The CEO of AstraZeneca (AZN.L), which is the UK’s most valuable public company, would like to move the pharmaceutical giant’s stock market listing to the US, The Times reported on Tuesday.
Pascal Soriot has even discussed moving AstraZeneca’s domicile, according to the report, which cited multiple sources.
However, the sources reportedly said that Soriot was likely to face resistance from some of the board if he looked to make such a move, along with the UK government.
A spokesperson for AstraZeneca declined to comment when contacted by Yahoo Finance UK.
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The reports come as a number of UK-listed companies have decided to switch their primary listings to the US in recent years.
Michael Healy, UK managing director at IG, said: “Another week, another potential hammer blow to the UK stock market. Rumours that AstraZeneca could be eyeing a US listing show just how serious the situation has become.
“We’re in dangerous waters — London risks becoming a global backwater unless something changes fast. This isn’t just about one company; it’s about the UK’s ability to attract capital, support innovation, and get people excited about investing again.”
Shares in AstraZeneca were little changed on Wednesday morning and are down less than 1% year-to-date.
Shares in Corona beer-maker Constellation Brands dipped 1.5% in pre-market trading on Wednesday morning, after the company missed quarterly earnings estimates.
In results released after the bell on Tuesday, Constellation posted net sales of $2.52bn for the first quarter, which was below average analyst estimates of $2.55bn, according to LSEG-compiled data reported by Reuters.
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The company also reported comparable profit of $3.22 per share for the period, missing expectations of $3.31.
Bill Newlands, CEO of Constellation Brands, said that the company “continued to face softer consumer demand largely driven by what we believe to be non-structural socioeconomic factors”.
In addition, Constellation highlighted that its operating margin for its beer business had fallen in the first quarter to 39.1%, primarily due to an increase in the cost of goods sold, including from aluminium tariffs. US president announced last month plans to double tariffs on steel and aluminium from 25% to 50%.
Shares in Ford closed Tuesday’s session up 4.6%, after the carmaker reported an increase in second quarter sales.
Ford said sales rose 14.2% in Q2 and that its market share has expanded 1.8% percentage points to an estimated 14.3% compared to the first quarter.
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The company said it had seen strength in truck, hybrid and SUV, with its F-series trucks posting the best second quarter since 2019.
Andrew Frick, president, Ford Blue and Model e, and interim head of Ford Pro, said: “We blew the doors off the overall industry with our second-quarter sales.”
“Customers continue appreciating our broad powertrain choices — gas, hybrid, electric, and diesel — digital productivity tools that save time and money, and our Ford Motor Company: From America, For America commitment.”
Shares in UK-listed Spanish bank Santander (BNC.L) popped 3% on Wednesday after it announced plans to acquire TSB from Sabadell (SAB.MC) for £2.65bn.
Santander said that the acquisition would strengthen its position in the UK and by integrating TSB into the bank’s UK business, it said this would enable it to become the third largest bank in the country.
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In addition, Santander said that the transaction is expected to generate a return on invested capital of over 20% and would see cost synergies of at least £400m.
Santander said that the deal would not affect its distribution targets for 2025, and that it remained on track to deliver at least €10bn in share buybacks from 2025 and 2026 earnings.
The bank said the deal was subject to regulatory and Sabadell shareholder approvals, but expected it to complete in the first quarter of 2026.
Shares in Greggs (GRG.L) tumbled more than 13% on Wednesday morning, after the UK bakery chain warned that it expected first half operating profit to be lower than last year.
In a trading update, published on Wednesday, Greggs said like-for-like sales in company-managed shops were up 2.6% in the first half of 2025.
The company said that while the previously reported improved sales performance continued through the rest of May, sales in June were impacted by hot weather in the UK, which increased demand for cold drinks but reduced overall footfall.
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Greggs said it would publish its half-year figures on 29 July but said it expected operating profit for the period to be lower versus last year. In addition, it expected that full-year operating profit could be “modestly below what achieved in 2024”.
Derren Nathan, head of equity research at Hargreaves Lansdown, said: “Sausage rolls may not be the first thing consumers yearn for when temperatures get into the 30s and that’s been the case for Greggs. While cold drink sales were up in June, when customers flake in the heat, flaky bakes aren’t first choice on the menu and footfall declined for the month.”
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