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  • Global Stocks Bounce Back as Bitcoin Finds Respite: Markets Wrap

    Global Stocks Bounce Back as Bitcoin Finds Respite: Markets Wrap


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    (Bloomberg) — Stocks staged a comeback as a global flight from risky assets faded, with Bitcoin halting its slide to support the shift in tone.

    S&P 500 futures rose 0.3%, signaling the resumption of gains after Monday’s losses broke a rally that delivered the benchmark’s best week since May. European and Asian stocks also advanced. Nasdaq 100 contracts climbed 0.4%.

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    Bitcoin steadied after slumping more than 5%. Treasury yields at the longer end rose after a quiet start, with the 10-year rate up two basis points to 4.11%. The dollar was little changed.

    The moves offered relief after a shaky start to what is typically a strong month for equities. Focus now shifts to the Federal Reserve for clues on the US rate outlook at next week’s meeting, with markets treating a cut as all but certain.

    “For long-only investors like we are, I’d say in the absence of any major catalyst, it’s very much wait-and-see until the Fed meeting, while keeping an eye on US jobs and inflation data,” said Karen Georges, a fund manager at Ecofi Investissements in Paris.

    Traders are looking for their next leg higher after a choppy November, when investors shifted into defensive sectors on concerns that lofty valuations could stall tech-driven gains. While global equities remain near record highs, the riskiest parts of the market are no longer drawing buyers as they once did.

    Much now depends on the Fed’s decision at next week’s meeting. Disappointment would pose a risk for equities, though confidence in a cut remains high following softer labor and inflation data and a run of dovish comments from officials.

    “Dips continue to present attractive buying opportunities,” wrote Michael Brown, senior research strategist at Pepperstone. “The narrative behind that bull case remains an attractive one, with earnings growth solid, the underlying economy resilient, a calmer tone on trade continuing to prevail, and the monetary backdrop growing looser.”

    Anyone wagering against US stocks this month should factor in the economy’s strength and continued artificial-intelligence enthusiasm, according to 22V Research. Its strategists argued that robust consumer spending and ongoing AI investment will support productivity, allowing the profit growth needed to keep equities climbing.

    US equity short sellers were down $80 billion in mark-to-market losses in the final week of November, according to data compiled by S3 Partners. That wiped out the bulk of what had been nearly $95 billion in month-to-date profits going into that period.

    In commodities, silver pulled back from a record high, with a technical gauge showing that a six-day rally had pushed the metal into overbought territory. Copper also retreated amid signs that softer Chinese demand heading into winter might help to ease a looming global supply crunch.

    What Bloomberg Strategists say…

    “As Bitcoin steadies from Monday’s slump, it’s important to remember that recent downturns of this magnitude have often been followed by a recovery to fresh record highs. There is a reliable pillar of support for Bitcoin that should remain in place through next year: Federal Reserve interest-rate cuts should loosen financial conditions.”

    — Conor Cooper, Macro Squawk. Click here to read the full analysis.

    Corporate News:

    MongoDB Inc. rose 24% in premarket trading after the database softwar firm reported stronger-than-expected results and raised its full-year target. ISS A/S shares slumped in Copenhagen amid concerns over the Danish company’s role in the renovation of a Hong Kong apartment fire where a deadly fire broke out on Nov. 26. Warner Bros. Discovery Inc. was fielding a second round of bids on Monday, including a mostly cash offer from Netflix Inc., in an auction that could wrap up in the coming days or weeks, according to people familiar with the discussions. Bank of Nova Scotia topped estimates on better-than-expected results at its capital-markets and wealth-management divisions even as it booked a restructuring charge to cut expenses. Bayer AG shares surged as much as 14%, hitting the highest level since January 2024, after the US Solicitor General urged the high court to consider the German company’s appeal targeting thousands of lawsuits blaming its Roundup weedkiller for causing cancer. Some of the main moves in markets:

    Stocks

    S&P 500 futures rose 0.3% as of 8:27 a.m. New York time Nasdaq 100 futures rose 0.4% Futures on the Dow Jones Industrial Average rose 0.1% The Stoxx Europe 600 rose 0.1% The MSCI World Index was little changed Currencies

