Key Moments
- The FTSE 100 was down about 0.4% as of 0923 GMT, while GBP/USD was up 0.2%, moving above $1.34.
- Final third-quarter 2025 UK GDP confirmed 0.1% quarter-on-quarter growth, with a notable shift away from government-driven expansion.
- Harbour Energy’s $3.2 billion deal, GSK’s U.S. pricing agreement, Uber-Baidu’s UK robotaxi trials, and AstraZeneca’s LATIFY trial outcome highlighted key corporate developments.
Market Overview
British equities eased at the start of trading on Monday, while the pound advanced after the release of updated UK growth figures for the third quarter of 2025. The latest data indicated that the economy maintained its previously reported expansion pace, lending support to sterling.
At 0923 GMT, the FTSE 100 was lower by about 0.4%, as the British pound strengthened, with GBP/USD gaining 0.2% and moving beyond the $1.34 mark.
On the continent, performance was mixed. The DAX index in Germany was up 0.07%, whereas the CAC 40 in France declined 0.3%.
The UK is in a private sector recession, as GDP avoids recession due to rising unproductive government spending. This abysmal performance is entirely due to political design. Net zero, big government, high taxes and keeping all the EU regulatory burdens have brought the UK… pic.twitter.com/Xjc3JPc4sN
— Daniel Lacalle (@dlacalle_IA) December 22, 2025
UK Growth Data: Composition Shifts Toward Private Sector
The final third-quarter 2025 UK GDP release confirmed quarter-on-quarter growth of 0.1%, in line with earlier estimates. Although the headline rate was unchanged, the underlying drivers of growth shifted meaningfully in the updated breakdown.
The detailed data indicated a reduced contribution from the public sector compared with prior estimates. Government investment, in particular, saw a sharp revision. An initial estimate of 3.6% growth in government investment was revised to a 1.8% decline, underscoring that private sector activity played a more prominent role in sustaining the modest expansion during the period.
| Indicator | Latest Figure | Previous Estimate |
|---|---|---|
| UK GDP Q3 2025 (q/q) | 0.1% | 0.1% |
| Government investment (Q3 2025) | -1.8% | 3.6% |
Corporate Highlights in the UK and Beyond
Harbour Energy moves into deepwater US Gulf
Harbour Energy PLC (LON:HBR) reported that it has signed an agreement to acquire LLOG Exploration Company LLC for $3.2 billion, marking a strategic move into the deepwater US Gulf of America. The transaction is structured with $2.7 billion in cash and $0.5 billion in Harbour’s voting ordinary shares. Closing is expected in late Q1 2026.
GSK reaches U.S. deal on prescription costs
GSK plc (LON:GSK) announced an agreement with the U.S. government aimed at lowering prescription medicine costs for American patients, with a particular focus on respiratory therapies that reach more than 40 million people with asthma and COPD.
The company said the agreement satisfies all four requests made by President Trump in his July 31 letter, “including lowering prices of certain medicines in Medicaid.”
Uber and Baidu to pilot robotaxis in the UK
Uber Technologies Inc (NYSE:UBER) is set to collaborate with China’s Baidu Inc (NASDAQ:BIDU) to trial robotaxis in the UK, according to a report from Bloomberg on Monday. The trials are scheduled to start in the first half of 2026.
Under the partnership, Baidu will supply its Apollo Go RT6 robotaxis for the program.
AstraZeneca reports setback in LATIFY Phase III trial
AstraZeneca PLC (ST:AZN) disclosed that its LATIFY Phase III study evaluating ceralasertib in combination with Imfinzi did not achieve its primary endpoint of overall survival in patients with advanced non-small cell lung cancer.
The trial focused on individuals whose disease had worsened following prior immunotherapy and platinum-based chemotherapy.





