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Live news update: Taiwan president warns China of ‘armed confrontation’

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2022 is the year of important voices. Some were expected, others were not. Some have more legitimacy than others. This week, there will be a lot of analysis for this last point.

The most important of them will be an inauguration process, not an election. The Chinese Communist Party begins its five-year congress on Sunday, the highlight of which is the handing over of a third historic term of leadership to President Xi Jinping. Prospects are not good-”tragic mistake‘, according to Martin Wolf, editor in chief of economics at the Financial Times.

One of the urgent concerns of the Xi Hu government A collapse in the housing marketWhich, together with the zero-Covid policy and difficult economic conditions, has disrupted the path of strong growth in China, which will be for the first time since the early 1990s. Delayed The rest of Asia this year, according to the World Bank. Unleashing the Chinese consumer to spend more is the obvious way to do so growth recovery. The problem with Xi and his top aides with this solution is that doing so would mean giving up some of their political power.

Before all that comes another issue of tension for Beijing. Monday is the National Day holiday in Taiwan and the state Head speaks softly You will give Tsai Ing-wen an address.

China claims Taiwan as its territory. The Scottish National Party of Nicola Sturgeon wished not to be considered British government territory. Sturgeon will make this clear in the closing address of her party’s convention on Monday. A day later, SNP’s A risky plan for another referendum The UK Supreme Court will be heard on this matter.

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The British government refused to grant powers to conduct another vote. The two-day Supreme Court hearing is scheduled to conclude on Wednesday.

If the court agrees with the UK government, it would not necessarily be the end of the SNP’s attempt to hold a second referendum, but it would almost certainly fail Sturgeon’s stated goal of holding a vote in October 2023 because it would have to pass legislation.

London’s Battersea Power Station reopens in a new look, as a commercial, leisure and residential building © Jason Hawkes

Speaking of second chances, but far from discussing the vote, this Friday will see London’s Battersea Power Station reopen in a new look, as a commercial, leisure and residential building.

This sounds like good news in turbulent times. Expectations are higher from the building’s four chimneys, one of which you’ll be able to ride – for a fee – in a glass lift. And the £9 billion renewal, which was completed after several previous attempts failed, is so great that Apple is taking a few floors to the British workforce. Whatever your point of view, the restoration of this iconic 1930s building will be so The recovery of the local housing market.

economic data

It’s a quieter start to the week for the markets with the US closing in on Columbus Day. However, we’ll make up for it as the week progresses.

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Inflation is a topic (wouldn’t it be?), led by data from the US and China. The Fed will also release the minutes of its September meeting, which will be watched for indications about its future intentions to tighten monetary policy to cool the rising cost of living.

The annual meetings of the International Monetary Fund and the World Bank also begin in Washington on Monday, and continue throughout the week.

comp

This week will be a mixed bag of results, but two sectors will feature prominently as the reporting season begins.

The booming job market is expected to have helped recruiters PageGroup and Robert Walters secure higher quarterly net fees. But their trading updates will be watched for signs of slowing demand with rising inflation and fears of a recession.

The week will end with a series of third-quarter results from Wall Street banks, which are likely to fuel fears about a US recession. Citi, JPMorgan Chase, Wells Fargo and Morgan Stanley will report on Friday — Bank of America and Goldman Sachs will follow next week — and analysts expect these six institutions combined to set aside more than $4 billion to cover potential losses from bad loans.

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On the positive side, third-quarter revenue in JPMorgan, BofA, Citi and Wells is expected to rise year-on-year by about 4 percent thanks to higher net interest income after Fed rate hikes, our US banking correspondent notes. Goldman and Morgan Stanley, which derive a larger share of profits from investment banking, are likely to report lower revenue due to lower deal-making activity.

Read the full calendar for the next week over here.


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Fauci warns that China risks a “wave of infections” after relaxing its coronavirus eradication policy

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Joe Biden’s chief medical adviser has warned that China’s reversal of a zero-Covid policy threatens to put pressure on the country’s health system and create conditions for new variants that could spread around the world.

Dr. Anthony Fauci urged Beijing to import Western Covid vaccines based on messenger RNA (mRNA) technology, which are more effective than Chinese-made vaccines, to increase the vaccination rate and boost overall immunity.

He said a wave of casualties would occur A large number of elderly people in China About 85 million people over the age of 60 have not received the third dose of the vaccine needed for strong protection against Omicron variants – and people with underlying health conditions are particularly challenging.

“If they don’t do things like launch and implement a proactive vaccination campaign, and open up, you’re going to have a wave of infections that will certainly be associated with some degree of disease severity,” Fauci said. The FT Global Boardroom event Wednesday.

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He added that any large wave of infections in China would give the coronavirus a chance to mutate into new types.

“When you have a big wave of transmissions of the virus, you give it a huge chance to mutate. When you give the virus a chance to mutate, that allows it to create potentially new variants. And once you have a completely new variant it can have an impact on the rest of the world.”

‘When you have a huge wave of virus transmissions, you give it a huge opportunity to turn around,’ Anthony Fauci told the FT Global Board of Directors © Abbie Coonan / FT

The risk of an uncontrolled wave of Covid infections across China creating conditions for new variants to flourish was “possible” but “very low,” Eric Topol, founder and director of the Scripps Research Translational Institute, said on Wednesday.

“The much bigger concern is that there will be countless deaths and morbidity unless there is an accelerated and much better vaccination rate, including more effective vaccines, in the population,” he said.

Fauci, who is stepping down from his position in the US government at the end of the year, added that he had not had contact with Chinese officials in a long time. He said Beijing’s strategy earlier in the pandemic had “some flaws” because it did not use lockdowns to vaccinate people.

