Latest news with #LONDON
Yahoo
12 hours ago
- Business
- Yahoo
Morning Bid: Dollar rejuvenated
By Mike Dolan LONDON (Reuters) - What matters in U.S. and global markets today By Mike Dolan, Editor-At-Large, Finance and Markets The dollar is on course for its best week of the year, as unfolding U.S. trade deals are succeeding in raising tariffs without attracting much retaliation or causing major economic damage so far. A weekend agreement by the European Union to accept a 15% U.S. tariff hike, with promises of hefty spending on U.S. energy and arms to boot, saw the dollar notch its best day since May against the euro. Sustained dollar gains are a mixed blessing for Wall Street stocks and for President Donald Trump's administration, as it sees dollar depreciation as an integral part of tackling trade deficits and boosting competitiveness. I'll review today's market news and then look at whether the dollar's considerable tariff risk premium may be dissipating as trade deals get done. * The dollar rebound comes as the Federal Reserve starts its two-day policy meeting, though with no change in rates expected this week as eyes drift to its September gathering instead. A big week for labor market data kicks off with the release of U.S. June job openings, and then we'll see June goods trade, which will figure into the week's second-quarter U.S. GDP report. * In the thick of the corporate earnings season - with four big tech megacaps reporting this week and the likes of UPS, Merck and Boeing out later today - Wall Street indexes eked out new records on Monday. U.S. futures were positive again ahead of Tuesday's bell, with European and Chinese stocks rebounding too and only Japan bucking the trend. * Treasury markets were steady after hefty debt auctions on Monday. The Treasury announced plans to borrow $1.007 trillion in the third quarter, largely in line with forecasts though likely frontloaded with bill sales. Details of the quarterly refunding will be released on Wednesday. Along with the Fed meeting, bonds kept a close eye on higher crude oil prices after Trump set a new deadline of "10 or 12 days" for Russia to make progress toward ending the war in Ukraine or face more sanctions on both Moscow and buyers of its oil exports. Today's Market Minute * U.S. and Chinese trade negotiators met for a second day of talks in Stockholm to defuse the bilateral trade war between the world's two biggest economies. The meetings are expected to agree another 90-day extension of a tariff truce struck in mid-May. * South Korea's Finance Minister Koo Yun-cheol said he would seek a mutually beneficial trade deal when he meets U.S. Treasury Secretary Scott Bessent for talks this week. * U.S. President Donald Trump unexpectedly shortened his deadline for hitting Russia with the most severe sanctions on its oil exports to date. While the market has called the president's bluff thus far, the sheer scale of the threat may force investors to start pricing in this meaningful tail risk, writes ROI energy columnist Ron Bousso. * The earnings season is ramping up, and investors are once again focusing on whether companies will beat or miss expectations. However, Panmure Liberum investment strategist Joachim Klement claims the major driver of share prices can be found in the bond market. Chart of the day Dollar selling has abated in recent weeks, but the weekend U.S.-EU trade deal has catapulted it higher across the board as investors start to remove a tariff risk premium dogging the currency all year. The dollar's DXY index surged more than 1% on Monday, its biggest one day gain in more than two months, and has added to that on Tuesday. After just two days, it's on course for its best week of the year. Today's events to watch * U.S. June goods trade balance (8:30ED AM T), June retail/wholesale inventories (8:30 AM EDT) May house prices (9:00 AM EDT), July consumer confidence (10:00 AM EDT) June JOLTS job openings data (3:00 PM EDT) Dallas Federal Reserve July service sector survey (3:30 PM EDT) * International Monetary Fund releases its update World Economic Outlook (9:00 AM EDT) * U.S. and Chinese negotiators meet for a second day in Stockholm * Federal Reserve's Federal Open Market Committee starts its two-day meeting on interest rates, decision Wednesday * U.S. corporate earnings: UPS, Merck, Boeing, PayPal, Starbucks, Visa, Corning, UnitedHealth, Procter & Gamble, Stanley Black & Decker, Sysco, Incyte, Norfolk Southern, Booking, Ecolab, Carrier, PPG, Regency Centers, Caesars, Royal Caribbean, American Tower, CBRE, Teradyne, Mondelez, BXP, Seagate, DTE * U.S. Treasury sells $44 billion of 7-year notes, $30 billion of 2-year floating rate notes Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (by Mike Dolan; editing by Sharon Singleton) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 hours ago
- Business
- Yahoo
Morning Bid: Dollar rejuvenated
