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☆ Lilly to cut insulin prices by 70%, cap prices at $35 per month for people with private insurance
▼ + stars: | 2023-03-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The Inflation Reduction Act capped insulin prices for Medicare beneficiaries at $35 per month but did not protect people with private insurance or who don't have coverage from higher prices. In President Joe Biden's State of the Union speech, he called on Congress to cap insulin prices at $35 a month for everyone. Lilly said it will cap out-of-pocket costs at $35 per month effectively immediately at certain retail pharmacies for people with private insurance. One in five people with diabetes who have private insurance pay more than $35 per month for insulin, according to the Kaiser Family Foundation. Democrats in Congress had pushed to cap insulin at $35 per month last summer for people with private insurance, but Senate Republicans killed the measure.

☆ FDA advisors recommend Pfizer RSV vaccine for older adults, despite possible Guillain-Barre risks
▼ + stars: | 2023-02-28 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

The vote followed concerns at the FDA and among advisory committee members about two cases of Guillain-Barre syndrome among about 20,000 vaccine recipients. The FDA has asked Pfizer to conduct a safety study on Guillain-Barre syndrome, which the company has agreed to do. There currently is no approved RSV vaccine for the elderly. Pfizer's vaccine contains both strains of RSV, which circulate at the same time during fall and winter. Dr. David Kaslow, a senior official in the FDA's vaccine division, said safety monitoring will be "critically important" if Pfizer's RSV vaccine is approved.

☆ Democratic attorneys general sue FDA to drop all remaining restrictions on abortion pill
▼ + stars: | 2023-02-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

A coalition of a dozen Democratic attorneys general sued the Food and Drug Administration on Friday to force the agency to drop all remaining restrictions on the abortion pill, the latest case in an escalating series of legal battles over access to the medication. The attorneys general asked a federal court in the eastern district of Washington to declare that the abortion pill, mifepristone, is safe and effective and that all remaining restrictions on the medication are unconstitutional. The attorneys general of Arizona, Colorado, Connecticut, Delaware, Illinois, Michigan, Nevada, New Mexico, Rhode Island and Vermont were also part of the suit. The attorneys general also asked the court to prevent the FDA from taking any action that would remove mifepristone from the market or reduce its availability. The FDA approved mifepristone in 2000, but imposed restrictions on how the medication is dispensed.

☆ More volatility, possible correction ahead for global stock markets: Reuters poll
▼ + stars: | 2023-02-23 | by ( Hari Kishan | ) www.reuters.com time to read: +5 min

SummarySummary Companies poll datahttp://tmsnrt.rs/2nHJiJ9https://tmsnrt.rs/3EwxtMLhttps://tmsnrt.rs/3EwgwloBENGALURU, Feb 23 (Reuters) - Volatility in global stock markets is not yet over, as more investors reckon interest rates will likely stay higher for longer, according to a Reuters poll of equity analysts, a slight majority of whom expected a correction within three months. "Valuations are stretched across equity markets after the rally year-to-date. The Feb. 10-22 Reuters poll of more than 150 strategists, analysts and fund managers covering 17 global stock indices, found 56% were expecting a correction in their local market in the next three months. Latam stock markets will have a relatively better year with Mexican stocks expected to advance 6.7% to 57,500 points and Brazil's Bovespa stock index predicted to gain 14.5% to 125,000 points by year-end. (Other stories from the Reuters Q1 global stock markets poll package:)Reporting by Hari Kishan and Sarupya Ganguly; Additional reporting and polling by correspondents in Bengaluru, Buenos Aires, London, Mexico City, Milan, New York, San Francisco, Sao Paulo, Tokyo and Toronto; Editing by Ross Finley and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ POLL Global stocks to correct in short term as inflation weighs
▼ + stars: | 2023-02-23 | by ( Hari Kishan | ) www.reuters.com time to read: +4 min

Summary poll datahttp://tmsnrt.rs/2nHJiJ9BENGALURU, Feb 23 (Reuters) - Global stock markets are expected to correct in the next three months as investors digest the fact that interest rates are likely to stay higher for longer, according to a Reuters poll of equity analysts. The poll showed a majority would fall short, or just about recoup their 2022 losses by the end of the year. Stocks have rallied about 20% in recent months and some strategists say that the market has gone too far. "Valuations are stretched across equity markets after the rally year-to-date. A stronger 70% majority of analysts, 57 of 82, expected value stocks to outperform growth stocks this year.

