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Today’s market overview

Japanese stocks were on the rise due to a weakened yen and reports that the government is considering a cut in corporate taxes, while Hong Kong shares rise on increased optimism over the Chinese economy. European blue-chip stocks were also making gains on Tuesday, with investors awaiting the latest report on German business confidence, the ZEW survey, and U.S. retail sales data.

IC TIP UPDATES:

Global insurer Prudential (PRU) is considering changing its corporate structure in Asia, in a move that would facilitate its break-up by creating a single holding company for all its Asian operations, including the separation of its Hong Kong business from its UK with-profits fund.

KEY STORIES:

The US. Food and Drug Administration said on Monday it has approved GlaxoSmithKline’s (GSK) drug Tivicay to treat the most common strain of HIV, the virus that causes AIDS. The once-daily drug, known generically as dolutegravir, belongs to a novel class known as integrase inhibitors that block the virus from entering cells.

Sefton Resources (SER) told investors that wells on the Tapia Canyon field, in California, have had a significant response to steam stimulation.

ImmuPharma (IMM) revealed that its early-stage trial of al new cancer treatment is progressing according to plan. Researchers are using what is called a polyplexed Nucant version of IPP-204106, which was shown to be 10 times more effective than the original formula in pre-clinical studies.

The shareholding of Wales Life Sciences Investment Fund LP in ReNeuron (RENE) has been revealed as 11.2 per cent after the stem cell therapy specialist’s fund raising exercise in July.

Medical technology business Vectura Group (VEC) has received a royalty and milestone payment bonus from the acquisition of Dutch firm ProFibrix BV by The Medicines Company, which amounts to £3m immediately, with a prospect for ongoing milestone payments.

House prices in the UK rose at their fastest pace in more than six years in July with demand for homes at a four-year peak, according to a survey published by the Royal Institute of Chartered Surveyors.

Oil futures crept higher on early trading on Tuesday, despite a rising US dollar as investors positioned themselves ahead of a crude inventory report due later today.

OTHER COMPANY NEWS:

Permira, the European buy-out specialist revealed that it has several key backers, including Canada Pension Plan Investment Board and China Investment Corporation, that will co-invest capital into its deals, allowing increased access to capital to fund larger deals, according to investors.

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