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  • Gold price erupts as weak payrolls raise odds of imminent Fed cut

    Gold price erupts as weak payrolls raise odds of imminent Fed cut

    • Gold gains 0.39% to $3,375 on rising Fed cut expectations after soft NFP print.
    • May–June payrolls revised down by 258K last Friday, sparking renewed dovish shift.
    • US 10-year yield falls to 4.20%, extending last week’s 16 bps drop.

    Gold price posted modest gains on Monday as expectations that the Federal Reserve (Fed) could cut interest rates rose since last Friday, following last Friday’s dismal US Nonfarm Payrolls report. The XAU/USD trades at $3,375, edges up 0.39%.

    Expectations that the Fed might cut interest rates are boosting the yellow metal. The odds for the September 17 meeting rate cut are 87%.

    Last week’s jobs data revealed the first cracks of a deteriorating labor market. The US Bureau of Labor Statistics (BLS) revised down May and June figures by 258K. Hence, the data vindicated Fed Governor Christopher Waller, who shifted dovishly as he made comments that tariff inflation would be transitory and expressed concerns about achieving the maximum employment mandate.

    US Treasury yields are down during the session, a tailwind for the non-yielding metal. The US 10-year T-note is down one basis point (bp) to 4.20%, extending its losses after Friday’s 16-basis-point plunge.

    The US Dollar, as depicted by the US Dollar Index (DXY) that tracks the performance of the buck’s value against a basket of six peers, trims some of its earlier gains and is up 0.07% at 98.74.

    US Trade Representative Jamieson Greer said that tariffs imposed by US President Trump last week are likely to remain in place as part of continuing negotiations. Last week, Canada, Brazil, India, Taiwan and Switzerland were hit by tariffs between 20% to 39%.

    Data revealed that Factory Orders tanked while traders await the release of ISM Services PMI, Jobless Claims, Consumer Sentiment data and Fed speakers.

    Daily digest market movers: Gold edges up as manufacturing activity shows signs of slowing

    • Factory Orders in June plummeted as commercial aircraft orders plunged, with the print coming at -4.8% MoM as expected, well below May’s 8.2% expansion. Manufacturing activity remains constrained due to tariffs, which triggered a rise in input costs.
    • Also, the ISM Manufacturing PMI contracted last week, resuming its downward trend for the second consecutive month.
    • Meanwhile, Consumer Sentiment improved by 61.7, though it ticked a tenth lower than the preliminary reading from the University of Michigan (UoM) survey on American households. Inflation Expectations remained within familiar levels at 4.5% for one year and 3.4% for five years.
    • Citi updated its Gold forecast for the next three months from $3,300 to $3,500 per troy ounce on Monday. They mentioned in the note that “US growth and tariff-related inflation concerns are set to remain elevated during 2H’25, which, alongside a weaker dollar, are set to drive gold moderately higher, to new all-time highs.”

    XAU/USD technical outlook: Gold price remains bullish as buyers eye $3,400

    After climbing above the confluence of the 50-day and 20-day Simple Moving Averages (SMAs) at $3,342, Gold cleared the $3,350 level as buyers eye a test of the $3,400 mark. Citi’s upward revision to the XAU/USD price could sponsor a re-test of the June 16 peak of $3,452, before bulls assault the year-to-date (YTD) high of $3,500.

    On the flip side, if XAU/USD drops below $3,342, the next support would be $3,300, ahead of the 100-day SMA at $3,263.

    Fed FAQs

    Monetary policy in the US is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability and foster full employment. Its primary tool to achieve these goals is by adjusting interest rates.
    When prices are rising too quickly and inflation is above the Fed’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy. This results in a stronger US Dollar (USD) as it makes the US a more attractive place for international investors to park their money.
    When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates to encourage borrowing, which weighs on the Greenback.

    The Federal Reserve (Fed) holds eight policy meetings a year, where the Federal Open Market Committee (FOMC) assesses economic conditions and makes monetary policy decisions.
    The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.