☆ Medicare rejects Alzheimer's Association request for unrestricted coverage of treatments like Leqembi
▼ + stars: | 2023-02-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

The Alzheimer's drug LEQEMBI is seen in this undated handout image obtained by Reuters on January 20, 2023. Due to the drug's high price and Medicare's coverage restrictions, seniors are unable to access the treatment. The letter the Alzheimer's Association sent to CMS in December calling for unrestricted coverage was signed by more than 200 researchers and experts. CMS said it would provide broader coverage of Leqembi on the same day should the FDA fully approve the treatment. Medicare adopted the coverage restrictions after controversy over the Alzheimer's antibody treatment Aduhelm, which was also developed by Eisai and Biogen.

☆ Rate jitters extend February flop for stocks
▼ + stars: | 2023-02-22 | by ( Naomi Rovnick | ) www.reuters.com time to read: +4 min

[1/3] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 16, 2023. "The economic data has been much more resilient than we all thought (it would be) and we have to accept that." "A bear market rally driven by expectations that inflation would drop and interest rates would peak out may be over," said Trevor Greetham, head of multi-asset at Royal London Asset Management. "The big call this year will still be (a) recession," he added, as "interest rates go higher," in a move that would eventually spark "an earnings driven bear market (that) hasn't started yet." New Zealand's central bank also raised interest rates by 50 bps on Wednesday to a more than 14-year high of 4.75%, flagging more monetary tightening to come.

☆ West Virginia asks judge to dismiss lawsuit seeking to overturn state restrictions on abortion pill
▼ + stars: | 2023-02-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

West Virginia's attorney general is urging a judge to dismiss a lawsuit seeking to overturn the state's restrictions on the abortion pill. GenBioPro sued West Virginia in January, arguing that the Food and Drug Administration's powers to approve and regulate medications pre-empt the state's restrictions on the abortion pill. GenBioPro has asked the court to declare unconstitutional West Virginia's law that bans abortion with a few exceptions. West Virginia does not allow patients to obtain a prescription for mifepristone through telemedicine appointments. "West Virginia retains the police power to regulate how drugs may be prescribed and dispensed by medical professionals," Morrisey argued.

☆ Hackers claim to have caused Russian websites broadcasting Vladimir Putin's annual address to go offline
▼ + stars: | 2023-02-21 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +2 min

Online broadcasts of Vladimir Putin's annual speech were interrupted on Tuesday. A pro-Ukraine hacking group has claimed responsibility for a DDoS cyberattack. Russia's state-run RIA Novosti news agency, meanwhile, said disruptions to the broadcast were the result of a Distributed Denial of Service (DDoS) attack. Though it is not clear who or what was behind the outages, at least one pro-Ukraine hacking group has claimed responsibility. Newsweek reported that another hacking group claiming to work on behalf of Russian opposition activist Alexey Navalny also claimed responsibility, saying it caused the disruption along with "other hackers."

U.S. and European equity markets were mixed to lower, with the euro and pound lower against the dollar. The broad pan-European STOXX 600 index (.STOXX) was up 0.04% and MSCI's gauge of global stock performance (.MIWD00000PUS) shed 0.12%. "What's been really important is that the market sees a lower likelihood of rate cuts by the end of the year." Asian stocks stabilized overnight after they, like most global share markets, suffered steep losses following that U.S jobs data. "Sentiment in markets is dominated by central banks and the repricing of rates yet again," Kerry Craig, JPMorgan Asset Management's global market strategist, said.

☆ Sell-off fizzles out ahead of Fed, ECB and BoE speeches
▼ + stars: | 2023-02-07 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

[1/2] The Federal Reserve building is seen in Washington, U.S., January 26, 2022. Then comes Federal Reserve Chairman Jerome Powell at the Economic Club of Washington during U.S. trading plus U.S. President Joe Biden's State of the Union address. DEADLY QUAKEAmong the main commodities, oil jumped for a second straight session driven by optimism about recovering demand in China, and after Monday's devastating earthquake in Turkey had shut down one of the region's major oil export terminals. "Equities have had a strong run since the start of the year so seeing an air pocket emerge now is no major surprise." Additional reporting by Scoot Murdoch in Sydney; Editing by Simon Cameron-Moore and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ How bespoke dress shoes are made by hand and why they can cost £5,000
▼ + stars: | 2023-02-06 | by ( Clancy Morgan | ) www.businessinsider.com time to read: +1 min

Bespoke shoes are designed to perfectly fit your feet. A handmade pair can take months to make and can cost over £5,000. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyHandmade bespoke dress shoes take months to make. One pair can cost over £5,000. So, why would someone buy bespoke dress shoes?

