OPEC+ Boosts Oil Price After Maintaining 0.4M bpd Supply Increase
(OPEC) OPEC+ members have agreed to stick with a scheduled 400,000 barrel-a-day supply hike for November. The news pushed West Texas Intermediate crude up by about 2.4% to $77.68 a…
BoE’s Reserve Balances Hit a Record Following Asset Purchase Program
(BoE) The Bank of England boosted the reserve balances on the balance sheet to a record of almost 900 billion pounds following the asset purchase program launched in March 2019…
Hopson Development Considering a Majority $5.14B Stake in Evergrande
(Global Times) Hopson Development Holdings Co. is seeking to acquire up to 51% of China’s Evergrande group’s property management unit. The deal is valued at about 40 billion HKD or…
BioNTech Announces Breakthrough in mRNA Cancer Vaccine in Phase 2 Study
(BioNTech) BioNTech SE has treated the first colorectal cancer patient using the individualized vaccine BNT122 in a phase 2 trial. BioNTech has already initiated trials in the US, Spain, Germany,…
Consumer Sentiment Edges 3.6% Higher in September but Cautious Optimism Reigns
(University of Michigan) US Consumer Sentiment Index in late September was 72.8, a 3.6% increase from August. On a year-over-year basis, the consumer sentiment was still down 9.5%. The Current…
US Manufacturing PMI Hits a 5-Month Low of 60.7 in September
(IHS Markit) US posted a manufacturing PMI of 60.7 in September, a five-month low, and below 61.1 in August as material and labor shortages constrained activity. Fig: US Manufacturing PMI…
Federal Legalization of Marijuana Moves Closer as Key Bill Gets Committee Approval
(MarijuanaMoment) The House Judiciary Committee has cleared the Marijuana Opportunity, Reinvestment, and Expungement Act, paving the way for national cannabis legalization. The bill, which was passed along party lines, received…
US Personal Incomes Jumps by 0.2% in August on Higher Compensation
(BEA) Personal incomes in the US increased by $35.5 billion or 0.2% in August, reflecting rising staff compensation and social benefits by the government. Disposable personal income rose by 0.1%,…
Merck and Ridgeback Antiviral Drug Outscores Placebo in Covid Treatment Outcomes
(Merck) Merck and Ridgeback Biotherapeutics oral antiviral drug candidate Molnupiravir reduced the risk of Covid-19 hospitalizations or death by about 50% compared to a placebo. An interim Phase 3 study…
Fed’s Powell Does Not Intend to Ban Crypto but Wants Stablecoins Regulated
(CoinDesk) The US Federal Reserve Chair Jerome Powell said on Thursday that there was no intention to ban or limit cryptocurrencies. The Federal chair said that stablecoins were similar to…
Euro Area Annual Inflation Hits a 13-Year High of 3.4% in September
(Eurostat) Annual inflation in the euro area is projected to have jumped by 3.4% in September, up from 3.0% in August. Inflation is the highest since September 2008, driven by…
UK Manufacturing Points to a Softer Expansion in Sept. on Supply and Labor Issues
(IHS Markit) UK’s manufacturing PMI eased to an expansion of 57.1 in September, lower than 60.3 posted in August. Fig: UK Manufacturing PMI The slowdowns in UK manufacturing were fueled…
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