    In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system.
    It is a non-standard policy measure used during crises or when inflation is extremely low. It was the Fed’s weapon of choice during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy high grade bonds from financial institutions. QE usually weakens the US Dollar.

    Quantitative tightening (QT) is the reverse process of QE, whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing, to purchase new bonds. It is usually positive for the value of the US Dollar.

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  • PTI alleges political repression

    PTI alleges political repression


    LAHORE:

    On the eve of former prime minister Imran Khan completing two years in prison, Pakistan Tehreek-e-Insaf (PTI) has issued a ‘white paper’ alleging systematic political victimisation, legal manipulation, and human rights violations.

    The release came ahead of PTI’s planned protests on Tuesday.

    Speaking to the media, PTI Punjab Media Cell head Shayan Bashir said, “The protest call for August 5 is for peaceful demonstrations, yet our homes are being raided, our privacy violated. In Lahore alone, over 200 raids have taken place in the past two days.”

    He alleged that authorities were using coercive tactics, including arbitrary detentions, extortion, and forced affidavits. “They pick up people, take bribes, or make them sign affidavits before releasing them,” he said.

    The 13-page document, spanning August 2023 to the ongoing month, documents what PTI characterises as a relentless campaign of repression. It cites at least 186 criminal cases filed against Khan, secret trials inside jail premises, and what it calls misuse of anti-terror laws to stifle dissent. It also alleges interference in the February 2024 general elections.

    The PTI alleged that Khan’s detention conditions amounted to inhumane treatment.

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  • Understanding the Full Burden of MCS and FCS

    Understanding the Full Burden of MCS and FCS

    Eliot Brinton, MD

    Credit: Global Oncology Academy

    Over the past decade, the understanding and management of severe hypertriglyceridemia syndromes—particularly familial chylomicronemia syndrome (FCS) and multifactorial chylomicronemia syndrome (MCS)—have begun to shift. Historically treated with extreme dietary fat restriction and off-label lipid-lowering therapies of limited efficacy, these rare disorders were often misdiagnosed or poorly understood outside of specialized lipid clinics. FCS, a monogenic condition marked by persistent chylomicronemia (PC) and risk of recurrent pancreatitis, has been particularly underserved, while MCS, far more prevalent but less well characterized, continues to be underrecognized in clinical practice.

    In recent years, however, progress in genetic diagnostics, growing awareness among endocrinologists and lipid specialists, and targeted drug development have changed the trajectory of care. Investigational therapies targeting key regulators such as APOC3 and ANGPTL3 have shown promise in early-phase studies, and ongoing trials reflect a more precise, mechanism-based approach to treatment. As the field pushes toward better stratification and tailored intervention, clinicians are increasingly engaged in conversations about bridging gaps in diagnosis, expanding access to specialty care, and defining meaningful outcomes for patients whose conditions have long been managed at the margins of standard lipid care.

    HCPLive convened a clinical forum led by Eliot Brinton, MD, President and Director of the Utah Lipid Center, to delve into the clinical, diagnostic, and treatment complexities of MCS and FCS.

    The forum outlined how MCS is often underdiagnosed and misunderstood, while FCS, although rarer, poses a more severe and genetically defined lipid disorder that leads to significant clinical challenges. They stressed that misdiagnosis remains common due to overlapping symptoms and non-specific presentations, particularly in emergency settings with acute pancreatitis.

    “Although diet works like you also said, there’s some people where they’re just they’re not able to do the diet and it is just not feasible for them. And so to have powerful drugs that are not niacin and not going to make their glucose go up… I think it’s nice to have modern, newer medications to help,” a panelist said. “One concern is how can drugs like this be expanded to more than just the severe patients with alarm features like recurrent pancreatitis and hospitalizations, family history? How can we expand it out more to just patients with really high triglycerides?”

