User blogs
Glenmark Pharmaceuticals appears to have stolen a march over its
peers after it received regulatory clearance in India for and launched
its version of favipiravir, the antiviral currently being evaluated as
part of treatment options for COVID-19 in several countries including
Japan.To get more news about 259793-96-9, wisepowder official website is the best place for you.
Glenmark’s product, to be sold as FabiFlu, has received emergency use authorization in India for the treatment of mild to moderate COVID-19, the disease caused by the coronavirus. The manufacturing and marketing go-ahead was granted as part of an accelerated approval process, which takes into account disease severity, rarity and the availability of alternative treatments, the firm explained in a presentation. Patients will be required to provide informed consent before initiation of treatment.
Glenmark said the approval terms also require the company to submit updated safety and efficacy data to India’s drug regulator on “a periodic basis. Further, we will be submitting postmarketing surveillance of the first 1,000 patients who access the drug. The CDSCO [Central Drugs Standard Control Organization] has given us three months to submit a final clinical trial report, which we expect to complete in about four weeks from now,” Glenmark told Generics Bulletin sister publication Scrip.
Glenmark’s chair and managing director Glenn Saldanha noted that since FabiFlu is orally administered, it serves as a more convenient treatment option over other intravenously administered medications. “Glenmark will work closely with the government and medical community to make FabiFlu quickly accessible to patients across the country,” Saldanha added.
The product, which acts as an RNA polymerase inhibitor, is available as a 200mg tablet and priced at INR3,500 ($45.90) for a pack of 34 tablets. While pricing may appear rational, some industry experts said that treatment entails a significant pill burden, given the day-one dose requirement of 1,800mg twice-daily and then 800mg twice-daily from day two onwards, for a maximum 14 days.
“This would imply 18 tablets are to be taken on day one, and that’s a challenge, but higher-dose tablets may be on the anvil,” one expert told Scrip.Glenmark has been conducting Phase III trials with favipiravir as a monotherapy option for COVID-19. The study evaluated efficacy and safety plus standard of care versus standard of care alone in mild to moderate disease and involved 150 patients at 11 sites across India.
On how the clinical improvement/recovery rate in the study compared to other global trials, the Mumbai-based firm said that, globally, COVID-19 patients treated with favipiravir have shown positive outcomes such as reduced clinical symptoms and quicker disease recovery within one week. “Glenmark’s clinical trial findings are in line with global data, with most patients showing clinical improvements within the first seven days of treatment initiation,” the company said.
There is significant global development activity around favipiravir for COVID-19 and Glenmark highlighted that around 18 clinical trials involving over 3,000 subjects are underway in countries including India, the US, Canada, Italy, China, France and the UK.
Glenmark’s product, to be sold as FabiFlu, has received emergency use authorization in India for the treatment of mild to moderate COVID-19, the disease caused by the coronavirus. The manufacturing and marketing go-ahead was granted as part of an accelerated approval process, which takes into account disease severity, rarity and the availability of alternative treatments, the firm explained in a presentation. Patients will be required to provide informed consent before initiation of treatment.
Glenmark said the approval terms also require the company to submit updated safety and efficacy data to India’s drug regulator on “a periodic basis. Further, we will be submitting postmarketing surveillance of the first 1,000 patients who access the drug. The CDSCO [Central Drugs Standard Control Organization] has given us three months to submit a final clinical trial report, which we expect to complete in about four weeks from now,” Glenmark told Generics Bulletin sister publication Scrip.
Glenmark’s chair and managing director Glenn Saldanha noted that since FabiFlu is orally administered, it serves as a more convenient treatment option over other intravenously administered medications. “Glenmark will work closely with the government and medical community to make FabiFlu quickly accessible to patients across the country,” Saldanha added.
The product, which acts as an RNA polymerase inhibitor, is available as a 200mg tablet and priced at INR3,500 ($45.90) for a pack of 34 tablets. While pricing may appear rational, some industry experts said that treatment entails a significant pill burden, given the day-one dose requirement of 1,800mg twice-daily and then 800mg twice-daily from day two onwards, for a maximum 14 days.
“This would imply 18 tablets are to be taken on day one, and that’s a challenge, but higher-dose tablets may be on the anvil,” one expert told Scrip.Glenmark has been conducting Phase III trials with favipiravir as a monotherapy option for COVID-19. The study evaluated efficacy and safety plus standard of care versus standard of care alone in mild to moderate disease and involved 150 patients at 11 sites across India.
On how the clinical improvement/recovery rate in the study compared to other global trials, the Mumbai-based firm said that, globally, COVID-19 patients treated with favipiravir have shown positive outcomes such as reduced clinical symptoms and quicker disease recovery within one week. “Glenmark’s clinical trial findings are in line with global data, with most patients showing clinical improvements within the first seven days of treatment initiation,” the company said.
There is significant global development activity around favipiravir for COVID-19 and Glenmark highlighted that around 18 clinical trials involving over 3,000 subjects are underway in countries including India, the US, Canada, Italy, China, France and the UK.
