Sydney Opera House, designed by Danish architect Mr Jorn Oberg Utzon, at first light as the sun rises over Sydney harbor and city center skyscrapers.
Ucg | Universal Images Group | Getty Images
Australia’s third-quarter economic growth missed analysts’ expectations, but still clocked its fastest expansion in about two years, driven by strong investment and consumer demand.
The country’s GDP expanded 2.1% year on year, marking its strongest expansion since the third quarter of 2023 when the economy expanded at the same rate, data from the Australian Bureau of Statistics showed on Wednesday. GDP missed economists’ forecast for a 2.2% growth.
On a quarter-on-quarter basis, Australia’s GDP grew 0.4% compared with 0.7% forecast in a Reuters poll.
Domestic final demand contributed 1.1 percentage points to growth. Private investment grew at the fastest pace since March 2021, driven by business investment in machinery, equipment and major data centers across New South Wales and Victoria.
Household consumption continued to expand, led by insurance, electricity, gas, rent, healthcare and food.
Meanwhile, net trade was a major drag, denting the economy by 0.1 percentage point, as imports growth outpaced rise in exports in the three months through September.
The economic growth reading came after Reserve Bank of Australia governor Michele Bullock cautioned that the economy had likely already hit its potential growth limit.
At the monetary policy meeting last month, the central bank kept its interest rate unchanged at 3.6%, saying it was cautious about easing further, given a strengthening economy, tight labor market and persistent inflationary pressure.
Bullock said last month that the current interest rate cutting cycle could be close to an end, with the central bank forecasting inflation to stay above its target range of 2% to 3% until the second half of next year.
The RBA’s board meets next week and is widely expected to leave interest rates at 3.6%.
The country’s inflation accelerated in October, rising 3.8% year on year, marking its fastest pace in seven months.
In the second quarter this year, Australia’s economy expanded 1.8% year on year, compared with 1.3% in the prior quarter, underpinned by domestic spending including household and government consumption.
FDA approval of OMLYCLO® (omalizumab-igec) 300 mg/2 mL solution in a single-dose prefilled syringe for subcutaneous injection expands dosing flexibility and supports tailored treatment for individual patients with certain allergic diseases
OMLYCLO® (omalizumab-igec) is the first and only biosimilar designated as interchangeable with XOLAIR® (omalizumab); The FDA previously approved OMLYCLO® 75 mg/0.5 mL and 150 mg/mL in a single-dose prefilled syringe for subcutaneous injection in March 2025
INCHEON, South Korea, Dec. 1, 2025 /PRNewswire/ — Celltrion, Inc. today announced the U.S. Food and Drug Administration (FDA) has approved a new presentation of OMLYCLO® (omalizumab-igec), the first and only biosimilar designated as interchangeable with XOLAIR® (omalizumab), in a 300mg/2mL solution in a single-dose prefilled syringe for subcutaneous injection. In the U.S., OMLYCLO will be marketed and distributed exclusively by Celltrion USA, Inc.
In March 2025, the FDA approved OMLYCLO in 75 mg/0.5 mL and 150 mg/mL solutions in a single-dose prefilled syringe for subcutaneous injection for the treatment of moderate to severe persistent asthma, chronic rhinosinusitis with nasal polyps (CRSwNP), Immunoglobulin E (IgE)-mediated food allergy, and chronic spontaneous urticaria (CSU).[1]
“The approval of the additional 300 mg presentation of OMLYCO underscores our dedication to patients in the U.S., by broadening treatment choices and expanding flexibility, addressing diverse needs of patients with allergic and inflammatory conditions,” said Dr. Juby Jacob-Nara, Senior Vice President and Chief Medical Officer at Celltrion USA. “The new dosing option of OMLYCLO can help reduce the number of required injections and ease the overall treatment burden and discomfort for patients with these diseases.”
“We are proud of the expansion of OMLYCLO’s dosing options, marking another significant milestone in our commitment to increasing access to biologic treatments in the U.S.,” said Thomas Nusbickel, Chief Commercial Officer at Celltrion USA. “We remain steadfast in our efforts to support physicians with flexible, high-quality treatment options and ensure that more patients can benefit from best-in-class care.”
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About OMLYCLO® (omalizumab-igec)
OMLYCLO® (omalizumab-igec) is the first U.S. Food and Drug Administration (FDA)-approved anti-IgE antibody biosimilar referencing XOLAIR® (omalizumab). OMLYCLO 75 mg/0.5 mL, 150 mg/mL and 300 mg/2mL solutions in a single-dose prefilled syringe is approved as interchangeable with the reference product for all indications based on comprehensive data and clinical evidence confirming the therapeutic equivalence to XOLAIR.[1]OMLYCLO was approved by the U.S. Food and Drug Administration (FDA) and the European Commission (EC) in March 2025 and May 2024, respectively.
