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Gilead Gains; Drug Gets Human Trial in China for Coronavirus

(Bloomberg) — Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.China has kick-started a clinical trial to speedily test a drug for the novel coronavirus infection as the nation rushes therapies for those afflicted and scours for vaccines to protect the rest.Remdesivir, a new antiviral drug by Gilead Sciences Inc. aimed at infectious diseases such Ebola and SARS, will be tested by a medical team from Beijing-based China-Japan Friendship Hospital for efficacy in treating the deadly new strain of coronavirus, a hospital spokeswoman told Bloomberg News Monday.Trial for the drug will be …read more […]

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Check Point Software Q4 profit tops estimates, revenue up

Network security provider Check Point Software Technologies reported quarterly net profit that beat expectations, boosted by higher security subscriptions and products to guard against cyber threats in the cloud. Israel-based Check Point said on Monday it earned $2.02 per diluted share excluding one-time items in the fourth quarter, up from $1.68 a year earlier. Check Point said it bought back 2.9 million shares in the quarter worth $325 million as part of its share repurchase programme and announced a $2 billion extension to the programme with authorisation to buy back up to $325 million each quarter. …read more […]

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Iran oil minister says China's virus impacted oil demand

Iranian Oil Minister Bijan Zanganeh said on Monday that the spread of China’s new coronavirus had hit oil demand and called for an effort to stabilise oil prices, Iran’s official news agency IRNA reported. The minister also said Iran would agree to an earlier OPEC meeting if the rest of the group’s members agreed to oil production cuts. OPEC and its allies, a group know as OPEC+, are considering meeting in February instead of March. …read more […]

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U.K., EU to Set Out Red Lines for Deal

Feb.03 — The U.K. has left the EU, but the Brexit battle is far from over. In a speech later today, U.K. Prime Minister Boris Johnson is going to threaten to walk away from EU talks instead of accepting demands from Brussels to sign up to the bloc’s single-market regulations and the rulings of its court. Bloomberg’s Maria Tadeo reports on “Bloomberg Markets: European Open.” …read more […]

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Hospital Built in 10 Days Ready to Admit Its First Coronavirus Patients

A new hospital built in the epicenter of a dangerous coronavirus outbreak is ready to admit patients. The facility will alleviate pressure on Wuhan’s medical system, which has been strained by the dramatic increase in the number of cases. Photo: str/Agence France-Presse/Getty Images …read more […]

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BTIG: New Data Could Propel These 3 Biotech Stocks Higher in 2020

For those who like patterns, biotech names’ growth stories tend to look remarkably similar. These stocks are less reliant on earnings reports and more on a few select markers which can decide what direction they will take in the near-term. A favorable outcome from a regulatory committee or promising data from a clinical trial can send the stock soaring. Conversely, rejection or disappointing readouts can send the company’s share price tumbling down. While they present possible mercurial upside, these tickers aren’t for the faint of heart because although the patterns usually play out, the direction they might take is very …read more […]

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Fatalities Top 360 as China Returns From Holiday: Virus Update

(Bloomberg) — China tried to come to grips with the expanding coronavirus outbreak, with the death toll climbing as residents returned from the Lunar New Year holidays.Chinese stocks plunged the most since 2015 and commodity markets collapsed as trading resumed from the break. U.S. equity futures rose as China’s government took steps to cushion the financial blow.Global efforts to contain the virus escalated as the Philippines reported the first death outside of China and the U.S. confirmed more infections. Airlines in Asia, Europe and the Middle East stopped service to the mainland, while the U.S. began limiting the entry of …read more […]

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China commodities nosedive as coronavirus raise consumption fears

Chinese commodities markets slumped on the first trading day after an extended Lunar New Year break, with several futures contracts hitting downside limits on fears the spread of a new virus will hit demand in the world’s top commodities consumer. The most-active copper contract on the Shanghai Futures Exchange, iron ore on the Dalian Commodity Exchange and crude oil on the International Energy Exchange all fell by the maximum daily limit at the open, with copper down 7% and crude oil and iron ore down 8%. The losses in China followed declines in global markets since Jan. 24 …read more […]