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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  AstraZeneca PLC    AZN   GB0009895292

ASTRAZENECA PLC

(AZN)
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Sterling steadies against dollar; Brexit talks extended to Wednesday

10/26/2020 | 04:47am EST

* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh

* Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv

LONDON, Oct 26 (Reuters) - Sterling stabilised against the dollar on Monday as markets turned cautious over new lockdown restrictions in Europe and record-high daily virus cases in the United States, with riskier currencies losing out.

U.S. COVID-19 cases hit record highs over the weekend, with hospitalisations at a two-month high. In Europe, Spain announced a new state of emergency and Italy imposed new lockdown measures to curb a second wave of infections.

Equities fell and the safe-haven dollar rose as a wave of risk-aversion swept markets. The euro was down around 0.5% against the dollar.

At 0935 GMT, the pound was flat against the dollar at $1.3043. It was up around 0.4% against the euro, at 90.54 pence.

Brexit negotiations remain in focus for pound traders, as the United Kingdom and the European Union have just over two months left to agree on their future trading relationship, ahead of a Dec. 31 deadline.

The EU's chief negotiator, Michel Barnier, has extended his stay in London for intense Brexit trade talks until Oct. 28 - news which had limited impact on sterling.

"News that UK-EU trade talks have been extended until 28 October ushers in a little more optimism that some kind of free trade deal can be secured," wrote ING FX strategists in a note.

"Given the UK's economic underperformance, however, prompting more Bank of England quantitative easing in November and possibly negative rates next year, we doubt a deal will trigger a major re-assessment of GBP prospects," they added.

But there are some hopes that a Brexit deal can be reached, with Ireland's deputy Prime Minister and Northern Ireland minister Brandon Lewis expressing optimism on Sunday.

Goldman Sachs FX strategists said that Brexit developments were looking positive.

"Despite sterling's underperformance on Friday, we continue to see a path for a sharply higher GBP/USD cross into year-end," they wrote in a note.

The EU's markets watchdog said on Monday banks and asset managers based in the bloc should execute most of their share trades inside the EU after full Brexit from January, in a step set to fragment cross-border markets.

Elsewhere, news that a vaccine being developed by British drugmaker AstraZeneca and the University of Oxford produced an immune response in elderly and young people failed to bolster market sentiment.

Britain's health minister said his central expectation was for a vaccine to be rolled out for the first half of 2021. (Reporting by Elizabeth Howcroft; editing by Emelia Sithole-Matarise)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC -2.62% 7729 Delayed Quote.4.34%
BRITISH POUND / US DOLLAR (GBP/USD) 0.94% 1.3497 Delayed Quote.1.21%
EURO / BRITISH POUND (EUR/GBP) -0.62% 0.89987 Delayed Quote.6.36%
THE GOLDMAN SACHS GROUP, INC. -0.12% 237.151 Delayed Quote.0.94%
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Financials (USD)
Sales 2020 26 494 M - -
Net income 2020 2 998 M - -
Net Debt 2020 13 181 M - -
P/E ratio 2020 44,6x
Yield 2020 2,65%
Capitalization 139 B 139 B -
EV / Sales 2020 5,75x
EV / Sales 2021 5,01x
Nbr of Employees 70 600
Free-Float 95,7%
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 121,91 $
Last Close Price 106,11 $
Spread / Highest target 46,5%
Spread / Average Target 14,9%
Spread / Lowest Target -37,8%
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Managers
NameTitle
Pascal Soriot Chief Executive Officer & Executive Director
Leif Valdemar Johansson Non-Executive Chairman
Pam P. Cheng Executive VP-Operations & Information Technology
Marc Pierre Jean Dunoyer Chief Financial Officer & Executive Director
Menelas N. Pangalos EVP-Biopharmaceuticals Research & Development
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