By Mike Dolan LONDON (Reuters) - What matters in U.S. and global markets today By Mike Dolan, Editor-At-Large, Finance and Markets The dollar is on course for its best week of the year, as unfolding U.S. trade deals are succeeding in raising tariffs without attracting much retaliation or causing major economic damage so far. A weekend agreement by the European Union to accept a 15% U.S. tariff hike, with promises of hefty spending on U.S. energy and arms to boot, saw the dollar notch its best day since May against the euro. Sustained dollar gains are a mixed blessing for Wall Street stocks and for President Donald Trump's administration, as it sees dollar depreciation as an integral part of tackling trade deficits and boosting competitiveness. I'll review today's market news and then look at whether the dollar's considerable tariff risk premium may be dissipating as trade deals get done. * The dollar rebound comes as the Federal Reserve starts its two-day policy meeting, though with no change in rates expected this week as eyes drift to its September gathering instead. A big week for labor market data kicks off with the release of U.S. June job openings, and then we'll see June goods trade, which will figure into the week's second-quarter U.S. GDP report. * In the thick of the corporate earnings season - with four big tech megacaps reporting this week and the likes of UPS, Merck and Boeing out later today - Wall Street indexes eked out new records on Monday. U.S. futures were positive again ahead of Tuesday's bell, with European and Chinese stocks rebounding too and only Japan bucking the trend. * Treasury markets were steady after hefty debt auctions on Monday. The Treasury announced plans to borrow $1.007 trillion in the third quarter, largely in line with forecasts though likely frontloaded with bill sales. Details of the quarterly refunding will be released on Wednesday. Along with the Fed meeting, bonds kept a close eye on higher crude oil prices after Trump set a new deadline of "10 or 12 days" for Russia to make progress toward ending the war in Ukraine or face more sanctions on both Moscow and buyers of its oil exports. Today's Market Minute * U.S. and Chinese trade negotiators met for a second day of talks in Stockholm to defuse the bilateral trade war between the world's two biggest economies. The meetings are expected to agree another 90-day extension of a tariff truce struck in mid-May. * South Korea's Finance Minister Koo Yun-cheol said he would seek a mutually beneficial trade deal when he meets U.S. Treasury Secretary Scott Bessent for talks this week. * U.S. President Donald Trump unexpectedly shortened his deadline for hitting Russia with the most severe sanctions on its oil exports to date. While the market has called the president's bluff thus far, the sheer scale of the threat may force investors to start pricing in this meaningful tail risk, writes ROI energy columnist Ron Bousso. * The earnings season is ramping up, and investors are once again focusing on whether companies will beat or miss expectations. However, Panmure Liberum investment strategist Joachim Klement claims the major driver of share prices can be found in the bond market. Chart of the day Dollar selling has abated in recent weeks, but the weekend U.S.-EU trade deal has catapulted it higher across the board as investors start to remove a tariff risk premium dogging the currency all year. The dollar's DXY index surged more than 1% on Monday, its biggest one day gain in more than two months, and has added to that on Tuesday. After just two days, it's on course for its best week of the year. Today's events to watch * U.S. June goods trade balance (8:30ED AM T), June retail/wholesale inventories (8:30 AM EDT) May house prices (9:00 AM EDT), July consumer confidence (10:00 AM EDT) June JOLTS job openings data (3:00 PM EDT) Dallas Federal Reserve July service sector survey (3:30 PM EDT) * International Monetary Fund releases its update World Economic Outlook (9:00 AM EDT) * U.S. and Chinese negotiators meet for a second day in Stockholm * Federal Reserve's Federal Open Market Committee starts its two-day meeting on interest rates, decision Wednesday * U.S. corporate earnings: UPS, Merck, Boeing, PayPal, Starbucks, Visa, Corning, UnitedHealth, Procter & Gamble, Stanley Black & Decker, Sysco, Incyte, Norfolk Southern, Booking, Ecolab, Carrier, PPG, Regency Centers, Caesars, Royal Caribbean, American Tower, CBRE, Teradyne, Mondelez, BXP, Seagate, DTE * U.S. Treasury sells $44 billion of 7-year notes, $30 billion of 2-year floating rate notes Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (by Mike Dolan; editing by Sharon Singleton) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
17 hours ago
- Business
- Reuters
Dollar shedding its tariff risk premium