INDICATION
OMLYCLO® (omalizumab-igec) injection, is an anti-IgE antibody indicated for:
Moderate to severe persistent asthma in adults and pediatric patients ≥6 years of age with a positive skin test or in vitro reactivity to a perennial aeroallergen and symptoms that are inadequately controlled with inhaled corticosteroids
Chronic rhinosinusitis with nasal polyps (CRSwNP) in adult patients ≥18 years of age with inadequate response to nasal corticosteroids, as add-on maintenance treatment
IgE-mediated food allergy in adult and pediatric patients aged ≥1 year age for the reduction of allergic reactions (Type I), including anaphylaxis, that may occur with accidental exposure to one or more foods. To be used in conjunction with food allergen avoidance
Chronic spontaneous urticaria (CSU) in adults and adolescents ≥12 years of age who remain symptomatic despite H1 antihistamine treatment
Limitations of Use: Not indicated for: acute bronchospasm or status asthmaticus; emergency treatment of allergic reactions, including anaphylaxis; other forms of urticaria.
IMPORTANT SAFETY INFORMATION
WARNING: ANAPHYLAXIS
Anaphylaxis presenting as bronchospasm, hypotension, syncope, urticaria, and/or angioedema of the throat or tongue, has been reported to occur after administration of omalizumab products. Anaphylaxis has occurred as early as after the first dose of omalizumab products, but also has occurred beyond 1 year after beginning regularly administered treatment. Because of the risk of anaphylaxis, initiate OMLYCLO therapy in a healthcare setting and closely observe patients for an appropriate period of time after OMLYCLO administration.
Health care providers administering OMLYCLO should be prepared to manage anaphylaxis which can be life-threatening. Inform patients of the signs and symptoms of anaphylaxis and instruct them to seek immediate medical care should symptoms occur. Selection of patients for self-administration of OMLYCLO should be based on criteria to mitigate risk from anaphylaxis.
Contraindications: Severe hypersensitivity reaction to omalizumab products or any ingredient of OMLYCLO.
Anaphylaxis. Omalizumab products, including OMLYCLO, have been associated with anaphylaxis, reported in both clinical trials and postmarketing data. Patients with a history of anaphylaxis to foods, medications, or other causes face an increased risk. Initiate OMLYCLO only in a healthcare setting with anaphylaxis management capabilities. Patients should be monitored for an appropriate period post-administration, informed of signs and symptoms of anaphylaxis, and instructed to seek immediate medical care if they occur.
Malignancy. Malignancies have been observed in clinical studies, with various cancer types reported. The long-term risk, especially in high-risk groups, is unknown.
Acute Asthma Symptoms and Deteriorating Disease. Omalizumab products have not been shown to alleviate asthma exacerbations acutely. Do not use OMLYCLO to treat acute bronchospasm or status asthmaticus.
Corticosteroid Reduction. Do not discontinue systemic or inhaled corticosteroids abruptly upon initiation of OMLYCLO therapy for asthma or CRSwNP.
Eosinophilic Conditions. Be alert to eosinophilia, vasculitic rash, worsening pulmonary symptoms, cardiac complications, and/or neuropathy, especially upon reduction of oral corticosteroids.
Fever, Arthralgia, and Rash. Stop OMLYCLO if a patient develops a constellation of signs and symptoms, including arthritis/arthralgia, rash, fever, and lymphadenopathy.
Parasitic (Helminth) Infection. Monitor patients at high risk of geohelminth infection while on OMLYCLO therapy.
Laboratory Tests. Administration of omalizumab products increases serum total IgE due to drug:IgE complexes. Do not use serum total IgE levels within one year of discontinuation of omalizumab products to reassess dosing regimen, as they may not reflect steady-state free IgE.
Potential Medication Error Related to Emergency Treatment of Anaphylaxis. OMLYCLO should not be used for the emergency treatment of allergic reactions, including anaphylaxis. Instruct patients that OMLYCLO is for maintenance use to reduce allergic reactions, including anaphylaxis, while avoiding food allergens.
Most Common Adverse Reactions
Asthma: In patients ≥12 years, reported in ≥1%: arthralgia, general pain, leg pain, fatigue, dizziness, fracture, arm pain, pruritus, dermatitis, and earache. In pediatric patients (6 to <12 years), reported in ≥3%: nasopharyngitis, headache, pyrexia, upper abdominal pain, streptococcal pharyngitis, otitis media, viral gastroenteritis, arthropod bites, and epistaxis.
CRSwNP: In patients ≥3% of adults: headache, injection site reactions, arthralgia, upper abdominal pain, and dizziness.
IgE-Mediated Food Allergy: In ≥3% of patients: injection site reactions and pyrexia.
CSU: In ≥2% of patients: nausea, nasopharyngitis, sinusitis, upper respiratory tract infections (viral and non-viral), arthralgia, headache, and cough.
For more information, see Full Prescribing Information.
About Celltrion
Celltrion is a leading biopharmaceutical company that specializes in researching, developing, manufacturing, marketing and sales of innovative therapeutics that improve people’s lives worldwide. Celltrion is a pioneer in the biosimilar space, having launched the world’s first monoclonal antibody biosimilar. Our global pharmaceutical portfolio addresses a range of therapeutic areas including immunology, oncology, hematology, ophthalmology and endocrinology. Beyond biosimilar products, we are committed to advancing our pipeline with novel drugs to push the boundaries of scientific innovation and deliver quality medicines. For more information, please visit our website www.celltrion.com/en-us. and stay updated with our latest news and events on our social media: LinkedIn, Instagram, X, and Facebook.
