German wind turbine maker Nordex soars more than 11%
Jens Büttner | picture alliance | Getty Images
Nordex soared to top of the pan-European Stoxx 600 index in morning trade, its shares jumping 11.4% after Bank of America analysts updated the German wind turbine manufacturer to a Buy rating.
BofA analysts set a price target of 54 euros per share, and said Nordex management could raise mid-term margin targets, highlighting solid U.S. orders and a stable supply chain as key positives.
Nordex.
Novartis drops after cholesterol drug fails in late-stage trial
Shares of Novartis dropped as much as 3.6% early Monday after it said an experimental drug failed to reduce the risk of cardiovascular events in a late-stage trial compared to placebo.
While the medicine, pelacarsen, reduced cholesterol levels, it didn’t translate into clinical outcomes, Novartis said after market close on Friday, without specifying the benefit.
“These are not the results we hoped for, but they provide important evidence that advances scientific understanding of the relationship between Lp(a) lowering and cardiovascular outcomes and may help inform future approaches to cardiovascular risk management,” said Chief Medical Officer Shreeram Aradhye in a statement.
The drug is one of several in Novartis’s pipeline as it navigates what CEO Vas Narasimhan has called the steepest patent cliff in the company’s history, with several blockbuster drugs losing patent exclusivity and facing generic competition.
Consensus expected pelacarsen to be in the multi-billion-dollar range, but analysts highlighted cautious investor views ahead of the data readout.
The stakes are raised for Novartis’ upcoming trials, particularly the experimental muscular dystrophy drug del-desiran, which Novartis agreed to buy via its $12 billion acquisition of Avidity last year.
U.S.-listed Ionis Pharmaceuticals, which partners with Novartis on pelacarsen, fell 10% in extended trading while Amgen, which is developing a similar treatment, fell about 5%.
– Elsa Ohlen
South Korea’s Kospi gains 4.6% as Asia-Pacific markets rise
Japan’s Nikkei 225 closed 2.12% higher at 66,399.84, while South Korea’s Kospi rose 4.61% to 6,995.39.
Both indexes were supported by broad gains in tech stocks. Samsung and SK Hynix, which are Kospi heavyweights, rose 5.68% and 8.26%, respectively. Over in Japan, SoftBank advanced 11.22% and Advantest added 4.20%.
Australia’s benchmark S&P/ASX 200 was marginally higher at 9,010.90.
Hong Kong’s Hang Seng index was down 0.85% in the last hour of trade on Monday, while mainland China’s CSI 300 closed 0.59% higher at 4,575.02.
—Justina Lee
European markets start the new trading week lower
Skyline view of the City of London financial district from the viewpoint in Greenwich Park in London, United Kingdom.
Mike Kemp | In Pictures | Getty Images
European markets opened the new trading week in mainly negative territory, with the pan-European Stoxx 600 benchmark down almost 0.1% shortly after 8:10 a.m. in London (3:10 a.m. E.T.)
Most regional sectors were in the red, while major continental bourses were mixed.
Oil and gas stocks led early gains, rising 1.14%, while tech names added 0.55% in early dealmaking, with utilities were up 0.53%. Healthcare stocks led losses, sliding more than 1%, as food and beverage companies fell about 0.8%.
The Italian FTSE MIB rose 0.36% in Milan, while Germany’s DAX dipped below the flatline following a positive start in Frankfurt. In Paris, the French CAC 40 moved almost 0.1% lower, while the U.K.’s FTSE 100 dropped almost 0.2% in London.
German borrowing costs slightly higher after regional victory for far-right AfD
European stocks head for lackluster open
European stocks are heading for a weaker open, according to IG futures data, with markets in the U.K., France, Germany and Italy all set for slight losses.
The regional Stoxx 600 index fell 0.81% last week to kick off September trading — historically a bad month for equities.
— Jenni Reid
Oil prices rise as U.S. signals Iran nuclear deal may remain elusive
Oil prices rose Monday as renewed tensions in the Middle East stoked concerns that the conflict could drag on, threatening energy supplies.
International benchmark Brent crude futures for November delivery was up 0.88% at $97.13 a barrel U.S. West Texas Intermediate crude futures for October delivery rose 0.92% to $92.32 a barrel.
U.S. Energy Secretary Chris Wright on Sunday said the U.S. might not reach a deal to constrain Iran from obtaining a nuclear weapon, as the Washington-Tehran conflict extends into a seventh month.
“There may not be a nuclear agreement. It may be simply destroying their capabilities to do it,” Wright said on ABC News’ “This Week.” “An agreement may await the next administration in Iran. We simply don’t know that.”
Trump has repeatedly said preventing Iran from obtaining a nuclear weapon is a central objective of the U.S. campaign.
—Lee Ying Shan
LG Electronics jumps 8% on subsidiary Bear Robotics reported pre-IPO, humanoid robot push
Shares of LG Electronics jumped more than 8% Monday, as local media outlet Hankyung reported the company was looking at pre-IPO fundraising for its robotics subsidiary Bear Robotics.
LG Electronics reportedly holds a 56.9% stake in U.S.-based Bear Robotics.
Bear Robotics has tapped Bank of America to lead a pre-IPO funding round ahead of a planned Nasdaq listing, Hankyung reported, citing investment banking sources.
The company is reportedly seeking to raise up to 400 billion won ($297 million) at a valuation of around 2 trillion won.
Separately, an LG Electronics executive said the company was in talks with several global tech firms over potential orders for actuators, a key component in humanoid robots.
—Jenny Lee
Mainland China and Hong Kong markets open mixed
Mainland China and Hong Kong shares were mixed, amid broad gains in other Asian markets.
Hong Kong’s Hang Seng index was down 0.15%, while mainland China’s CSI 300 was 0.44% higher.
The declines in Hang Seng were led by academic and educational services and energy, down 1.13% and 0.73%, respectively.
—Justina Lee
Kospi jumps over 3% as Asia-Pacific markets open higher
Asia-Pacific markets traded broadly higher early Monday.
Japan’s Nikkei 225 added nearly 1%, while the Topix rose 0.55%.
The Kospi advanced 3.09% at open, while the small-cap Kosdaq gained 1.33%.
Australia’s benchmark S&P/ASX 200 was flat.
—Justina Lee
Asia-Pacific markets set to open broadly higher
Asia-Pacific markets were set to open broadly higher on Monday.
Japan’s Nikkei 225 was poised to rise, with the Chicago futures contract and its Osaka counterpart last trading at 66,085 and 65,830 each, compared with the index’s previous close of 65,020.94.
Hong Kong Hang Seng index futures were at 25,667, compared with the index’s last close of 25,650.87.
Futures for Australia’s S&P/ASX 200 last traded at 9,002, while the index closed at 9,005.90.
U.S. stock markets will be closed on Monday due to a holiday.
Middle East turmoil persisted, following news that the U.S. struck three Iranian oil tankers after saying warships were targeted with ballistic missiles. U.S. Secretary of Energy Chris Wright said that the Iran nuclear deal may not happen anytime soon.
—Justina Lee
