China, Europe orders signal economic healing but U.S. disappoints
Markets close in 3 hrs 37 mins Stock Watch Novartis’ Ultibro Breezhaler Approved in Europe By Zacks Equity Research | Zacks 1 hour 32 minutes ago 50.963 +0.433 Positive news flowed in at Novartis ( NVS ) when its chronic obstructive pulmonary disease (:COPD) drug, Ultibro Breezhaler, gained approval in Europe. Ultibro Breezhaler was approved as a once-daily maintenance bronchodilator treatment to relieve symptoms in adults suffering from COPD. Moreover, Ultibro inhalation capsules were approved in Japan to relieve various symptoms due to airway obstruction in COPD patients. Ultibro Breezhaler is a fixed-dose combination of Onbrez Breezhaler and Seebri Breezhaler. The approval in Europe does not surprise us as Novartis received a positive opinion from the CHMP on Ultibro Breezhaler as a maintenance bronchodilator treatment to relieve symptoms in adults with COPD in Jul 2013. The approval was based on positive data from a phase III clinical trial, IGNITE. The IGNITE programme included 11 studies and was conducted in over 52 countries by Novartis among 10,000 patients suffering from COPD. The first eight studies, completed in 2012, showed that Ultibro Breezhaler can significantly improve lung function as compared to several current standard treatments. The data from the studies also revealed that patients treated with Ultibro Breezhaler showed significant symptomatic improvements in breathlessness, exercise tolerance, rescue medication use and health-related quality of life as compared to placebo. Meanwhile, Novartis also has another pipeline candidate, BYM338, which is being developed for COPD. We remind investors that Theravance, Inc. ( THRX ) is also developing its COPD candidate in partnership with GlaxoSmithKline ( GSK ). Last week, the CHMP recommended the approval of their candidate fluticasone furoate/vilanterol (proposed brand name: Relvar Ellipta) in Europe for the symptomatic treatment of adults suffering from COPD and asthma. A final decision on the candidate from the European Commission is expected by year end. Novartis currently carries a Zacks Rank #3 (Hold). Right now, Roche ( RHHBY ) looks attractive with a Zacks Rank #1 (Strong Buy).
German stocks fell as investors considered the composition of a new government following Angela Merkel s election victory. Federal Reserve Bank of New York President William C. Dudley and the Atlanta Feds Dennis Lockhart both said the economy still needs stimulus from the central bank. The market has had quite a run, Scott Armiger , chief investment officer at Christiana Trust in Wilmington, Delaware, said in a phone interview. The firm has $6 billion under administration. At some point, investors are going to say whats underpinning this strong rally? We need some solid numbers. The sales numbers arent great and earnings keep getting revised down. Banks Retreat Citigroup Inc., Regions Financial Corp. and Bank of America Corp. lost more than 2 percent to lead declines in all 24 stocks in the KBW Bank Index. Goldman Sachs Group Inc. and Morgan Stanley each fell almost 3 percent. Richard Staite, an analyst at Atlantic Equities, cut his estimate for Goldman Sachs per-share earnings by 18 percent and Morgan Stanleys by 25 percent. Staite also reduced his estimate at Citigroup Inc. by 14 percent.
“That’s the ideal way of doing it. but we don’t live in an ideal world,” he said, adding neither Europe nor the United States has done enough to reduce deficits. He offered some optimism on Spain, whose wrenching economic downturn has drive youth unemployment well above 50 percent. Rehn said there were some fragile “green shoots” of economic growth in Spain. “We see certain signs of the reversal” in Spain’s economic downturn, Rehn said, highlighting rapid export growth over the last two years. “In the medium-term the prospects of the Spanish economy are clearly much better, but unfortunately Spain suffers from the very high level of macroeconomic imbalances,” he said. One of the main impediments to growth remains excessively tight lending policies, which are a bottleneck especially in Southern Europe, Rehn said. In France, the pace of reform is moving in the right direction but not quickly enough, he said. The European Commission has given France two years to get its budget deficit below 3 percent of gross domestic product, and in return Paris was to undertake a broad reform of its pension system, one of the most generous in Europe. Another wild card for European and global growth, especially emerging markets, is the future path of U.S. monetary and fiscal policy. Last week, the U.S. Federal Reserve decided to maintain its pace of monetary support for the economy with continued purchases of U.S.
What Europe can teach us about keeping the Internet open and free
“Today’s figure adds to the raft of recent better-than-expected Chinese data, indicating that the growth slowdown has already run its course and industrial activity is gaining traction,” said Nikolaus Keis at UniCredit. In July and August there were concerns that growth could be slower than the government’s target of 7.5 percent, which would already be the slowest growth in more than two decades. Most analysts now say the 2013 target will be met. (Additional reporting by Koh Gui Qing and Natelie Thomas in Beijing and Krista Hughes in Washington; Editing by Toby Chopra and Andrea Ricci) @yahoofinance on Twitter, become a fan on Facebook Related Content Chart Your most recently viewed tickers will automatically show up here if you type a ticker in the “Enter symbol/company” at the bottom of this module. You need to enable your browser cookies to view your most recent quotes. Search for share prices Daily Ticker How far will Republicans go to defund Obamacare? Thats the key question in Washington this week. Terms Quotes are real-time for NASDAQ, NYSE, and NYSEAmex when available. See also delay times for other exchanges . Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page . Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes.
EU’s Rehn says Europe must press ahead with economic reforms
But it also means there are fewer competitors in the marketplace. “In the year 2000, there were 9,000 ISPs in the United States,” Kehl told me. After the FCC steered clear of unbundling for broadband, she said, the number fell by 74 percent to less than 2,500 in 2005. Now that the market for broadband has become so empty, net neutrality is one of the few policies that can keep the Internet open and affordable, Kehl said. Europe will be watching the D.C. Circuit closely for a decision on net neutrality. However the case turns out, it will set a major precedent for the dozens of activist groups working independently in each country, said Roslyn Layton, an American Internet economist at Aalborg University in Copenhagen. “Every country defines net neutrality differently. I’ve counted 12 different definitions,” she said. “This is how the individual groups capture their constituencies, but the definitions make it hard to develop a single regulatory framework” across the continent. The United States, with a more explicitly federal model, can set one rule and have it apply nationwide. Unless it’s overturned. In which case get ready to smash the piggy bank.