    The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1616 The British pound was little changed at $1.3205 The Japanese yen fell 0.4% to 156.04 per dollar Cryptocurrencies

    Bitcoin rose 1.1% to $87,404.54 Ether rose 1.7% to $2,839.32 Bonds

    The yield on 10-year Treasuries advanced two basis points to 4.11% Germany’s 10-year yield advanced one basis point to 2.76% Britain’s 10-year yield advanced two basis points to 4.50% Commodities

    West Texas Intermediate crude fell 0.2% to $59.19 a barrel Spot gold fell 0.6% to $4,207 an ounce This story was produced with the assistance of Bloomberg Automation.

    –With assistance from Alexandra Semenova and Michael Msika.

    ©2025 Bloomberg L.P.

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  • OECD warns Reeves higher taxes and spending restraint will limit consumer expenditure | Economics

    OECD warns Reeves higher taxes and spending restraint will limit consumer expenditure | Economics

    A leading thinktank has warned Rachel Reeves that tight government spending and higher taxes will restrict consumer expenditure, despite it predicting the UK economy will grow at a faster pace than France, Germany and Italy next year.

    Analysts at the Organisation for Economic Cooperation and Development (OECD) said the government’s ongoing “fiscal consolidation” – meaning higher taxes and reduced government spending – would act as a “headwind” to the UK economy, with “past tax and spending adjustments weighing on household disposable income and slowing consumption”.

    The Paris-based organisation predicted that the UK economy would expand by 1.2% next year, while the big three eurozone economies would each fail to reach 1%.

    Offering a boost to Reeves after she faced calls to resign after the budget, the UK’s growth rate was upgraded from a previous forecast of 1% for next year. However, that represents a slowdown from the 1.4% growth predicted for this year, unchanged from the last forecast three months ago.

    The chancellor – who has put an emphasis on growing the UK economy – announced £26bn worth of tax rises in last week’s budget, with measures including a freeze on income tax thresholds that will leave 1.7 million people paying more, taking the tax burden to an all-time high, according to the Office for Budget Responsibility (OBR).

    Separately, the OECD said the US economy would grow by 1.7% next year, down from 2% this year and 2.4% in 2024, in a blow to Donald Trump’s efforts to increase growth by restricting imports and reducing regulations on big industries.

    In a report that highlighted how a flurry of activity this year to cope with Trump’s tariffs had given a temporary lift to many economies, the OECD said there would be a return to lower, stagnant rates of expansion across much of the industrialised world.

    The UK, like most industrialised countries, is expected to reduce interest rates as inflation is predicted to gradually return to a 2% target by mid-2027. The report predicts there will be two more reductions in rates, from 4% now to 3.5% in the second quarter of 2026, but this will mark the end of rate cuts.

    The chancellor welcomed the prospect of higher growth and lower inflation. She said: “Last week my budget cut waiting lists, cut borrowing and debt and cut the cost of living. Less than a week later, the OECD has upgraded our growth and cut its forecast for inflation next year.”

    The UK’s economic establishment was rocked on Monday by the resignation of Richard Hughes, the chair of the OBR, which provides the Treasury with independent forecasts of the economic outlook and government finances.

    Hughes quit after a report said the leadership of the OBR should take responsibility for information about the budget being accessed before the chancellor’s speech, breeching a longstanding protocol. Hughes was also in the midst of a dispute with Reeves over whether she had misled the public about the state of the public finances based on private briefings by the OBR.

    Most governments are expected to struggle to accelerate growth next year while they impose tight spending controls and restrict borrowing levels, limiting their ability to increase investment and raise living standards.

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    Mathias Cormann, the OECD secretary general, described the return of low growth as a mark of resilience amid global uncertainty about trade. However, he said there were concerns about low levels of productivity across the OECD’s 38 member countries, which also include Vietnam, Mexico, Canada and Costa Rica.