About Celltrion USA
Celltrion USA is Celltrion’s U.S. subsidiary established in 2018. Headquartered in New Jersey, Celltrion USA is committed to expanding access to innovative biologics to improve care for U.S. patients. Celltrion’s FDA-approved biosimilar products in immunology, oncology, hematology, endocrinology and ophthalmology include: INFLECTRA® (infliximab-dyyb), TRUXIMA® (rituximab-abbs), HERZUMA® (trastuzumab-pkrb), VEGZELMA® (bevacizumab-adcd), YUFLYMA®(adalimumab-aaty), AVTOZMA® (tocilizumab-anho), STEQEYMA® (ustekinumab-stba) STOBOCLO® (denosumab-bmwo), OSENVELT® (denosumab-bmwo), OMLYCLO® (omalizumab-igec), and EYDENZELT® (aflibercept-boav), as well as the novel biologic ZYMFENTRA® (infliximab-dyyb). Celltrion USA will continue to leverage Celltrion’s unique heritage in biotechnology, supply chain excellence and best-in-class sales capabilities to improve access to high-quality biopharmaceuticals for U.S. patients. For more information, please visit www.celltrionusa.com and stay updated with our latest news and events on our social media – LinkedIn.
FORWARD-LOOKING STATEMENT
Certain information set forth in this press release contains statements related to our future business and financial performance and future events or developments involving Celltrion Inc. and its subsidiaries that may constitute forward-looking statements, under pertinent securities laws.
These statements may be also identified by words such as “prepares”, “hopes to”, “upcoming”, “plans to”, “aims to”, “to be launched”, “is preparing”, “once gained”, “could”, “with the aim of”, “may”, “once identified”, “will”, “working towards”, “is due”, “become available”, “has potential to”, the negative of these words or such other variations thereon or comparable terminology.
In addition, our representatives may make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Celltrion Inc. and its subsidiaries’ management, of which many are beyond its control.
Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect to the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them.
Such forward-looking statements necessarily involve known and unknown risks and uncertainties associated with the company’s business, including the risk factors disclosed in its Annual Report and/or Quarterly Reports, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such statements.
Celltrion Inc. and its subsidiaries undertake no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws.
Trademarks
OMLYCLO® is a registered trademark of CELLTRION, Inc. XOLAIR® is a registered trademark of Novartis AG.
References
[1] OMLYCLO U.S. prescribing information (2025)
US-OML-25-00005
For further information please contact: Katie Gallagher [email protected] +1 617-657-1324
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Critics call it “carspreading”. In the UK and across Europe, cars are steadily becoming longer, wider and heavier. Consumers clearly like them – a lot. They’re seen as practical, safe and stylish, and sales are growing steadily. So, why are some cities determined to clamp down on them – and are they right to do so?
Paris is renowned for many things. Its monuments, such as the Eiffel Tower and Arc de Triomphe. Its broad, leafy avenues and boulevards, its museums and art galleries, its fine cuisine. And its truly appalling traffic.
Over the past 20 years, the city authorities have been trying to tackle the problem, by introducing low-traffic and low-emission zones, by promoting public transport and cycling – and most recently by clamping down on big cars.
In October 2024 on-street parking charges for visiting “heavy” vehicles were trebled following a public vote, taking them from €6 to €18 for a one-hour stay in the centre, and from €75 to €225 for six hours.
“The larger it is, the more it pollutes,” said the mayor of Paris, Anne Hidalgo, before the vote. The new restrictions, she claimed, would “accelerate the environmental transition, in which we are tackling air pollution”.
A few months later, the town hall claimed the number of very heavy cars parking on the city streets had fallen by two-thirds.
Bloomberg via Getty Images
Paris is renowned for many things – including bad traffic in certain areas
Cities elsewhere are taking note, including in the UK. Cardiff council has already decided to increase the cost of parking permits for cars weighing more than 2,400kg – the equivalent of roughly two Ford Fiestas.
The Labour-controlled authority said, “These heavier vehicles typically produce more emissions, cause greater wear and tear on roads, and critically pose a significantly higher risk in the event of a road traffic collision.”
To begin with, the higher charges will only apply to a small minority of vehicle models, but Cardiff plans to lower the weight threshold over time. Other local authorities are mulling similar steps.
AFP via Getty Images
‘The larger it is, the more it pollutes,’ argued Paris mayor, Anne Hidalgo
But many owners say they are reliant on big cars.
Matt Mansell, a father of three based in Guildford, runs a technology company, as well as a property development business, and says he needs his Land Rover Defender 110 for ferrying around clients and children.
“I need to have enough space to put children in, with all of their kit – also, you can fit a door or a three-foot length of pipe in it,” he says.
“It’s very much a utility vehicle, but it’s presentable.”
‘Chelsea tractors’: Rise of the SUV
There is no question cars in the UK and Europe have been getting bigger over the years. Since 2018, the average width of new models on sale here has risen from 182cm to 187.5cm, according to data from Thatcham Research – an organisation that evaluates new cars on behalf of the insurance industry.
The average weight, meanwhile, has increased from 1,365kg to 1,592kg over the same period.
This is not just a recent phenomenon. Data compiled by the International Council for Clean Transportation shows the average width of cars on European markets grew by nearly 10cm between 2001 and 2020. Length increased by more than 19cm.
Some critics argue this is a worrying trend, because there simply isn’t enough room on Britain’s crowded, often narrow roads or in town centres.
