Shares in New York were up in afternoon trade amid a rethink on the outlook for future rate moves. $A leaps, bitcoin surges.
Traders are now betting that the Fed will lift its key rate just once more or not at all this year — a staggering pivot from last week.Pfizer is purchasing cancer-drug maker Seagen for an enterprise value of $US43 billion, using the biggest deal of the year to set its course out of the pandemic and back into mainstream pharma.
Pfizer will pay $US229 a share in cash for Bothell, Washington-based Seagen, according to a statement Monday, about a third more than the drugmaker’s closing share price Friday. It expects the deal to close late this year or early 2024.: “We forecast core CPI to come in at 0.38 per centM in February following a 0.41 per centM print in January. This holds our year-over-year rate at 5.5 per cent. We see food prices rising by 0.43 per centM in February, with energy up 0.
“Underlying our forecast, we see core goods prices increasing 0.23 per cent in February, vs 0.07 per centM in January, driven by a reaccelerating in new and used car prices. We also see core services prices easing to 0.44 per centM in February, with shelter coming down slightly to 0.67 per centM: “The February CPI report will likely contain bad news for the Fed in terms of inflation, with core CPI inflation accelerating to 0.5 per cent m/m from 0.4 per cent in January.
Svetlana Kabanova, who ran operations for Trafigura’s metals trading unit, is leaving the company, Bloomberg reported. Instead of separate heads of energy and metals, Trafigura will now have a single global head of operations, one of the people said. The restructuring had long been planned but it has recently been accelerated, the person said.
Volkswagen has chosen Canada to build its first battery plant outside Europe in a bid to fast-track an expansion in the key US market.The site, in St. Thomas, Ontario, is slated to start production in 2027, Europe’s biggest carmaker said Monday. The decision to locate the facility in Canada, amid rich incentives offered in the US as part of the Inflation Reduction Act, will help VW get access to key raw materials and clean energy, according to the company.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX LIVE: ASX falls, US regulators to protect all depositors in failed Silicon Valley BankAustralian shares are down 0.6pc; New York state regulators close Signature Bank; US futures rally on Fed statement; Aussie bond yields sink; Fletcher Building served with class action; Xero ‘no material exposure’ to SVB. Follow updates here.
Read more »
New York’s largest office-to-condo conversion opens on Wall StreetAn upmarket Wall Street apartment complex is the latest commercial buildings to be repurposed in New York, where the housing shortage has worsened, while office-occupancy rates are languishing.
Read more »
ASX to fall as collapse of Silicon Valley Bank hangs over marketsShares are set to open lower, following Wall Street’s retreat after Silicon Valley Bank failed. US February CPI, labour force data top weekly agenda.
Read more »
Live: ASX set for bumpy start after Silicon Valley Bank collapseThe Australian share market is set for a bumpy start amid the fallout from the collapse of startup-focused lender Silicon Valley Bank (SVB), the biggest US bank failure since the 2008 financial crisis.
Read more »
ASX down 0.6 per cent as banks, tech stocks sinkAustralia’s most valuable banking, tech and consumer stocks dragged the local sharemarket 0.6 per cent lower in the first hours of Monday’s trading as investors digested the implications of Silicon Valley Bank’s collapse.
Read more »
The ASX company helping to solve electric car ‘range anxiety’Carbon Revolution’s CEO says the lightweight wheels the company makes can extend the range of an EV by as much as 10 per cent before the vehicle needs a recharge.
Read more »