15th Sep 2026 07:58
(Alliance News) - GSK says it has struck a deal to acquire a promising T-cell asset, while Kier Group's annual profit beat consensus.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called 0.2% lower at 10,673.67
GBP: lower at USD1.3467 (USD1.3481 at previous London equities close)
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ECONOMICS
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The UK jobless rate was steady in the three months to July, defying expectations of an increase, according to numbers from the Office for National Statistics on Tuesday. The UK unemployment rate remained at 4.9% in the three months to July, where it stood in three month stretch to June. According to consensus cited by FXStreet, it had been expected to rise to 5%. According to the ONS, payrolled employees in the UK fell by 101,000 on-year in July, declining 19,000 from June. An early estimate for August showed payrolled employees were 145,000 lower year-on-year and down by 26,000 from July. Over the three month period, average total earnings growth was 3.9%, cooling from 4.2% in the three months to June, but in line with FXStreet cited consensus. Excluding bonuses, earnings growth was 3.5%, also in line with consensus, and steady from June. Looking at the private sector alone, a figure closely tracked by the Bank of England, total pay growth abated to 3.2% in the period to July from 3.7% in the stretch to June. Excluding bonuses, private sector wage growth was steady at 2.9%. On Wednesday, there is a consumer price index report published at 0700, the final piece of the puzzle before a Bank of England decision on Thursday. According to consensus cited by FXStreet, the rate of inflation is expected to have accelerated to 3.1% in August from 2.9% in July.
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The UK government will "heed the warnings" of artificial intelligence experts who have highlighted the risks the technology could pose, First Secretary Louise Haigh will say Tuesday. Haigh, the de facto deputy prime minister, will acknowledge AI has the potential to transform public services, increase business growth and scientific progress. But at the TUC annual congress in Brighton she will say the government is prepared to work internationally to address the risks from the technology. Andy Burnham has welcomed the new focus on the dangers artificial intelligence could pose to the world from the industry leaders developing the new technology, Downing Street said. The UK prime minister thinks it is a "good thing" that leading AI figures are publicly speaking about the risks from the technology to global security, his official spokesman said. Dario Amodei, the boss of AI company Anthropic PBC, said on Saturday he was concerned that since this summer, AI has been "advancing drastically faster". Given the rate of development, Amodei said he was worried that within six to 12 months, AI could be capable of leading a swarm that could take over the entire internet. The entrepreneur, whose company is behind the AI assistant Claude, shared a three-part plan for building the technology at a "balanced rate". His essay, titled We Must Pace The Frontier, was supported by other industry leaders, including Grok boss Elon Musk and OpenAI co-founder Sam Altman.
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BROKER RATINGS
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Berenberg raises GSK to 'buy' (hold) - price target 2,200 (2,000) - pence
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COMPANIES - FTSE 100
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GSK has struck a deal with Chimagen Biosciences to acquire "a potential best-in-class" T cell-engager aimed at treating multiple myeloma. GSK says it plans to develop and commercialise the asset to treat the cancer, with a programme expected to enter the early stage of trials in 2027. GSK will pay an upfront fee to acquire full global rights to the trispecific T cell-engager, with Shanghai-based Chimagen eligible to receive development and commercial milestone payments. In total, GSK says the programme has a total potential value of USD750 million. GSK says: "The Chimagen trispecific asset is designed to address this by binding to T cells while simultaneously targeting two strategically selected and validated tumour-associated antigens. This targeted approach aims to achieve a deeper and more durable response compared to existing TCEs, along with an improved tolerability profile. This could enable broader adoption and earlier use in multiple myeloma treatment, providing an important advancement for patients who may require multiple options depending on their treatment needs." The pharmaceutical firm says the US TCE market for multiple myeloma is expected to top USD10 billion by 2032.
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COMPANIES - FTSE 250
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Kier Group says its annual earnings increased and the infrastructure and construction firm has lifted its payout. In addition, it set out capital allocation priorities, and announced a plan to halt investment in new Property developments. In the year to June 30, pretax profit rose 7.3% to GBP83.8 million from GBP78.1 million, while revenue increased 6.8% to GBP4.35 billion from GBP4.08 billion. Adjusted operating profit amounted to GBP169.8 million, rising 6.7% and beating company-compiled consensus of GBP167.8 million. "I am pleased to report that Kier has delivered another year of strong performance, achieving excellent revenue and profit growth. We continued to bolster the group's financial profile, reaching an average net cash position for the first time in over a decade, a significant milestone from which to build," Chief Executive Stuart Togwell says. Kier has maintained its final dividend at 5.2 pence per share, though its total annual dividend is up by 8.3% to 7.8p from 7.2p. Looking ahead, it set out three strategic priorities, growth, resilience and performance. It will focus on its core Infrastructure and Construction arms, look to strengthen its balance sheet by achieving over GBP200 million of average net cash by financial 2029 and it eyes enhancing "quality of earnings, targeting double-digit adjusted earnings per share growth". Kier says: "In line with these strategic priorities, from FY27 there will be no investment in new Property developments, with capital re-allocated to enhance the group's balance sheet strength. This process will be managed in a controlled way to balance timing and value, with capital to be realised in line with existing development schedules." For financial 2027, it expects earnings at the top end of prior board expectations.
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Consumer reviews platform Trustpilot Group reports a rise in half-year earnings and it says it is in line to meet its full-year goals. Pretax profit in the half-year to June 30 rose 32% to USD4.3 million from USD3.2 million. Revenue climbed 23% to USD151.4 million from USD122.8 million, rising 19% at constant currency. "We delivered a strong first half, with bookings up 18% at constant currency, led by outstanding momentum in the US and continued strength in the Enterprise customer segment," CEO Adrian Blair says. Adjusted earnings before interest, tax, depreciation and amortisation climbed 46% to a record USD26.3 million. Blair adds: "AI is proving a significant tailwind for Trustpilot. As consumers increasingly use AI to discover and evaluate businesses, trusted, independent feedback is becoming even more valuable to businesses. Trustpilot's scale and authority as the #1 cited review platform globally means our content is increasingly visible in AI-generated answers. We are innovating at an unprecedented pace to capitalise on this shift and help businesses succeed in the AI-driven world." Trustpilot says it is on track to achieve high-teens constant currency revenue growth for the full-year.
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OTHER COMPANIES
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Glenveagh shareholder Teleios Capital Partners has sold a EUR46 million stake in the housebuilder, trimming its holding to just under 11%. Teleios sold 20.6 million shares at EUR2.23 each, EUR46 million in total. The shares represent a 4.1% stake in Glenveagh and following the sale, investment manager and activist hedge fund Teleios owns 10.6% of Glenveagh. Glenveagh itself bought back a EUR20 million chunk of its own shares in the transaction. Jefferies International, the sole global coordinator and sole bookrunner, announced the results of the transaction. Glenveagh will not receive any proceeds.
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By Eric Cunha, Alliance News news editor
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Related Shares:
GlaxosmithklineTrustpilotKierGlenveagh