As Glenmark Pharmaceuticals launched antiviral drug Favipiravir for the
treatment of mild to moderate COVID-19 cases, medical experts on
Saturday cautioned against seeing it as a "magic bullet" to treat the
deadly virus but said it will be helpful as it can be orally
administered and reduce viral load.To get more news about 259793-96-9, wisepowder official website is the best place for you.
They said the drug's real efficacy would be known in the coming months.
Glenmark Pharmaceuticals said it has launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate COVID-19 at a price of about Rs 103 per tablet.FabiFlu is the first oral Favipiravir-approved medication in India for the treatment of COVID-19, it said in a statement.
"This drug was already being used in Japan for influenza. They have been using it in COVID-19 patients also. Even China was using it and Russia had also given permission in May to use it. Antiviral drugs like Remdesivir and Favipiravir are not specific to COVID-19 but were being used for influenza," said Dr Vikas Maurya, Director, Department of Pulmonology and Sleep Disorders, Fortis Hospital, Shalimar Bagh.
He said studies found that there was some benefit of Favipiravir in COVID-19 treatment and that is why it has now been launched in India as well.Dr Maurya said with COVID-19 cases rising, the launching of the drug comes as a relief.
"It is not a magic bullet as it is not the only thing we have to give. This is not a specific drug made for COVID-19 and has been found to be useful, but how much it will be useful we will have to see. Real efficacy will be known when administered on a large scale," he told PTI.
"Best thing is that it is an oral drug, while Ramdesiver is an intravenous drug. It (Favipiravir) can be even taken at home. So even if it is giving some benefit, it will be quite useful," Dr Maurya said.
Noted city-based lung surgeon Dr Arvind Kumar said he does not believe that any of these antiviral drugs like Remdisiver or Favipiravir will be game changers.
"If at all ''game changer'' can be used, it is for dexamethasone which has shown a significant reduction in mortality and is available cheaply," he said.There are so many medications available and Favipiravir will also help some patients, added Dr Kumar, who works at Sir Ganga Ram Hospital.
The Favipiravir drug will be available as a 200 mg tablet at a maximum retail price of Rs 3,500 for a strip of 34 tablets, Glenmark Pharmaceuticals said.It is a prescription-based medication with recommended dose being 1,800 mg twice daily on day one, followed by 800 mg twice daily up to day 14, it added.The tablets are being produced by the company at its Baddi facility in Himachal Pradesh. The drug will be available both through hospitals and the retail channel, Glenmark said.
They said the drug's real efficacy would be known in the coming months.
Glenmark Pharmaceuticals said it has launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate COVID-19 at a price of about Rs 103 per tablet.FabiFlu is the first oral Favipiravir-approved medication in India for the treatment of COVID-19, it said in a statement.
"This drug was already being used in Japan for influenza. They have been using it in COVID-19 patients also. Even China was using it and Russia had also given permission in May to use it. Antiviral drugs like Remdesivir and Favipiravir are not specific to COVID-19 but were being used for influenza," said Dr Vikas Maurya, Director, Department of Pulmonology and Sleep Disorders, Fortis Hospital, Shalimar Bagh.
He said studies found that there was some benefit of Favipiravir in COVID-19 treatment and that is why it has now been launched in India as well.Dr Maurya said with COVID-19 cases rising, the launching of the drug comes as a relief.
"It is not a magic bullet as it is not the only thing we have to give. This is not a specific drug made for COVID-19 and has been found to be useful, but how much it will be useful we will have to see. Real efficacy will be known when administered on a large scale," he told PTI.
"Best thing is that it is an oral drug, while Ramdesiver is an intravenous drug. It (Favipiravir) can be even taken at home. So even if it is giving some benefit, it will be quite useful," Dr Maurya said.
Noted city-based lung surgeon Dr Arvind Kumar said he does not believe that any of these antiviral drugs like Remdisiver or Favipiravir will be game changers.
"If at all ''game changer'' can be used, it is for dexamethasone which has shown a significant reduction in mortality and is available cheaply," he said.There are so many medications available and Favipiravir will also help some patients, added Dr Kumar, who works at Sir Ganga Ram Hospital.
The Favipiravir drug will be available as a 200 mg tablet at a maximum retail price of Rs 3,500 for a strip of 34 tablets, Glenmark Pharmaceuticals said.It is a prescription-based medication with recommended dose being 1,800 mg twice daily on day one, followed by 800 mg twice daily up to day 14, it added.The tablets are being produced by the company at its Baddi facility in Himachal Pradesh. The drug will be available both through hospitals and the retail channel, Glenmark said.
Fujifilm is ramping up production of its antiviral treatment
favipiravir, one of many approved drugs being tested as a possible
treatment for COVID-19. Phase III clinical trials are ongoing in Japan,
and the government has ordered 2 million treatment courses. In the US,
Fujifilm started Phase II trials earlier this month.To get more news
about Favipiravir, wisepowder official website is the best place for you.
Favipiravir, which Fujifilm sells under the brand name Avigan, has been approved in Japan since 2014 to treat influenza and other viral strains that don’t respond to other drugs. “Avigan tablets are expected to have efficacy against infection with the new coronavirus in view of its characteristic mechanism of action,” says a Fujifilm spokesperson,although the company has yet to present evidence of efficacy.