Getty Images
Are cars getting bigger, or are roads getting narrower?
The standard minimum width of an on-street parking space is 1.8m in many places. But figures published by T&E, a green transport campaign group, suggest that by the first half of 2023, more than half of the 100 top-selling cars in the UK were fractionally wider than this.
Then there is the rocketing popularity of Sports Utility Vehicles, or SUVs, cars that are at least loosely based on off-road vehicles, although in many cases the resemblance is cosmetic, and they lack genuine off-road features such as four-wheel drive.
The vast majority will never stray far from the tarmac, hence their rather derisory nickname: Chelsea tractors.
There are plenty of different designs out there, including utility models that you can actually use off road, swanky status symbols and legions of suburban family wagons.
What they all they have in common, however, is size. Even the smaller “crossover” versions, more closely related to conventional cars, tend to be taller and wider than traditional saloons, hatchbacks or estates.
Back in 2011, SUVs made up 13.2% of the market across 27 European countries, according to the automotive research company Dataforce GmbH. By 2025, their market share had grown to 59%.
Rachel Burgess, editor of Autocar magazine, believes it is their size that makes them so popular. “Everyone I’ve spoken to over the years who has bought an SUV says they like being higher up, they like better visibility, and they feel safer on motorways and bigger roads.
“It’s often better for people with kids to get them in and out of the car with that extra height; and also, for people who are less mobile, it’s much easier to get in and out of an SUV than a lower hatchback or saloon.”
Lucia Barbato: ‘On a Monday morning with three boys, three school bags, three sports kits, and a trumpet thrown in the boot, there isn’t even room in the car for the dog!’
Lucia Barbato, from West Sussex, says her second-hand Lexus RX450 SUV – a hybrid model – is vital for transporting her large family in an area with limited public transport. She runs a marketing agency from home and drives her three sons to the bus stop each day, so they can go to school.
“On a Monday morning with three boys, three school bags, three sports kits, and a trumpet thrown in the boot there isn’t even room in the car for the dog!”
Bigger cars, bigger profit margins?
The popularity of SUVs doesn’t just apply to mass-market carmakers. Porsche is famous for its sleek sports cars but the Cayenne SUV and the Macan crossover are its bestselling models.
Bentley’s Bentayga SUV accounted for 44% of its sales last year, while Lamborghini is increasingly reliant on its four-wheel drive Urus.
Put bluntly, consumers clearly love SUVs. Carmakers, meanwhile, are only too happy to meet that demand, because building bigger cars can be more profitable, argues David Leggett, editor of industry intelligence website Just Auto.
Getty Images and Bloomberg via Getty Images
Porsche is famous for its sports cars but the Cayenne and the Macan crossover are its bestselling models
“Profit margins are generally much higher on larger cars with higher price points. This is largely due to the laws of economics in manufacturing.”
There are, he points out, fundamental costs involved in building any car – for example operating a factory, design work, and the price of the main components.
But he explains that with small cars, these costs can make up a higher proportion of the selling price.
Daniele Ministeri, senior consultant at JATO dynamics, points out that many SUVs are closely related to conventional cars, and use the same basic structures.
“For some models, the main differences are limited to factors such as body style, suspension and seating position, allowing them to command an SUV premium price, without comparable cost increases”, he says.
The safety debate
Even conventional cars have been getting bigger in some cases. Take the current VW Golf hatchback, which is 9cm wider and 22cm longer than the version on sale in the mid-1980s. It is also several hundred kilograms heavier.
“If we look back to the early 2000s… safety programmes like Euro NCAP were just starting to deliver the safety message to consumers, smaller vehicles weren’t really able to absorb the energy of a crash very well at all,” says Alex Thompson, principal safety engineer at Thatcham Research.
“As safety measures have improved, a certain amount of weight had to be added on to vehicles to strengthen up safety compartments because they weren’t that strong back then.”
“Manufacturers have had to do things like improve structural crash protection, and fit more airbags,” agrees David Leggett.
“At the same time, they want to improve interior cabin space and put more features into vehicles, so the net result is rising pressure for bigger vehicle dimensions.”
Yet while bigger cars may be safer for their occupants, critics insist they are considerably less safe for other road users.
“Whether you’re in another car [or] a pedestrian, you’re more likely to be seriously injured if there’s a collision with one of these vehicles,” argues Tim Dexter, vehicles policy manager at T&E. He is also concerned about the implications for cyclists.
Research carried out in 2023 by Belgium’s Vias Institute, which aims to improve road safety, suggested that a 10cm increase in the height of a car bonnet could increase the risk of vulnerable road users being killed in a collision by 27%. T&E also highlights concerns that high bonnets can create blind spots.
Alex Thompson believes that taller, higher cars are more likely to harm pedestrians and cyclists, although he emphasises that vehicle design in recent years has “really prioritised” protecting vulnerable road users.
Some manufacturers have, for example, fitted external airbags to their vehicles.
In Pictures via Getty Images Images
David Leggett believes people could potentially be encouraged to buy smaller vehicles
As for the environmental impact, the International Energy Agency has said: “Despite advances in fuel efficiency and electrification, the trend toward heavier and less efficient vehicles such as SUVs, which emit roughly 20% more emissions than an average medium-sized car, has largely nullified the improvements in energy consumption and emissions achieved elsewhere in the world’s passenger car fleet in recent decades.”
