Gold Edges Higher In Cautious Trade

Gold prices showed resilience on Friday despite lingering uncertainty over the Federal Reserve’s rate trajectory.

Spot gold rose 0.3 percent to $1,925.52 per ounce, while U.S. gold futures were up 0.3 percent at $1,945.15.

Bullion prices traded higher despite a stronger dollar and firmer Treasury yields after the U.S. Federal Reserve kept interest rates unchanged but left doors open for further policy tightening.

Other global central banks are also expected to keep interest rates higher for longer to cool price growth.

The dollar stood near a six-month peak and was on course for its 10th consecutive weekly gain, buoyed by a fall in the euro after the release of sluggish Eurozone composite PMI data.

The Japanese yen fell sharply against the dollar after the Bank of Japan maintained super-low interest rates and left its yield control policy unchanged, offering no clear sign of a shift in its policy stance.

U.S. Treasury yields fell slightly after hitting a 16-year high on hawkish Fed outlook.

Eli Lilly: FDA Approves Jardiance In Treatment Of Chronic Kidney Disease

Boehringer Ingelheim and Eli Lilly and Company (LLY) announced the FDA has approved Jardiance 10 mg tablets to reduce the risk of sustained decline in estimated glomerular filtration rate, end-stage kidney disease, cardiovascular death and hospitalization in adults with chronic kidney disease at risk of progression. The company noted that this milestone marks the fourth FDA approval for Jardiance stemming from the EMPOWER program.

“Following previous indications for Jardiance in heart failure and type 2 diabetes, this FDA approval now provides physicians, including nephrologists, with an important treatment option for adults living with CKD at risk for progression,” said Leonard Glass, senior vice president, Diabetes Global Medical Affairs, Lilly.

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ATS To Buy Avidity Science For $195 Mln

ATS Corp (ATS), an automation solutions provider, announced on Friday that it has entered into a definitive agreement to acquire Avidity Science, LLC manufacturer of automated water purification solutions for $195 million.

“ATS works to support our customers in all areas of life sciences from research, to drug discovery, right through to commercial production,” said Andrew Hider, Chief Executive Officer of ATS.

With this acquisition, the company is expecting $1.5 million of cost and commercial synergies by the third year and $2.6 million in the fifth year. It plans to fund the purchase with cash and by drawing on its revolving credit facility.

Avidity had generated revenues of $81.9 million and had an adjusted EBITDA margin of 20.4 percent in the fiscal 2022. According to the company, 40 percent of the revenue of Avidity is recurring in nature and includes the sale of consumables, SaaS, and aftermarket service and support.

The transaction is expected to close in the fourth quarter.

On Thursday, shares of ATS closed at $42.72 down 3.15% on the New York Stock Exchange.

U.S. Existing Home Sales Unexpectedly Decrease For Fourth Straight Month

The National Association of Realtors released a report on Thursday unexpectedly showing a continued decrease in U.S. existing home sales in the month of August.

NAR said existing home sales fell by 0.7 percent to an annual rate of 4.04 million in August after tumbling by 2.2 percent to an annual rate of 4.07 million in July. Economists had expected existing home sales to rise to a rate of 4.10 million.

Existing home sales declined for the fourth consecutive month and are down by 15.3 percent compared to the same month a year ago.

The report said housing inventory at the end of August totaled 1.10 million units, down 0.9 percent from 1.11 million units in July and down 14.1 percent from 1.28 million units in August 2022.

The unsold inventory represents 3.3 months of supply at the current sales rate, unchanged from July but up from 3.2 months a year ago.

NAR said the median existing home price for all housing types was $407,100 in August, reflecting an increase of 3.9 percent from $391,700 in August 2022.

“Home prices continue to march higher despite lower home sales,” said NAR Chief Economist Lawrence Yun. “Supply needs to essentially double to moderate home price gains.”

Next Tuesday, the Commerce Department is scheduled to release a separate report on new home sales in the month of August.

Economists currently expect new home sales to decrease to an annual rate of 700,000 in August after surging to a rate of 714,000 in July.

US Announces Special Representative For Ukraine's Economic Recovery

President Joe Biden has announced that he is appointing former Secretary of Commerce Penny Pritzker to serve as the new U.S. Special Representative for Ukraine’s Economic Recovery.

As an accomplished public servant and transformative industry leader with deep familial ties to Ukraine, Pritzker brings decades of experience and expertise to the new position.

Defining her critical role, Biden said, “Working in lockstep with the Ukrainian government, our allies and partners, international financial institutions, and the private sector, she will drive the United States’ efforts to help rebuild the Ukrainian economy.”

This includes mobilizing public and private investment, shaping donor priorities, and working to open export markets and businesses shut down by Russia’s attacks that caused widespread destruction across Ukraine.

The Special Representative will also work with Ukraine’s other international partners, including via the G7 coordination platform, to ensure that international efforts are complementary and mutually reinforcing, as well as to encourage international partners to keep stepping up their support for Ukraine’s immediate economic recovery needs.

Pritzker will help the Ukrainian government make reforms needed to strengthen its economy.