Must read: FTSE 100, GSK, AstraZeneca, Revolut

GLOBAL MARKETS

European markets have opened higher with the FTSE 100 leading the charge with almost all stocks in the green. GSK (LSE:GSK) is the top gainer after the announcement of a new CEO from next year. Results from Tesco (LSE:TSCO), Wetherspoon (J D) (LSE:JDW) and Greggs (LSE:GRG) will be in focus in the UK this week.

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US futures are pointing to a higher open, on track to extend gains after markets closed on a positive note on Friday. Investors will be paying close attention to the latest nonfarm payrolls report on Friday for clues into the Federal Reserve's next move.

GSK

Dame Emma Walmsley is stepping down as CEO of GSK and will be replaced by the current chief commercial officer Luke Miels on 1 January next year.

Today’s update has taken investors by surprise. Walmsley has been at the helm since 1 April 2017 and her leadership has largely been judged as a success story. She navigated GSK through the challenges of the pandemic and successfully delivered its consumer health division’s spin-off into a standalone company, Haleon. Walmsley has also been in charge during a stretch when GSK has achieved a number of drug breakthroughs such as Arexvy (an RSV vaccine) and she has endeavoured to make AI and cutting edge technology central to GSK’s strategy. She also became the first woman to become CEO of a pharma giant.

However, Walmsley has also faced a number of challenges not least with US litigation over its heartburn drug Zantac and an mRNA patent dispute with Pfizer and BioNTech. She also faced activist investor opposition from US hedge fund Elliott Management in 2021.

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While there’s a vast amount to cheer when it comes to Walmsley’s leadership, shares haven’t performed so well, down around 10% since she took up the top job. And the stock is reacting positively today, suggesting investors are excited by the change in leadership.

Incoming Miels will face major challenges including GSK’s lack of market share in the exciting GLP1 obesity drugs space and the pharma giant’s upcoming HIV drug dolutegravir’s patent expiration in April 2028.

ASTRAZENECA/REVOLUT

AstraZeneca (LSE:AZN) said it plans to directly list its share on the New York Stock Exchange instead of depository shares and it would remain listed and headquartered in London, sending shares higher this morning.

Combined with the news that fintech giant Revolut is reportedly considering a dual listing in London and New York, the British capital is enjoying some positive news at last which helps ease fears that London is losing its dominance as a key global financial hub.

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There’s been a dearth of IPOs in recent years in the UK and a number of high profile decisions by companies either to delist of shift their primary listings away from London including Flutter, Ashtead, Tui and Just Eat Takeaway. However, the latest developments from AstraZeneca and Revolut help to reshape the narrative and prove that there could be a reignition of optimism towards London and that companies still believe that it has power as an attractive listing location.

Perhaps London has suffered with an image problem since Brexit, but that could be about to change for the City.