AstraZeneca gets Imfinzi approval in Japan, HgCapital to further invest in Visma

London open

The FTSE 100 is expected to open 14 points lower on Friday, having closed down 1.61% at 6,013.34 on Thursday.

Stocks to watch

AstraZeneca's Imfinzi has been approved in Japan for the treatment of patients with extensive-stage small cell lung cancer (ES-SCLC), in combination with etoposide plus a choice of platinum chemotherapy, the company said on Friday. The approval by the Japanese Ministry of Health, Labour and Welfare was based on positive results from the Phase III CASPIAN trial, showing Imfinzi plus chemotherapy demonstrated a statistically significant and clinically meaningful improvement in overall survival versus chemotherapy alone, it added. SCLC is a highly aggressive, fast-growing form of lung cancer that typically recurs and progresses rapidly, despite initial response to chemotherapy.

HgCapital Trust announced on Friday that the Hg Saturn team and its investors have agreed to a further investment in software provider Visma. The FTSE 250 firm said the wider Hg group would put forward the majority of the new invested capital in a transaction valuing the business at NOK 110bn (£9.32bn), which it said made it the largest ever software buyout globally. Specifically, HgCapital will invest £17.1m in Visma, with other institutional clients of Hg investing alongside HgCapital through the Hg Saturn 2 Fund.

Newspaper round-up

Nightclub owners have warned they face a looming “financial armageddon” that could put three quarters of a million people in the struggling night-time economy out of work within weeks. More than half of members of the Night Time Industries Association (NTIA) fear they will collapse within the next two months unless they receive increased government support to see them through the coronavirus crisis, according to a survey by the trade body. – Guardian

A California judge has granted Uber and Lyft a temporary stay, heading off a shutdown by the two platforms at the last minute in an ongoing case that would require the ride-hailing giants to classify drivers as employees. Lyft and Uber have been awaiting a landmark decision from a court in the state, which would enforce a new labor law known as AB5. The law, which went into effect in January, would require the companies to classify its drivers as employees and provide them with a minimum wage and benefits. The decision, which was expected on Thursday, has been postponed until October. – Guardian

Two retail veterans are poised to do battle for Asda as a £6.5bn bidding war hots up. Former Debenhams boss Rob Templeman is squaring off against previous Asda chief executive Paul Mason in a race to buy the supermarket from its US owner Walmart, according to Sky News. Mr Templeman has been lined up to oversee an offer from private equity company Apollo Global Management. – Telegraph

Rolls-Royce is teaming up with a technology business based in Oxfordshire to develop high-speed aerospace engines that could work on a supersonic business jet designed by Virgin Galactic. The FTSE 100 engineer is understood to have invested a further £20 million in Reaction Engines after finalising a strategic partnership. – The Times

PWC has delayed the publication of its annual results until next year so that it can put off a decision about the size of its staff bonuses and partner profit distributions. The accountancy firm’s UK business usually posts its financial statements for the year to the end of June, alongside its pay data, in September. However, it will postpone releasing the results until January, when it hopes there will be more certainty about the outlook for the business. – The Times

US close

Wall Street stocks closed higher on Thursday as some major tech gains offset minutes from the Fed's latest meeting and an increase in initial unemployment claims that initially weighed on sentiment.

At the close, the Dow Jones Industrial Average was 0.17% higher at 27,739.73, while the S&P 500 was 0.32% firmer at 3,385.51 and the Nasdaq Composite saw out the session 1.06% stronger at 11,264.95.

The Dow closed 46.85 points higher on Thursday, clawing back some of of the previous session's losses that came as minutes from the Federal Reserve's July meeting spooked investors after the central bank cut its economic growth forecast for the remainder of 2020 and stressed the need for more financial aid to vulnerable families and the broader economy due to the Covid-19 pandemic.

Also in focus was this week's unemployment claims data from the Department of Labor, which revealed that the number of people filing for jobless claims for the first time increased by 135,000 to 1.106m over the week ended 15 August. On the other hand, secondary unemployment claims continued retreating, by 636,000 to 14.84m over the week ending on 8 August.

However, while the Federal Reserve's minutes weighed heavily on sentiment, losses were somewhat pared after China's commerce ministry revealed that Washington and Beijing would head back to the negotiating table over the coming days and gains in Facebook, Netflix, Alphabet and Microsoft shares all helped major indices end the session in the green.