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The Straits Times Index (STI) fell 2.43% this week, closing at 3,719.93 amid global economic concerns. CapitaLand Investment announced a S$162 million sale of its stapled securities and plans to acquire Wingate Group's investment management business for A$200 million. Jardine Matheson Holdings saw a significant decline of over 7%, while the U.S. markets continued their downward trend despite a late-week rally.
UBS analyst Trung Huynh reports that Novo Nordisk's CagriSema Phase 3 obesity data fell short of expectations, achieving a 20.4% average weight loss compared to the anticipated 25%. This outcome is seen as favorable for Eli Lilly and Amgen, reinforcing tirzepatide's leading position in the market. The analysis suggests that CagriSema's efficacy aligns more closely with MariTide, which may present gastrointestinal issues and a less appealing monthly titration regimen.
UBS analyst Trung Huynh reports that Novo Nordisk's CagriSema Phase 3 obesity data fell short of expectations, achieving a 20.4% average weight loss compared to the anticipated 25%. This outcome is seen as favorable for Eli Lilly and Amgen, reinforcing tirzepatide's leading position and suggesting CagriSema's efficacy aligns more closely with MariTide, which may have gastrointestinal side effects.
U.S. stocks rebounded on Friday, with the S&P 500 and Dow Jones Industrial Average both rising 1.4%, as better-than-expected inflation data eased concerns over interest rate cuts. Despite this, the market remains cautious amid political uncertainty and potential global trade challenges. Notable declines included U.S. Steel, down 4.9%, and Novo Nordisk, which fell 17% after disappointing news on a weight-loss treatment.
US stocks rebounded on Friday, with the Nasdaq Composite rising 1%, the Dow Jones Industrial Average up 1.2%, and the S&P 500 increasing by 1.1%, following favorable inflation data for November. However, all three major indices finished the week lower, with the Nasdaq down 1.8% and both the Dow and S&P shedding around 2%. Concerns over a potential government shutdown and tariff threats from Trump added pressure to global markets, while Novo Nordisk's shares plummeted nearly 20% after disappointing trial results for its obesity drug.
The Swiss stock exchange closed lower, with the SMI down 0.26% at 11,384.92 points, marking a 3% loss over the week and reducing year-to-date gains to just 2%. Investor uncertainty stems from the Federal Reserve's cautious approach to interest rate cuts and concerns over a potential U.S. government shutdown. Notable declines were seen in UBS, Partners Group, and various insurance companies, while Idorsia plummeted 50.35% due to delays in drug negotiations.
The Dow Jones Industrial Average surged nearly 400 points, reversing a 10-day losing streak, as investors reacted positively to a lower-than-expected inflation report, despite looming government shutdown concerns. Nvidia's stock attempted a recovery, while shares of Trump Media and Technology fell sharply after the president-elect moved shares to a revocable trust. FedEx initially soared over 20% on earnings but later declined, while Carnival's stock rose 3% following better-than-expected quarterly results.
US stocks rebounded on Friday as inflation data indicated a slowdown in price increases for November, with the Dow Jones up 0.8%, S&P 500 rising 0.7%, and Nasdaq gaining 0.6%. The core Personal Consumption Expenditures index showed monthly deceleration, although inflation remains above the Fed's 2% target. Concerns over a potential government shutdown and tariff threats from Trump weighed on global markets, while Novo Nordisk's shares plummeted 20% following disappointing trial results for its obesity drug.
Novo Nordisk experienced a significant drop in stock value, plummeting over 22% after clinical trial results for its weight-loss drug Cagrisema fell short of expectations, with participants losing an average of 22.7% of their weight compared to the anticipated 25%. Despite a 21% rise in net profit in the previous quarter and strong sales for its other products, the company faces increasing competition and production capacity challenges. The World Obesity Federation forecasts a growing market for weight-loss treatments, highlighting the potential for future growth amid rising obesity rates globally.
Novo Nordisk's shares plummeted over 21% following disappointing results from the Phase 3 trial of its obesity drug CagriSema, which achieved a 22.7% average weight reduction, falling short of the expected 25%. Analysts have reacted with downgrades, citing safety concerns and underperformance compared to competitors. Despite achieving primary study objectives, the market's response reflects significant investor disappointment.
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