    The OECD report said: “The global economy has been resilient this year, despite concerns about a sharper slowdown in the wake of higher trade barriers and significant policy uncertainty. Activity has held up thanks to front-loading of production and trade, strong AI-related investment and supportive fiscal and monetary policies.

    “Yet, global trade growth moderated in the second quarter of this year, and we expect higher tariffs to gradually feed through to higher prices, reducing growth in household consumption and business investment. Labour markets are still relatively tight, but are showing signs of easing, as job openings have fallen back to their pre-pandemic levels of 2019.”

    In line with most other international forecasters, the OECD said global economic growth would slow from 3.3% in 2024 to 3.2% in 2025 and 2.9% in 2026, followed by a small rebound to 3.1% in 2027.

    In October the International Monetary Fund said global growth was projected to slow from 3.3% in 2024 to 3.2% in 2025 and 3.1% in 2026.

    In an apparent rebuke to Trump, Cormann said: “Constructive dialogue between countries is central to ensure a lasting resolution to trade tensions and improve the economic outlook.”

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  • Barclays chief says Revolut benefits from lack of UK banking licence

    Barclays chief says Revolut benefits from lack of UK banking licence

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    Barclays’ chief executive has suggested that fintech rival Revolut has benefited from its lack of a full UK banking licence, with the fast-growing digital start-up not required to meet some “very important consumer obligations” imposed on traditional lenders.

    CS Venkatakrishnan told the FT Global Banking Summit on Tuesday that fintechs had “really laid down the gauntlet to the banks in terms of the quality of services they provide”.

    However, he suggested that banks were not operating on a level playing field with digital challengers such as Revolut.

    “There is another side of it, which is that they don’t have a full banking licence in the UK, so they are free from some of the very important consumer obligations that we have to fulfil to society,” said Venkatakrishnan.

    “I think we should continue to operate with our standards, with our integrity, with our regulation. If we can marry them, we will be happy,” he added.

    Revolut secured a $75bn valuation in a fundraising round that concluded last week, briefly making it worth more than Barclays.

    The banking start-up has become one of Europe’s most valuable fintechs, helped by a boom in demand for its crypto services. Revolut has 65mn customers globally, with 12mn in the UK.

    Paul Thwaite, the NatWest chief executive, said in a separate interview at the summit that he was not concerned about being overtaken in valuation terms by Revolut, which he called a “very different business” compared with “a NatWest or a Barclays”.

    “I don’t lose sleep thinking about market capitalisation. I lose sleep thinking about how we have got the best possible product and proposition to deliver to our clients,” he said.

    Thwaite added: “Companies like Revolut have raised the bar in terms of the retail proposition so that is the lens I am looking at it through. What are they doing for their customers? What do we think we are doing better than what they are doing? What do I think we need to be better at?”

    UK regulators are yet to award Revolut a full banking licence, capping the deposits it can take in and limiting its ability to lend, in part because of the rapid growth of its overseas operations.

    Revolut said: “As a UK payment service provider, Revolut abides by the same regulatory and consumer protection standards as any traditional bank or other financial institution.”

    Venkatakrishnan said that Barclays took on its consumer obligations “willingly and happily”.

    He also commended UK chancellor Rachel Reeves after last week’s Budget for focusing on growth and building a greater fiscal buffer into the public finances. 

    “On balance, [the Budget] is a very good job. It is a good job that gives this government the room to take the next steps to promote growth and productivity, which is really what is needed,” he said.

    Last week, Barclays announced it would be boosting investment in the UK by £45bn over the next three years. 

    “These are not small amounts and this reflects our confidence [in the UK],” said Venkatakrishnan.

