While the FTSE 100 fell 0.3% on Friday, it is up 0.6% this morning, partly boosted by the announcement from GlaxoSmithKline that it rejected three takeover bids for its consumer products arm from Unilever, including a 50-billion-pound offer. The drugmaker will instead proceed to a demerger and stock market flotation this summer.

Energy and mining stocks such as Glencore and Royal Dutch Shell are also among top performers.

Homebuilders also progressed after new data showed real estate asking prices grew at the highest rate in close to six years in early 2022.

Macroeconomic news also comes from China, where GDP in Q4 2021 came in slightly above expectations, allowing Beijing to claim 8.1% growth in 2021, above its target.

This week will be quiet on the central bank side, as no official speech from Fed officials is due until a policy meeting on Jan 26.

 

Things to read today:

Hedge funds oppose SEC’s reform plans after GameStop debacle (Financial Times)

Supply chain constraints may have peaked in 2021 (Financial Times)