    Panelists highlighted the inadequacies in current therapeutic options, particularly the lack of approved treatments for FCS. Extreme dietary restrictions remain a mainstay, which adds psychological and social burden to the disease. They emphasized the unmet need for novel therapies that can target specific genetic pathways like APOC3 and ANGPTL3, the role of healthcare provider education, and the importance of improving diagnostic and care pathways for affected patients.

    “The clinical or functional FCS and the PC with alarm features, to me, seem the same. I think that would be definitely those folks would benefit from these new drugs… To me, where these drugs are really going to be beneficial are for the people with the polygenic MCS who have these recurrent pancreatitis episodes. And those are the ones who just keep going in the hospital, and it’s a huge struggle, and we can’t use other agents like – I’m going to go off grid here and say GLP-1 receptor agonists. And so that’s where these drugs, I think, are going to be really promising,” a panelist said. “I think a big barrier is obtaining these drugs because even for the few people that I have on the available drug, Olezarsen, you have to jump through multiple hoops, you have to call all these people, answer the phone when they’re calling. And for education, that’s going to be a big barrier.”

    REFERENCE
    Izar MC, Fonseca FAH. Novel Therapeutics for Familial Chylomicronemia Syndrome. Current Atherosclerosis Reports. 2025;27(1). doi: 0.1007/s11883-025-01295-x
    ‌

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  • FDA Grants Priority Review to Liso-Cel for R/R Marginal Zone Lymphoma

    FDA Grants Priority Review to Liso-Cel for R/R Marginal Zone Lymphoma

    The FDA has granted priority review to a supplemental biologics license application (sBLA) seeking the approval of lisocabtagene maraleucel (liso-cel; Breyanzi) for the treatment of adult patients with relapsed/refractory marginal zone lymphoma (MZL) who have received at least 2 prior lines of systemic therapy.1

    The sBLA is supported by data from the MZL cohort of the phase 2 TRANSCEND FL trial (NCT04245839). Data from this cohort presented at the 2025 International Conference on Malignant Lymphoma showed that efficacy-evaluable patients (n = 66) achieved an overall response rate (ORR) of 95.5% (95% CI, 87.3%-99.1%; 1-sided P < .0001), which included a complete response (CR) rate of 62.1% (95% CI, 49.3%-73.8%; 1-sided P < .0001).2 The 24-month duration of response (DOR) rate was 88.6% at a median follow-up of 21.6 months; the 24-month progression-free survival (PFS) rate was 85.7% at a median follow-up of 23.8 months; and the 24-month overall survival (OS) rate was 90.4% at a median follow-up of 24.5 months.

    “While initial therapy for MZL can be effective, multiple relapses over the course of several years are common, leaving patients in need of a new treatment option that can provide high, lasting response rates,” Rosanna Ricafort, vice president and senior global program lead for Hematology and Cell Therapy at Bristol Myers Squibb, stated in a news release.1 “This FDA acceptance brings us one step closer to potentially standardizing CAR T-cell therapy as a treatment option for MZL, while building on our commitment to bring this personalized therapy to as many eligible patients as possible.”

    TRANSCEND FL Overview

    The open-label, global, multicenter trial evaluated liso-cel in patients with relapsed/refractory B-cell non-Hodgkin lymphoma. Notably, prior data from the study supported the May 2024 accelerated approval of liso-cel for the treatment of adult patients with relapsed/refractory follicular lymphoma who have received 2 or more prior lines of systemic therapy.3

    To enroll, patients needed to be at least 18 years of age with relapsed/refractory grade 1, 2, or 3a follicular lymphoma; or relapsed/refractory MZL.4 At least 1 prior line of therapy featuring an anti-CD20 therapy and an alkylating agent was required for all patients. Those with MZL were required to have at least 2 prior lines of therapy or relapsed disease following hematopoietic stem cell transplant. Other key inclusion criteria comprised an ECOG performance status of 0 or 1 and adequate organ function.

