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☆ 'People are stupid': Strategist sees big downside as stocks ignore global crises — and names what to own
▼ + stars: | 2023-08-21 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Despite ongoing economic crises around the world, global stock markets have remained resilient so far this year. David Roche, president and global strategist at Independent Strategy , said equity markets were still relatively buoyant "because people are stupid" and overly complacent. They are related," Roche told CNBC's "Squawk Box Europe" on Thursday. The strategist suggested owning 30-year U.S. Treasurys , which were trading with a yield of 4.35% Friday. Earlier this month, billionaire investor Bill Ackman said he was betting against 30-year U.S. Treasurys in "a world with persistent 3% inflation."

Persons: David Roche, Roche, CNBC's, Vladimir Putin's, " Roche, I'm, Bill Ackman Organizations: Independent, Equity, JPMorgan, America, Pershing, Capital Management Locations: China, Russia, Beijing, Wall Street, China's, Moscow, Russian, West

☆ Global stock markets have been buoyed by 'stupid' people ignoring China and Russia risks, veteran investor says
▼ + stars: | 2023-08-21 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

The veteran investor highlighted key economic threats to global equities including high interest rates and China's slowdown. The Independent Strategy president highlighted key risks to global output, including a slowdown in China, Russia's sanction-hit economy, and high inflation across the West. They are related," Roche said during a recent interview on CNBC's "Squawk Box Europe." On China, Roche stressed risks related to the country's floundering property sector. "Much longer higher interest rates means that they actually have to squeeze profit margins in order to get inflation figures to come down," he said.

Persons: Stocks, David Roche, Roche Organizations: Service, Global, Independent, ., Equity, Federal Reserve, Federal, Fed, America Locations: Wall, Silicon, China, Beijing

☆ China's economy is flailing. Here's how its problems could spill into global markets.
▼ + stars: | 2023-08-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

China's economy is facing headwinds ranging from an unstable property market to weak consumer demand. Experts told Insider that a worsening scenario in China bodes poorly for global markets and other economies like the US. "As its economy continues facing downward pressures, its growth momentum might slow down further, in turn exacerbating the already significant pressures that the global economy is facing." One way this is already being felt is in the softening of Chinese demand, which has led to a sharp drop in trade. And as the housing crisis deepens, it will become harder to China to right the ship, creating a lasting drag on future global growth.

Persons: Janet Yellen, Joe Biden, Xi Jinping, Evergrande, Alfredo Montufar, Helu, Keith Hartley, Hartley, Noah Sheidlower, Dexter Roberts, David Roche, they're, Roche Organizations: Service, Privacy, China, Country Garden Holdings, China Center, Conference Board, Federal Reserve, Atlantic Council, Housing, Independent, CNBC Locations: China, Wall, Silicon, U.S

☆ Here's more evidence that it's really hard to make money picking stocks
▼ + stars: | 2023-08-18 | by ( Bob Pisani | ) www.cnbc.com time to read: +9 min

And only a handful of stocks have accounted for the bulk of wealth creation in the stock market in the last 30 years. The good news: U.S. companies are far and away the biggest drivers of stock wealth creation in the last 30 years. Stock market wealth is highly concentrated How can this be? Just five stocks accounted for 10% of global net stock market wealth creation over 31 years. The reason, as this paper demonstrates, is that stock returns are not normally distributed over time.

Persons: Hendrik Bessembinder, Johnson, Roche, Kwiechow, Tencent, Tesla, Nicholas Colas, Larry Swedroe, Swedroe, Colas Organizations: Global, CFA, Treasury, Microsoft, Apple, Walmart, Facebook, Samsung, Johnson, Taiwan Semiconductor, Nestle, U.S, DataTrek Research, Strategic, New York Stock Exchange Locations: United States, U.S, China

☆ CNBC Daily Open: Stocks are under pressure from Treasury yields
▼ + stars: | 2023-08-18 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work the floor of the New York Stock Exchange on July 25, 2023, in New York City. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The pan-European Stoxx 600 index retreated 0.9%, weighed down by industrials and technology stocks. Chinese countermeasuresSeparately, China's Ministry of Commerce said it might respond to the Biden administration's executive order restricting U.S. investment in sensitive Chinese technology. [PRO] Surprise social stock pickEvercore ISI's Mark Mahaney is famous for his analysis of technology stocks.

