European Economic News Preview: Eurozone Flash PMI Data Due
Flash Purchasing Mangers’ survey results from the euro area and the UK are due on Friday, headlining a busy day for the European economic news.
At 3.00 am ET, the Office for National Statistics is scheduled to issue UK retail sales for February. Sales are forecast to grow 0.2 percent on month, slower than the 0.5 percent increase in January.
At 4.00 am ET, Spain’s INE publishes final quarterly national accounts for the fourth quarter and producer prices for February. The initial estimate showed that the economy logged a steady growth of 0.2 percent in the fourth quarter.
At 4.15 am ET, S&P Global publishes France’s flash composite Purchasing Managers’ survey results. The composite PMI is seen rising to 51.8 in March from 51.7 in February.
At 4.30 am ET, Germany’s flash PMI data is due. Economists forecast the composite indicator to climb to 51.0 in March from 50.7 in the previous month.
At 5.00 am ET, Eurozone flash PMI survey results are due. Economists expect the composite PMI to drop marginally to 51.9 in March from 52.0 in February.
Half an hour later, UK S&P Global/CIPS composite PMI is due. The indicator is seen falling to 52.7 in March from 53.1 in February.
Pharming Stock Reaps Significant Gains After Landmark FDA Approval
Pharming Group N.V. (PHAR) touched a new 52-week high of $17.81 during intraday trading Friday, thanks to FDA approval of its immune disorder drug Leniolisib.
Leniolisib has been approved for the treatment of activated phosphoinositide 3-kinase delta syndrome in adults and adolescents 12 years of age and older.
Activated phosphoinositide 3-kinase delta syndrome (APDS) is a rare primary immunodeficiency that affects roughly 1 to 2 people per million. It is caused due to mutations in either PIK3CD or PIK3R1 genes, that regulate maturation of white blood cells. APDS impairs the immune system and the function of the white blood cells that recognize and attack viruses and bacteria to prevent infection.
Currently, the available treatments for APDS are limited to supportive therapies like antibiotics and immunoglobulin replacement therapy.
Leniolisib, which becomes the first approved treatment for APDS, will be marketed under brand name Joenja, and is expected to be launched in the US in early April.
Pharming secured the rights to Leniolisib from Novartis (NVS) back in August 2019.
The drug is under review in Europe. The European Medicines Agency’s Committee for Human Medicinal Products is expected to issue its opinion on Leniolisib in the second half of this year.
PHAR has traded in a range of $6.10 to $17.81 in the last 1 year. The stock closed Friday’s trading at $14.96, up 32.68%.
Thousands of French police officers to clash with ‘violent activists’
More than 3000 police officers are set to confront up 1,500 “violent activists” from among a crowd of 10,000 protesters today.
This comes in the wake of a humiliating postponement of King Charles III’s state visit to France, amid the ongoing violence in the country over Emmanuel Macron’s pension reforms.
A former French ambassador to the UK, Sylvie Bermann, said it would have been “impossible” for Mr Macron to have hosted the King during civil unrest in the country.
SoftBank Group To Acquire Berkshire Grey In $375 Mln Deal
SoftBank Group Corp agreed to acquire all of the outstanding capital stock of Berkshire Grey Inc. (BGRY) not currently owned by SoftBank for $1.40 per share in an all-cash transaction valued at about $375 million.
SoftBank, a strategic investment holding company with stakes in AI, smart robotics, IoT, telecommunications, internet services, and clean energy technology providers, has been an investor in Berkshire Grey since 2019.
The deal price represents a premium of about 24% to the closing stock price as of March 24, 2023, the last trading day prior to the date of the announcement.
The transaction is expected to close in the third quarter of 2023.
Fatal hit-and-run crash in Denver a Medina Alert is issued
A pedestrian was killed in a hit-and-run crash in Denver, and a Medina Alert was issued in the incident.
The fatal crash happened about 8 p.m. Friday at West 14th Avenue and Federal Boulevard, according to investigators.
Police are looking for a white 2006 Ford F-150 pickup with an extended cab and Colorado license plate ARO143.
The truck has front-end damage to the grill and a bug guard, according to police. The passenger side headlight is inoperable.
Anyone with information on the incident, the truck or suspect driver, is asked to call 911 or Denver police at 720-913-2000.
Eastbound lanes of I-76 shut down from Sterling to Nebraska state line.
The eastbound lanes of Interstate 76 are closed from Sterling to Nebraska because of wintry weather and safety concerns.
The Colorado Department of Transportation and the State Patrol announced the closure about 4 p.m. Saturday.
A winter storm warning is posted for extreme northeastern Colorado until 6 a.m. Sunday, according to the National Weather Service. Snow, blowing snow, winds up to 45 mph and accumulation of 4 to 8 inches are expected. Sterling, Julesburg and Akron are among the Eastern Plains towns within the warning area.
European Economic News Preview: Eurozone Foreign Trade Data Due
Foreign trade from the euro area and producer prices from Germany are the top economic news due on Monday.
At 3.00 am ET, Destatis is scheduled to issue Germany’s producer prices for February. Economists forecast producer price inflation to ease to 14.5 percent from 17.8 percent in January.
At 5.00 am ET, industrial production, producer prices and corporate wages are due from Poland.
At 6.00 am ET, Eurostat publishes euro area foreign trade data for January. Economists forecast the trade deficit to widen to EUR 12.5 billion from EUR 8.8 billion in December.
At 7.00 am ET, Germany’s central bank publishes monthly report.
At 10.00 am ET, European Central Bank President Christine Lagarde is set to attend hearing before the Committee on Economic and Monetary Affairs of the European Parliament in Brussels.