The Japanese government stated its preference for Avigan to be made in Japan using domestically produced materials. Toyama Chemical, the Fujifilm subsidiary that developed Avigan, will fulfill part of its requirement for a key intermediate, diethyl malonate, from the chemical producer Denka. The firm will restart a plant in Niigata Prefecture that it had closed in 2017 because of global oversupply of the material. The facility was not dismantled and should be able to resume full operations in late May, according to a Denka spokesperson.In addition, Fujifilm will boost production of intermediates at its Wako Pure Chemical subsidiary and establish partnerships with other raw material suppliers.
Fujifilm expects to complete small Phase III trials in Japan, involving 100 people, in June. In the US, Phase II trials with 50 people will be conducted at Brigham and Women’s Hospital, Massachusetts General Hospital, and the University of Massachusetts Medical School. Italy and China launched clinical trials of the antiviral in March.
According to the Fujifilm spokesperson, human trials so far have not uncovered any adverse reactions. The drug has not been tested on pregnant women, however, because preclinical studies indicated possible harm to fetuses.
Like Gilead Sciences’ remdesivir, another antiviral being tested against COVID-19, favipiravir is a selective inhibitor of the RNA polymerase involved in viral replication. Animal studies showed that it’s effective against influenza as well as West Nile virus, yellow fever, foot-and-mouth disease, and other viruses, Fujifilm says.
The firm notes that thus far the Japanese government is the only group that has ordered large quantities of favipiravir to use against COVID-19. The World Health Organization did not include favipiravir among the four existing drugs it is testing against the disease in a multinational trial.
Favipiravir, which Fujifilm sells under the brand name Avigan, has been approved in Japan since 2014 to treat influenza and other viral strains that don’t respond to other drugs. “Avigan tablets are expected to have efficacy against infection with the new coronavirus in view of its characteristic mechanism of action,” says a Fujifilm spokesperson,although the company has yet to present evidence of efficacy.
The Japanese government stated its preference for Avigan to be made in Japan using domestically produced materials. Toyama Chemical, the Fujifilm subsidiary that developed Avigan, will fulfill part of its requirement for a key intermediate, diethyl malonate, from the chemical producer Denka. The firm will restart a plant in Niigata Prefecture that it had closed in 2017 because of global oversupply of the material. The facility was not dismantled and should be able to resume full operations in late May, according to a Denka spokesperson.In addition, Fujifilm will boost production of intermediates at its Wako Pure Chemical subsidiary and establish partnerships with other raw material suppliers.
Fujifilm expects to complete small Phase III trials in Japan, involving 100 people, in June. In the US, Phase II trials with 50 people will be conducted at Brigham and Women’s Hospital, Massachusetts General Hospital, and the University of Massachusetts Medical School. Italy and China launched clinical trials of the antiviral in March.
According to the Fujifilm spokesperson, human trials so far have not uncovered any adverse reactions. The drug has not been tested on pregnant women, however, because preclinical studies indicated possible harm to fetuses.
Like Gilead Sciences’ remdesivir, another antiviral being tested against COVID-19, favipiravir is a selective inhibitor of the RNA polymerase involved in viral replication. Animal studies showed that it’s effective against influenza as well as West Nile virus, yellow fever, foot-and-mouth disease, and other viruses, Fujifilm says.
The firm notes that thus far the Japanese government is the only group that has ordered large quantities of favipiravir to use against COVID-19. The World Health Organization did not include favipiravir among the four existing drugs it is testing against the disease in a multinational trial.
Introduction An outbreak of severe acute respiratory syndrome
coronavirus-2 (SARS-CoV-2) was reported in Wuhan, China in mid-December
2019, and declared a pandemic by the World Health Organization (WHO) on
March 11, 2020. Due to the unknown nature of the disease and the lack of
specific drugs, several potential treatments were used for patients.
This systematic review and meta-analysis will evaluate studies of the
effects of Favipiravir in COVID-19 pneumonia. Methods and analysis We
will search electronic databases including LitCovid hub, PubMed, Scopus,
ISI web of Sciences, Cochrane, and Embase using keywords related to
COVID-19 and Favipiravir. To get more news about Favipiravir, wisepowder official website is the best place for you.
We will search the reference lists of all included studies and reviews. We will also search for clinical trial registries, such as clinicaltrial.gov for the ongoing clinical trials. Two investigators (MAZ and SH) will independently screen titles, abstracts, and full-text of included studies based on eligibility criteria. These investigators will also independently extract data and appraise the quality of studies. All potential discrepancies will be resolved through consultation with the third reviewer. Data synthesis will be conducted using the Review Manager software (version 5.3) or CMA (version 2). Statistical heterogeneity will be assessed using a standard I2 test. A funnel plot, Egger test, and Begg test will be used for asymmetry to explore possible publication bias. Ethics and dissemination The findings of this systematic review with proportional meta-analysis will help to identify the safety and efficacy of Favipiravir for COVID-19 patients. Knowledge gained from this research will also assist physicians in selecting better treatment options and developing a guideline in this field.
All relevant ethical guidelines have been followed; any necessary IRB and/or ethics committee approvals have been obtained and details of the IRB/oversight body are included in the manuscript.
