How Ireland became the weak spot in Europe’s defences

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• 00:02

  Good morning from the Financial Times.

• 00:04

  Today is Tuesday, November 25th, and this is your FT News briefing.

• 00:08

  Traders are gearing up for tomorrow's autumn budget,

• 00:11

  and we'll give you an update on Europe's pharmaceutical sector.

• 00:15

  Plus, European countries are grumpy with Ireland over its weak defenses.

• 00:19

  We'll see if that can change.

• 00:22

  I'm Mark Filipino, and here's the news you need to start your day.

• 00:33

  A bunch of investors are betting that the UK budget will send the pound lower against the dollar.

• 00:39

  Chancellor Rachel Reeves is unveiling her budget tomorrow.

• 00:42

  Traders are worried that she'll raise taxes and that would hurt an already struggling economy.

• 00:48

  Now an increase in taxes has long been expected.

• 00:51

  The pound is sliding on this and it's close to its weakest level against the dollar since April.

• 01:02

  Good news for Bayer and bad news for Novo Nordisk in the pharmaceutical sector this week.

• 01:07

  Bayer shares rose on reports of a successful trial for its stroke prevention medicine.

• 01:13

  Novo shares slid on news that one of its diabetes drugs had failed to slow the progression of Alzheimer's.

• 01:19

  Here to explain is the FT's Anu Etioye, who covers the sector.

• 01:23

  Thanks for joining us Anu.

• 01:24

  Thanks for having me.

• 01:26

  All right, let's deal with the good news first.

• 01:27

  Tell us about Bayer's new anti-stroke medicine.

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