Oil Futures Settle Sharply Lower On Demand Concerns

Repligen Slides 5%

Repligen Corp. (RGEN) shares are trading down on Tuesday morning trade, after reaching a year-to-date high yesterday. The stock movement has not been influenced by any corporate announcement today.

Currently, shares are at $181.04, down 5.12 percent from the previous close of $190.81 on a volume of 238,660.

MicroCloud Hologram Falls 22%

MicroCloud Hologram Inc. (HOLO) shares are sliding more than 22 percent on Tuesday morning trade, after reaching the highest point yesterday. The shares have been on a bullish path since December end. There were no corporate announcements on the day to influence the stock.

Currently, shares are at $10.08, down 22.19 percent from the previous close of $12.96 on a volume of 1,508,455.

Altamira Therapeutics Stock Slips 30% After Bentrio Trial Update Disappoints

Shares of Altamira Therapeutics Ltd. (CYTO) are slipping over 30% on Tuesday morning after the company provided an update on its clinical trials with Bentrio. The COVAMID study did not reach the primary efficacy endpoint.

CYTO is currently trading at $3.4800, down $1.5200 or 30.40%, on the Nasdaq. The stock opened its trading at $5.1500 after closing previous day’s trading at $5.0000. The stock has traded between $2.8500 and $43.0000 in the past 52-week period.

Top-line data from the COVAMID trial in 160 patients with current COVID-19 infection show a trend for a more pronounced improvement in the Bentrio treatment groups on the primary efficacy endpoint, the change in PCR cycle threshold (CT), compared with no treatment.

“Although the COVAMID study did not reach the primary efficacy endpoint, we observed a trend for faster and more pronounced reduction in the nasal viral load, which was corroborated by a similar trend in COVID-19 related symptoms,” said Thomas Meyer, Altamira Therapeutics’ founder, Chairman, and CEO.

European Economic News Preview: UK Inflation Data Due

Consumer prices from the UK and passenger car registrations from Europe are the top economic news due on Wednesday.

At 2.00 am ET, the Office for National Statistics is set to release UK consumer prices for December. Inflation is forecast to ease to 10.5 percent from 10.7 percent in November.

In the meantime, the European Automobile Manufacturers’ Association is scheduled to issue new car registrations data for December.

At 4.30 am ET, UK house price data is due from ONS.

Half an hour later, Eurostat publishes euro area final consumer prices for December. The preliminary estimates showed that inflation eased to 9.2 percent from 10.1 percent in November. The statistical office is set to confirm the flash estimate.

Gold Futures Settle Higher On Weak Dollar

Gold futures settled higher on Tuesday, gaining for a fourth straight session, as the dollar stayed weak amid hopes the Fed will slow the pace of interest rate hikes.

The dollar index, which dropped to 101.72 in the Asian session, recovered to 102.43 around mid morning before easing to 101.95, down by about 0.19% from the previous close.

Gold futures for February ended higher by $6.80 or about 0.4% at $1,935.40 an ounce, the highest settlement since April 21.

Silver futures for March ended up $0.195 at $23.749 an ounce, while Copper futures for March settled at $4.2485 per pound, down $0.0080 from the previous close.

Several Fed officials indicated in recent sessions that the U.S. central bank was making progress in its inflation fight and they were supportive of slowing the pace of rate rises to a more traditional quarter percentage point at the next policy meeting.

U.S. Treasury Secretary Janet Yellen said she’s encouraged by a strong labor market and progress on inflation over the past six months.

Two-Year Note Auction Attracts Well Above Average Demand

The Treasury Department kicked off this week’s series of announcements of the results of its long-term securities auctions on Tuesday, revealing this month’s auction of $42 billion worth of two-year notes attracted well above average demand.

The two-year note auction drew a high yield of 4.139 percent and a bid-to-cover ratio of 2.94

Last month, the Treasury also sold $42 billion worth of two-year notes, drawing a high yield of 4.373 percent and a bid-to-cover ratio of 2.71.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous two-year note auctions had an average bid-to-cover ratio of 2.58.

The Treasury is due to announce the results of this month’s auctions of $43 billion worth of five-year notes and $35 billion worth of seven-year notes on Wednesday and Thursday, respectively.

Oil Futures Settle Sharply Lower On Demand Concerns

Despite a weak dollar and hopes of a recovery in fuel demand from China, crude oil prices fell sharply on Tuesday amid concerns about the outlook for oil demand due to a potential recession in Europe and the U.S.

West Texas Intermediate crude futures for March ended lower by $1.49 or about 1.8% at $80.13 a barrel.

Brent crude futures were down $2.06 or 2.34% at $86.13 a barrel a little while ago.

The dollar shed ground amid bets the Fed will slow the pace of interest rate hikes following a drop in consumer prices.

Data from Markit Economics showed the S&P Global US Manufacturing PMI increased to 46.8 in January of 2023 from 46.2 a month earlier. Still, the reading continued to point to another contraction in factory activity.

Traders now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API’s report is due later today, while the EIA is scheduled to release its inventory data Wednesday morning.