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  • AbbVie to Feature New Data at ASH 2025 Showcasing Continued Advances Across Novel Treatment Modalities in Multiple Blood Cancers

    • Data being presented showcases AbbVie’s breadth and depth of research across a range of therapeutic modalities such as T-Cell Engagers, BCL-2 Inhibitors and Antibody-Drug Conjugates for a spectrum of difficult-to-treat blood cancers

    NORTH CHICAGO, Ill., Dec. 2, 2025 /PRNewswire/ — AbbVie (NYSE: ABBV) today announced it will unveil new data at the 2025 American Society of Hematology (ASH) Congress, showcasing continued advances in research across multiple blood cancers including — multiple myeloma (MM), follicular lymphoma (FL), chronic lymphocytic leukemia (CLL), diffuse large B-cell lymphoma (DLBCL), acute myeloid leukemia (AML) and amyloidosis (AL). Data across AbbVie’s blood cancer portfolio will be featured in multiple oral and poster presentations including investigational compounds etentamig (ABBV-383) and PVEK (pivekimab sunirine), as well as approved therapies EPKINLY® (epcoritamab-bysp) and VENCLEXTA® (venetoclax). 

    “These ASH presentations reinforce AbbVie’s leadership in advancing the potential next wave of blood cancer innovation, with clinical data that highlight our commitment to raising the standard of care,” said Daejin Abidoye, vice president, therapeutic area head, oncology, solid tumor and hematology at AbbVie. “The data also highlights the depth and diversity of our pipeline and portfolio of approved medicines spanning across T-cell engagers, BCL-2 Inhibitors and ADCs, all designed to address the heterogeneity of blood cancers for a range of patients.”

    Key data from epcoritamab, venetoclax-based treatments, etentamig and PVEK to be highlighted as oral presentations demonstrate promising efficacy, durable responses, and safety profiles across multiple hematologic malignancies and lines of therapy:

    • Fixed-Duration epcoritamab (CD20×CD3 Bispecific T-Cell Engager) in combination with rituximab and lenalidomide (R2) in Relapsed or Refractory FL
      • Results from the randomized phase 3 trial EPCORE FL-1 (NCT05409066) of fixed-duration epcoritamab, in combination with R2 for patients with relapsed or refractory (R/R) FL (n=243) demonstrate significantly superior progression-free survival (PFS) and overall response rates (ORR) compared to standard of care R2 (n=245).1
      • The study showed that treatment with epcoritamab + R2 (E+R2) reduced the risk of disease progression or death by 79% compared to standard of care R2, with significantly longer PFS in patients treated with E+R2 vs. those treated with R2 (hazard ratio [HR] 0.21; 95% CI: 0.13, 0.33; P<.0001). A preplanned interim analysis was conducted after the first 232 patients achieved 12 months of follow-up post-randomization, and the ORR was significantly improved in patients treated with E+R2 (95.7% [95% CI: 90.2, 98.6]) vs R2 (81.0% [95% CI: 72.7, 87.7]; P<.0001.1 
      • Among patients who were treated with E+R2, 74.5% achieved a complete response (CR) (n=95% CI: 68.5, 79.8) compared to a 43.3% CR rate among patients treated with R2 (n=95% CI: 37.0, 49.7).1
      • Grade 3/4 treatment emergent adverse events (TEAEs) were reported in 88.1% of patients receiving E+R2 vs 62.2% with R2, the difference being primarily driven by higher rates of neutropenia (66.3% vs 37.8%) and infections (29.2% vs 13.4%).1 In the E+R2 group, CRS events were at a low grade, and all resolved eventually.1 Recently, EPKINLY in combination with R2 was approved by the U.S. Food and Drug Administration (FDA) for the treatment of adult patients with R/R FL.2
    • Fixed-Duration Venetoclax (BCL-2 Inhibitor) Regimens in Previously Untreated CLL
      • Interim data will be showcased from the randomized, Phase 3 CLL17 trial (NCT04608318) conducted and presented by the German CLL Study Group (GCLLSG) comparing continuous ibrutinib (I) monotherapy (n=301) to fixed-duration venetoclax plus obinutuzumab (VO; n=303) and venetoclax plus ibrutinib (VI; n=305) for patients with previously untreated CLL.3 The study was designed to test non-inferiority of VO vs I and VI vs I.3
      • After a median follow-up of 34.2 months, the study met non-inferiority endpoints for the VO arm compared to I arm (HR 0.87, type-I-error adjusted CI [98.3%] 0.54-1.41) and for VI arm compared to I arm (HR 0.84, type-I-error adjusted CI [98.0%] 0.53-1.32).3 The 3-year PFS for VO, I and IV arms were 81.1%, 81.0% and 79.4% respectively.3
      • The most frequent adverse events (AEs) were infections and infestations (VO: 76.3%, VI: 80.2%, I: 79.9%), gastrointestinal disorders (VO: 59.7%, VI: 74.3%, I: 63.4%), and blood and lymphatic system disorders (VO: 59.0%, VI: 42.9%, I: 28.5%).3
      • Venetoclax plus ibrutinib is an investigational combination not approved by the FDA.
    • Etentamig (Bispecific T-Cell Engager) in R/R MM and AL
      • Results from a Phase 1b multi-arm, open-label study evaluating etentamig, a BCMAxCD3 bispecific T-cell engager, (NCT05259839) combined with pomalidomide and dexamethasone (POM+DEX) in 85 heavily pretreated (at least 3 prior lines of therapy) R/R multiple myeloma patients will be presented.4
      • Preliminary data from the dose escalation portion of the study (n=82) highlight that etentamig in combination with POM+DEX achieved an ORR of 81% and a very good partial response or better (≥VGPR) of 72% at median follow-up of 23 months (range: 1-33 months).4 In this heavily pretreated population, duration of response (DoR) were not reached at time of analysis.
      • Most common grade 3/4 AEs were neutropenia (78%), anemia (28%) and thrombocytopenia (22%).4 Overall, these data support further exploration of the regimen in a randomized Phase 3 study.4
      • Additional preliminary data from the dose escalation study with etentamig monotherapy in R/R light chain AL will be showcased as an oral presentation. (NCT06158854)
    • PVEK (Antibody Drug Conjugate) in Newly Diagnosed AML
      • PVEK is a first-in-class antibody-drug conjugate comprised of a high-affinity anti-CD123 antibody and an indolinobenzodiazepine pseudodimer (IGN) payload. An oral presentation will showcase data from the dose expansion part of an open-label Phase 1b/2 study of PVEK combined with venetoclax and azacitidine (VEN + AZA) in newly diagnosed, CD123-positive AML patients (n=49) who are unfit for intensive chemotherapy (NCT04086264).5 The results show high CR rates of 63.3% with PVEK+VEN+AZA.5 The most common TEAEs (any grade) were neutropenia and thrombocytopenia (both at 69%), constipation (61%) and peripheral edema (51%).5 These data highlight the need to further evaluate this regimen in a randomized trial.5
      • A Biologics License Application (BLA) for PVEK was recently submitted to the FDA seeking approval for patients with Blastic Plasmacytoid Dendritic Cell Neoplasm (BPDCN), a rare blood cancer.6   

    Details on key presentations at the ASH 2025 Congress are available below and the full abstracts are available here:  

    Title

    Date/Time

    Session

    Abstract / Presentation Number

    Epcoritamab + R-mini-CHOP results in 2-year remissions and high MRD negativity rates in elderly patients with newly diagnosed DLBCL: Results from the EPCORE NHL-2 trial

    Saturday, December 6, 10:15 AM – 10:30 AM ET

    Oral Abstract Session

     

    Presentation ID 64

     

    Room

    OCCC – Tangerine Ballroom F2

     

    Session 629: Aggressive Lymphomas, Immunotherapy including Bispecific Antibodies: Overcoming Barriers in Frontline Therapy: Bispecific Antibodies for Older Adults with DLBCL

    3828

    Etentamig plus pomalidomide-dexamethasone combination therapy in relapsed or refractory multiple myeloma: A phase 1b dose-escalation and safety expansion study

     

    Saturday, December 6, 02:00 – 02:15 PM ET

    Oral Abstract Session

     

    Presentation ID 247

     

    Room

    OCCC – West Hall D1

     

    Session 654: Multiple Myeloma: Pharmacologic Therapies: Advances in Treatment Strategies for Relapsed/Refractory Multiple Myeloma