Persons: David Roche, it's, Roche, Shu Jueting, Bitcoin, Sylvia Jablonski, Mark Mahaney Organizations: New York Stock Exchange, CNBC, Treasury, China's Ministry of Commerce, Biden Locations: New York City, Norway's, Defiance

☆ Independent Strategy: It's going to be very hard to get U.S. inflation rates down to 2%
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndependent Strategy: It's going to be very hard to get U.S. inflation rates down to 2%David Roche, president and global strategist at Independent Strategy, discusses the latest Fed minutes, and why more rate hikes are inevitable.

Persons: David Roche Organizations: Independent

☆ China's economic model is 'washed up on the beach' and it's not going to bounce back, veteran investor says
▼ + stars: | 2023-08-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Veteran investor David Roche told CNBC that China's economic model is "washed up on the beach." He doesn't anticipate it to bounce back as it deals with deflation, slowing growth, and other economic snags. He noted that China's economy has a "huge number of legacy holes in it." Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The troubled property market helps explain China's weak second-quarter GDP, which came in below expectations at 6.3%.

Persons: David Roche, it's, " Roche, CNBC's, they're, Roche Organizations: CNBC, Service, Independent, National Bureau of Statistics, People's Bank of, Country Garden Holdings Locations: Wall, Silicon, China, People's Bank of China

☆ China's economic model is 'washed up on the beach,' says veteran investor David Roche
▼ + stars: | 2023-08-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

China's economic model is "washed up on the beach" and "not going to take off again," which will have a big impact on global markets, says veteran investor David Roche. Despite a remarkable rally in stock markets so far this year, concerns have been growing over the potential ripple effect of a prolonged slowdown in China. China has experienced meteoric growth that outpaced developed countries over the past two decades, overtaking Japan as the world's second-largest economy. However, many economists now see a longer structural downward trend amid diminishing contributions from property and manufacturing — the traditional pillars of China's rapid economic expansion. "The Chinese model is clearly washed up on the beach with a huge number of legacy holes in it, and it's not going to take off again," Roche said.

Persons: David Roche, Roche, CNBC's, it's, " Roche Organizations: People's Bank of, Communist Party, World Bank, Independent, Embassy Locations: Beijing, China, People's Bank of China, Japan, London

☆ US FDA approves Pfizer's blood cancer therapy
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Johanna Geron/File PhotoAug 14 (Reuters) - The U.S. Food and Drug Administration on Monday granted accelerated approval to Pfizer's (PFE.N) therapy for treating patients with a type of blood cancer that is difficult to treat, the company said. Multiple myeloma is a common type of blood cancer, which develops in the bone marrow and can spread throughout the body. The FDA approval is based on data from a mid-stage study that showed that 58% of patients treated with Pfizer's therapy had no signs of cancer or had seen a significant decrease in cancer cells in the body. Pfizer said it will continue testing the therapy in ongoing late-stage trials to expand its use in earlier lines of treatment for patients. The therapy's approval comes with a boxed warning for neurologic toxicity and cytokine release syndrome, a condition where the immune system reacts more aggressively.

Persons: Johanna Geron, Epkinly, Johnson, Pfizer's, Bhanvi Satija, Leroy Leo, Pratik, Shounak Dasgupta Organizations: Pfizer, REUTERS, U.S . Food, Drug Administration, FDA, Thomson Locations: Puurs, Belgium, U.S, Bengaluru

☆ Insight: What happens when a $2 million gene therapy is not enough
▼ + stars: | 2023-08-12 | by ( Deena Beasley | ) www.reuters.com time to read: +13 min

Their experience raises broader questions around other high-cost gene therapies coming to market, sometimes after accelerated regulatory approvals, drug pricing experts said. Gene therapies work by replacing genes – the body's blueprint for its development. The gene Zolgensma delivers instructs the body to make a protein vital for muscle control. If gene therapies do fall short, it becomes harder to justify prices that researchers have argued are already poor value. More recently, the first hemophilia gene therapy approved by the U.S. Food and Drug Administration was priced by CSL Behring at $3.5 million; 26 more gene therapies are in late-stage development, according to IQVIA.

Persons: Elizabeth Kutschke, Ben, Zolgensma, Ben Kutschke, neurologists, Sitra Tauscher, Wisniewski, Ben's, Roger Hajjar, Brigham Gene, Kutschke, Vasant Narasimhan, Stacie Dusetzina, Roche's, Biogen, Roche, Maha Radhakrishnan, Steven Pearson, It's, Sree Chaguturu, Amanda Cook, Weston, Jackson, Cook, Elizabeth, Jerry Mendell, Russell Butterfield, –, Biogen's, Mendell, UMR, Spinraza, Eric Cox, Caroline Humer, Sara Ledwith Organizations: Reuters, U.S, Novartis, IQVIA Institute, Human Data, Novartis Gene Therapies, Mass, Cell Therapy, U.S . Food, Drug Administration, CSL Behring, CSL, Nashville's Vanderbilt University School of Medicine, Clinical, Economic, CVS Health, Aetna, SMA, Nationwide Children's Hospital, University of Utah Health, Children's, UnitedHealth, Thomson Locations: Oak Park, Berwyn , Illinois, Swiss, U.S, Lebanon , Virginia, United States, Columbus , Ohio, Russia, Kazakhstan, Chicago