LONDON, July 29 (Reuters) - The dollar's surge since the U.S.-European Union trade deal seems a little counterintuitive at first glance, but the rally suggests the greenback may be shedding its elevated trade risk premium - whether Washington wants that or not. The weekend's U.S.-EU agreement averted a likely protracted trade war by halving threatened U.S. import tariffs on European goods in return for market access and investment commitments. It mirrored a similar deal made with Japan last week, though it covers four times as much U.S. trade. But, curiously, news of the Japan deal last Tuesday pushed the yen higher, initially at least. There was no such boon for the euro on Monday - as it tumbled over 1% through the day against a resurgent dollar. Some people pointed to disquiet within Europe about whether the bloc rolled over too easily, only to end up with tariffs some 14 percentage points higher than they were at the start of the year anyway. Others focused on the impact of likely exaggerated European investment and spending pledges. But something else seemed to be stirring in a broader worldwide dollar rally that went way beyond the euro, a possible unwinding of the risk premium that had been built into the currency since April to account for Washington's seemingly chaotic tariff swipes and possible reactions. With EU, Japan and UK deals in the bag and intense talks under way with China, Canada and Mexico, Washington has essentially defused tensions surrounding the looming August 1 trade deal deadline. And the agreements completed now cover a combined 60% of all U.S. trade. The China standoff will likely rumble on but negotiations are under way in Stockholm and standing pacts will likely be extended, with Beijing's hand weakened by trade deals elsewhere. What's more, the Trump administration appears to have successfully managed all this with a minimum of retaliation and limited economic damage to date. The effective U.S. tariff rate is set to end somewhere between 15% and 20%. That may be a possible drag on growth at home and abroad, but tariff income is flattering U.S. government revenues at a relatively low cost. Any U.S. consumer inflation fallout coming down the pike will keep the Federal Reserve cautious for longer about interest rate cuts - but that too may be a lift for the dollar if it's more responsive to the rates picture again. "In terms of domestic political dynamics, Donald Trump is winning the trade war," AXA Group Chief Economist Gilles Moec wrote on Monday. Assuming this is the beginning of the end of the year's big tariff shock, businesses and markets may finally have some degree of certainty about the months ahead and allow a lot of paused planning and activity to resume - even if at measurably higher costs. Fading recession risks further on that, the dollar should again start to revert to more normal behavior tracking relative interest rates and economic signals rather than Truth Social posts. Uncertainty is always hard to quantify, but there are a few ways investors have been capturing it. A closely followed trade component of the Economic Policy Uncertainty Index series - the Baker-Bloom-Davis model - skyrocketed to unprecedented levels in April. But it has since subsided to its lowest point since January and is less than a quarter of April's peak. U.S. stocks have clearly bounced back from the April shock, hitting record highs once again, as recession signs have failed to appear and the artificial intelligence theme has charged forward. Treasury yields, however, do remain elevated by the debt-raising fiscal bill and stubborn Fed stance. But volatility gauges for both equities (.VIX), opens new tab and Treasuries (.MOVE), opens new tab are back near their respective lows for the year. And the dollar, the one clear loser all year, is clawing back ground. Crucially, its recent separation from transatlantic yield trends is slowly being re-established. After April 2, the 2-year yield gap boomed about 40 basis points wider in favor of U.S. Treasuries and remains more than 20 bp wider since that day. But rather than follow that gap in lockstep as usual, the dollar went the other way and lost over 6% - a critical reflection of a building risk premium amid foreign investor concern, hedging and capital switching. Selling has petered out in recent weeks, and Monday's 1% dollar index surge was another indication of a more positive bias that could persist with the big yield premium so large. Whether a recovering dollar is what Trump actually wants is a different question. The running assumption all year has been that Trump favored a weaker dollar as a way of narrowing U.S. deficits and boosting exports, and Trump addressed the issue on Friday. "It doesn't sound good, but you make a hell of a lot more money with a weaker dollar - not a weak dollar but a weaker dollar - than you do with a strong dollar," he said. If the dollar now shows signs of bouncing back sharply, political pressure on the Fed to counter it with much lower interest rates will remain intense. The opinions expressed here are those of the author, a columnist for Reuters -- Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. Follow ROI on LinkedIn. Plus, sign up for my weekday newsletter, Morning Bid U.S.
