GSK announces positive flu jab results, Renishaw posts record revenue but lower earnings

Stocks to watch

GSK announced positive results from a phase two trial of its mRNA-based seasonal flu vaccine on Thursday, showing improved immune responses against A and B strains in both younger and older adults compared to the standard of care. The FTSE 100 pharmaceuticals giant said the vaccine demonstrated strong antibody levels and an acceptable safety profile across all tested formulations. Based on the findings, GSK said it now planned to advance the vaccine program,e to phase three clinical trials.

Renishaw reported record revenue of £691.3m for the year ended 30 June on Thursday - a 0.4% increase from the prior year, although adjusted profit before tax fell 13% to £122.6m due to currency impacts and increased employee pay, including severance costs, while statutory profit before tax was £122.6m, down from £145.1m. The FTSE 250 firm said it maintained a strong balance sheet, invested in capital expansion, and saw notable revenue growth in its analytical instruments and medical devices sectors, particularly in spectroscopy and neurology products.

Newspaper round-up

The owner of the New York Sun has emerged as the latest bidder aiming to take control of the Daily and Sunday Telegraph. British-born Dovid Efune, who took control of the assets of the former newspaper the New York Sun three years ago, is understood to be in the running to lodge an offer before the deadline set for second-round bidders on 27 September. – Guardian

The owner of Canary Wharf has had its credit rating cut deeper into “junk” territory over concerns about its debts as it struggles to attract workers back to the east London office hub after the pandemic. The credit rating agency Fitch has further downgraded Canary Wharf Group, the landlord of the development, in a reflection of risks over an upcoming bond refinancing. – Guardian

Older workers risk losing out to younger colleagues in Angela Rayner’s flexible working push, with younger staff dominating discussions with bosses over different patterns of work. Just 24pc of those aged over 55 have spoken to their managers about flexible working since the right to request different arrangements came into force in April, according to a survey from Phoenix Group. By contrast 54pc of those aged 18 to 34 have taken time with their bosses to discuss flexible working. – Telegraph

Ford has filed a patent for technology that can eavesdrop on drivers and passengers to serve them hyper-targeted advertising. The technology would allow the car’s infotainment system to listen to “conversations between occupants of the vehicles”, which its software could then filter for “keywords or phrases”. The system would learn what adverts “annoy or irritate” based on remarks “spoken by the user when ads are presented to them”, while it would be able to recognise the vehicle’s occupants based on in-car cameras or microphones and tailor its adverts to each person. – Telegraph

Caroline Ellison has urged a federal judge not to send her to jail after the former cryptocurrency executive helped prosecutors to win a jail sentence for her former boyfriend Sam Bankman-Fried. Ellison, 29, has pleaded guilty over her role in the multibillion-dollar collapse of FTX, the cryptocurrency exchange. Customers of FTX and Alameda Research, its sister company where she was chief executive, were defrauded out of an estimated $8 billion. – The Times

US close

Despite an earlier wobble, US equity markets raced into positive territory on Wednesday as investors assessed a key inflation report and what it means for interest rates ahead of the Federal Reserve's meeting next week.

Markets were also still continuing to digest the previous evening's presidential debate, where Kamala Harris was widely seen as the victor in her contentious Q&A alongside Donald Trump.

The Dow finished just 0.3% higher after a late-afternoon rally into the black, but the S&P 500 jumped 1.1% and the Nasdaq surged 2.2%.

Wednesday's main event was August's consumer price index, which revealed that the rate of increase in the cost of living slowed sharply last month, as food inflation eased off and energy prices fell.

According to the US Department of Labor, the annual increase in the headline consumer price index slowed from 2.9% in July to a new three-year low of 2.5% for August. Economists had pencilled in a reading of 2.6%.