☆ Regeneron expects FDA decision on higher-dose Eylea this year
▼ + stars: | 2023-08-03 | by ( Khushi Mandowara | ) www.reuters.com time to read: +2 min

The Regeneron Pharmaceuticals company logo is seen on a building at the company's Westchester campus in Tarrytown, New York, U.S. September 17, 2020. REUTERS/Brendan McDermid/File PhotoAug 3 (Reuters) - Regeneron Pharmaceuticals (REGN.O) expects a U.S. decision on a higher-dose version of its blockbuster eye disease drug Eylea in the third quarter, much earlier than market expectations, sending its shares up 5% on Thursday. The U.S. Food and Drug Administration declined to approve the higher-dose version in June following an inspection at third-party manufacturer Catalent (CTLT.N). Regeneron said it has been submitting manufacturing data required by the FDA on a rolling basis, and expects to finish the submissions by mid-August. Regeneron said the higher-dose Eylea was manufactured on the same line as pozelimab, its experimental drug being reviewed to treat a rare blood disease.

Persons: Brendan McDermid, Regeneron, Wells, Mohit Bansal, Bayer, Sanofi, Khushi, Sriraj Organizations: Regeneron Pharmaceuticals, REUTERS, U.S . Food, Drug Administration, FDA, Thomson Locations: Westchester, Tarrytown , New York, U.S, Eylea, Bengaluru

☆ Europe markets open lower as investors digest earnings and U.S. rating downgrade
▼ + stars: | 2023-08-02 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

A subsidiary of Swiss drugmaker Roche, Genentech, accused a Novartis unit, Sandoz, of infringing one of its patents, according to a complaint filed in a New Jersey court Monday. The patent covers the drug Esbriet, which is used as a treatment for certain types of lung disease. Genentech said in the complaint that Sandoz's breach of the patent was "knowing, reckless, and willful" and had resulted in "significant damage " to its company. Roche has previously attempted to sue Sandoz over the same drug, but the lawsuit was thrown out in March 2022 after a U.S. judge found that parts of the Genentech patents were invalid. Shares in both Roche and Novartis were down 1.4% in the first hour of trading.

Persons: Swiss drugmaker Roche, Genentech, Roche, Sandoz, — Hannah Ward, Glenton Organizations: Swiss, Novartis Locations: New Jersey, U.S, Roche

☆ Focus: Drugmakers go under the skin, skirting early US Medicare price negotiations
▼ + stars: | 2023-07-28 | by ( Michael Erman | ) www.reuters.com time to read: +5 min

Each year, Medicare will add more drugs to the list, the names of which have not yet been disclosed. Faspro, launched in 2020, already accounts for more than 80% of Darzalex revenue, which is due to rise to $9.5 billion this year. Merck previously told Reuters it expects this version of Keytruda could replace the more time consuming infusion for most patients. Keytruda revenue is expected to top $24 billion this year and could exceed $30 billion as soon as 2026, according to analyst estimates. The company has said its expects revenue from subcutaneous drugs containing hyaluronidase to drive its growth going forward.

Persons: Srdjan, Johnson, drugmakers, Bristol Myers, Roche, Biden’s, Michael DiFiore, DiFiore, Joseph Wolk, Faspro, Halozyme, Helen Torley, hyaluronidase, Michael Erman, Patrick Wingrove, Caroline Humer, Bill Berkrot Organizations: U.S, REUTERS, Wall Street, Merck & Co, Halozyme Therapeutics, Reuters, Bristol, Bristol Myers Squibb, Medicare, U.S . Centers, Medicaid Services, J, Reuters Graphics Merck, Merck, Thomson Locations: Ljubljana, Darzalex, Diego

☆ The U.S.' Inflation Reduction Act risks hampering innovation, says Roche CEO
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe U.S.' Inflation Reduction Act risks hampering innovation, says Roche CEORoche CEO Thomas Schinecker warns that sections of the U.S. Inflation Reduction Act could stifle the development of new medicines.

