Newscasts - Europe Today: Britain's economy grows as expected in second quarter

Embracer AB

15/08/2024 11:00

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_59yz4tyz&referenceId=1_59yz4tyz&pageId=Newscasts
Source: 'Reuters - Business videos'

Description: UK GDP grew at 0.6% between April and June. That was in line with
economists' expectations and built on the 0.7% recovery in Q1, following last
year's shallow recession.
Short Link: https://refini.tv/4dIC5OV

Video Transcript:

Britain's economy expands as forecasted in the second quarter of 2024. Welcome
to Europe Today. I'm Peter Devlin. UK GDP grew at 0.6% between April and June.
That was in line with economists’ expectations and built on the 0.7%
recovery in Q1 following last year's shallow recession. However, in June
alone, GDP was unchanged. Sterling and bond prices both moved higher in
response. European shares opened higher this morning as benign inflation data
cemented bets of a US rate cut in September, adds Yen gains over 6%. That was
after the Dutch payments company beat half-year core profit expectations.
Admiral has posted a forecast beating 32% rise in pre-tax half yearly profits
of GBP310 million. The British motor and home insurer also said it would be
paying a special dividend. Its performance at its UK car insurance division
was particularly strong. Shares rose over 10% in early trades. On Wednesday,
AstraZeneca convinced a Delaware judge to throw out a jury's decision that the
company owes $107.5 million for infringing cancer drug patents belonging to
Pfizer's subsidiary, Wyeth. Today also revealed that the FDA has granted its
cancer drug Imfinzi a priority review, as for patients with limited stage
small cell lung cancer in the United States. Orsted have reported a second
quarter operating profit above expectations. The world's biggest offshore wind
farm developer also kept its full year profit forecast unchanged. But the
Danish firm flagged impairment losses of $472 million was due in part to one
year delay in construction of a major US offshore wind project, that sent
shares down over 7% in early trade. Embracer reported a 50% drop in first
quarter operating profits. The Swedish games developer, which owns the Tomb
Raider franchise, released few games. Its shares fell by 10% to one point this
morning, but have recovered over half of those losses since. Bookmaker William
Hill's owner Evoke, reported a pre-tax half yearly loss of just under GBP30
million. However, the company said it expected a significant improvement in
profitability in the second-half, as well did reiterate its medium-term target
of 5% to 9% revenue growth per year. Its shares were up over 4% in early
trades. And the World Health Organization on Wednesday, declared mpox a global
public health emergency, that's for the second time in two years. That's over
an outbreak of the disease in parts of Africa. Danish firm Bavarian Nordic
makes one of the two vaccines recommended by the WHO experts. Its shares rose
10% in early trades. That's it from Europe Today