    Investigators excluded patients with evidence or a history of composite diffuse large B-cell lymphoma and follicular lymphoma, or of transformed follicular lymphoma; those with a WHO subclassification of duodenal-type follicular lymphoma; and those with central nervous system–only involvement. Prior CAR T-cell therapies or other genetically modified cellular therapies were also not allowed.

    After undergoing leukapheresis, patients received lymphodepleting chemotherapy consisting of fludarabine at 30 mg/m2 per day and cyclophosphamide at 300 mg/m2 per day for 3 days. Liso-cel was then infused on day 1 at a target dose of 100 x 106 CAR-positive T cells.

    Along with the primary end point of ORR, secondary end points comprised CR rate, DOR, PFS, OS, safety, and pharmacokinetics.

    Safety Info

    Data from TRANSCEND FL showed that no new safety signals were reported in the MZL cohort. Any-grade cytokine release syndrome (CRS) was reported in 76% of patients, including 4% who had grade 3 CRS. No instances of grade 4/5 CRS occurred.2

    References

    1. Bristol Myers Squibb’s application for Breyanzi (lisocabtagene maraleucel) accepted for priority review by U.S. Food and Drug Administration (FDA) in fifth cancer type for relapsed or refractory marginal zone lymphoma (MZL). News release. Bristol Myers Squibb. August 4, 2025. Accessed August 5, 2025. https://news.bms.com/news/details/2025/Bristol-Myers-Squibbs-Application-for-Breyanzi-lisocabtagene-maraleucel-Accepted-for-Priority-Review-by-U-S–Food-and-Drug-Administration-FDA-in-Fifth-Cancer-Type-for-Relapsed-or-Refractory-Marginal-Zone-Lymphoma-MZL/default.aspx
    2. Bristol Myers Squibb presents first data from the marginal zone lymphoma cohort of the Transcend FL trial demonstrating deep and durable responses with Breyanzi (lisocabtagene maraleucel). News release. Bristol Myers Squibb. June 16, 2025. Accessed August 4, 2025. https://news.bms.com/news/corporate-financial/2025/Bristol-Myers-Squibb-Presents-First-Data-from-the-Marginal-Zone-Lymphoma-Cohort-of-the-Transcend-FL-Trial-Demonstrating-Deep-and-Durable-Responses-with-Breyanzi-lisocabtagene-maraleucel/default.aspx
    3. FDA grants accelerated approval to lisocabtagene maraleucel for follicular lymphoma. FDA. May 15, 2024. Accessed August 4, 2025. https://www.fda.gov/drugs/resources-information-approved-drugs/fda-grants-accelerated-approval-lisocabtagene-maraleucel-follicular-lymphoma
    4. A study to evaluate the efficacy and safety of JCAR017 in adult subjects with relapsed or refractory indolent B-cell non-Hodgkin lymphoma (NHL) (TRANSCEND FL). ClinicalTrials.gov. Updated July 30, 2025. Accessed August 4, 2025. https://clinicaltrials.gov/study/NCT04245839

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  • NASA astronaut shares surreal photo of Earth, 3 galaxies

    NASA astronaut shares surreal photo of Earth, 3 galaxies

    NASA astronaut Don Pettit has spent 590 days living in space, and even back on Earth, he continues to share breathtaking images from his time off the planet.

    Over the weekend, Pettit shared a long-exposure photograph that captured the soft curve of Earth below, the glow of the planet’s atmosphere, streaks of city lights and flashes of lightning from a thunderstorm. Hovering above it all: three galaxies.

    Front and center is the Milky Way, the galaxy we call home. Two fainter companions appeared near the top of the image: the Large and Small Magellanic Clouds.

    These two galaxies orbit the Milky Way like distant cousins. Although they’re visible from the Southern Hemisphere, they’re far too faint to spot with the naked eye from most locations on Earth. From Pettit’s vantage point more than 250 miles above the surface, they shined a bit more clearly.

