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On January 12th, Hengrui Medicine announced that its subsidiary, Suzhou Shengdiya Biopharmaceutical Co., Ltd., has had its injectable SHR-1826 included in the Breakthrough Therapy Product List by the Center for Drug Evaluation of the National Medical Products Administration. SHR-1826 is an antibody-drug conjugate targeting c-Met. It binds specifically to the target antigen on the surface of tumor cells, is internalized into the tumor cells, and then kills them. A search reveals that a similar product, ABBV-399, received accelerated approval from the US FDA in May 2025 for the treatment of adult patients with advanced/metastatic non-squamous non-small cell lung cancer who have previously received systemic therapy and have high c-Met protein expression. To date, the cumulative R&D investment in the SHR-1826 injectable project is approximately RMB 125.5 million.On January 12th, Sanfangxiang issued an announcement stating that, according to preliminary calculations by its finance department, the company expects a negative net profit attributable to shareholders of the listed company for 2025, resulting in an operating loss for the year. The company will strictly comply with the relevant regulations, including the "Shanghai Stock Exchange Listing Rules," and expedite its financial accounting work, disclosing its 2025 performance forecast as soon as possible. The final financial data will be subject to the companys officially released 2025 annual report.On January 12, Longxun Technology announced that it submitted an application to the Hong Kong Stock Exchange for an overseas public offering of H shares and listing on the Main Board of the Hong Kong Stock Exchange on December 22, 2025, and published the application materials for this offering on the Hong Kong Stock Exchange website on the same day. The company has submitted the filing application materials for this offering to the China Securities Regulatory Commission (CSRC) in accordance with relevant regulations, and the CSRC recently accepted them.On January 12, it was reported that U.S. Immigration and Customs Enforcement (ICE) officers shot and killed 37-year-old Ryan Goode during an immigration enforcement operation in Minneapolis on January 7, sparking days of protests across the United States. On January 11, protests entered their sixth day in Minneapolis, New York, Oakland, Atlanta, and other cities. Residents of Minneapolis stated that this forced immigration enforcement by the federal government was tantamount to "terrorism." Other protesters stated that the U.S. governments attacks on immigrants domestically and its imperialist aggression abroad should both be opposed.January 12 - Mass rallies were held today in several Iranian cities, including Kerman, Zahedan, Rasht, and Hamadan, to condemn the recent unrest in Iran, which they believe is due to foreign interference.

The US Dollar Index is higher at 108.00 as strong Fed talk is supported by US inflation

Daniel Rogers

Jul 14, 2022 14:35

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The US Dollar Index (DXY) increased 0.15 percent to 108.20 during Thursday's Asian session, supporting the four-day high inflation report and reversing a two-day loss. An increasing sense of pessimism about Europe and concerns about a worldwide economic slump may also be to blame for the recent surge in the dollar index.

 

Despite being aware of the greatest US inflation numbers in forty years, recent Fed policymakers welcomed the market's hawkish predisposition. Mary Daly, head of the Federal Reserve Bank of San Francisco, recently said that a 75bp hike in July is most likely, but a 100bp increase is still possible, according to the New York Times. Prior to that, Loretta Mester, president of the Federal Reserve Bank of Cleveland, said, "The CPI data does not indicate a smaller rate hike in July than in June," in contrast to Thomas Barkin, president of the Federal Reserve Bank of Richmond, who supported higher rates at the previous meeting.

 

Despite this, the US Consumer Price Index (CPI) rose by 9.1% year over year in June, as opposed to the 8.8% projected and 8.8% before. The Core CPI, which excludes volatile food and energy prices, dropped from 6% to 5.9%, exceeding the 5.8% prediction of experts. It is noteworthy that the BOC announced a 100 bps rate increase, contrary to what the market had anticipated the day before.

 

White House (WH) Economic Adviser Brian Deese said CNBC, as reported by Reuters, that the CPI data shows that Congress has to approve legislation to increase semiconductor manufacture in the US. In contrast, US President Joe Biden claimed that the drop in the price of gasoline had rendered the CPI statistics "out of data."

 

While 10-year Treasury rates dropped four basis points (bps) to 2.93 percent at the close of the Wednesday North American session, Wall Street benchmarks still ended the day in the red. Additionally, US 2-year Treasury rates increased by 3.5 percent in a single day to reach 3.15 percent, which heightened recession fears and strengthened the inversion at the 10-year barrier. As a result, as of the time of publication, S&P 500 Futures had declined by 0.60 percent.

 

The US Producer Price Index for June and the monthly Jobless Claims numbers will soon grace the calendar and amuse DXY traders. However, there will be a strong emphasis on Fedspeak and risk factors like conversation about the recession.


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