On a quiet Monday leading up to Christmas, the FTSE 100 index experienced a modest increase of 0.22%, reflecting muted trading volumes as investors await further economic signals. Recent data released by the Office for National Statistics indicated that the UK’s quarterly gross domestic product (GDP) remained stagnant during the third quarter.
This follows a revision of a 0.4% growth in the preceding three-month period. The final GDP figures reveal no growth, a sharp contrast to earlier estimates showing a slight increase of 0.1%. When we examine the annual performance, the UK economy recorded a growth of 0.9% for the quarter, which is slightly below the initial projection of a 1% expansion. “The downward revision to Q3 GDP from +0.1% q/q to 0.0% isn't quite as dire as it may seem, and it opens up room for vibrant discussions during family gatherings over the holidays regarding the direction of the economy and the looming question of a possible recession,” commented Paul Dales, the chief UK economist at Capital Economics.
He expressed optimism, suggesting that 2025 might present a brighter economic outlook compared to 2024. In the corporate sector, AstraZeneca has made headlines with its announcement regarding the European Commission's approval of Tagrisso (osimertinib), a treatment designed for adults dealing with locally advanced, unresectable non-small cell lung cancer.
Following this news, shares of AstraZeneca rose by 1.62% by the end of trading. Dave Fredrickson, executive vice president of AstraZeneca's oncology business unit, highlighted the significance of the LAURA trial results: “The impressive outcomes demonstrated by Tagrisso reinforce the critical nature of timely EGFR testing and establish Tagrisso as the foundational therapy for patients with EGFR-mutated non-small cell lung cancer.” As the UK grapples with economic uncertainties, the performance of key companies like AstraZeneca could provide some insights into resilience in the healthcare sector amidst wider market fluctuations..