AstraZeneca’s COVID-19 Vaccine Withdrawal Skyrockets London FTSE 100 to Record High

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• London’s FTSE 100 stock index opened at a record high on Wednesday, led by AstraZeneca, as the drugmaker initiated a worldwide withdrawal of its COVID-19 vaccine.
• Investors are also eagerly awaiting the Bank of England’s interest rate verdict.
• AstraZeneca’s shares advanced 1.1% following the announcement of the vaccine withdrawal.

London’s FTSE 100 hits record high led by AstraZeneca’s shares surge as the company withdraws its COVID-19 vaccine worldwide. Investors await Bank of England’s interest rate decision.

FTSE 100 Reaches New Heights

The blue-chip FTSE 100 edged up 0.4% at 8,345.31 to climb another all-time peak by 07:07 GMT. This increase was largely driven by AstraZeneca’s announcement of a worldwide withdrawal of its COVID-19 vaccine. The mid-cap FTSE 250 also gained 0.1%, set to rise for a third straight session. Both indexes have recorded consistent gains on a weaker pound that slipped 0.2% against the dollar.

AstraZeneca Leads the Charge

AstraZeneca advanced 1.1% after the drugmaker said it initiated a worldwide withdrawal of its COVID-19 vaccine due to a “surplus of available updated vaccines” since the pandemic. This move has significantly impacted the FTSE 100, contributing to its record high opening.

Bank of England’s Interest Rate Verdict Awaited

All eyes will be on the BOE’s interest rate decision on Thursday, where it is widely expected to keep rates unchanged. However, dovish bets have risen recently, with markets pricing in a first rate cut in August.

Other Noteworthy Market Movements

Shell inched 0.2% higher, after the energy giant agreed to sell its refinery and petrochemical assets in Singapore to a joint venture between Indonesia’s PT Chandra Asri Pacific and Glencore. JD Wetherspoon was up 3.6%, as the pub group forecast profit to be towards the upper end of market expectations, after it posted higher sales in third quarter.

Conclusion

The FTSE 100’s record high opening, led by AstraZeneca’s shares surge, signals a positive outlook for the London stock market. Investors will be closely watching the Bank of England’s interest rate verdict, which could further influence market movements.

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