    In the foreground of the photo sits a SpaceX Dragon capsule, one of the vehicles that ferries astronauts to and from the space station.

    This is just the latest in a series of extraordinary images Pettit has captured during his time in orbit. Over the course of his missions, he’s documented satellites shining above the horizon, auroras dancing below his feet and the everyday routines of life in space.

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  • Hims & Hers sees ‘an exciting period of growth,’ but stock falls

    Hims & Hers sees ‘an exciting period of growth,’ but stock falls

    By Bill Peters

    Hims & Hers has been trying to widen the number of personalized treatments it offers to consumers

    Shares of Hims & Hers Inc. fell after hours on Monday after the wellness and telehealth platform’s third-quarter forecast came up shy of Wall Street’s estimates, although the company stuck with its full-year outlook.

    The company (HIMS), known for selling anti-anxiety medications, hair-loss and sexual-health products, made the forecasts as it tries to expand its selection of personalized care products.

    But it comes after a messy breakup with Novo Nordisk (NVO) after the drugmaker accused the platform of “deceptive promotion” and selling illegitimate copycat versions of its popular weight-loss drug Wegovy. Hims & Hers, in turn, accused Novo Nordisk of “misleading the public.”

    Hims & Hers on Monday said it expects third-quarter revenue of $570 million to $590 million. The midpoint of that forecast was a bit below FactSet estimates for $583 million.

    The company kept its full-year sales outlook of $2.3 billion to $2.4 billion.

    Shares slid 11.8% after hours on Monday. However, the stock is up 161.9% year to date, as of the close of trading for the day.

    For the second quarter, Hims & Hers reported revenue of $544.8 million, a 73% year-over-year jump but below estimates for $552 million. The company earned 17 cents a share, topping expectations for 15 cents.

    “We believe we’re entering an exciting period of growth where we’ll enter new, high-impact specialties that bring millions of people in need of care into the market,” Chief Executive Andrew Dudum said in a statement.

    Hims & Hers has been trying to widen the number of personalized treatments it offers to consumers. It is also trying to expand its capacity for at-home lab testing, its usage of tech to assist with consumers’ health needs and access to professionals, and daily health tracking from wearable devices. In May, management said it plans to launch new products geared toward testosterone and menopause support this year.

    Novo Nordisk said in June that it would end its collaboration with Hims & Hers, less than two months into the partnership. Novo Nordisk said the knockoff drugs available on the website “put patient safety at risk,” and that it would halt “direct access” to Wegovy on Hims & Hers Health via the drugmaker’s NovoCare Pharmacy.

    Dudum, in a post on X, said that the drugmaker “increasingly pressured us to control clinical standards and steer patients to Wegovy regardless of whether it was clinically best for patients.”

    “We refuse to be strong-armed by any pharmaceutical company’s anticompetitive demands that infringe on the independent decision-making of providers and limit patient choice,” he continued.

    He added: “We will continue to offer access to a range of treatments, including Wegovy, to ensure providers can serve the individual needs of patients.”

    -Bill Peters

    This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. 

    
  (END) Dow Jones Newswires
    

    
  08-04-25 1715ET
    

    Copyright (c) 2025 Dow Jones & Company, Inc.

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  • Bullish seeks up to $4.2 billion valuation in U.S. IPO

    Bullish seeks up to $4.2 billion valuation in U.S. IPO

    Crypto exchange Bullish is targeting a valuation of up to $4.23 billion in its United States listing, the company said in a filing on Monday, launching its roadshow to capitalize on the momentum built by digital assets amid regulatory clarity.

    Companies leveraging crypto and related technologies have rallied on friendly policymaking from the Trump administration, such as the recent passage of the GENIUS Act, which provides an initial regulatory framework for stablecoins.

    Bullish is seeking up to $629.3 million by offering 20.3 million shares priced between $28 and $31 each, marking its second attempt to go public in four years.