    1875

    Subgroup analyses from the randomized, Phase 3 VERONA study of venetoclax with azacitidine (Ven+Aza) versus placebo with azacitidine (Pbo+Aza) in patients with treatment-naïve, intermediate and higher-risk Myelodysplastic Syndromes (HR MDS) 

     

    Saturday, December 6, 02:00 – 02:15 PM ET

    Oral Abstract Session

     

    Presentation ID 235

     

    Room OCCC – Valencia Room W415BC

     

    Session 637: Myelodysplastic Syndromes: Clinical and Epidemiological: Treatment Advances in Higher Risk Myelodysplastic Syndromes

    13272

    Rituximab and epcoritamab as first-line therapy for patients with high-tumor burden follicular lymphoma: Results of a multicenter phase II trial

    Sunday, December 7, 09:45 AM – 10:00 AM ET

    Oral Abstract Session

     

    Presentation ID 464

     

    Room

    OCCC – West Hall D2

     

    Session 623: Mantle Cell, Follicular, Waldenstrom’s, and Other Indolent B Cell Lymphomas: Clinical and Epidemiological – Immunotherapies for Follicular Lymphoma

    11119

     

    Primary Phase 3 results from the epcore FL-1 trial of epcoritamab with rituximab and lenalidomide (R2) versus R2 for relapsed or refractory follicular lymphoma

     

    Sunday, December 7, 10:15 – 10:30 AM ET

    Oral Abstract Session

     

    Presentation ID 466

     

    Room

    OCCC – West Hall D2

     

    Session 623: Mantle Cell, Follicular, Waldenstrom’s, and Other Indolent B Cell Lymphomas: Clinical and Epidemiological – Immunotherapies for Follicular Lymphoma

    244

    Fixed-duration versus continuous targeted treatment for previously untreated chronic lymphocytic leukemia: Results from the randomized CLL17 trial

     

    Sunday, December 7, 02:05 – 02:20 PM ET

    Marquee Sessions

     

    Presentation ID 1

     

    OCCC – West Hall D2

     

    Plenary Scientific Session

    2071

    Results from paradigm – a phase 2 randomized multi-center study comparing azacitidine and venetoclax to conventional induction chemotherapy for newly diagnosed fit adults with acute myeloid leukemia

     

    Sunday, December 7, 03:45 – 04:00 PM ET

    Marquee Sessions

     

    Presentation ID 6

     

    Room

    OCCC – West Hall D2

     

    Session: Plenary Scientific Session

    8236

    Phase 1/2 dose escalation and expansion study of etentamig in patients with relapsed or refractory light chain amyloidosis

     

    Sunday, December 7, 04:45 – 05:00 PM ET

    Oral Abstract Session

     

    Presentation ID 692

     

    OCCC – Tangerine Ballroom F1

     

    Session 652: MGUS, Amyloidosis, and Other Non-Myeloma Plasma Cell Dyscrasias: Clinical and Epidemiological: New therapies and treatment goals for AL amyloidosis

    10869

    Efficacy and safety of pivekimab sunirine in combination with venetoclax plus azacitidine in unfit patients with newly diagnosed Acute Myeloid Leukemia

    Sunday, December 7, 05:00 PM – 05:15 PM ET

    Oral Abstract Session

     

    Presentation ID 651

     

    Room

    OCCC – Chapin Theater (W320)

     

    Session 616: Acute Myeloid Leukemias: Investigational Drug and Cellular Therapies: Immunotherapy and chemotherapy combinations in AML

    2524

    Long-term immune reconstitution and final 1-year follow-up after fixed-duration venetoclax-obinutuzumab (VenO) in first-line (1L) chronic lymphocytic leukemia (CLL): Results from the Phase III CRISTALLO trial

     

    Sunday, December 7, 05:15 – 05:30 PM ET

    Oral Abstract Session

     

    Presentation ID 682

     

    Room OCCC – W224ABEF

     

    Session 642: Chronic Lymphocytic Leukemia: Clinical and Epidemiological: Frontline Treatment Strategies for CLL

    2333

    Efficacy of 2nd-line treatment in CLL after venetoclax-based 1st-line treatment: Results from the GAIA/CLL13 trial

