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Caterpillar Shares Slip as Dutch Pension Fund ABP Sells Stake Amid Gaza Concerns
Caterpillar Inc (NYSE:CAT) shares dropped slightly in premarket trading after Dutch pension fund ABP divested its entire position in the company, according to a report from state broadcaster NOS on Wednesday. Prior to the divestment, ABP held a stake worth approximately €387 million in the heavy machinery manufacturer. The move follows ABP’s updated sustainability policy…
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Novartis Secures FDA Green Light for Rhapsido, an Oral Option for CSU
Novartis (NYSE:NVO) has obtained FDA approval for Rhapsido (remibrutinib), marking the first oral Bruton’s tyrosine kinase inhibitor (BTKi) for adults with chronic spontaneous urticaria (CSU) who continue to experience symptoms despite antihistamine therapy. Rhapsido is a twice-daily oral pill that eliminates the need for injections or lab monitoring. It works by targeting BTK to block…
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Nike Posts Strong Q1 Profit, Wholesale Revenue Boost Lifts Shares
Nike (NYSE:NKE) reported first-quarter earnings that surpassed Wall Street expectations on Wednesday, driven by solid performance in wholesale channels, pushing shares up more than 3% in premarket trading. The company posted earnings of 49 cents per share for the quarter, beating analysts’ forecast of 27 cents. Total revenue increased 1% to $11.7 billion, broadly in…
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Dollar Declines as U.S. Government Shutdown Looms; Euro Gains Before Inflation Data
The U.S. dollar fell on Wednesday, dropping to a one-week low as investors grew concerned that an extended government shutdown could weigh on economic activity. At 04:25 ET (08:25 GMT), the Dollar Index, tracking the greenback against six major currencies, was down 0.2% at 97.275, marking its lowest point in a week. Shutdown in Washington…
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UBS Maintains Cautious View on Palladium Due to Auto Sector Dependence
In its latest metals outlook released Tuesday, UBS reiterated a cautious stance on palladium, highlighting the metal’s strong reliance on conventional vehicles. The investment bank pointed out that over 80% of palladium consumption is linked to catalytic converters in internal combustion engine (ICE) cars, creating a concentrated demand risk for the precious metal. Although the…
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Oil Steadies Amid OPEC+ Supply Talks and U.S. Shutdown Concerns
Oil prices found some stability on Wednesday after two consecutive days of losses, as traders weighed the potential impact of an OPEC+ production increase next month and the uncertainty surrounding the U.S. government shutdown. December Brent futures edged up 25 cents to $66.28 per barrel by 06:43 GMT, while West Texas Intermediate (WTI) futures rose…
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Gold Nears $3,900 as U.S. Government Shutdown Sparks Safe-Haven Demand
Gold prices climbed to record territory in Asian markets on Wednesday as the U.S. government entered a shutdown after Congress failed to pass new federal funding. Spot gold touched $2,875.53 per ounce, while December futures reached a peak of $3,903.45/oz. By early Asian trading at 00:22 ET (04:22 GMT), spot gold traded slightly below its…
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Dow Jones, S&P, Nasdaq, Wall Street Futures, Markets React to U.S. Shutdown, Nike Earnings, and Record Gold
U.S. stock futures tumbled Wednesday as the federal government shut down, pushing investors toward gold as a safe haven amid worries over potential economic fallout. Nike provided a rare bright spot, with first-quarter results suggesting that its turnaround plan is gaining traction. U.S. Government Shutdown Takes Effect The U.S. government ceased most operations Wednesday after…
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Stellantis to Temporarily Suspend Production at Two French Plants – Report
Stellantis NV (NYSE:STLA) is set to temporarily pause operations at two of its French manufacturing sites in late October, according to French newspaper Les Echos. The automaker will stop activity on one production line at its Mulhouse plant from October 27 to November 2, the report said, citing a statement from the workers’ union. Meanwhile,…
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U.S. Stocks Close Mostly Higher On Late-Day Strength
After moving mostly higher over the two previous sessions, stocks fluctuated over the course of the trading day on Tuesday. The major averages bounced back and forth across the unchanged line for much of the session before a late-day advance. The upward move seen going into the end of the day helped the major averages…