statistical office of the European Union, seasonally-adjusted GDP grew by 0.4% in the third quarter. In the wider bloc it grew by 0.3%. That compares to second-quarter growth of 0.2% and 0.3% in the two areas respectively.

The German economy unexpectedly expanded in the third quarter, avoiding a technical recession, according to figures released by Destatis on Wednesday. GDP grew by 0.2% in the three months to September, versus expectations for a 0.1% contraction. Destatis said growth was driven by private and public consumption. However, the figure for the second-quarter was revised to show a 0.3% contraction, from a 0.1% contraction initially reported.

China was said to be considering issuing more than CNY 10.0trn (£1.07trn) in extra debt over the next few years in an effort to revive its fragile economy. According to Reuters, the Standing Committee of the National People's Congress, China's top legislative body, was looking to approve a fresh fiscal package at an upcoming meeting on 8 November.

German consumer sentiment is expected to improve in November, according to a survey released on Tuesday by GfK and the Nuremberg Institute for Market Decisions (NIM). The forward-looking consumer climate index for November is expected to rise by 2.7 points to -18.3 from October’s revised -21.0. This is the highest level since April 2022, although the level of consumer climate remains low.