Yahoo
17 hours ago
- Business
- Yahoo
ViroCell Biologics and AvenCell Therapeutics Announce Retroviral Vector Manufacturing Collaboration to Accelerate Development of Novel Allogeneic CAR-T Therapies for Blood Cancers
AvenCell selected ViroCell for retroviral vector CDMO services to drive its pipeline of innovative allogeneic CAR T-cell therapies, based on ViroCell's deep expertise and track record. LONDON & NEW YORK, July 29, 2025--(BUSINESS WIRE)--ViroCell Biologics ("ViroCell"), a specialist viral vector Contract Development and Manufacturing Organisation ("CDMO") for cell and gene therapy (CGT) clinical trials, announces a manufacturing collaboration with and the successful delivery of a novel retroviral vector to AvenCell Therapeutics, Inc. ("AvenCell"), a leading clinical-stage cell therapy company focused on advancing allogeneic switchable CAR-T cell therapies. This first retroviral vector will be used to manufacture AVC-203, an investigational CD19/CD20 dual-targeted cell therapy for the treatment of B cell malignancies and autoimmune diseases. AvenCell's AV203 is its second investigational cell therapy using its differentiated allogeneic engineering to provide an "off-the-shelf" product engineered to overcome graft-versus-host disease as well as graft rejection by host T and Natural Killer ("NK") cells. AVC-203 is designed to achieve superior efficacy compared to currently-approved CAR-Ts while enabling immediate treatment and greater patient access at much lower cost and complexity. The further inclusion of AvenCell's RevCAR™ receptor in AVC203 allows for additional antigen targeting (with "off/on" capability in vivo) beyond CD19 and CD20. AvenCell selected ViroCell as its partner to manufacture the retroviral vector for this program based on the CDMO's expertise and track record in delivering high yield vectors at speed. Incorporating a cell line acquired by AvenCell into the GMP manufacturing process, ViroCell successfully delivered a high yield vector while meeting AvenCell's accelerated timeline. This program evidences ViroCell's ability to deliver a bespoke, complex manufacturing process in the allogeneic CAR-T cell therapy space, ultimately, enabling AvenCell's timelines for clinical entry. AvenCell's AVC-203 is expected to enter a first-in-human phase I study in patients with relapsed/refractory B cell lymphoma in H2/2025. John W. Hadden II, CEO of ViroCell, commented: "We are thrilled to partner with AvenCell and support their innovative allogeneic CAR-T therapy platform. I am proud of Team ViroCell's accomplishments on the successful end-to-end delivery of this retroviral vector and accelerating a novel therapy into clinical development in an area of high unmet need. We look forward to continuing our work with AvenCell on their exciting platform." Andrew Schiermeier, Ph.D., CEO, AvenCell, added: "We are delighted with ViroCell's performance in process development and GMP manufacture of this complex retroviral vector. We selected ViroCell to support our platform because we knew that they could execute reliably in areas where other CDMOs can't. The delivery of this retroviral vector for AVC-203 is proof that our trust in ViroCell was well placed." Notes to editor: ViroCell ViroCell Biologics is an innovation-driven Contract Development and Manufacturing Organization ("CDMO") focused exclusively on the design, de-risking, and GMP manufacture of viral vectors for clinical trials. Built around one of the most prolific academic viral vector manufacturing teams, ViroCell was created to address the global demand for precisely engineered viral vectors. The team leverages its deep track record to help clients to de-risk and accelerate novel cell and gene therapies into and through clinical development, with a mission of being the partner of choice for corporate and academic innovators. Focused initially on manufacturing lentiviral and retroviral vectors, ViroCell enables clients to start clinical trials on a scalable platform, delivering value by reducing costs, time and regulatory risk. AvenCell Therapeutics AvenCell derives its name from the French word "avenir" to reflect the aim to be the FUTURE of cell therapy. AvenCell is building a truly transformative cell therapy company that targets difficult-to-treat cancers, with its lead programs focusing on acute myeloid leukemia (AML) and additional programs targeting other hematological malignancies. AvenCell was formed with the goal to create truly allogeneic cells that persist as long or longer than autologous therapies and develop a universal and switchable construct that allows complete control and target redirection of T cells after they are infused into a patient. Integration of these two platforms allows for complete separation of the manufacturing of cells from ultimate patient and cancer target, thus providing significant scalability potential at orders of magnitude more efficient than current approaches. AvenCell Therapeutics, Inc. was launched in 2021 by Blackstone Life Sciences, Cellex Cell Professionals, and Intellia Therapeutics. AvenCell is headquartered in Watertown, Massachusetts with additional R&D and manufacturing operations in Dresden, Germany. View source version on Contacts For more information, please contact: ViroCell John W. Hadden II, CEOinfo@ For media enquiries, please contact: ViroCell – FTI Consulting Simon Conway / Tim StamperViroCell@ +44 (0)20 3727 1000 AvenCell – H Advisors Emma +1 (917) 763-6685 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Malay Mail
17 hours ago
- Sport
- Malay Mail
Ugarte backs Amorim to revive Man United after dismal 15th-place finish
LONDON, July 29 — Finishing 15th in the Premier League was nowhere near good enough for Manchester United last season but the players still have faith in manager Ruben Amorim, midfielder Manuel Ugarte said. Amorim took charge of United in November last year but guided them to just seven wins in 27 league matches and their worst-ever finish in the Premier League. They also failed to qualify for the Champions League as they lost the Europa League final 1-0 to Tottenham Hotspur. 'We have to improve things,' Ugarte told British media. 'We are all very motivated, because we believe in the coach, we believe in what he wants and that is very important,' added the Uruguayan, who also played under Amorim at Sporting. 'Last year we made some changes, we changed our coach, we changed our formation. 'You have to have responsibilities when you play for United. Sometimes the connections take time to get to know each other. I already know the league, the rivals, which is important.' United will play two pre-season matches in the U.S., taking on Bournemouth in Chicago on Wednesday and facing Everton in Atlanta on Sunday, before returning home to face Fiorentina at Old Trafford on August 9. They begin the new Premier League season against Arsenal on August 17. — Reuters
