1034 GMT - Asia-focused bank HSBC has overtaken AstraZeneca as London's most valuable company after the pharmaceutical group's shares dropped following President Trump's plan to cut drug prices. HSBC shares in London are up 4% at 883.30 pence, giving it a market value of 152.06 billion pounds, while AstraZeneca's shares are down 3.4% at 98.93 pounds, giving it a market value of 151.08 billion pounds. In a Truth Social post, Trump said he will sign an executive order Monday aimed at lowering the cost of prescription drugs by between 30% and 80%. (ian.walker@wsj.com.)
(END) Dow Jones Newswires
May 12, 2025 06:37 ET (10:37 GMT)
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