I understand that all clinical trials and any other prospective interventional studies must be registered with an ICMJE-approved registry, such as ClinicalTrials.gov. I confirm that any such study reported in the manuscript has been registered and the trial registration ID is provided (note: if posting a prospective study registered retrospectively, please provide a statement in the trial ID field explaining why the study was not registered in advance).
I have followed all appropriate research reporting guidelines and uploaded the relevant EQUATOR Network research reporting checklist(s) and other pertinent material as supplementary files, if applicable.
We will search the reference lists of all included studies and reviews. We will also search for clinical trial registries, such as clinicaltrial.gov for the ongoing clinical trials. Two investigators (MAZ and SH) will independently screen titles, abstracts, and full-text of included studies based on eligibility criteria. These investigators will also independently extract data and appraise the quality of studies. All potential discrepancies will be resolved through consultation with the third reviewer. Data synthesis will be conducted using the Review Manager software (version 5.3) or CMA (version 2). Statistical heterogeneity will be assessed using a standard I2 test. A funnel plot, Egger test, and Begg test will be used for asymmetry to explore possible publication bias. Ethics and dissemination The findings of this systematic review with proportional meta-analysis will help to identify the safety and efficacy of Favipiravir for COVID-19 patients. Knowledge gained from this research will also assist physicians in selecting better treatment options and developing a guideline in this field.
All relevant ethical guidelines have been followed; any necessary IRB and/or ethics committee approvals have been obtained and details of the IRB/oversight body are included in the manuscript.
I understand that all clinical trials and any other prospective interventional studies must be registered with an ICMJE-approved registry, such as ClinicalTrials.gov. I confirm that any such study reported in the manuscript has been registered and the trial registration ID is provided (note: if posting a prospective study registered retrospectively, please provide a statement in the trial ID field explaining why the study was not registered in advance).
I have followed all appropriate research reporting guidelines and uploaded the relevant EQUATOR Network research reporting checklist(s) and other pertinent material as supplementary files, if applicable.
Today I'm going to be talking to Armand Balboni, MD, PhD, chief
executive officer of Appili Therapeutics, about favipiravir, a potential
COVID-19 treatment for elderly and long-term care populations.To get
more news about Favipiravir, wisepowder official website is the best place for you.
A recent analysis showed a surge in prescription pills for hydroxychloroquine and chloroquine, likely due to off-label prescribing. The JAMA study analyzed prescription patterns and found that hydroxychloroquine/chloroquine fills increased by 1977% since last year.
States are slowly easing their barriers to pharmacists-provided COVID-19 testing. In early April, the US Department of Health and Human Services (HHS) authorized licensed pharmacists to order and administer COVID-19 tests approved by the FDA. By mid-May, about two-thirds of states had adjusted regulations for pharmacists-provided testing, but just a handful of pharmacies have managed to navigate the maze of federal, state, and supply-chain practicalities.
The company was founded in 2015 as a singly focused company, and the idea was to tackle infectious diseases in a way that others don't or can't. What we do is we look for unmet need first. So, is there a disease out there in the infectious disease world where folks are not able to readily find a solution, and we really try and match programs then with the disease, and we do that in a way that's agnostic to where something was created. And I think that's what's a little bit different here. We're all scientists, either by training, or experience, or both. We don't necessarily make the things in-house. Instead, we go and find solutions to problems, which means that we have antifungals, 2 antibiotics, and now an antiviral program. For me, the daily mission is one of trying to keep the team moving forward with the portfolio of products which really touches on a number of really important diseases. I like to say that we're a socially conscious biotech. We both do good and we do well, and I know people roll their eyes when they hear that you need to be a socially conscious biotech company. But we really are. We really try and find those tough problems and then we really relish the challenge to go find solutions.
So that's specifically looking at the antiviral program that we have been working with Fujifilm Toyama Chemical. It's a drug called favipiravir. It's a broad-spectrum antiviral. The long-term-care setting, as many of us have seen and know, even though the pandemic has not been going on for really that long, has disproportionately affected those in the long-term-care setting-the elderly. It doesn't mean that others can't get it, but we see a particular real serious problem there, and in fact, in many places, including Ontario, where our first clinical trial is being run for favipiravir in the long-term-care setting, 80% of the morbidity and mortality has been associated with the elderly, and so that that is really an unmet need, and it really fits into our wheelhouse.
I think the other reason we're focusing on that group is just the properties of the of the drug. Favipiravir is particularly well-suited for that population based on its properties, which are: it's oral, it's a tablet, unlike remdesivir, which is injected in an IV. And also, in the elderly, even when a vaccine becomes available, and we all certainly hope one will and I'm confident there will be one, the elderly don't necessarily respond to vaccines in the same way that everyone else does. Their immune system tends to be a bit more challenged. We think that there will be a place for this drug. And then finally, we focused on this group because nobody else was. We have the only randomized control trial, looking at this population for prophylaxis, meaning we're giving it soon-after infection as soon as possible, very early on in course of the disease. And, you know, it’s the only trial in the world to look at this really important population. So for all those reasons, we thought that it was a good fit for us.
