Britain's top shares fell on Monday, dented by GlaxoSmithKline
GSK has stated that it has clearly seen enough to warrant regulatory filings globally in COPD. However, the data are probably not as clean as we would have liked and although the lack of superiority versus (its existing twice-daily drug) Advair probably has little relevance to approvability, we believe that it could limit its commercial positioning, Shore Capital said in a note.
Relovair, which is being developed with U.S.-based Theravance
The UK benchmark was down 2.69 points, or 0.1 percent, at 5,646.99 by 0943 GMT, having risen 0.5 percent on Friday.
Traders awaited monetary policy announcements from the European Central Bank and the Bank of England on Thursday, with investors keen to hear ECB president Mario Draghi's latest take on any action to ease the debt crisis.
(This week) it's really just a question of any comments that might come out of the ECB interest rate meeting in terms of easing, in terms of how the euro zone situation is going on, Richard Hunter, head of equities at Hargreaves Lansdown, said.
It is unfortunately the European situation which is the one real fly in the ointment at the moment. It's difficult to see the market moving forward before there's some resolution in place there.
A raft of British retailers, including Tesco
Britain's store groups engaged in a frenzy of promotions and price cutting in the run-up to the festive season, reminiscent of the start of the recession in 2008.
Banks <.FTNMX8350> added the most points to the blue-chip index, with Royal Bank of Scotland
We believe that a restructuring of GBM operations at RBS to scale back capital and cost intensive businesses is likely to be negative for revenues but accretive to longer term returns, JPMorgan said in a note.
Espirito Santo also weighed in on Barclays
The euro zone debt crisis is firmly on the agenda on Monday when German Chancellor Angela Merkel and French President Nicolas Sarkozy meet in Berlin, although market observers expected little of any great significance to emerge.
Merkel and Sarkozy are holding a working lunch centered on preparing for upcoming summits, notably a gathering of European Union leaders on Jan 30.
On the political front the market is not expecting a lot from the Sarkozy Merkel meeting today as Merkel has very little domestic room to manoeuvre, said Lex van Dam, hedge fund manager at Hampstead Capital, which manages $500 million of assets.
(Additional reporting by David Brett and Jon Hopkins; Editing by Jon Loades-Carter)