The move towards electric vehicles should at least mitigate emissions from daily use significantly over time, although if the electricity they use is generated from fossil sources such as gas, bigger cars may well still pollute more per vehicle than smaller ones.
And other concerns about size and weight will still apply – in fact, with electric cars generally weighing considerably more than their petrol or diesel equivalents, certain problems could be magnified.
The Society of Motor Manufacturers and Traders says that 40% of SUVs are now zero-emission.
Its chief executive, Mike Hawes, has previously said that overall the carbon dioxide emissions of new SUVs have more than halved since 2000, “helping the segment lead the decarbonisation of UK road mobility”.
Penalties, taxes and the France model
But one option remains what has already been done across the Channel. France already imposes extra registration taxes on cars that weigh in at more than 1,600kg. Currently, this means a €10 (£9) penalty for every extra kilogramme. The penalty increases in bands, reaching €30 per kg above 2,100kg.
While it only applies to a relatively small proportion of current models – and electric vehicles are excluded – it can add up to €70,000 to the cost of buying a new car.
T&E argues that a similar levy should be introduced in the UK. According to Tim Dexter, “At the moment the UK is a tax haven for these large vehicles… We know the impact they are having on the road, on communities, potentially on individuals. It’s only fair they should be paying a bit more.”
David Leggett believes people could potentially be encouraged to buy smaller vehicles, particularly for use in cities. “There are opportunities to tweak tax regimes to make smaller cars relatively attractive,” he says.
But ensuring there are enough runabouts to go around may be tricky. “There will always be a market for highly manoeuvrable and low-cost city cars in urban areas, but making them profitably is a huge challenge,” Mr Leggett says.
Bloomberg via Getty Images
Several relatively low-priced small EVs have recently come on to the market, including BYD’s Dolphin Surf
However, several relatively low-priced small EVs have recently come on to the market, including BYD’s Dolphin Surf, Leapmotor International’s T03, Hyundai’s Inster and the new Renault 5. They will be joined before long by Kia’s EV2, and VW’s ID Polo.
For the moment though, SUVs remain firmly in charge.
“Clearly, people want SUVs, and I’m not sure what the answer to that is,” says Rachel Burgess. “But small cars are coming back, as the industry has understood how to make money from small cars in an electric world…
“I do believe everything is cyclical and trends come and go in every part of life, including cars. SUVs won’t be around forever.”
Top picture credit: Getty Images
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(Bloomberg) — Asian stocks traded within tight ranges early Wednesday, mirroring similar moves on Wall Street amid a lack of fresh catalysts, while a rebound in cryptocurrencies lost steam.
MSCI Inc.’s gauge of regional shares was up 0.1% as tech-heavy benchmarks in South Korea and Taiwan advanced. Japanese indexes were mixed. Futures on the S&P 500 and Nasdaq 100 indexes edged higher after the US benchmark capped its sixth advance in seven trading sessions on Tuesday. Bitcoin fluctuated after surging back above $91,000 in the previous session, suggesting that the crypto market remains on shaky ground.
The mixed backdrop highlighted the fragile sentiment heading into the year-end, with investors juggling tight equity moves and renewed volatility in cryptocurrencies as they wait for this month’s rate decisions by the Federal Reserve and the Bank of Japan. With only a handful of data releases left before Fed officials meet next week, equity traders are treading carefully.
“Asian markets are trading with a cautiously positive tone today, drawing some momentum from Wall Street, but the sky certainly isn’t clear enough for a broad-based rally,” said Hebe Chen, an analyst at Vantage Markets in Melbourne. “The upcoming, decision-shaping US PCE print and a heavy slate of central bank meetings are keeping traders on edge.”
The volatile moves in the crypto market have also kept broader appetite for risk assets in check. Bitcoin jumped nearly 6% on Tuesday, recovering from a bruising selloff in the previous session that caught Wall Street off guard and erased nearly $1 billion in fresh leveraged bets.
The US is due to release ADP’s report on private sector employment as well as the import price index and industrial production for September on Wednesday. The University of Michigan’s preliminary reading of consumer sentiment in December will be released on Friday.
As traders awaited the last few economic reports before next week’s Fed decision, President Donald Trump said he plans to announce his selection to lead the central bank in early 2026. Trump has pressured the Fed for months to lower interest rates, and naming a successor to Jerome Powell — whose term as Chair expires in May — would give the president his biggest chance yet to reshape the institution.
After cutting interest rates by more than a percentage point, Fed officials are now wondering where to stop – and finding there’s more disagreement than ever.
In the past year or so, prescriptions for where rates should end up have diverged by the most since at least 2012, when US central bankers started publishing their estimates. That’s feeding into an unusually public split over whether to deliver another cut next week, and what comes after that.
“Nothing is going to change our view that the Fed eases next week, but it is looking more like a hawkish cut,” said Andrew Brenner at NatAlliance Securities. “We can see at least three dissents next week.”
