UBS anticipates that Air France-KLM will be impacted by higher airline taxes, affecting nearly 80% of its network, which accounts for 46% of the group's overall operations. While it is uncertain how the airline will adjust its capacity, increased taxation may lead to reduced air traffic demand in France, potentially prompting a shift to its Amsterdam hub or smaller aircraft on certain routes. The broker maintains a Buy rating with a price target of €12.75.
14:30 14.10.2024
The DAX is nearing record highs as the ECB meeting and US earnings season approach. Key events include the ZEW index release, with expectations of an increase, and potential ECB rate cuts. US retail sales and unemployment claims will also be closely monitored, alongside significant data from China and major US bank earnings reports.
IG
14:18 14.10.2024
The FDA has temporarily halted a lawsuit regarding the removal of Eli Lilly’s Zepbound and Mounjaro from its shortage list, agreeing to reassess the situation amid strong demand for GLP-1 medications. Compounded versions of tirzepatide can continue to be sold while negotiations with the Outsourcing Facilities Association proceed. The FDA previously declared that manufacturing capacity now meets national demand, but the OFA argues this decision violated federal law by not following proper procedures.
Danish drugmaker Lundbeck has agreed to acquire Longboard Pharmaceuticals for $2.6 billion, paying $60 per share, a 54% premium. The deal aims to enhance Lundbeck's portfolio with bexicaserin, a potential treatment for developmental and epileptic encephalopathies, which could generate annual sales of $1.5 billion to $2 billion. The acquisition is expected to close by year-end, positioning Lundbeck for growth as it faces patent expirations on key products.
UBS is facing opposition from tax activists regarding its dealings with US pension funds, as it seeks an extension of a prohibited transaction exemption. Concerns have been raised about the bank's history of criminal behavior, with UBS having paid around $20 billion in penalties for nearly 100 offenses since 2000. Following its acquisition of Credit Suisse, UBS also inherited ongoing legal issues, including a conviction related to organizational deficiencies at Credit Suisse.
14:07 14.10.2024
GSK announced positive results from two Phase 3 trials of its antibody drug depemokimab for chronic rhinosinusitis with nasal polyps (CRSwNP), showing significant suppression of nasal polyp growth and improved nasal obstruction compared to placebo. The drug, which targets IL-5, is also being studied for asthma and other inflammatory diseases, with potential peak annual sales exceeding £3 billion if approved. Detailed trial results will be presented at an upcoming scientific congress.
US equities are poised for further gains, with the S&P 500 recently reaching its 45th all-time high this year, driven by healthy profit growth. Despite expected volatility during the earnings season, a solid economic backdrop and a favorable outlook for corporate profits, particularly in AI, support a positive market sentiment. The S&P 500 earnings per share growth is projected at 5-7% for the September quarter, with a full-year forecast of 11%, as the Federal Reserve's rate-cutting cycle is expected to bolster economic activity.
13:59 14.10.2024
Franchising in France has seen significant growth, with 92,132 outlets generating €88.49 billion in sales and creating nearly 1 million jobs. Franchisees operate independently while benefiting from established brands and support, with average earnings around €35,325 annually. Profitable sectors include healthcare, corporate services, and real estate, offering lucrative opportunities for self-employed individuals.
The FDA has approved Pfizer's Hympavzi for treating hemophilia A and B in patients aged 12 and older without inhibitors. This weekly injection reduces the activity of tissue factor pathway inhibitor, enhancing blood clotting. Hympavzi offers a new treatment option alongside gene therapies and other factor replacement drugs, showing superior results in lowering bleeding rates.
Lumen Vietnam Fund maintains a positive outlook for the Vietnamese stock market through late 2024 and into 2025, driven by global monetary easing and optimistic domestic economic forecasts. The Vietnamese government’s regulatory reforms and proactive measures are expected to enhance investor confidence and corporate earnings, while the fund continues to focus on a diversified portfolio across key sectors. In September, the fund recorded a 1.58% return, aligning closely with the VN-Index's performance.
13:13 14.10.2024
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