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Beijing announced this week widespread relaxation President Xi Jinping’s controversial zero-COVID policy emerged as evidence of the economic damage caused by the pandemic’s restrictions emerged. But Wigram Capital Advisors, a macro advisory group focused on Asia, predicts that relatively low vaccination levels among China’s aging population could lead to million deaths If infection rates rise under relaxed restrictions.

Fauci echoed the advice issued Last week by Ashish Jha, the White House coronavirus coordinator, on how China should change its policy and import Western vaccines to tackle the virus. China said it would provide the BioNTech vaccine, but only to foreigners.

I would suggest they import western types [vaccines], particularly the highly effective mRNA vaccines used in most countries of the world. Unfortunately, the original Chinese vaccines were not as effective as some of the other vaccines.

Even in the United States, Fauci said, the number of deaths from Covid remains unacceptably high. He said cooler weather, increased social activity in the upcoming holiday season, and Omicron’s new BQ.1 and BQ.1.1 variants mean the pandemic is far from over.

“This is not a good formula for declaring that this is over,” Fauci added. “We still have to be on our guard.”

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Apple’s Tim Cook celebrates a new chip factory in Phoenix

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When Chinese factory supply Apple’s iPhone has been so riddled with the COVID-19 outbreak that it has shutdowns and staff strikeit directly affected global iPhone shipments.

some Estimates That iPhone production may decrease by up to 30% as a result of curbing the spread of the epidemic in China.

To reduce the risk of slowing down the production of its devices abroad, Apple decided to take matters into its own hands. Apple CEO Tim Cook confirmed on Tuesday that chips for Apple devices will now be made in the United States

Apple silicon unlocks a new level of performance for our users. And soon many of these chips can be stamped “Made in America,” he wrote in the tweet.

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A new plant in Arizona, operated by the contract chip maker, Cook said Taiwanese semiconductor industryIt will mark the beginning of a new era of advanced manufacturing in the United States.

This will be the first time in a decade that Apple will use US-made chips. The California-based company relies heavily on parts manufactured in Asian countries, In particular, China. Most of the chips that power Apple devices are Made in Taiwan.

The Apple CEO spoke at the TSMC factory under construction in Phoenix, along with President Joe Biden.

“As many of you know, we work with TSMC to manufacture chips that help power our products around the world,” Cook said during the speech. to me bloomberg. “And we look forward to expanding this business in the coming years – as TSMC forms new and deeper roots in America.”

Apple plans to make silicon chips for most of its devices at its Phoenix plant. bloomberg mentioned. In the early years of manufacturing, the factory will produce fewer chips and use lower-quality technology than what Apple may require for its devices in 2024.

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The company did not immediately respond luckComment request.

TSMC initially planned to spend $12 billion at our factory in Phoenix. Taiwanese company later increased Its investment amounts to nearly $40 billion, which it said is “the largest foreign direct investment in the history of the state of Arizona and one of the largest foreign direct investments in the history of the United States.”

The chip maker is said to be looking forward another plant Located in the United States as part of a larger effort to reduce reliance on Asia to make much of its chips.

The plant is set in Arizona Opened in 2024.

The new Impact Report weekly newsletter will examine how ESG news and trends are shaping the roles and responsibilities of today’s CEOs – and how they can better overcome these challenges. Subscribe here.

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RXDX shows promising results in irritable bowel disease

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Prometheus Biological Sciences (RXDX) reported promising results for one of its drugs in two studies on inflammatory diseases on Wednesday, and RXDX stock rose by triple digits.



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The company studied its drug, now called PRA023, in patients with ulcerative colitis and Crohn’s disease, which are two types of irritable bowel disease. More than a quarter of patients with ulcerative colitis and about half of the Crohn’s disease group entered remission after 12 weeks of treatment.

Gregory Renza, an analyst at RBC Capital Markets, said in a note to clients that the results exceeded Prometheus’ expectations. Now, Prometheus is planning to conduct its final-stage studies in 2023.

“Netnet results exceeded our expectations,” he said. They provide “a major proof-of-concept in IBS, early validation of a biomarker strategy and a positive readout (ulcerative colitis dataset II) now set for the second quarter of 2023.”

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In the morning work on stock market today, RXDX stock rose 181.6%, near 101.50. Stocks set a record opening.

RXDX Stock: Ligand Targeting

Prometheus is an antibody that binds to TL1A, an inflammation-related ligand. The company hypothesized that blocking this ligand — a molecule that binds to a receptor — would relieve symptoms in patients whose bodies make too much of it.

After 12 weeks, 26.5% of patients with ulcerative colitis had achieved remission, compared with 1.5% in the placebo group. RBC’s Renza said this “comfortably beats” Prometheus’ expectations of a 10%-15% improvement. The company attributes the placebo response to the severity of the patient group.

In testing for Crohn’s disease, 49.1% of patients entered remission and 26% had an endoscopic response. The latter means that doctors did not find inflammation in the patients’ intestines after treatment.

PRA023 was positive for stock RXDX, Renza said, which also showed statistical significance for all secondary targets of the studies.

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Thomas Smith, an analyst with SVB Securities, notes that the drug showed “a clear profile of safety/tolerance in both studies.” There were no serious side effects related to the treatment. He rates RXDX stock as an outperformer.

Overcoming recent negative pressure

It is important to note that the RXDX arrow has turned down on the data reading. News followed Pfizer (PFE) And the Spiritual sciences (ROIV) will set up a company to sell the TL1A-targeting antibody. Their drug is currently in mid-stage development for ulcerative colitis.

“We believe (Wednesday’s) positive reception could add to the negative pressure we saw last week from the development of the Pfizer/Roivant competitor,” said RBC’s Renza.

It has maintained its outperform rating on the stock.

Follow Allison Gatlin on Twitter at @tweet.

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