Corporate News
Medical supply company Medline Inc. is set to begin formal marketing for its initial public offering as soon as Monday, according to people familiar with the matter, in what’s expected to be the biggest US listing this year. Taiwanese prosecutors charged Tokyo Electron Ltd. for failing to prevent staff from allegedly stealing Taiwan Semiconductor Manufacturing Co. trade secrets, escalating a dispute involving two Asian linchpins of a chip industry increasingly vital to national and economic security. Amazon.com Inc.’s cloud unit raced to get the latest version of its artificial intelligence chip to market, renewing efforts to sell hardware capable of rivaling products from Nvidia Corp. and Google. Comcast Corp. is looking to merge its NBCUniversal division with Warner Bros. Discovery Inc., according to people familiar with the company’s plans. Marvell Technology Inc. announced plans to acquire startup Celestial AI for at least $3.25 billion, part of a push to capture more of the runaway spending on artificial intelligence computing. Tesla Inc.’s China factory shipments rose for only the third time this year amid a broader global downturn in sales for the Elon Musk-run company. UltraGreen.ai is set to begin trading Wednesday morning in Singapore’s biggest initial public offering since 2017 excluding real estate investment trusts. CrowdStrike Holdings Inc. raised its fiscal year 2026 guidance, signaling resilient demand for the company’s expanding portfolio of artificial intelligence-enabled cybersecurity products. Some of the main moves in markets:
Stocks
S&P 500 futures rose 0.2% as of 10:51 a.m. Tokyo time Nikkei 225 futures (OSE) rose 0.8% Japan’s Topix fell 0.4% Australia’s S&P/ASX 200 rose 0.2% Hong Kong’s Hang Seng fell 0.6% The Shanghai Composite fell 0.1% Euro Stoxx 50 futures rose 0.2% Currencies
The Bloomberg Dollar Spot Index was little changed The euro rose 0.1% to $1.1637 The Japanese yen rose 0.1% to 155.65 per dollar The offshore yuan was little changed at 7.0628 per dollar The Australian dollar rose 0.2% to $0.6573 Cryptocurrencies
Bitcoin rose 0.7% to $92,280.57 Ether rose 0.8% to $3,022.51 Bonds
The yield on 10-year Treasuries declined one basis point to 4.07% Japan’s 10-year yield advanced 1.5 basis points to 1.870% Australia’s 10-year yield declined two basis points to 4.60% Commodities
West Texas Intermediate crude fell 0.1% to $58.56 a barrel Spot gold rose 0.3% to $4,219 an ounce This story was produced with the assistance of Bloomberg Automation.
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Anthropic has tapped law firm Wilson Sonsini to begin work on one of the largest initial public offerings ever, which could come as soon as 2026, as the artificial intelligence start-up races OpenAI to the public market.
The maker of the Claude chatbot, which is in talks for a private funding round that would value it at more than $300bn, chose the US west coast law firm in recent days, according to two people with knowledge of the decision.
The start-up, led by chief executive Dario Amodei, had also discussed a potential IPO with big investment banks, according to multiple people with knowledge of those talks. The people characterised the discussions as preliminary and informal, suggesting that the company was not close to picking its IPO underwriters.
Nonetheless, these moves represent a significant step up in Anthropic’s preparations for an IPO that would test the appetite of public markets to back the massive, lossmaking research labs at the heart of the AI boom.
Wilson Sonsini has advised Anthropic since 2022, including on multibillion-dollar investments from Amazon, and has worked on high-profile tech IPOs such as Google, LinkedIn and Lyft.
Its investors are enthusiastic about an IPO, arguing that Anthropic can seize the initiative from its larger rival OpenAI by listing first.
Anthropic could be prepared to list in 2026, according to one person with knowledge of its plans. Another person close to the company cautioned that an IPO so soon was unlikely.
“It’s fairly standard practice for companies operating at our scale and revenue level to effectively operate as if they are publicly traded companies,” said an Anthropic spokesperson. “We haven’t made any decisions about when or even whether to go public, and don’t have any news to share at this time.”
OpenAI was also undertaking preliminary work to ready itself for a public offering, according to people with knowledge of its plans, though they cautioned it was too soon to set even an approximate date for a listing.
But both companies may also be hampered by the fact that their rapid growth and the astronomical costs of training AI models make their financial performance difficult to forecast.
The pair will also be attempting IPOs at valuations that are unprecedented for US tech start-ups. OpenAI was valued at $500bn in October. Anthropic received a $15bn commitment from Microsoft and Nvidia last month, which will form part of a funding round expected to value the group between $300bn and $350bn.
Anthropic had been working through an internal checklist of changes required to go public, according to one person familiar with the process.
The San Francisco-headquartered start-up hired Krishna Rao, who worked at Airbnb for six years and was instrumental in that company’s IPO, as chief financial officer last year.
Wilson Sonsini did not respond to a request for comment.
Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox. Here’s what CNBC TV’s producers were watching on Tuesday and what’s on the radar for Wednesday’s session. Data, data, data!!! ADP’s jobs report comes out at 8:15 a.m. ET on Wednesday. The expectation is for plus 40,000. Industrial production will come out at 9:15 a.m. At 10 a.m., we get ISM non-manufacturing PMI numbers. Going into Wednesday, the 10-year is yielding 4.09%. The 2-year is at 3.51%. The 3-month is at 3.79%. The 1-month is yielding 3.85%. The dividend yield on the SPDR Bloomberg High Yield Bond ETF (JNK) is 6.58%. The SPDR Bloomberg Short Term High Yield Bond ETF (SJNK) has a dividend yield of 7.18%. Macy’s reports in the morning Macy’s stock is up almost 70% in three months. Shares hit a new 52-week high on Tuesday, but ultimately closed down less than 1%. “Squawk Box” will have the numbers and stock reaction. It all starts at 6 a.m. ET with Becky Quick, Joe Kernen and Andrew Ross Sorkin. Dollar Tree earnings ahead The discount retailer also releases numbers on “Squawk Box” Wednesday morning. Dollar Tree’s stock is down 2% in the last three months since it last reported. Shares are 7.7% from an Aug. 8 high. DLTR YTD mountain Dollar Tree stock year to date Salesforce reports after the bell The stock is nearly 30% lower than it this time last year. Salesforce shares are down 7% since last reporting three months ago. CRM YTD mountain Salesforce stock year to date The AI war of the mid-2020s “Mad Money” with Jim Cramer did a great run-through of the fight Tuesday night. Since the Code Red came in from OpenAI’s Sam Altman, warning employees Google’s Gemini was catching up, the stock has been “meh” as the kids would say. Shares of parent company Alphabet were up 0.29% on Tuesday. So far this week, it is down 1.4%. Alphabet is up 12% in the last month and up 67% year to date, which far outpaces the other members of the “Magnificant Seven.” The group includes Amazon , up nearly 7% this year. Tesla is up 6.3% year to date, while Microsoft is up 16% so far this year. It’s a 14% gain for Apple and a more than 10% jump for Meta during the same period. In the last month, of these stocks, only Alphabet and Apple are positive. It’s a 12% gain for Alphabet, and 6% for Apple. Nvidia CEO Jensen Huang is set to hit the Hill to meet with Senate Republicans in our nation’s capital. CNBC’s Emily Wilkins will cover the event. One topic likely to come up is Nvidia’s bid to sell more chips to China, and Washington’s worry over what that could mean for national security. Nvidia is 14.5% from its Oct. 29 high. The stock is up 35% so far this year. In the first two days of this week, Nvidia is up 2.5%. The stock has more than doubled since its April 7 low. The chips The iShares Semiconductor ETF (SOXX) is up almost 7% in the last week. The VanEck Semiconductor ETF (SMH) is up nearly 6% in a week. Intel is the top chip in the last week, up 21% in five days, and hitting a 52-week high on Tuesday. NXP Semiconductors is up about 13% in a week. Synopsys , which inked a big deal with Nvidia Monday, is up almost 12% in a week. SNPS 3M mountain Synopsys shares over the past three months
Datacentre power demand in Australia could triple in five years and is forecast to exceed by 2030 the energy used by electric vehicles.
Datacentres now draw about 2% of electricity from the National Grid, about 4 terawatt hours of power. The Australian Energy Market Operator (Aemo) expects that share to rise rapidly – growing 25% year-on-year – to reach 12TWh, or 6% of grid demand, by 2030, and 12% by 2050.
Rapid growth of the industry will drive “substantial increases in electricity consumption, for Sydney and Melbourne, in particular”, Aemo forecasts.
In New South Wales and Victoria, where most are located, datacentres could comprise 11% and 8% of each state’s electricity demand, respectively, by 2030.
Technology companies including OpenAI and SunCable are pushing for Australia to become a hub for data processing and storage. Last month the Victorian state government announced a “$5.5m investment to become Australia’s datacentre capital”.
But with 260 centres operating nationally, and dozens more in the offing, experts are flagging concerns about what the industry’s unfettered growth could mean for the energy transition and climate targets.
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Energy use equivalent to 100,000 households
Banks of servers running 24/7 in a confined space generate massive amounts of heat and require electricity to run and cool them.
Datacentre demand globally is growing four times faster than all other sectors, according to the International Energy Agency. Centres are multiplying and are increasing in size, with hyperscale facilities becoming more common.
According to the IEA: “A hyperscale, AI-focused datacentre can have a capacity of 100MW or more, consuming as much electricity annually as 100,000 households.”
The consumption of electricity and water is largely related to cooling, as servers, like other computing devices, convert electrical energy into heat, according to Prof Michael Brear, a professor of mechanical engineering and director of the Net Zero Australia project at the University of Melbourne.
“When you have a very large number of computers in a confined space, you need to air condition the space to maintain these devices at a safe and efficient working temperature,” he says.
Most digital infrastructure is cooled using air conditioning or water.
Ketan Joshi, an Oslo-based climate analyst associated with the Australia Institute, says many technology companies are now reporting accelerating power consumption year-on-year. The intensity of energy use is also rising against multiple metrics – energy per active user, per unit of revenue – compared with five years ago, he says.
“They’re not using more energy to serve more people or to make more money,” he says. “The question that everybody should be asking is why are you consuming more energy?”
In the absence of concrete data, Joshi says the most reasonable assumption is that the uptick in demand is being fuelled by the widespread adoption of energy-hungry generative AI systems.
‘Running harder to stay in the same spot’
Joshi, who has been tracking the issue globally, says datacentres are large, inflexible loads on the power grid which have two clear impacts: they increase reliance on coal and gas generation, and they siphon resources away from the energy transition.
Datacentre companies often claim they run on clean energy by investing in solar or windfarms, but Joshi says there is often a mismatch between their near-constant draw on the grid and the generation profile of renewable energy.