    At the top of its proposed range, the company will list at a more than 52% discount to its $9-billion valuation target in a 2021 blank check merger that it called off in 2022, citing regulatory hurdles.

    “When an IPO begins marketing, the bankers would rather undershoot on valuation and then price up, rather than overshoot and price down,” said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.

    Bullish, backed by billionaire Peter Thiel, plans to convert a significant portion of the IPO proceeds to U.S.-dollar-denominated stablecoins with the assistance of one or more issuers of such tokens, it said in the filing.

    Major stablecoin-issuer Circle Internet CRCL.K had a blowout debut on the NYSE in June and currently trades at more than 400% of its IPO price.

    Investor focus

    Bullish, whose CEO Thomas Farley previously served as president of the New York Stock Exchange, operates a crypto-trading exchange targeting institutions.

    It also operates crypto news website CoinDesk, which it acquired from Barry Silbert’s Digital Currency Group in 2023.

    Bullish swung to a $349 million loss for the quarter ended March 31, compared with a profit of $105 million a year earlier, reflecting a fall in fair value of its crypto holdings.

    Meanwhile, largest public crypto exchange Coinbase COIN.O reported a drop in second-quarter adjusted profit on Friday, due to a slowdown in trading, which dragged its shares down nearly 17%, even though the company recorded portfolio gains.

    Some investors tend to overlook the impact of quarterly swings in crypto prices when evaluating such companies, analysts have said.

    According to Renaissance Capital’s Kennedy, investors will focus on “how efficient (Bullish is) and how profitable it is as a pure exchange, without the impact of quarterly price changes.”

    Bullish aims to list on the NYSE under the symbol “BLSH.” J.P. Morgan, Jefferies and Citigroup are the lead underwriters.

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  • Multiple Sclerosis and Pregnancy Concerns May Stop Women From Getting Needed Medications

    Multiple Sclerosis and Pregnancy Concerns May Stop Women From Getting Needed Medications

    Even though the vast majority of people with multiple sclerosis are female, women are far less likely than men with this condition to receive medications that can relieve symptoms or slow disease progression, a new study suggests.

    Researchers examined more than a decade of data on nearly 23,000 people with MS who were between 18 and 40 years old. Participants were 29 years old on average at diagnosis, and roughly 3 in 4 were women.

    Compared with the men in the study, women were 8 percent less likely to receive disease-modifying drugs to manage symptoms and 20 percent less likely to get newer medications that are highly effective at reducing multiple sclerosis relapses, according to findings published in the journal Neurology.

    “This is extremely alarming,” says Ann Marie Murray, MD, a professor and the chief of comprehensive movement disorders at the Rockefeller Neuroscience Institute at West Virginia University in Morgantown.

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  • Dementia Diagnosis Takes More Than 3 Years, Study Finds

    Dementia Diagnosis Takes More Than 3 Years, Study Finds

    New research has found it takes an average of 3.5 years for a person with dementia to receive a diagnosis after experiencing the first symptoms. For people with early-onset dementia, the delay is even longer, 4.1 years.

    The results — which analyzed data from 13 previously published studies involving more than 30,000 people across Europe, the United States, Australia, and China — highlight a major gap that often keeps people from getting early treatment and support.

    Many people and their families “may be living with uncertainty, and without access to the support, care, and planning resources they need,” says senior study author Vasiliki Orgeta, PhD, an associate professor of psychiatry at University College London in England.

    The findings also highlight the urgent need to improve public awareness and training for healthcare providers and to streamline the referral process, says Dr. Orgeta.

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  • Drug Reaction With Eosinophilia and Systemic Symptoms (DRESS) Following Conversion Surgery for Esophageal Cancer: A Case Report

    Drug Reaction With Eosinophilia and Systemic Symptoms (DRESS) Following Conversion Surgery for Esophageal Cancer: A Case Report


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