(Bloomberg) -- Stocks jumped in Europe and Asia alongside U.S. equity futures after the reported death tolls in some of the world’s coronavirus hot spots showed signs of easing over the weekend. The dollar strengthened and Treasuries fell.The Stoxx Europe 600 Index opened solidly higher after Italy said it had the fewest deaths in more than two weeks, while France reported the lowest number in five days and Spain’s tally fell for the third day in a row. Contracts on the S&P 500 also rallied after New York state fatalities fell for the first time, though President Donald Trump warned that a “very horrendous” phase in the pandemic is approaching.“There is light at the end of the tunnel but it’s still a long tunnel,” Erik Nielsen, UniCredit SpA’s London-based chief economist, wrote in a note Sunday.Japan’s benchmark ended almost 4% higher even as that country moves closer to declaring a state...
Global biopharma Incyte (INCY) has announced plans to initiate a Phase 3 clinical trial to evaluate cancer drug Jakafi in patients with COVID-19 associated cytokine storm. This is a severe immune reaction in which the body releases too many cytokines into the blood too quickly.The collaborative study will be sponsored by Incyte in the United States and Novartis (NVS) outside of the United States.Additionally, given the urgent nature of the pandemic, Incyte intends to initiate a separate open-label emergency Expanded Access Program (EAP) in the US. This will allow eligible patients with severe COVID-19 associated cytokine storm to receive the drug while it is still being investigated.“We recognize the significant and urgent medical need of patients with severe COVID-19 infection, and we are working with the FDA in an effort to rapidly advance the RUXCOVID and EAP studies,” said Steven Stein, M.D., Chief Medical Officer, Incyte.Mizuho Securities analyst Mara Goldstein sees potential for...
(Bloomberg) -- U.S. and European equity futures jumped along with Asian stocks after the daily reported death tolls in some of the world’s coronavirus epicenters dropped on Sunday.Contracts on the S&P 500 Index and Euro Stoxx 50 climbed as much as 4%, and Japan’s benchmarks also ended about 4% higher even as that country approaches a potential emergency declaration. Shares in Hong Kong also rose. The yen dropped along with Treasuries as haven demand receded. Crude oil prices retreated -- though pared a decline of as much as 11% -- as uncertainty remains over a proposed supplier meeting.Chinese markets are closed for a holiday Monday. Elsewhere, the pound dipped as U.K. Prime Minister Boris Johnson was admitted to hospital for tests after suffering from the coronavirus for 10 days. Saudi Arabia, Russia and other large oil producers are racing to negotiate a deal to stem the commodity’s historic price crash.In the...
Kraft Heinz’s (KHC) CEO Miguel Patricio has announced that the company has slashed production at three plants providing restaurant supplies, as consumer behavior shifts in response to the coronavirus outbreak. “These facilities have significantly reduced production” he said.“Operations in China are returning to normal now, but… consumers’ behavior has changed, as individuals are using more home deliveries” Patricio told investors.However, there was a positive takeaway from the presentation as well. According to Patricio, KHC has now boosted output at its packaged food units to meet the demand for macaroni and cheese in the US, and canned beans and soups in the UK.Overall, analysts are recommending that investors stay on the sidelines when it comes to KHC stock. According to TipRanks, KHC has a Hold analyst consensus rating with an average analyst price target of $28 (9% upside potential). (See KHC’s stock analysis on TipRanks)On the bullish side, JP Morgan’s Kenneth Goldman recently ‘tactically’ upgraded KHC from hold...
Gilead (GILD) is now working in consultation with regulatory authorities to establish additional expanded access programs for remdesivir, the company’s investigational medicine for Covid-19, says the company CEO Daniel O’Day.According to O’Day, the programs enable hospitals or physicians to apply for emergency use of remdesivir for multiple severely ill patients at a time. In particular, new US sites have been initiated while the European Medicines Agency announced that it has provided EU member states with recommendations on implementing expanded access programs for remdesivir in their countries.In addition to the expanded access programs, Gilead continues to provide remdesivir on an individual compassionate use basis for children and pregnant women. More than 1,700 patients have now been treated through these programs.However as the CEO points out, remdesivir is still an investigational medicine and has not been approved by regulatory authorities anywhere in the world. “The safety and efficacy are not yet known so… multiple...
Many markets have shortened trading hours, and others are mulling whether to follow suit. ** India's market regulator halved position limits for certain stock futures, restricted short-selling of index derivatives and raised margin rates for some shares in a bid to curb "abnormally high" volatility....
Russia's Sokol crude, which yields more middle distillates like jet fuel and gasoil from refining, has slumped to a record spot discount in the Asia market, two trade sources said on Monday, as fuel demand takes a hit from the coronavirus pandemic. Indian oil explorer ONGC Videsh sold one 700,000-barrel cargo of Russian Sokol crude for loading between June 2-8 at a discount of around $8 a barrel to Dubai quotes via a spot tender that was closed and awarded last Friday, likely to a trader, the sources said. In comparison, last month ONGC sold a Sokol crude cargo loading May 22-28 at a spot premium of around $3.20 a barrel to Dubai quotes to a trader, sources told Reuters at the time....