A recent analysis showed a surge in prescription pills for hydroxychloroquine and chloroquine, likely due to off-label prescribing. The JAMA study analyzed prescription patterns and found that hydroxychloroquine/chloroquine fills increased by 1977% since last year.
States are slowly easing their barriers to pharmacists-provided COVID-19 testing. In early April, the US Department of Health and Human Services (HHS) authorized licensed pharmacists to order and administer COVID-19 tests approved by the FDA. By mid-May, about two-thirds of states had adjusted regulations for pharmacists-provided testing, but just a handful of pharmacies have managed to navigate the maze of federal, state, and supply-chain practicalities.
The company was founded in 2015 as a singly focused company, and the idea was to tackle infectious diseases in a way that others don't or can't. What we do is we look for unmet need first. So, is there a disease out there in the infectious disease world where folks are not able to readily find a solution, and we really try and match programs then with the disease, and we do that in a way that's agnostic to where something was created. And I think that's what's a little bit different here. We're all scientists, either by training, or experience, or both. We don't necessarily make the things in-house. Instead, we go and find solutions to problems, which means that we have antifungals, 2 antibiotics, and now an antiviral program. For me, the daily mission is one of trying to keep the team moving forward with the portfolio of products which really touches on a number of really important diseases. I like to say that we're a socially conscious biotech. We both do good and we do well, and I know people roll their eyes when they hear that you need to be a socially conscious biotech company. But we really are. We really try and find those tough problems and then we really relish the challenge to go find solutions.
So that's specifically looking at the antiviral program that we have been working with Fujifilm Toyama Chemical. It's a drug called favipiravir. It's a broad-spectrum antiviral. The long-term-care setting, as many of us have seen and know, even though the pandemic has not been going on for really that long, has disproportionately affected those in the long-term-care setting-the elderly. It doesn't mean that others can't get it, but we see a particular real serious problem there, and in fact, in many places, including Ontario, where our first clinical trial is being run for favipiravir in the long-term-care setting, 80% of the morbidity and mortality has been associated with the elderly, and so that that is really an unmet need, and it really fits into our wheelhouse.
I think the other reason we're focusing on that group is just the properties of the of the drug. Favipiravir is particularly well-suited for that population based on its properties, which are: it's oral, it's a tablet, unlike remdesivir, which is injected in an IV. And also, in the elderly, even when a vaccine becomes available, and we all certainly hope one will and I'm confident there will be one, the elderly don't necessarily respond to vaccines in the same way that everyone else does. Their immune system tends to be a bit more challenged. We think that there will be a place for this drug. And then finally, we focused on this group because nobody else was. We have the only randomized control trial, looking at this population for prophylaxis, meaning we're giving it soon-after infection as soon as possible, very early on in course of the disease. And, you know, it’s the only trial in the world to look at this really important population. So for all those reasons, we thought that it was a good fit for us.
According to documents released by the US Securities and Exchange
Commission (SEC), Buffett ‘s Berkshire Hathaway sold Bank of New York
Mellon’s share worth of more than US$30 million on Tuesday and
Wednesday. Before the US stock market slump in early March, Buffett
increased his holding of the Bank's shares by US$359 million.
In view of BNY Mellon's stock price trend, Buffett had sold the shares at a loss. As Berkshire Hathaway's 11th largest stock holding, BNY Mellon's stock fell 25.7% during the year, rendering Buffett more than US$1 billion of loss so far.To get more news about WikiFX, you can visit wikifx news official website.
Data shows that year to date, Buffett ‘s Berkshire Hathaway has lost US$46.5 billion(equivalence of ¥325.5 billion), or 19% of the company's total stock positions. Among Berkshire Hathaway's stock holdings, Bank of America, Wells Fargo Bank, Apple, American Express, United Bank of America, Delta Air Lines, Coca-Cola, JPMorgan Chase, United Airlines, Kraft Heinz and BNY Mellon all saw losses of over US$ 1 billion, with over US$ 6 billion of loss in the company’s no.1 holding Apple. Only less than 10 companies' shares, including Moody s, Amazon, Costco, Biogene, and Teva Pharmaceuticals, had been profitable.
In view of BNY Mellon's stock price trend, Buffett had sold the shares at a loss. As Berkshire Hathaway's 11th largest stock holding, BNY Mellon's stock fell 25.7% during the year, rendering Buffett more than US$1 billion of loss so far.To get more news about WikiFX, you can visit wikifx news official website.
Data shows that year to date, Buffett ‘s Berkshire Hathaway has lost US$46.5 billion(equivalence of ¥325.5 billion), or 19% of the company's total stock positions. Among Berkshire Hathaway's stock holdings, Bank of America, Wells Fargo Bank, Apple, American Express, United Bank of America, Delta Air Lines, Coca-Cola, JPMorgan Chase, United Airlines, Kraft Heinz and BNY Mellon all saw losses of over US$ 1 billion, with over US$ 6 billion of loss in the company’s no.1 holding Apple. Only less than 10 companies' shares, including Moody s, Amazon, Costco, Biogene, and Teva Pharmaceuticals, had been profitable.
