Closing summary
The outlook for the UK housing market is “more positive” as prices improved at their strongest rate in a year, according to Nationwide.
The building society’s index found that the average house price had increased by 0.7% in January on the previous month – a significant turnaround from the December figures, which showed a 1.8% decline in prices.
The average UK house price was £257,656 in January, and was down 0.2% on a year earlier.
Robert Gardner, Nationwide’s chief economist, said: “While a rapid rebound in activity or house prices in 2024 appears unlikely, the outlook is looking a little more positive.”
Novo Nordisk shares hit a record high after the Danish company reported soaring sales of its obesity and diabetes drugs Wegovy and Ozempic, pushing its market value past $500bn and cementing its position as Europe’s most valuable company.
Runaway demand for the drugs, which are taken by celebrities including Oprah Winfrey and Elon Musk, has left the company struggling to keep up with orders and scrambling to expand production sites.
Novo Nordisk shares rose by 4% on Wednesday before settling to trade 1.2% higher, leaving its market value hovering near $500bn (£394bn). The obesity drug boom has turned the drugmaker into Europe’s most valuable company, ahead of France’s luxury goods group LVMH, with a market value of $422bn.
Separately today, the GSK chief executive, Emma Walmsley, said its new RSV vaccine was expected to bring in annual sales of at least £3bn in future.
Britain’s second-biggest drugmaker beat analysts’ expectations with fourth-quarter profits and sales as the RSV vaccine became a blockbuster, racking up £1.2bn sales in four months, on top of steady demand for its shingles shot and HIV medicines. RSV, a common respiratory virus, can lead to hospitalisation and death in older adults.
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Thank you for reading. We’ll be back tomorrow. Take care! – JK
German inflation slows to lowest since mid-2021
Inflation in Germany has slowed to its lowest level since mid-2021, as energy prices dropped and food price inflation eased.
The annual rate fell to 2.9% in January from 3.7% in December, marking the lowest level since June 2021. Core inflation, which excludes volatile items like energy and food, also slowed, to 3.4% from 3.5% the lowest level since June 2022.
German #inflation slows to 2.9% in January from 3.7% in December, lowest level since June 2021. Core CPI slows to 3.4% in Jan from 3.5% in Dec, lowest level June 2022. Energy in deflation, Energy prices dropped -2.8% YoY, while Food CPI slowed to 3.8% from 4.5% in Dec. pic.twitter.com/GqOxXPgQOm
— Holger Zschaepitz (@Schuldensuehner) January 31, 2024
