AstraZeneca's Truqap gets breast cancer approval, FirstGroup inks deal with Hitachi

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The FTSE 100 is expected to open 24 points higher on Friday, having closed down 1.01% on Thursday at 7,410.97.

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AstraZeneca's Truqap, in combination with Faslodex, has received US FDA approval for treating adults with hormone receptor-positive, HER2-negative locally advanced or metastatic breast cancer with specific biomarker alterations and who previously progressed on endocrine-based therapy. The approval, announced on Friday, was is based on positive results from a phase three trial, showing a 50% reduction in the risk of disease progression or death when compared to Faslodex alone in patients with relevant biomarker alterations. AstraZeneca said the approval addressed a significant need in breast cancer treatment, as the biomarker alterations affected up to 50% of advanced HR-positive breast cancer patients who develop resistance to first-line therapies.

Aberdeen-based transport company FirstGroup has signed a deal with Hitachi that will see it buy up to 1,000 electric bus batteries as it works towards is decarbonisation targets. The partnership will see the creation of a new 50:50 joint venture, NextGen Asset Co, to buy the batteries valued at £100m, leased over an eight-year period. In exchange, Hitachi will provide battery and charging management services for 1,000 buses powered by the new batteries.

Newspaper round-up

People from working-class backgrounds employed in professional careers earn £6,000 less compared to those from other backgrounds in the same jobs, findings from the Social Mobility Foundation show, underscoring the UK’s “shameful” class pay gap. Professionals from poorer upbringings face an average salary of £45,437 – 12% lower than the £51,728 for people from more affluent origins – in research based on quarterly Labour Force Surveys from 2014 to 2022. – Guardian

Apple plans to adopt a messaging standard that will allow for a smoother texting experience between iPhones and Android devices, long a point of contention with rival Google. For years, Apple has refused to make its products play nice with devices not designed under its roof, a dynamic exemplified in the green background that is the hallmark of iPhone-to-Android chats. – Guardian

Amazon will start selling cars online from next year, the retail giant has announced. Customers in the United States will be able to choose, customise and buy a vehicle and schedule delivery through a local dealer. Marty Mallick, Amazon’s vice-president, said the move was aimed at “changing the ease with which customers can buy vehicles online”. – Telegraph

Business leaders and trade bodies from across the UK have called on the chancellor to provide a permanent tax break for investment in next week’s autumn statement. In a letter to Jeremy Hunt, almost 100 chief executives and directors of companies including Siemens, Nissan and Astrazeneca urged the government to announce a full expensing regime for companies beyond the current three years, which they say would have a “transformational impact on business investment and growth”. – The Times

Energy bills will rise by 5 per cent or almost £100 a year from January after the Israel-Hamas war and industrial action in Australia pushed up gas prices, leading analysts have warned. A household with typical consumption will pay an average of £1,931 a year under the energy price cap from January 1, up from £1,834 at present, according to final forecasts from the consultancy Cornwall Insight. That increase will reverse most of the drop in prices in October when Ofgem last updated the level of the cap, which limits gas and electricity tariffs for most households in Britain. – The Times

US close

Wall Street stocks displayed a mixed performance on Thursday, following a day of robust gains in the previous session.

The Dow Jones Industrial Average ended the day with a marginal decline of 0.13%, settling at 34,945.47 points.

Meanwhile, the S&P 500 index registered a slight uptick of 0.12%, closing at 4,508.24, while the Nasdaq Composite also saw a modest increase of 0.07%, reaching 14,113.67.

In currency markets, the dollar was last up 0.04% on sterling at 80.57p.

However, it dipped 0.02% against the euro to last trade at 92.17 euro cents, and it declined 0.61% on the yen to change hands at JPY 150.44.