22nd Dec 2025 07:52
(Alliance News) - Harbour Energy has struck a deal to deliver on a "long-standing ambition", while AstraZeneca reports a drug failed to meet its primary endpoint in a phase three trial, while another got breakthrough therapy designation in the US.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 0.2% at 9,877.12
GBP: higher at USD1.3413 (USD1.3373 at previous London equities close)
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ECONOMICS
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The UK economy suffered a growth slowdown in the third quarter of the year, numbers from the Office for National Statistics confirm. UK gross domestic product nudged 0.1% higher quarter-on-quarter in the three months to September 30. GDP had risen 0.2% in the second quarter, downwardly revised from a previously-reported 0.3% advance. "In output terms, growth in the latest quarter was driven by increases of 0.2% in services and 0.2% in construction; the production sector fell by 0.3%," the ONS says. On-year, GDP rose 1.3%, easing from a 1.4% rise in the second. The ONS confirmed that over the course of 2024, UK GDP rose 1.1%. "The level of real GDP in quarter 3 2025 compared with quarter 4 2023 is now estimated to be 2.9% higher, revised down slightly from the first estimate of 3.0%," the ONS adds. Separately, the ONS says the UK's current account deficit narrowed to GBP12.07 billion at the end of the third quarter, from GBP21.15 billion in the second quarter. The latest reading beat the FXStreet cited consensus of a GBP21.3 billion deficit.
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BROKER RATINGS
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RBC raises OSB Group price target to 775 (725) pence - 'outperform'
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COMPANIES - FTSE 100
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Pharmaceutical firm AstraZeneca reports a phase three trial in a potential treatment for a form of non-small cell lung cancer failed to meet a key aim. Ceralasertib in combination with Imfinzi failed to meet its overall survival primary endpoint. Susan Galbraith, AstraZeneca's executive vice president, Oncology Haematology R&D, says: "While we are disappointed by this result, we remain committed to pioneering new medicines to address the urgent need to improve outcomes for patients with lung cancer through our industry-leading portfolio." Separately, it says its Enhertu drug has been given breakthrough therapy designation in the US for adult patients with a type of breast cancer. The designation aims to expedite the development of a treatment if it meets a significant unmet medical need. Enhertu is being jointly developed and commercialised alongside Tokyo-listed Daiichi Sankyo.
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COMPANIES - FTSE 250
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Harbour Energy has announced a USD3.2 billion deal which sees it make a "strategic entry into the US Gulf of America". Harbour is to acquire LLOG Exploration Co for USD2.7 billion in cash and USD500 million worth of Harbour shares. The oil and gas producer, which has operations in Europe, Latin America, North Africa and Southeast Asia, says the deal strengthens its global portfolio and establishes "another core business unit alongside Norway, the UK, Argentina and Mexico". "Today's announcement delivers on Harbour's long-standing ambition to establish a presence in the deepwater Gulf of America. With LLOG, we found the right combination of high-quality assets and a talented team, providing a strong strategic and cultural fit with our company. The transaction positions us as a leading player in a region with well-established infrastructure, a supportive fiscal and regulatory environment and opportunities for additional growth," Chief Executive Officer Linda Cook says. The deal is expected to close late in the first quarter. LLOG owns "high-quality, long-life, oil-weighted assets", Harbour says, with output in its portfolio expected to approximately double by 2028.
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Online trading platform IG Group Holdings says its search for a new chair is "progressing well". It adds that incumbent Mike McTighe has now agreed to stay in the role until a successor is found. Back in September, IG had said McTighe would stay until the end of the year. He was appointed chair back in February 2020.
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OTHER COMPANIES
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Gambling firm Rank Group says its Spanish arm has been the victim of payment fraud. The Grosvenor casino and Mecca bingo owner says its Enracha and Yo businesses in Spain suffered from payment fraud totalling around EUR7.1 million. "The group has reported the matter to the relevant law enforcement agencies and is supporting their investigations, as well as carrying out its own internal investigation with the help of an external law firm" Rank adds. "Given the exceptional nature of this incident, Rank Group expects to treat the financial impact as a separately disclosed item in relation to its 2025/26 performance."
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Watkin Jones says it has struck a partnership to develop a 294-unit hotel in the centre of London's Wimbledon area. The deal with Latium Enterprises sees a former brownfield site developed into an 11-storey hotel. The hotel is to provide a "range of guest accommodation with thoughtfully designed spaces including a club lounge, gym, co-working space and cafe," residential property developer Watkin Jones says. It adds: "Over the course of the project, which is due to be delivered in summer 2028, the development is expected to generate revenue of approximately GBP40 million for Watkin Jones at margins consistent with guidance. This is the second development partnership that Watkin Jones has entered into with Latium Enterprises, following the scheme in New Kent Road, London, announced in January 2025."
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By Eric Cunha, Alliance News news editor
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Related Shares:
OneSavings BankWatkin JonesRank Group PlcIGHarbour EnergyAstrazeneca