Persons: Roche, Thomas Schinecker Organizations: U.S

☆ Biogen to cut 1,000 jobs to save costs as Alzheimer's drug launch gathers pace
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

Investors have pinned their hopes on Leqembi as sales of multiple sclerosis drug Tecfidera take a hit from cheaper generic rivals while spinal muscular atrophy drug Spinraza faces rival treatments by Novartis (NOVN.S) and Roche (ROG.S). "Biogen's business is in transition," said CEO Christopher Viehbacher, who was hired in November to help power up growth and put behind a series of setbacks for older Alzheimer's drug Aduhelm. Multiple sclerosis treatments Avonex and Vumerity, as well as SMA therapy Spinraza, beat analyst estimates, while Tecfidera missed expectation as it faced generic rivals. "We see no unexpected surprises in Q2 results, allowing investors to focus on Alzheimer's," said Wells Fargo analyst Mohit Bansal. Reporting by Manas Mishra and Mariam Sunny in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Roche, Christopher Viehbacher, Tecfidera, Wells, Mohit Bansal, Manas Mishra, Mariam Sunny, Sriraj Organizations: Biogen, Novartis, Thomson Locations: Massachusetts, Bengaluru

July 25 (Reuters) - Further deterioration in demand for glyphosate-based weed killers led Bayer (BAYGn.DE) to cut its full-year earnings outlook and announce a 2.5 billion euro ($2.8 billion) write-down on glyphosate-related assets. That was lower than a previous 2023 outlook of 12.5 billion euros, or slightly higher. Free cash flow would come in at zero, down from a previous prediction of 3 billion euros, the company said. "Based on the anticipated market development, in particular with respect to the glyphosate business, Bayer also expects to record a goodwill impairment of approximately 2.5 billion euros," it said. That would result in a second-quarter net loss of 2 billion euros.

Persons: Bayer, Bill Anderson, Roche, Markus Manns, Anderson, Hurricane Ida, Werner Baumann, Thomas Escritt, Ludwig Burger, Jonathan Oatis, Susan Fenton, Kirsten Donovan Organizations: Union Investment, Barclays, FMC, BASF, Bayer, Thomson

☆ 'Good value, low risk, high quality': BofA names top Europe stocks to beat a recession
▼ + stars: | 2023-07-25 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Bank of America has named multiple European "top stocks" it says are of "good value, low risk" and "high quality." All of them turned up on "recession screens" for July, in a market BofA described as a being in a recession style cycle. The euro zone entered recession in the first quarter of the year, according to economic data released last month. Energy companies the bank named include Shell , German company EON and Italian firm Enel . During recession cycles, investors have benefited from being overweight on value stocks rather than growth stocks, as well as on stocks with strong balance sheets and lower risk, BofA added, citing research based on a testing period between 1992 and 2003.

Persons: EON, Reckitt, BofA, — CNBC's Michael Bloom Organizations: of America, Roche, Novartis, Sanofi, GSK, Volvo, Benz, Ferrari . Energy, Shell, Unilever, Lysol, Hikma Pharmaceuticals, Auto Locations: Howden

BERLIN, July 24 (Reuters) - Weak demand for glyphosate-based weed killers led Bayer (BAYGn.DE) to cut its full-year earnings outlook for the second time and announce a 2.5 billion euro ($2.8 billion) write-down on glyphosate-related assets. That was lower than a previous 2023 outlook of 12.5 billion euros, or slightly higher. Free cash flow would come in at zero, down from a previous prediction of 3 billion euros, the company said. "Based on the anticipated market development, in particular with respect to the glyphosate business, Bayer also expects to record a goodwill impairment of approximately 2.5 billion euros," it said. That would result in a second-quarter net loss of 2 billion euros.

Persons: Bayer, Hurricane Ida, Bill Anderson, Roche, Werner Baumann, Thomas Escritt, Ludwig Burger, Jonathan Oatis, Susan Fenton Organizations: Bayer, FMC, BASF, Thomson Locations: BERLIN

☆ Ukraine seeks to lure global firms from Moscow as Danone and Carlsberg assets seized
▼ + stars: | 2023-07-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Alexander Demianchuk | RussiaUkraine is urging global companies to divest from Russia and relocate to its war-stricken neighbor, as Moscow continues to seize the assets of foreign companies. Sergiy Tsivkach is the CEO of UkraineInvest, a government agency tasked with attracting foreign direct investment to Ukraine and promoting the country as a secure long-term investment option for international business. "It is important to show that the aggressor cannot receive any investments or any operations from international companies." 28, 2022 that it would seek a full disposal of its business in Russia, and signed an agreement on Jun. 'Your war investment could be wiped out'Ukraine's allies pledged nearly $60 billion toward the country's recovery and reconstruction at the Ukraine Recovery Conference in London in June.

