European Economic News Preview: UK Labor Market Data Due
Gold Edges Lower As Dollar Rebounds
Gold traded slightly lower on Tuesday but held above $1,900 per ounce as recession worries mount.
Spot gold dipped 0.4 percent to $1,907.24 per ounce, while U.S. gold futures were down 0.6 percent at $1,909.40.
The dollar edged higher in European trade after having hit a seven-month low in recent sessions amid expectations that the Federal Reserve might be nearing the end of its rate-hike cycle.
Global growth worries resurfaced after China posted its weakest economic growth in nearly half a century.
IMF Managing Director Kristalina Georgieva said at the World Economic Forum in Davos, Switzerland that global economic growth will bottom out this year.
The focus now shifts to the Bank of Japan’s policy-setting meeting on Wednesday amid speculation the central bank might call for an exit from its decade-long ultra-loose monetary policy on Wednesday.
On the U.S. economic front, traders will keep an eye on reports on producer prices, retail sales, industrial production, housing starts and existing home sales this week for additional clues on the economic outlook.
Pre-market Movers: SHC, OSH, FRO, NUWE, LCFY…
The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 06.45 A.M. ET).
In the Green
Sotera Health Company (SHC) is up over 51% at $13.06
Oak Street Health, Inc. (OSH) is up over 31% at $29.60
Frontline plc (FRO) is up over 24% at $14.07
Nuwellis, Inc. (NUWE) is up over 24% at $11.58
Locafy Limited (LCFY) is up over 21% at $8.18
CureVac N.V. (CVAC) is up over 20% at $12.50
MariaDB plc (MRDB) is up over 8% at $4.00
Stem, Inc. (STEM) is up over 7% at $8.75
In the Red
G Medical Innovations Holdings Ltd (GMVD) is down over 15% at $3.71
Euronav NV (EURN) is down over 14% at $13.66
Illumina, Inc. (ILMN) is down over 10% at $186.50
Moolec Science SA (MLEC) is down over 10% at $11.59
MicroCloud Hologram Inc. (HOLO) is down over 10% at $5.01
Cold Weather Payments triggered as two areas eligible for £75
Smart Energy shares tips for reducing energy bills
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This assistance is available through the Government’s Cold Weather Payment scheme which is currently running. Usually, households receive just £25 to help with their rising energy bills but certain families could get as much as £75 over the course of this winter if they are eligible for the latest trigger. This comes as gas and electricity costs have increased by 27 percent since October 2022, even with the Government’s price guarantee in place.
Which postcodes are eligible for a triple Cold Weather payment?
Eskdalemuir: DG14, TD9
More to follow…
Alkermes: Nemvaleukin Alfa Gets UK MHRA's Innovation Passport Designation To Treat Mucosal Melanoma
Irish biopharmaceutical company Alkermes plc (ALKS) announced Tuesday that UK regulatory body, the Medicines and Healthcare products Regulatory Agency or MHRA, has granted an Innovation Passport designation to its immunotherapy nemvaleukin alfa (nemvaleukin) to treat mucosal melanoma.
nemvaleukin alfa is the company’s investigational, novel engineered interleukin-2 (IL-2) variant immunotherapy.
The Innovation Passport designation, which has been granted under the Innovative Licensing and Access Pathway or ILAP. The designation is the entry point to the ILAP, which was launched by the MHRA in January 2021 to accelerate the development of and facilitate patient access to medicines.
The benefits of ILAP include access to a range of development tools, such as the potential for a 150-day accelerated Marketing Authorization Application or MAA assessment, rolling review and a continuous benefit-risk assessment.
The U.S. Food and Drug Administration previously granted Orphan Drug designation and Fast Track designation to nemvaleukin to treat mucosal melanoma.
Alkermes’ Nemvaleukin is currently the most advanced IL-2-based immuno-therapy in clinical development, with two actively recruiting, potentially registrational studies, ARTISTRY-6 and ARTISTRY-7 in mucosal melanoma and platinum-resistant ovarian cancer, respectively.
For More Such Health News, visit rttnews.com
Morgan Stanley Q4 Profit Decreases, but beats estimates
Morgan Stanley (MS) revealed earnings for fourth quarter that decreased from the same period last year but beat the Street estimates.
The company’s bottom line came in at $2.11 billion, or $1.26 per share. This compares with $3.59 billion, or $2.01 per share, in last year’s fourth quarter.
Excluding items, Morgan Stanley reported adjusted earnings of $1.31 per share for the period.
Analysts on average had expected the company to earn $1.19 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 12.2% to $12.75 billion from $14.52 billion last year.
Morgan Stanley earnings at a glance (GAAP) :
-Earnings (Q4): $2.11 Bln. vs. $3.59 Bln. last year.
-EPS (Q4): $1.26 vs. $2.01 last year.
-Analyst Estimates: $1.19
-Revenue (Q4): $12.75 Bln vs. $14.52 Bln last year.
European Economic News Preview: UK Labor Market Data Due
Labor market statistics from the UK and economic sentiment from Germany are the top economic news due on Tuesday, headlining a busy day for the European economic news.
At 2.00 am ET, the Office for National Statistics releases UK unemployment data. The jobless rate is seen unchanged at 3.7 percent in three months to November.
In the meantime, Destatis publishes Germany’s final consumer and harmonized prices for December. The flash estimates showed that consumer price inflation eased to 8.6 percent from 10.0 percent in November.
At 4.00 am ET, Italy’s Istat is scheduled to issue consumer and harmonized prices for December. Inflation is seen at 11.6 percent, unchanged from the flash estimate and down from 11.8 percent in November.
At 5.00 am ET, Germany ZEW economic confidence survey results are due. Economists forecast the economic sentiment index to improve to -15 in January from -23.3 in December.
At 6.00 am ET, consumer prices data from Ireland and producer prices from Portugal are due.