A Societe Generale study of bear markets since 1870 showed that the
current bear-market rally is a departure from history. Andrew Lapthorne,
the firm's head of quant strategy, concluded that investors are taking
an early victory lap for the economy even after accounting for trillions
in stimulus spending. He expects the stock market to end the year
roughly 7% lower than current levels. Click here for more BI Prime
stories.To get more news about WikiFX, you can visit wikifx news official website.
April was the best month for stocks since 1987. But this stand-out performance is not being universally cheered on Wall Street. The S&P 500's 13% ascent last month can be traced back to its bottom on March 23 — the same day the Federal Reserve essentially pledged to do whatever it takes to support the economy during the coronavirus pandemic. Even with this stimulus in action, investors declared an early victory for an economy that must still crawl out of its worst contraction in many decades, according to Andrew Lapthorne, the head of quantitative strategy at Societe Generale. He drew this conclusion by studying a 150-year history of bear markets, defined as a 20% decline from recent highs. “Beware of the oddity in this bear rally,” Lapthorne said in a recent note to clients.
He added: “With the fallout from the complete shutdown of economic life in terms of disruptions in supply chains and collapse of aggregate demand, as well as the uncertainty on the post-lockdown path to recovery, new market bottoms are possible, although the unprecedented massive policy response could provide the backstop to a worsening case of deflationary spiral.”His study of bear markets since 1870 led him to conclude that the S&P 500 would finish the year at about 2,715, representing a 7% decline from its April close.Both the crash and recovery are abnormalLapthorne's analysis started by including episodes since 1870 when the S&P 500's decline could ostensibly have been rounded up to 20%. One recent example was the late-2018 sell-off that winded up as a 19.6% decline.But because the 2020 drop has been a different beast in terms of its speed, comparing it to every bear market was not empirically ideal.
And so he filtered for severe bear markets, defined as drawdowns of at least 30%, to make them comparable to this one. The roster of 15 meltdowns includes infamous sell-offs like the crash of 1929, Black Monday, and the dotcom bust. He found that on average, the S&P 500 recovered by 4% within a month, 13% within three months, and 27% within a year. The typical trajectory of recoveries is similar even when the Great Depression, often likened to the coronavirus crisis, is included.By comparison, stocks have leapt more than 30% from their bottom in March.
April was the best month for stocks since 1987. But this stand-out performance is not being universally cheered on Wall Street. The S&P 500's 13% ascent last month can be traced back to its bottom on March 23 — the same day the Federal Reserve essentially pledged to do whatever it takes to support the economy during the coronavirus pandemic. Even with this stimulus in action, investors declared an early victory for an economy that must still crawl out of its worst contraction in many decades, according to Andrew Lapthorne, the head of quantitative strategy at Societe Generale. He drew this conclusion by studying a 150-year history of bear markets, defined as a 20% decline from recent highs. “Beware of the oddity in this bear rally,” Lapthorne said in a recent note to clients.
He added: “With the fallout from the complete shutdown of economic life in terms of disruptions in supply chains and collapse of aggregate demand, as well as the uncertainty on the post-lockdown path to recovery, new market bottoms are possible, although the unprecedented massive policy response could provide the backstop to a worsening case of deflationary spiral.”His study of bear markets since 1870 led him to conclude that the S&P 500 would finish the year at about 2,715, representing a 7% decline from its April close.Both the crash and recovery are abnormalLapthorne's analysis started by including episodes since 1870 when the S&P 500's decline could ostensibly have been rounded up to 20%. One recent example was the late-2018 sell-off that winded up as a 19.6% decline.But because the 2020 drop has been a different beast in terms of its speed, comparing it to every bear market was not empirically ideal.
And so he filtered for severe bear markets, defined as drawdowns of at least 30%, to make them comparable to this one. The roster of 15 meltdowns includes infamous sell-offs like the crash of 1929, Black Monday, and the dotcom bust. He found that on average, the S&P 500 recovered by 4% within a month, 13% within three months, and 27% within a year. The typical trajectory of recoveries is similar even when the Great Depression, often likened to the coronavirus crisis, is included.By comparison, stocks have leapt more than 30% from their bottom in March.
According to Reuters' calculations and the latest data released by the
United States Commodity Futures Trading Commission (CFTC), speculative
dollar net short positions have increased to the highest level in the
past two years in last week; as of the week ending April 21st, USD net
short positions totaled US$11.51 billion. Net short positions of the
previous week reached US$ 11.39 billion. Reuters calculation of total
USD net position in the Chicago International Monetary Market is based
on the net positions of six major currencies: Japanese Yen, Euro,
British Pound, Swiss Franc, Canadian Dollar, and Australian Dollar.To
get more news about WikiFX, you can visit wikifx news official website.
Under the impact of the epidemic, the Fed has continuously launched several rounds of quantitative easing that exceeded market expectations, almost exhausting all conventional and unconventional policy ammunition available. As of now, the Fed has reduced interest rates to zero to inject liquidity into various markets. Investors will still pay close attention to the Fed s outlook on the current economy and whether it will give hints on the introduction of negative interest rates in the future.
The brisk rally of 2020 cannot be divorced from the record amount of government stimulus that flowed into the economy. On this account, Lapthorne said the market's roaring comeback is reasonable.He inserted one more caveat into his analysis: 150 years is perhaps too long a timeframe for analyzing the recent bear market. The forces that drive stocks and the economy have evolved over the last century and a half, and so it's possible to slide into the error of comparing apples with oranges.
