European Economics Preview: Germany ZEW Economic Confidence Data Due
Economic confidence data from Germany is due on Tuesday, headlining a light day for the European economic news.
At 2.00 am ET, the European Automobile Manufacturers’ Association is scheduled to issue new car registrations data for September. Passenger car sales had increased 4.4 percent annually in August.
At 4.00 am ET, Italy’s Istat publishes foreign trade data for August. The trade deficit is forecast to widen to EUR 0.5 billion from EUR 0.36 billion in July.
At 5.00 am ET, Germany ZEW economic confidence survey results are due. Economists forecast the economic sentiment index to fall to -65.7 in October from -61.9 in the previous month.
Applied Genetic Technologies Spikes On Agreement To Be Acquired By Syncona
Applied Genetic Technologies Corp. (AGTC) shares are surging more than 58 percent on Monday morning trade after the company agreed to be acquired by newly established Syncona Ltd. (SYNC).
The clinical-stage biotechnology company revealed that the deal will be valued at around $23.5 million or $0.34 per share in cash. The transaction includes potential future aggregate cash payments of up to $50 million or up to $0.73 per share pursuant to contingent value rights.
AGTC is currently trading at $0.38, up 58.26 percent from the previous close of $0.24 on a volume of 15,944,700.
Nestle Recalls Toll House Chocolate Chip Cookie Dough
Nestle USA Inc., affiliated to Swiss food and beverage giant Nestle SA, is recalling TOLL HOUSE STUFFED Chocolate Chip Cookie Dough with Fudge Filling products citing the potential presence of white plastic pieces, the U.S. Food and Drug Administration said.
The ready-to-bake refrigerated Cookie Dough was produced between June and September 2022. These products were distributed in the continental United States and Puerto Rico.
The recall excludes any other Nestle Toll House products, including other NESTLÉ TOLL HOUSE STUFFED Cookie Dough and NESTLÉ TOLL HOUSE refrigerated cookie dough products.
The company has not received any reports of illnesses or injuries related to the recalled product to date.
Consumers who may have purchased the recalled product are asked to return it to the retailer where it was purchased for a replacement or refund.
Last September, Nestle USA had called back around 27,872 pounds of frozen DiGiorno Crispy Pan Crust pepperoni pizza citing misbranding and undeclared soy protein, a known allergen.
In similar recalls, Enjoy Life Natural Brands LLC in July called back select baked snacks products due to the potential presence of foreign material, such as hard plastic pieces.
Autohome Stock Slips 11% As Xi Jinping Secures 3rd Term In China
Shares of Autohome Inc. (ATHM) are currently slipping over 11% on Monday morning, as several other Chinese tech stocks were also badly impacted after Chinese premier Xi Jinping secured his third term.
ATHM is currently trading at $25.11, down $3.15 or 11.13%, on the Nasdaq. The stock opened its trading at $26.00 after closing Friday’s trading at $28.26. The stock opened its trading at $20.49 and $48.15 in the 52-week period.
Autohome operates as an online destination for automobile consumers in the People’s Republic of China. The company delivers interactive content and tools to automobile consumers through its three websites, autohome.com.cn, che168.com, and ttpai.cn on PCs, mobile devices, mobile applications, and mini apps.
U.S. Reports 8,100 New Covid Cases
8,100 new infections on Sunday took the total U.S. Covid cases to 97,198,630.
The total number of people that have lost their lives due to coronavirus infection in the country has risen to 11,067,686, as per Johns Hopkins University’s latest data.
U.S. hospitals reported a 1 percent decrease in the number of Covid patients in the last two weeks. The number of I.C.U. admissions due to the worse stage of the viral disease remained almost static.
26,798 people are hospitalized due to Covid. 3,204 of these patients are admitted in intensive care units. The nation’s current test positivity rate is 8.3 percent.
As per the latest data published by the Centers for Disease Control and Prevention, 226,594,560 Americans, or 68.2 percent of the eligible population, have been administered both doses of Covid vaccine so far. This includes 93 percent of people above 65.
49.1 percent of the eligible population, or 111,367,843 people, have already received a booster dose that is recommended to provide additional protection from the killer virus.
40.6 percent of the eligible population, or 26,796,838 people, have taken a second booster dose.
482 additional deaths were reported globally on Sunday, taking the total number of people who lost their lives due to the pandemic so far to 6,578,440.
Gold Prices Finish Lackluster Session Slightly Lower
Following the strong upward move last Friday, the price of gold showed a lack of direction over the course of the trading day on Monday.
Gold for December delivery eventually ended the day little changed, edging down $2.20 or 0.1 percent to $1,654.10 an ounce after jumping $19.50 or 1.2 percent to $1,656.30 an ounce in the previous session.
The choppy trading on the day came as the value of the U.S. dollar has also turned in a lackluster performance, with the U.S. dollar index currently unchanged at 112.02.
A lack of major U.S. economic data may have kept traders on the sidelines ahead of the release of a personal income and spending report that includes a reading on inflation said to be preferred by the Fed.
In the coming days, traders are also likely to keep an eye on reports on consumer confidence, new home sales, and durable goods orders and third quarter GDP.
Trading activity may remain somewhat subdued, however, as traders look ahead to the Federal Reserve’s monetary policy next week.
With the Fed widely expected to raise interest rates by another 75 basis points, traders are likely to pay close attention to the accompanying statement for signs the central bank plans to slow the pace of monetary policy tightening.