Emergency Declared In California As Tropical Storm Hilary Drenches South

Tropical Storm Hilary drenched southern California as it produced unprecedented record rains.

California’s governor Gavin Newsom declared a state of emergency as schools closed, flights were cancelled and trees fell down.

Landslides and floods were reported in many parts of Southern California, southern Nevada and western Arizona.

Hilary has since been downgraded to a post-tropical cyclone and is now heading north.

However, 25 million people from Southern California to northern Idaho are still under flood warnings.

The Governor signed the emergency proclamation in San Diego while visiting with California National Guard troops. Also, he met with first responders and local officials, including San Diego Mayor Todd Gloria.

President Joe Biden said he spoke to Governor Newsom about the emergency preparedness measures in place, and the initial response to Tropical Storm Hilary.

“My Administration stands ready to provide additional assistance as requested,” he said in a statement.

At his direction, FEMA deployed to California federal personnel and supplies to help impacted communities.

“We are also closely monitoring the earthquake that occurred in Southern California, and any resulting impacts,” Biden said.

No major damage was reported in the 5.1 magnitude earthquake that struck the region Sunday.

Oil Prices Edge Higher On China Demand Optimism

Oil prices were seeing modest gains on Monday as the dollar slid from a 12-week high on improved risk sentiment in financial markets.

Overall gains remained limited as prospects of easing sanctions on Iran and Venezuela offset the narrative of tightening supply.

Benchmark Brent crude futures edged up 0.2 percent to $84.06 a barrel, while WTI crude futures were up 0.3 percent at $80.10.

Oil prices received some support after China announced new steps to bolster its flagging economy and struggling stock market, helping to alleviate fuel demand concerns.

China approved the launch of 37 retail funds over the weekend and also halved the stamp duty on stock trading in the latest attempt to boost struggling markets.

The new measures to woo investors came as data showed China’s industrial profits extended a slump into a seventh month.

Meanwhile, there are reports of the U.S. and Iran holding talks to revive the nuclear deal.

Speculation is also rife that the U.S. could ease sanctions on Venezuela in a bid to boost supply.

Gold Holds Steady In Lackluster Trade

Gold prices held steady on Monday as comments from two Fed officials last week gave the market confidence that the Fed is nearing the end of its rate hiking cycle.

Spot gold was little changed at $1,914.36 per ounce, while U.S. gold futures were up 0.1 percent at $1,941.45.

The dollar eased from a 12-week high as investors weighed U.S. Federal Reserve’s hawkish stance on interest rates against the darkening economic outlook.

On Friday, Fed Chair Jerome Powell signaled that rates may rise further but the Fed will “tread carefully.”

Comments from two Fed officials earlier on Thursday suggested that the Fed may be close to being done with interest-rate increases.

Incremental rate hikes may be required but we may be very near a place where we can hold for a substantial amount of time, Boston Fed president Susan Collins said on Thursday.

Separately, Philadelphia Fed president Patrick Harker indicated that the Fed should keep interest rates at the current level while it assesses the impact on the economy.

Futures imply around an 80 percent chance of a steady outcome at the Sept. 20 meeting, but a 58 percent probability of a hike by year end.

Elsewhere in Europe, ECB President Christine Lagarde on Friday emphasized that policy needed to be restrictive.

U.K. interest rates are expected to peak at 5.5 percent next month as Bank of England policymakers try to minimize the impact of higher borrowing costs on the housing market.

ANI Pharmaceuticals Announces Approval, Launch Of Estradiol Gel, 0.1%

ANI Pharmaceuticals, Inc. (ANIP) received U.S. Food and Drug Administration approval for the Abbreviated New Drug Application for Estradiol Gel, 0.1%. It is the generic version of the Reference Listed Drug Divigel.

“The approval and launch of Estradiol Gel, 0.1%, mark an important milestone for ANI, as this is the first topical gel approved from our R&D and manufacturing site in New Jersey,” said Nikhil Lalwani, President and CEO of ANI.

The company noted that the current annual U.S. market for Estradiol Gel, 0.1%, is approximately $42.3 million, according to IQVIA.

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Danaher To Acquire Abcam In About $5.7 Bln All-cash Deal

Science and technology innovator Danaher Corp. (DHR) announced Monday that it has entered into a definitive agreement to acquire Cambridge, UK-based Abcam plc (ABCM), a supplier of protein consumables, pursuant to which Danaher will acquire all of the outstanding shares of Abcam for $24.00 per share in cash, or a total enterprise value of approximately $5.7 billion, including assumed indebtedness and net of acquired cash.

Abcam is expected to operate as a standalone operating company and brand within Danaher’s Life Sciences segment, furthering Danaher’s strategy to help map complex diseases and accelerate the drug discovery process.

Danaher expects to fund the acquisition using cash on hand and proceeds from the issuance of commercial paper.

The transaction is anticipated to close mid-2024 and is subject to customary conditions, including receipt of applicable regulatory approvals and Abcam shareholder approval.