“What is the net effect on the power grid?” he asks. “Well, sometimes you’re going to have a surplus of energy, and sometimes you’re going to have not enough.
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“So, even though on paper it all kind of works out, there are some times when that datacentre is actually helping fossil fuels to be dispatched.”
And, instead of the new renewables eating into the share of coal and gas, these generators are serving the growing needs of datacentres, Joshi says: “It’s like running harder just to stay in the same spot because the treadmill is getting quicker.”
The electricity demands are so great that some companies have paid to restart mothballed US nuclear power stations, and demand for gas turbines has increased. Some developers in Australia have proposed installing new gas generators to service their needs.
According to Aemo’s forecasts, by 2035 datacentres could consume 21.4TWh, an amount just shy of the annual consumption of Australia’s four aluminium smelters.
It is still early days in the uptake of AI, Brear says, and at this stage the outlook is uncertain, reflected in Aemo’s scenarios for energy consumption in 2035 ranging from 12TWh to 24TWh. “It may not be that these grow as large as some people are predicting,” he says.
In its national AI plan, released on Tuesday, the federal government acknowledged the need to expand new energy and cooling technologies for AI systems. The minister for industry, Tim Ayres, said the government would set out data centre principles in early 2026, pledging that “key co-requisites for data centre investment will include additional investment in renewable energy generation and water sustainability”.
‘An undeniable impact’ on power prices
Dr Dylan McConnell, an energy systems researcher at the University of New South Wales, says renewable energy is growing in Australia but not yet at the rate required to meet renewable energy and emissions targets. Datacentre growth would add to the challenge.
“If we are in a situation where demand is growing much faster than anticipated and renewables don’t keep up, then actually what we end up doing is just powering that new demand and not displacing coal,” he says.
Unlike electric vehicles, which create additional demands on the grid while reducing petrol and diesel consumption, datacentres will not reduce fossil fuel use in other parts of the economy, according to McConnell.
“If this demand eventuates, it will make our emissions objective – and our ability to close coal on schedules that align with the emissions targets – very difficult, if not impossible,” he says.
The Climate Change Authority, in its advice on climate targets, says: “Datacentres will also be built at increasingly large scales and capacity, compounding pressure on regional power sources and placing additional pressure on the renewables buildout.”
There will be an undeniable impact on the overall cost of energy, which will flow through to power prices, McConnell says.
“You need to build a bigger system to serve this load, and that will mean more expensive resources are used.”
Ads for Nike, Superdry and Lacoste have been banned in the UK for misleading consumers about the environmental sustainability credentials of their products.
The Advertising Standards Authority (ASA) said paid-for Google ads run by all three retailers used terms such as “sustainable”, “sustainable materials” or “sustainable style” without providing evidence proving the green claims.
An ad from Nike that has been banned in the UK for exaggerating the environmental benefits of their products and misleading customers. Photograph: ASA/PA
Nike’s ad, for tennis polo shirts, referred to “sustainable materials”. The company said the promotion was “framed in general terms” and argued consumers would interpret it as referring to some, but not all, products offered.
An ad from Superdry that has been banned in the UK for exaggerating the environmental benefits of their products and misleading customers. Photograph: ASA/PA
Similarly, Superdry, which urged consumers to “unlock a wardrobe that combines style and sustainability”, said the purpose of the ad was to highlight that it manufactured, sourced and sold a wide range of products that have “sustainability attributes and credentials”.
An ad from Lacoste promoting sustainable kids clothing that has been banned in the UK for exaggerating the environmental benefits of their products and misleading customers. Photograph: ASA/PA
Lacoste, promoting sustainable kids clothing, said it had been working for several years to reduce the carbon footprint of all its products, but admitted that claims such as “green”, “sustainable” and “eco-friendly” were “very difficult to substantiate”.
The ASA said the UK code of advertising states that environmental claims must be clear and “supported by a high level of substantiation”.
It said that in each case the retailers’ use of the phrase “sustainable” was without any additional information, making the claim “ambiguous and unclear”.
“The claim was absolute and therefore a high level of substantiation in support needed to be produced,” the watchdog said. “We had not seen evidence to support it. We therefore concluded the ad was likely to mislead.”
The ASA also pointed to a lack of evidence to show the products were not detrimental to the environment when their whole life cycle was taken into account.
It banned each of the ads and told the retailers to “ensure that the basis of future environmental claims, and their meaning, was made clear, and that a high level of substantiation must be held to support absolute claims”.
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Separately, the ASA also banned an ad for gambling firm Betway featuring Formula One star Sir Lewis Hamilton because it was likely to appeal to under-18s.
The paid-for Facebook ad, which ran before the British Grand Prix at Silverstone in July, featured a video of three Formula One drivers standing in a grandstand watching a race with their backs to the viewer, with Hamilton’s name written on the back of his red driver’s uniform.
A complainant challenged whether the use of Hamilton broke UK ad rules, which do not allow celebrities who are likely to be of strong appeal to under-18s to appear in gambling ads.
Betway did not dispute that Hamilton has a strong appeal to under-18s, but claimed the way he was presented in the ad limited that appeal because it did not show his face or frontal view.
The ASA said consumers, including those aged under 18, would have clearly recognised the figure as being Hamilton, concluding that the ad was “irresponsible and breached the code”.
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