Persons: Alexander Demianchuk, Vladimir Putin, Danone, Tsivkach, Carlsberg, UkraineInvest, David Roche Organizations: Carlsberg, CNBC, videolink, Yale School of Management, Danone, Baltika Breweries, Danone Russia, Russian Federal Agency, Rosimushchestvo, Mar, Initiative, Conference, Independent, NATO Locations: Carlsberg, St . Petersburg, Russia, Russia Ukraine, Moscow, Russian, Ukraine, Uniper, Kyiv, London

☆ Novartis buyback offers partial cure for M&A risk
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 18 (Reuters Breakingviews) - Novartis’s (NOVN.S) bumper buyback will offer a little relief to investors. Many had been waiting to see what the $225 billion Swiss pharma giant would do with an extra $20 billion burning a hole in its pocket after Roche(ROG.S) bought back its stake in 2021. It needs new drugs to replenish its pipeline and boost an ailing share price, which has still not recovered since the pandemic. But on Tuesday, CEO Vasant Narasimhan said he will launch a $15 billion buyback programme. The Swiss drugmaker’s $15.4 billion of net debt is less than 1 times its forecast 2023 EBITDA, according to Refinitiv.

Persons: Roche, Vasant Narasimhan, can’t, Aimee Donnellan, Xavier Niel’s, Neil Unmack, Streisand Neto Organizations: Reuters, Swiss pharma, Alcon, Madrigal Pharmaceuticals, Novartis, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: Swiss

☆ Novartis stock jumps after drugmaker raises full-year guidance, launches $15 billion buyback
▼ + stars: | 2023-07-18 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Novartis shares jumped on Tuesday after the Swiss drugmaker raised its full-year guidance on strong drug sales and announced a $15 billion share buyback. Novartis expects sales to rise by a high-single-digit percentage in 2023, an increase from a previous expectation of mid-single-digit growth. Novartis reported total revenue of $13.62 billion for the quarter, up around 7% from $12.78 billion the same period a year ago. The company's innovative medicines business, which develops patented medicines, raked in sales of $11.24 billion for the quarter. The company's generic medicines division, Sandoz, posted sales of $2.38 billion, up 5% from a year ago.

Persons: Sandoz, Roche Organizations: Novartis, Refinitiv, Sandoz Locations: Swiss, U.S

☆ Roivant in talks to sell bowel disease drug to Roche in over $7 bln deal - WSJ
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Biotech company Roivant Sciences (ROIV.O) is nearing a deal to sell an experimental drug to treat inflammatory bowel diseases including ulcerative colitis and Crohn's disease to Roche (ROG.S) in a deal that could be valued at more than $7 billion, the Wall Street Journal reported on Thursday. The sale of the drug could be announced in the coming days, the report said, citing people familiar with the matter. Roivant's experimental drug, RVT-3101, is under clinical trials for the treatment of moderate-to-severe ulcerative colitis, a long-term condition where the colon and rectum become inflamed, as well as a type of inflammatory bowel disease known as Crohn's disease. Roivant declined to comment, whereas Roche did not immediately respond to a Reuters request for comment. Reporting by Shivani Tanna and Sriparna Roy in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Roche, Roivant, Shivani Tanna, Sriparna Roy, Shailesh Organizations: - Biotech, Roivant Sciences, Wall Street, Thomson Locations: Bengaluru

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Persons: Dow Jones Organizations: roche

☆ David Roche says he doesn't think the global economy is heading for a recession
▼ + stars: | 2023-07-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDavid Roche says he doesn't think the global economy is heading for a recessionDavid Roche, president of Independent Strategy, shares his predictions for central banks' monetary policy and its implications for the global economy. He also weighs in on the outlook for the war in Ukraine.

Persons: David Roche Organizations: Independent Locations: Ukraine

☆ Strategist David Roche says we'll avoid a global recession, central banks will 'change the goalposts'
▼ + stars: | 2023-07-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The global economy will likely avoid a recession and central banks will need to "change the goalposts" on inflation, according to veteran strategist David Roche. With high inflation proving sticky across many major economies, central banks have tightened monetary policy aggressively over the past 18 months. Further hikes to interest rates are expected later this year amid tight labor markets and resilient economic activity. "Will that produce deflation, will that produce recession? The year-over-year inflation rate dropped from 4% in May to 3% in June, largely due to falling energy and transportation prices, while core inflation — which excludes volatile food and energy costs — slowed to increase by just 0.2% month-on-month.

Persons: David Roche, It's, Roche Organizations: U.S . Federal Locations: Ukraine

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