For this reason, Lapthorne averaged the three most recent severe crashes — in 1987, 2000, and 2008 — and then compared them to the rest of his timeframe. He still found that the post-crisis recoveries were similar to the preceding episodes, leaving 2020 as the odd one out.Lapthorne's grand conclusion is that history is rife with many examples of bear rallies that give way to even deeper losses. He left clients with three recommendations: stay hedged with defensive assets, beware of momentum stocks that are sensitive to broader market moves, and be well-positioned for a rally in undervalued stocks.
Under the impact of the epidemic, the Fed has continuously launched several rounds of quantitative easing that exceeded market expectations, almost exhausting all conventional and unconventional policy ammunition available. As of now, the Fed has reduced interest rates to zero to inject liquidity into various markets. Investors will still pay close attention to the Fed s outlook on the current economy and whether it will give hints on the introduction of negative interest rates in the future.
The brisk rally of 2020 cannot be divorced from the record amount of government stimulus that flowed into the economy. On this account, Lapthorne said the market's roaring comeback is reasonable.He inserted one more caveat into his analysis: 150 years is perhaps too long a timeframe for analyzing the recent bear market. The forces that drive stocks and the economy have evolved over the last century and a half, and so it's possible to slide into the error of comparing apples with oranges.
For this reason, Lapthorne averaged the three most recent severe crashes — in 1987, 2000, and 2008 — and then compared them to the rest of his timeframe. He still found that the post-crisis recoveries were similar to the preceding episodes, leaving 2020 as the odd one out.Lapthorne's grand conclusion is that history is rife with many examples of bear rallies that give way to even deeper losses. He left clients with three recommendations: stay hedged with defensive assets, beware of momentum stocks that are sensitive to broader market moves, and be well-positioned for a rally in undervalued stocks.
Recently, the Hong Kong dollar's strong momentum has drawn special
attention from the market. The USD/HKD has hit the strong-side
convertibility undertaking of 7.75 several times and hovers around this
level, which led to the Hong Kong Monetary Authority's intervention on
several occasions.To get more news about WikiFX, you can visit wikifx news official website.
Views attributed this to the fact that mainland China and Hong Kong, being the first to effectively contain the virus amid global pandemic, may become "safe havens"that continue to attract international capital flow. But the most convincing argument is the situation of interest rate market. Previously, as the Hong Kong dollar interest rate was significantly lower than the US dollar, traders conducted carry trade by funding US dollar-denominated assets with Hong Kong dollar. But in facing narrowing spreads and asset sell-off, carry traders will be forced to close their positions and in order to do so, they need to buy Hong Kong dollars in the spot market. It's expected that HKMA will continue to implement moderate intervention to stabilize the financial market.
Hong Kong’s linked exchange rate system requires the Hong Kong dollar to be pegged to the US dollar within a certain range. Since 2005, the HKMA has adopted a strong-side convertibility undertaking of 7.75 and a weak-side convertibility undertaking of 7.85; once HKD/USD exchange rate reach the given range, market intervention will be delivered through buying or selling US dollar.
Views attributed this to the fact that mainland China and Hong Kong, being the first to effectively contain the virus amid global pandemic, may become "safe havens"that continue to attract international capital flow. But the most convincing argument is the situation of interest rate market. Previously, as the Hong Kong dollar interest rate was significantly lower than the US dollar, traders conducted carry trade by funding US dollar-denominated assets with Hong Kong dollar. But in facing narrowing spreads and asset sell-off, carry traders will be forced to close their positions and in order to do so, they need to buy Hong Kong dollars in the spot market. It's expected that HKMA will continue to implement moderate intervention to stabilize the financial market.
Hong Kong’s linked exchange rate system requires the Hong Kong dollar to be pegged to the US dollar within a certain range. Since 2005, the HKMA has adopted a strong-side convertibility undertaking of 7.75 and a weak-side convertibility undertaking of 7.85; once HKD/USD exchange rate reach the given range, market intervention will be delivered through buying or selling US dollar.
This story was delivered to Business Insider Intelligence Banking
Briefing subscribers earlier this morning.To get this story plus others
to your inbox each day, hours before they're published on Business
Insider, click here.Stay up-to-date with our latest coverage on the
impacts of coronavirus on technology, marketing, and the digital economy
here.The US personal savings rate (personal saving as a percentage of
disposable personal income) increased to 13.1% in March, up from 8% in
February, according a study from the Bureau of Economic Analysis (BEA).
Consumers put $2.17 trillion into savings, marking the highest rate
since 1981.To get more news about WikiFX, you can visit wikifx news official website.