☆ A heart-shaped pendant linked to Henry VIII was dug up on an English farm, pointing to a more romantic side to the Tudor king
▼ + stars: | 2023-02-01 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +4 min

An amateur metal detectorist found a gold necklace linked to Henry VIII and his first wife. The locket is engraved with "H" and "K", the initials of the Tudor king and Katherine of Aragon. The heart-shaped locket is engraved with "H" and "K", the initials of the Tudor king and his first wife Katherine of Aragon. It is not known if the pendant belonged to Henry VIII, Katherine, or a courtier. Henry VIII is famous for his six marriages.

Sakamoto Kurozu, Inc. is a kurozu maker in the town of Fukuyama in Japan's Kagoshima Prefecture. It follows a 200-year-old method to ferment and age the black vinegar in 52,000 clay pots. It takes one year until the vinegar is ready, but the best batches take three to five years. It takes at least a year until it’s complete, with some of the best batches aging from three to five years. Sakamoto Kurozu, Inc. is one of eight vinegar makers that haven’t changed the process.

[1/4] Portraits of Nobel Peace Prize laureates, including of Henry Kissinger, are seen in the meeting room where the Norwegian Nobel Committee holds its meetings at the Norwegian Nobel Institute in Oslo, Norway, January 3, 2023. Nominations to the Peace Prize remain secret for 50 years. Le Duc Tho refused the Peace Prize on the grounds peace had not yet been established. Two out of the five members of the Norwegian Nobel Committee - all now dead - resigned in protest. "The prize was given to Kissinger for having gotten the U.S. out of Vietnam ... without any peaceful solution in South Vietnam," he said.

☆ Japan Nov household spending unexpectedly falls 1.2% year/year
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Jan 10 (Reuters) - Japanese household spending fell 1.2% in November from a year earlier, government data showed on Tuesday, versus a median market forecast for a 0.5% gain. On a seasonally-adjusted month-on-month basis, household spending decreased 0.9% in November, compared with an estimated 0.5% decline. To view the data on the website of the Ministry of Internal Affairs and Communications, click here: http://www.stat.go.jp/english/data/kakei/index.htmReporting by Kantaro Komiya; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's real wages fall at fastest pace in over 8 years in November, weighed by inflation
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +3 min

TOKYO, Jan 6 (Reuters) - Japan's real wages fell at their fastest rate - 3.8% - in over eight years in November as a result of higher inflation, while nominal pay growth slowed despite rising for the 11th straight month, official data showed on Friday. Inflation-adjusted real wages, a key indicator of consumer purchasing power, dropped 3.8% in November from a year earlier, according to the labour ministry. It was the fastest pace of decline since a 4.1% drop in May 2014 and followed a revised 2.9% fall in October. Moreover, real wages were in negative territory for the eighth month in a row due to higher inflation. The consumer price index the ministry uses to calculate real wages, which includes fresh foods but not owners' equivalent rent, rose 4.5% in November from a year earlier, the quickest pace of increase since June 1981.

The additional demand for liquefied natural gas (LNG) and tighter supplies of piped gas placed enormous strain on the global market, spurring an energy crisis that pushed gas prices to historic highs. Newcastle coal futures have soared almost 140% in 2022, the biggest jump since 2008. U.S. gas futures jumped by more than 20% and Dutch wholesale gas prices rose by almost 8%, both rising for a third consecutive year. Power-generation fuels - coal, natural gas and gasoil - outperform other energy products in 2022 following cut in Russian energy supplies to EuropeBecause Europe will continue to import LNG to rebuild gas inventories next year after winter, gas prices are expected to remain elevated as limited new supplies come onstream. However, a European cap on gas prices starting in February could keep a lid on the market and reduce the volatility seen this year.

