The president of the European Central bank, Christine Lagarde, spoke at a conference in London yesterday but avoided giving away any information as to whether they’re likely to raise the interest rate next week. With data due today on France, Germany and Italy’s PMI (Purchasing Manager Index), as well as the Eurozone’s PPI (Producer Price Index), these figures could give a clearer picture of the health of the economy in the region and the subsequent decision of the central bank.
Australia is due a double whammy today: an update on their GDP and economic growth, as well as a decision around their interest rate. Both are forecast to be relatively positive for any investors in the region, as the GDP is expected to have grown by around 0.4%, thanks to ongoing consumer spending – as well as business investment. As for the interest rate decision, it seems that the Reserve Bank of Australia is also likely to decide to pause the interest rate, to maintain the current 4.1%, as the battle with inflation seems to be nearing its end.
Following a launch of the weight-loss injection Wegovy in the UK, Novo Nordisk has shot to being Europe’s most valuable company in terms of market cap. Yesterday the stock markets closed as Novo Nordisk had a valuation of $428 billion. Whilst they have said that they will closely monitor the supply of the drug in the UK, its success has already been seen in the USA, Norway and Germany, leading over 50,000 to register their interest in its usage.
Sources: Reuters, Bloomberg, Nasdaq, Share Café, Financial Times