Shire to buy US biotech group Dyax for $5.9bn
Shire, the London-listed drug maker, has struck a defensive $5.9bn deal to buy Dyax, a US biotech company with a breakthrough rare disease treatment that would have rivaled parts of Shire’s existing portfolio. The takeover adds to the frenzy of global deal making in pharmaceuticals, bolstered by the availability of cheap debt, an eat-or-be-eaten mentality among midsized companies and an explosion of experimental treatments.
Travis Perkins boosted by Deutsche Bank upgrade
Travis Perkins rallied after Deutsche Bank upgraded the stock to ‘buy’ from ‘hold’ and lifted the price target to 2,234p from 1,991p. It said that as a building materials supplier with pure UK exposure, Travis Perkins is leveraged to a resilient economy against a backdrop of global growth concerns.
The GBP to EUR conversion is pushing new inter-month highs in mid-week trade following the release of a strong Services PMI reading.
The pound begun the week at 1.4006 against the euro and is now seen at 1.4155 - the best exchange rate since August the 19th."The PMI surveys make optimistic reading this month in terms of prospects for the UK economy. The composite indicator sits at 55.4, well above the critical value for growth of 50.0 and over two points up on last month," says Sam Hill, Senior UK Economist at RBC in London.
UK services rebound, economy to pick up in fourth quarter - PMI
The growth rate in the UK economy has recovered faster than expected in the last month. A survey showed that the economic growth has picked up pace during the initiation of the final quarter. Bank of England policymakers meeting this week to review the economic outlook will be encouraged to see jobs growth hitting a five-month high among services firms, which account for more than three-quarters of activity in Britain's private sector.
Manufacturing boost gives hopes of UK economy growth
Manufacturing, which makes up about 10 per cent of the UK’s economic output, bounced back after sliding into recession, with new orders driven by healthy domestic demand. The latest Chartered Institute of Procurement & Supply snapshot of activity also showed an improvement in export activity, with new work intakes increasing from customers in America, the Middle East and East Asia.