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Novo Nordisk A/S (CPH: NOVO-B) climbed 3.0% to an all-time high on Tuesday after China approved the sale of its weight-loss treatment Wegovy. Year-to-date, shares of the pharmaceutical giant are now up a whopping 45%. Why is it a big deal for Novo Nordisk stock?Novo Nordisk is yet to reveal the details of its launch plan. How much will its weight-loss drug cost in China remains unknown as well. Nonetheless, the announcement is significant for Novo Nordisk stock as it clears the path for Wegovy to generate sales from the world’s second largest economy. Initially, the weekly injectable will be a...
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European stocks experienced a downturn on Tuesday, reflecting the negative sentiment from U.S. markets at the beginning of the week. The Stoxx 600 index fell by 0.41% by 11:10 a.m. London time, with various sectors and major bourses showing mixed performances. Market performance and sector divergenceIndustrial stocks were the hardest hit, dropping by 1.84%, whereas household goods saw a modest rise of 0.54%. The divergence in sector performance highlights the market’s current volatility and the varying impact of recent economic data and corporate announcements. Novo Nordisk and Zealand Pharma ...
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Shares in Airbus fell by nearly 11% on Tuesday following the company’s announcement of reduced targets for 2024. The aerospace giant revised its adjusted earnings before interest and taxes (EBIT) to around €5.5 billion ($5.9 billion), down from a previous estimate of €6.5 billion to €7 billion. This significant adjustment came as a surprise to many investors, leading to a sharp decline in share prices. Reduced aircraft delivery forecastAirbus also scaled back its aircraft delivery forecast for 2024. The company now anticipates delivering approximately 770 commercial aircraft this year, compare...
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The European Central Bank (ECB) has provided an update on the development of a digital euro, highlighting the importance of user privacy and data protection. The ECB announced on Monday that it will decide in 2025 whether to advance to the next phase of the project, following the completion of legislative elections within European Union institutions. Emphasis on privacy and data protection The ECB emphasised that user privacy has been a fundamental aspect of the digital euro project since its inception. The bank assured that for online digital euro payments, privacy would be safeguarded in a w...
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The German business climate saw a decline in June, with the Business Climate Index dropping from 89.3 in May to 88.6, according to the Institute for Economic Research (Ifo) report released on Monday. This dip indicates ongoing difficulties in the German economy as it struggles to overcome stagnation. Business climate index declines The Business Climate Index, a crucial indicator of business sentiment in Germany, fell to 88.6 in June, down from 89.3 in May. This decline reflects growing concerns among businesses about the current economic environment and their future prospects. The index’s drop...
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China wants the European Union to scrap its preliminary tariffs on Chinese EVs by July 4, China’s state-controlled Global Times said citing observers, as both countries agreed to launch consultations on the anti-subsidy investigation. “Observers said the best outcome the Chinese side wants is that the EC, the executive body of the EU, scrap its tariff decision before July 4 and abide by WTO rules,” Global Times said. Earlier this month, the EU announced that it would impose tariffs of up to 38% on electric cars produced in China, effective from July 4, if ongoing talks with Chinese authorities...
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The European Union (EU) regulators announced on Monday that Apple is in breach of the Digital Markets Act (DMA), a set of new tech regulations. This decision follows an investigation that highlighted Apple’s restrictive practices on its App Store, preventing customers from being directed to alternative purchasing options. EU’s findings on App Store practices The European Commission stated that Apple’s App Store rules prevent app developers from freely steering consumers to alternative channels for offers and content. This preliminary finding is part of a broader investigation under the DMA, wh...
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NatWest Group plc has announced its decision to shut down its operations in Poland, a move set to begin in 2025. This closure will affect approximately 1,600 employees, most of whom work in the bank’s financial crime unit. The decision aligns with the British bank’s broader strategy to simplify its operations and streamline its organizational structure. Impact on employees and operationsThe closure of NatWest’s Polish branch will result in significant job losses, primarily within the financial crime unit. This unit plays a crucial role in the bank’s efforts to detect and prevent financial crim...
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Apple Inc. is reportedly close to resolving a longstanding investigation by the European Commission (EC) concerning its tap-and-go payment platform, Apple Pay. The EC had accused Apple in 2022 of breaking competition laws by limiting access to its contactless payment technology. Apple will avoid a potentially hefty fine by making a series of concessions to allow rivals greater access to its near-field communication (NFC) technology. The investigation and its implicationsThe European Commission’s probe into Apple Pay began in 2020, focusing on whether Apple’s practices were stifling competition...
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The Turkish Lira (TRY) has emerged as the third-largest fiat currency used for cryptocurrency trading, according to a report from Kaiko Research. The Lira now holds 19% of the market share, surpassing the euro (EUR), and reaching an all-time high in early June. This shift reflects broader economic trends and the increasing adoption of cryptocurrencies in regions experiencing economic instability. What’s driving crypto adoption in Turkey?Turkey has been struggling with significant inflation since 2022, with rates peaking at over 70%, severely diminishing the value of the Lira. As a result, Turk...
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