FTSE 100 Edges Higher Amid UK Inflation Slowdown and AstraZeneca Deal

The FTSE 100 rose modestly on Tuesday as investors welcomed a slowdown in UK shop price inflation and AstraZeneca's major investment in Summit Therapeutics.

AstraZeneca announced a $2 billion deal with Summit, giving it an economic interest of around 12% in the company. The pharmaceutical group plans to study its experimental Sone-Ve antibody drug conjugate together with Summit's ivonescimab, which is designed to target PD-1 and VEGF.

The UK shop price inflation reading for September was 1.4% year on year, below the expected 1.5% increase. However, broader inflation remains a concern as retailers absorb higher costs such as business rates, employment expenses, energy bills, and packaging taxes.