Source: Sharecast
STOCKS TO WATCH
Drugmaker AstraZeneca said on Tuesday that it plans to invest $50.0bn in the US for medicines manufacturing and R&D by 2030. AstraZeneca said its investment will support its ambition to reach $80.0bn in revenues by 2030, with 50% generated in the US.
Inchcape has agreed to acquire Icelandic automotive distributor Askja for an undisclosed sum. Askja generated revenue of £150.0m in fiscal 2024 and employs 260 people. During FY24, Iceland's total industry volume for new passenger cars and light commercial vehicles was around 12,000 units, of which Askja holds a 16% market share, Inchcape said.
NEWSPAPER ROUND-UP
Ed Miliband has given final approval for the construction of Sizewell C nuclear power station at a cost of at least £38.0bn. The Energy Secretary took the final investment decision on the controversial power station on Tuesday. The site will take at least a decade to build. The Suffolk nuclear plant will have a capacity of about 3.2 gigawatts, enough to supply the needs of about six million homes for at least 60 years. - Daily Telegraph
Six million Britons risk being forced to delay their retirement after Labour announced a review into the state pension age. Liz Kendall opened the door for the statutory retirement age to be raised as she announced a commission to examine whether workers are saving enough into private pensions. - Daily Telegraph
Rachel Reeves likes to brag that Britain is the fastest-growing economy in the G7 – a 'beacon of stability' in an uncertain world. She will soon have to change her tune. Yes, the economy grew by 0.7% in the first quarter, leaving the US, Germany, France and the rest of the G7 in Britain's wake. But it is never wise to dine out on one set of figures, and GDP contracted by 0.3% in April and 0.1% in May, leaving the second quarter looking somewhat iffy to say the least. Britain could soon be at, or close to, the bottom of the G7 pile. - Daily Mail
US CLOSE
US stocks on Monday finished well below their highs for the day, though the S&P 500 and Nasdaq still managed to eke out new record highs, as the bull run continues ahead of a busy week for corporate earnings.
At the close, the Dow Jones Industrial Average was down 0.04% at 44,323.07, while the S&P 500 advanced 0.14% to 6,305.60 and the Nasdaq Composite ended the session 0.38% firmer at 20,974.17.
Reporting by Iain Gilbert at Sharecast.com