Sunday, 14 Apr 2024

TI Fluid Systems To Buy Cascade Engineering Europe For $27.7 Mln In Cash

European Shares Seen Up As Yields Dip Ahead Of Key US Data

European stocks may open a tad higher on Tuesday as U.S. Treasuries extended overnight gains on expectations that upcoming U.S. inflation, labor market and manufacturing data could come in soft.

The July report on U.S. job openings is due later in the day and the all-important jobs report for August on Friday.

Inflation data due later in the week may offer further clues on the Federal Reserve’s rate trajectory.

Focus is also on purchasing managers’ index (PMI) data from China, due on Thursday and Friday.

The European economic calendar remains light today, with German GfK consumer climate survey results and France consumer confidence survey results awaited.

Asian markets traded higher amid speculation over more stimulus measures from China.

The dollar was subdued, helping oil and gold prices trade higher in Asian trade.

U.S. stocks logged solid gains overnight as bond yields retreated on speculation the Fed may take a rate-hike breather in September.

The Dow and the S&P 500 both rose about 0.6 percent while the tech-heavy Nasdaq Composite advanced 0.8 percent.

European stocks closed higher on Monday after China announced new measures to support its flagging economy and struggling stock market.

The pan European STOXX 600 climbed 0.9 percent. The German DAX added 1 percent and France’s CAC 40 gained 1.3 percent while the U.K. markets were closed for Late Summer Bank Holiday.

European Economic News Preview: Germany GfK Consumer Confidence Due

Consumer sentiment survey data from Germany is due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, the market research GfK publishes Germany’s consumer confidence survey data for September. The forward-looking sentiment index is forecast to rise to -24.3 from -24.4 in August.

In the meantime, Statistics Sweden is scheduled to issue final GDP data, retail sales and foreign trade figures.

At 2.45 am ET, France’s statistical office INSEE is set to issue monthly consumer sentiment data for August. The consumer confidence index is seen unchanged at 85.0.

At 3.00 am ET, the Czech Statistical Office releases second estimate for GDP data. The statistical office is expected to confirm 0.1 percent sequential growth for the second quarter.

Also, retail sales data is due from Spain.

At 4.00 am ET, Austria’s manufacturing Purchasing Managers’ survey results are due.

At 8.00 am ET, Hungary’s central bank announces its monetary policy decision. The bank is likely to hold its base rate at 13.00 percent.

Genmab : Phase 3 Trial Of TIVDAK In Recurrent Or Metastatic Cervical Cancer Meets Primary Endpoint

Genmab A/S (GMAB) and Seagen Inc. (SGEN) said that the Phase 3 innovaTV 301 global trial in recurrent or metastatic cervical cancer patients with disease progression on or after front-line therapy who received TIVDAK (tisotumab vedotin-tftv), compared with chemotherapy alone, met its primary endpoint of overall survival.

An Independent Data Monitoring Committee determined that overall survival crossed the pre-specified efficacy boundary at interim analysis.

According to the companies, the key secondary endpoints of investigator-assessed progression-free survival and objective response rate also demonstrated statistical significance. The safety profile of TIVDAK in innovaTV 301 is consistent with the known safety profile of TIVDAK as presented in the U.S. prescribing information, and no new safety signals were observed.

The companies noted that results of the Phase 3 innovaTV 301 clinical trial will be submitted for presentation at an upcoming medical congress and discussed with regulatory authorities.

TIVDAK is indicated in the U.S. for the treatment of adult patients with recurrent or metastatic cervical cancer with disease progression on or after chemotherapy.

The indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.

For More Such Health News, visit rttnews.com

Trip.com Q2 Profit Climbs

Trip.com Group Limited (TCOM), a provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, reported that its net income attributable to shareholders for the second quarter of 2023 climbed to RMB631 million or US$89 million from RMB69 million for the same period in 2022. Earnings per ordinary share and per ADS was RMB0.94 or US$0.13 for the second quarter of 2023 compared to RMB 0.10 prior year.

Non-GAAP net income attributable to shareholders for the second quarter of 2023 was RMB3.4 billion (US$475 million), compared to non-GAAP net loss of RMB203 million for the same period in 2022. Non-GAAP earnings per ordinary share and per ADS was RMB5.11 (US$0.70) for the second quarter of 2023.

Quarterly net revenue was RMB11.2 billion or US$1.6 billion, representing a 180% increase from the same period in 2022, primarily due to the substantial recovery of travel market.

The company said it remains optimistic about the enduring demand for travel and the long-term market outlook.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

TI Fluid Systems To Buy Cascade Engineering Europe For $27.7 Mln In Cash

TI Fluid Systems Plc (TIFS), a British maker of automotive fluid systems, said on Tuesday that it has agreed to buy Cascade Engineering Europe or CEE, a Hungarian maker of automotive thermal fluid connectors and other plastic injection moulded components, for $27.7 million or circa 25.4 million euros in cash.

TIFS noted that the acquisition will immediately add to its earnings.

For the year to December 31, 2023, CEE is expected to generate revenue of around 35 million.

Hans Dieltjens, CEO of TIFS, said: “Adding CEE’s operations and expertise to our portfolio is an important strategic step for TIFS. This acquisition grows our market share in thermal fluid connectors for electric vehicles and aligns with our overarching electrification strategy…”

Post transaction, CEE’s 349 staff will join TIFS with 6,500m2 manufacturing site in Budapest, Hungary.

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