Stocks drop as Treasury bond yields push higher.
By Coral Murphy Marcos
Mainz Biomed Rally Continues, Stock Up 22%
Shares of Mainz Biomed B.V. (MYNZ) are gaining over 22% on Tuesday morning, as the molecular genetics diagnostic company continues its rally.
MYNZ is currently trading at $25.47, up $4.60 or 22.02%, on the Nasdaq. For the year to date period, the stock has gained nearly 145%.
Mainz Biomed, a molecular genetics cancer diagnostic company, develops in-vitro diagnostic tests for clinical diagnostics in the area of human genetics. It offers ColoAlert, a colorectal cancer screening test; PancAlert, a stool-based screening test for the detection of pancreatic cancer; GenoStrip, an early-stage molecular lateral-flow test; and research-use-only and IVD tests. The company was founded in 2008 and is based in Mainz, Germany.
Pre-market Movers: BBI, SXTC, IO, SBEV, SRGA…
The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.30 A.M. ET).
In the Green
Brickell Biotech, Inc. (BBI) is up over 54% at $0.32
ION Geophysical Corporation (IO) is up over 34% at $1.14
Mainz Biomed B.V. (MYNZ) is up over 17% at $24.50
Surgalign Holdings, Inc. (SRGA) is up over 17% at $0.99
Cardiol Therapeutics Inc. (CRDL) is up over 12% at $2.24
Vinco Ventures, Inc. (BBIG) is up over 10% at $4.50
Pluristem Therapeutics Inc. (PSTI) is up over 10% at $2.13
NLS Pharmaceutics AG (NLSP) is up over 5% at $1.15
In the Red
China SXT Pharmaceuticals, Inc. (SXTC) is down over 53% at $0.25
Splash Beverage Group, Inc. (SBEV) is down over 21% at $3.28
Molecular Partners AG (MOLN) is down over 14% at $27.28
OneSmart International Education Group Limited (ONE) is down over 14% at $0.16
vTv Therapeutics Inc. (VTVT) is down over 10% at $0.79
Unilever PLC (UL) is down over 9% at $49.02
Jaguar Health, Inc. (JAGX) is down over 6% at $0.90
Camber Energy, Inc. (CEI) is down over 6% at $0.69
Skylight Health Group Inc. (SLHG) is down over 5% at $0.95
Amazon Not To Ban Visa Credit Cards In UK
Amazon has dropped its earlier plan to stop accepting credit cards issued by Visa Inc. in the United Kingdom. The e-commerce giant said it is working on a potential solution with the payments processor to resolve a dispute over the payment fees.
In an email to customers, the company reportedly said, “The expected change regarding the use of Visa credit cards on Amazon.co.uk will no longer take place on January 19. We are working closely with Visa on a potential solution that will enable customers to continue using their Visa credit cards on Amazon.co.uk.”
In November last year, the world’s largest online retailer had stated that it would stop accepting Visa credit cards issued in the UK from January 19, 2022 due to the high fees Visa charges for processing credit card transactions. The company then revealed that Amazon.co.uk will continue accepting Visa debit cards, and any Visa credit card issued outside of the UK.
Amazon, which already has a partnership with Mastercard and American Express in the U.K., then had urged customers to find new payment methods instead of Visa credit cards.
Following Brexit, an EU-enforced cap on fees charged by card issuers is no longer in place in the country. Visa recently hiked the interchange fees on purchases using the Visa credit cards issued in the U.K. to 1.5 percent from the previous fees of 0.3 percent.
In the past few months, Amazon has begun to impose a surcharge on the use of a Visa credit card for purchases on their websites in Singapore and Australia in order to overcome the high fees charged by Visa.
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Gold Dips As Yields Climb
Gold prices fell on Tuesday, pressured by the dollar’s gains and higher U.S. Treasury yields amid bets for a Fed policy rate hike as soon as March.
Spot gold dropped half a percent to $1,809.65 per ounce, while U.S. gold futures were down 0.4 percent at $1,809.20.
Two-year yields, which track short-term rate expectations, crossed 1 percent for the first time since February 2020, reflecting expectations for a Fed policy rate hike as soon as March.
Treasuries dropped across the curve, pushing two-year and 10-year yields up to levels last seen before the pandemic roiled markets.
Earlier in the day, the Bank of Japan kept its monetary policy unchanged, but lifted its inflation forecast reflecting rising energy prices and other items.
The board, governed by Haruhiko Kuroda, voted 8-1, to hold the interest rate at -0.1 percent on current accounts that financial institutions maintain at the central bank.
With regard to the risk balance, risks to economic activity are skewed to the downside for the time being, and risks to prices are generally balanced, the bank said.
In economic releases, New York Fed’s empire manufacturing survey and U.S. NAHB housing market index for January are set to be released in the New York session.
China Inflation Eases More Than Expected In December
China inflation eased more than expected at the end of 2021 largely due to the fall in food prices and factory gate inflation moderated further, official data revealed on Wednesday.
Consumer price inflation slowed to 1.5 percent in December from 2.3 percent in November, the National Bureau of Statistics said. The rate was expected to slow to 1.8 percent.
Food prices fell 1.2 percent from a year earlier and non-food prices advanced 2.1 percent.
Core inflation that excludes volatile food and energy prices, held steady at 1.2 percent in December.
On a monthly basis, overall consumer prices decreased 0.3 percent, confounding expectations for an increase of 0.2 percent.
Headline inflation will remain below 2 percent throughout most of this year, Sheana Yue and Julian Evans-Pritchard, economists at Capital Economics, said.
In a separate communiqué, the NBS reported that factory gate inflation dropped to 10.3 percent in December from 12.9 percent a month ago. Inflation was seen at 11.1 percent.
Factory gate inflation will probably trend down further over the coming months, economists at Capital Economics, said.
Admittedly, there is a risk that worsening virus outbreaks could result in renewed disruptions to supply chains, they noted. But base effects will start to weigh heavily on the headline PPI rate this quarter.