LONDON, June 8 — London’s FTSE 100 index fell today as heavyweight AstraZeneca slipped after a report that it approached Gilead Sciences for a merger, while fears of a slower economic recovery on worries about surging corporate debt also dented sentiment. The FTSE 100 slipped 0.3 per cent and...
A man walks past the London Stock Exchange in central London on March 7, 2013. — AFP pic
The FTSE 100 slipped 0.3 per cent and AstraZeneca shed 3 per cent. Bloomberg News reported on Sunday about the British firm’s approach for a possible megamerger with its US rival to form one of the world’s largest drug companies. The blue-chip index is now about 16 per cent away record highs hit in January on a gradual reopening of the UK economy and improving economic indicators.
“The lobby group warned that up to £36 billion of recent government-backed loan initiatives risk turning toxic. It’s not an easy economic recovery to manage, even assuming no second wave,” said Chris Bailey, European strategist at Raymond James.
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