☆ How 2022 shocked, rocked and rolled global markets
▼ + stars: | 2022-12-30 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

The main drivers have been the war in Ukraine, combined with rampant inflation as global economies broke out of the pandemic, but China remained shackled by it. U.S. Treasuries and German bonds, the benchmarks of global borrowing markets and traditional go-to assets in troubled times, lost 17% and 25% respectively in dollar terms. Ten-year Treasury yields jumped to 1.8% from less than 1.5%, knocking 5% off MSCI's world stocks index (.MIWD00000PUS) in January alone. The Fed has delivered an eye-watering 400bps of rate hikes and the European Central Bank, a record 250bps, despite saying this time last year it was unlikely to budge. "What has gone in global markets this year has been traumatic," said EFG Bank Chief Economist and ex-Deputy Governor of Ireland's central bank, Stefan Gerlach.

Industrial metals, iron ore and rubber are on track to finish in negative territory, pushed down in 2022 by China's strict zero-COVID policy and fears of a world recession. The additional demand for liquefied natural gas (LNG) amid tighter supplies of piped gas placed enormous strain on the global market, spurring an energy crisis that pushed gas prices to historic highs. U.S. gas futures and Dutch wholesale gas prices have jumped by more than 20%, rising for a third consecutive year. Power-generation fuels - coal, natural gas and gasoil - outperform other energy products in 2022 following cut in Russian energy supplies to EuropeBecause Europe will continue importing LNG to rebuild gas inventories next year after winter, gas prices are expected to remain elevated amid limited new supplies coming on-stream. However, a European cap on gas prices starting in February could help keep a lid on the market and reduce the volatility seen this year.

☆ Japan's jobless rate falls to 2.5% in Nov
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Dec 27 (Reuters) - Japan's jobless rate fell to 2.5% in November, while the availability of jobs stayed at its highest level since March 2020, government data showed on Tuesday. The seasonally adjusted unemployment rate matched economists' median forecast in a Reuters poll and was down from 2.6% in October. The jobs-to-applicants ratio stood at 1.35, labour ministry data showed, unchanged from October. For a table on the jobless data, go to the internal affairs ministry's website: http://www.stat.go.jp/english/data/roudou/index.htm(Note: The jobs-to-applicants ratio and new job offers can be seen in Japanese on the labour ministry's website)Reporting by Kentaro Sugiyama, writing by Kaori Kaneko Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St posts fourth straight drop, Treasury yields rise as recession fears weigh
▼ + stars: | 2022-12-19 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. "(Investors are) worried about recession and higher rates and there’s not a lot of news to reverse the trend." Emerging market stocks rose 0.02%. U.S. Treasury yields rose as investors considered how high the Federal Reserve will hike interest rates in its protracted battle against inflation. Gold inched lower in thin trading, as rising yields on expected future interest rate hikes helped offset weakness in the greenback.

☆ Wall Street slides, Treasury yields rise on lingering recession fears
▼ + stars: | 2022-12-19 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 0.24% lower, while Japan's Nikkei (.N225) lost 1.05%. U.S. Treasury yields rose as investors considered how high the Federal Reserve will hike interest rates and how long they will remain at restrictive levels in its battle against inflation. U.S. crude rose 1.21% to settle at $75.19 per barrel, while Brent settled at $79.80, up 0.96% on the day. Gold inched lower in thin trading, as rising yields on expected future interest rate hikes helped offset weakness in the greenback.

☆ Wall Street mixed, Treasury yields rise as 2023 worries loom
▼ + stars: | 2022-12-19 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

With just two weeks remaining in 2022, the S&P 500, the Dow and the Nasdaq are on track to notch their largest annual percentage losses since 2008, the nadir of the global financial crisis. The pan-European STOXX 600 index (.STOXX) rose 0.43% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.23%. U.S. Treasury yields rose as investors considered how high the Federal Reserve will hike interest rates and how long they will remain at restrictive levels in its battle against inflation. U.S. crude rose 0.48% to $74.65 per barrel and Brent was last at $79.57, up 0.67% on the day. Reporting by Stephen Culp; Additional reporting by Danilo Masoni in Milan; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks steady, yields rise as rate risks cloud 2023 outlook
▼ + stars: | 2022-12-19 | by ( Danilo Masoni | ) www.reuters.com time to read: +5 min

By 1152 GMT, the index was broadly unchanged after a heavy week for rate increases on Friday sent it to its lowest point since Nov. 10. Long-term borrowing costs rose for a fourth straight session and short-dated yields remained not far off their highest levels in more than a decade. It wreaked havoc even on rate markets," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. Ten-year Treasury yields rose 4 basis points (bps) to 3.522%. Gold inched 0.1% higher at $1,764 an ounce, as a softer dollar countered pressure from expectations of higher U.S. rates.

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