Spending fell 7.5% in March, as consumers “canceled, restricted, or redirected their spending,” per BEA, due to social distancing measures related to the coronavirus pandemic. The personal savings rate has been rising the past couple of years as people likely anticipated a recession — and this rate will likely increase further as consumers continue to social distance and receive their stimulus checks. This shift in consumer spending and saving patterns gives banks and neobanks alike the opportunity to highlight their savings accounts and tools.Neobanks can aggressively market their high-yield savings accounts. In recent years, lowering interest rates have contributed to consumer dissatisfaction with savings accounts from incumbent banks. Digital-only banks have stepped in to fill the gap, and high-yield savings accounts are now one of their main selling points: For example, compared with the national average of 0.07% annual percentage yield (APY), Goldman Sachs' digital-only offshoot Marcus offers a savings accounts with a 1.55% APY, and neobanks like Chime and N26 offer above-average APYs too.Though the Fed slashing interest rates to zero toward the start of the coronavirus crisis took some wind out of their sails in terms of the APYs they're offering, neobanks should still look to increase awareness of their high-yield savings account offerings. Some consumers may be looking for ways to maximize their newfound savings, and promoting the benefits of their offerings via marketing campaigns could pay off for neobanks in increased signups and deposits — especially if continued social distancing means that consumers will continue saving more.Big banks can introduce customers to their personal finance management (PFM) features. With savings on the rise, there could be an increased appetite among consumers for tools that help them manage their money and put their savings to good use. Consumers largely want these tools through their banking channels: Over 75% of respondents to an RFi study said they would prefer to use PFM tools from their primary financial services provider — typically a bank — while just 6% said they'd prefer PFM tools from fintechs or neobanks.This makes it an ideal time for banks to increase awareness around their available tools, such as by prompting customers with the tools when they get a deposit or move money into savings. By increasing adoption of these tools, banks could encourage the formation of savings habits that will last beyond the current crisis: Chase, for example, offers Autosave, a digital feature that allows customers to set a savings goal as well as the frequency and amount they'd like to contribute to that goal. Banks should streamline their digital account opening processes in response to the higher personal savings rate. As consumers shelter in place and banks close branches or modify hours, the majority of banking services are being offered remotely, which means consumers looking to open a new savings account likely must do so digitally.Even prior to the pandemic, digital account opening was in demand: 58% of mobile banking users who responded to Business Insider Intelligence's US Mobile Banking Competitive Edge Study 2019 (enterprise only) called the ability to open a new savings account in a mobile banking app “extremely” or “very” valuable. Chase, for example, saw over 2 million accounts opened digitally in 2019, and that number could be higher this year.To avoid discouraging any customer who is interested in opening a savings account during this time, banks should ensure that digital account opening processes are available, reliable, and easy to use — otherwise they could miss out on a potential silver lining of the coronavirus crisis.
Spending fell 7.5% in March, as consumers “canceled, restricted, or redirected their spending,” per BEA, due to social distancing measures related to the coronavirus pandemic. The personal savings rate has been rising the past couple of years as people likely anticipated a recession — and this rate will likely increase further as consumers continue to social distance and receive their stimulus checks. This shift in consumer spending and saving patterns gives banks and neobanks alike the opportunity to highlight their savings accounts and tools.Neobanks can aggressively market their high-yield savings accounts. In recent years, lowering interest rates have contributed to consumer dissatisfaction with savings accounts from incumbent banks. Digital-only banks have stepped in to fill the gap, and high-yield savings accounts are now one of their main selling points: For example, compared with the national average of 0.07% annual percentage yield (APY), Goldman Sachs' digital-only offshoot Marcus offers a savings accounts with a 1.55% APY, and neobanks like Chime and N26 offer above-average APYs too.Though the Fed slashing interest rates to zero toward the start of the coronavirus crisis took some wind out of their sails in terms of the APYs they're offering, neobanks should still look to increase awareness of their high-yield savings account offerings. Some consumers may be looking for ways to maximize their newfound savings, and promoting the benefits of their offerings via marketing campaigns could pay off for neobanks in increased signups and deposits — especially if continued social distancing means that consumers will continue saving more.Big banks can introduce customers to their personal finance management (PFM) features. With savings on the rise, there could be an increased appetite among consumers for tools that help them manage their money and put their savings to good use. Consumers largely want these tools through their banking channels: Over 75% of respondents to an RFi study said they would prefer to use PFM tools from their primary financial services provider — typically a bank — while just 6% said they'd prefer PFM tools from fintechs or neobanks.This makes it an ideal time for banks to increase awareness around their available tools, such as by prompting customers with the tools when they get a deposit or move money into savings. By increasing adoption of these tools, banks could encourage the formation of savings habits that will last beyond the current crisis: Chase, for example, offers Autosave, a digital feature that allows customers to set a savings goal as well as the frequency and amount they'd like to contribute to that goal. Banks should streamline their digital account opening processes in response to the higher personal savings rate. As consumers shelter in place and banks close branches or modify hours, the majority of banking services are being offered remotely, which means consumers looking to open a new savings account likely must do so digitally.Even prior to the pandemic, digital account opening was in demand: 58% of mobile banking users who responded to Business Insider Intelligence's US Mobile Banking Competitive Edge Study 2019 (enterprise only) called the ability to open a new savings account in a mobile banking app “extremely” or “very” valuable. Chase, for example, saw over 2 million accounts opened digitally in 2019, and that number could be higher this year.To avoid discouraging any customer who is interested in opening a savings account during this time, banks should ensure that digital account opening processes are available, reliable, and easy to use — otherwise they could miss out on a potential silver lining of the coronavirus crisis.