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On February 4th, Novo Nordisk (NVO.N) shares listed in the US fell more than 13% on Tuesday after the company unexpectedly warned that its 2026 sales would decline more sharply than expected, due to price pressures impacting sales of its best-selling diabetes and weight-loss drugs in the US. The Danish company stated that it expects global sales for the full year of 2026 to decline by 5% to 13% compared to 2025 levels (excluding currency fluctuations). In contrast, sales grew by 10% in 2025. The company stated that US sales would decrease due to price reductions for drugs including Ozempic and Wegovy. They noted that the company recently reached an agreement with the Trump administration to lower drug prices. The main ingredients of these two drugs will also lose patent exclusivity in some countries outside the US, potentially opening up opportunities for low-priced generic competition. This deteriorating outlook is yet another piece of bad news for this once-rapidly growing company, a pioneer in the weight-loss drug market.The Nasdaq China Golden Dragon Index fell further to 2%, with WeRide (WRD.O) and Bilibili (BILI.O) dropping more than 5%, and Alibaba (BABA.N) and iQiyi (IQ.O) falling more than 4%.The Federal Reserve accepted a total of $1.785 billion from 18 counterparties in its fixed-rate reverse repurchase operations.On February 4th, Russian President Vladimir Putin stated on February 3rd that Russias GDP growth in 2025 is projected to be 1%, a slowdown in line with expectations. Speaking at a meeting on economic issues in Moscow, Putin said that Russias economic growth rate in 2025 will be lower than the 4.1% of 2023 and 4.3% of 2024. He stated that the slower economic growth in 2025 is in line with expectations, mainly due to specific measures aimed at reducing inflation. Putin explained that Russias inflation rate in 2025 has already fallen to 5.6%, lower than 9.5% in 2024. Furthermore, as of January 26th, Russias annualized inflation rate this year was 6.4%. Putin expects the inflation rate to potentially fall to 5% this year. Putin pointed out that Russias current task is to restore economic growth, improve the business environment, and attract investment by increasing production capacity. These measures have been incorporated into the economic restructuring plan until 2030.White House Press Secretary: U.S. Special Envoy Witkov has left and is preparing to meet with Iranian officials; negotiations are proceeding as planned.

Natural Gas Prices Rise After A Weeklong Drop to Almost Two-year Lows

Haiden Holmes

Feb 07, 2023 14:40

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Natural gas prices inched up on Monday as buyers emerged at the lower level for the heating fuel, which had been pummeled to more than two-year lows by a selloff spurred by a forecast of a relatively mild winter for the 2022/23 season.


The March front-month gas contract on the Henry Hub of the New York Mercantile Exchange recovered nearly all of its Friday losses to end up 4.7 cents, or 1.8%, at $2.457 per mmBtu, or metric million British thermal units. In the previous session, it reached a session low of $2.343, hitting a low not seen since December 29, 2020, when it dipped to $2.282.


The benchmark gas futures contract dropped about 16% last week, extending its decline from December's $7 high to more than 60%. Prior to that, in August it reached a 14-year high of $10.


An unexpectedly warm start to winter 2022/23 in the United States has resulted in significantly less heating demand than usual, leaving more gas in storage than anticipated. Despite this, temperatures between Friday and Saturday averaged at or below 20 degrees Fahrenheit (-6.7 degrees Celsius) in New York City and other significant cities in the U.S. Northeast, the largest heating market in the country.


The Energy Information Administration (EIA) reported that gas stocks in the United States for the week ending January 27 totaled 2.58 trillion cubic feet (tcf). According to the EIA, this is up 9.4% from the previous year's level of 2,361 tcf. On February 9, the agency will provide its next storage update.

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