     

    Monday, December 8, 11:00 – 11:15 AM ET

    Oral Abstract Session

     

    Presentation ID 795

     

    Room OCCC – W224ABEF

     

    Session 642: Chronic Lymphocytic Leukemia: Clinical and Epidemiological: MRD Guided Therapy and Emergence of Resistance

    7495

    Epcoritamab combinations demonstrate promising efficacy in patients (pts) with Richter transformation (RT): First results from arms 2B (epcor + lenalidomide [LEN]) and 2C (epcor + R-CHOP) of the phase 1b/2 EPCORE CLL-1 trial

    Monday, December 8, 04:30 – 04:45 PM ET

    Oral Abstract Session

     

    Presentation ID 1015

     

    Room

    OCCC – Tangerine Ballroom F1

     

    Session 629: Aggressive Lymphomas, Immunotherapy including Bispecific Antibodies: Improving Outcomes in Rare Large Cell Lymphomas

    2683

    Epcoritamab monotherapy demonstrates promising efficacy in patients with Richter transformation (RT): 2-year follow-up results from arm 2A of the phase 1b/2 EPCORE CLL-1 trial

     

    Monday, December 8, 04:30 PM – 04:45 PM ET

    Oral Abstract Session

     

    Presentation ID 1017

     

    Room OCCC – Tangerine Ballroom F1

     

    Session 629: Aggressive Lymphomas, Immunotherapy including Bispecific Antibodies: Improving Outcomes in Rare Large Cell Lymphomas

    7534

    Sustained remissions beyond 4 years with epcoritamab monotherapy: Long term follow-up results from the pivotal EPCORE NHL-1 trial in patients with relapsed or refractory large B-cell lymphoma

    Monday, December 8, 06:00 PM – 08:00 PM EST

    Poster Abstract Session

     

    Presentation ID 5513

     

    Room

    OCCC – West Halls B3-B4

     

    Session 629: Aggressive Lymphomas, Immunotherapy including Bispecific Antibodies: Poster III

    7543

    Etentamig (ABBV-383) and PVEK are investigational medicines and are not approved by any health authorities worldwide. The safety and efficacy of these investigational medicines are under evaluation as part of ongoing clinical studies. EPKINLY® (epcoritamab-bysp) and VENCLEXTA® (venetoclax) are approved medicines being investigated for additional uses. Safety and efficacy have not been established for these unapproved additional uses.

    EPKINLY®/TEPKINLY® (epcoritamab) is being co-developed by Genmab and AbbVie as part of the companies’ oncology collaboration. The companies share commercial responsibilities in the U.S. and Japan, with AbbVie responsible for further global commercialization. 

    VENCLEXTA®/VENCLYXTO® (venetoclax) is being developed by AbbVie and Roche. It is jointly commercialized by AbbVie and Genentech, a member of the Roche Group, in the U.S. and by AbbVie outside of the U.S.

    Additional information on AbbVie clinical trials is available at https://www.clinicaltrials.gov/. 

    U.S. Prescribing Information for AbbVie Medicines

    EPKINLY® (epcoritamab-bysp) U.S. INDICATIONS & IMPORTANT SAFETY INFORMATION 

    What is EPKINLY?
    EPKINLY is a prescription medicine used to treat adults with:

    • certain types of diffuse large B-cell lymphoma (DLBCL) or high-grade B-cell lymphoma that has come back (relapsed) or that did not respond (refractory), after 2 or more treatments.
      • EPKINLY for the treatment of DLBCL is approved based on patient response data. Studies are ongoing to confirm the clinical benefit of EPKINLY.
    • follicular lymphoma (FL) that has come back or that did not respond to previous treatment, together with lenalidomide and rituximab
    • follicular lymphoma (FL) that has come back or that did not respond after receiving 2 or more treatments.

    It is not known if EPKINLY is safe and effective in children.

    Important Warnings—EPKINLY can cause serious side effects, including:

    • Cytokine release syndrome (CRS), which is common during treatment with EPKINLY and can be serious or lead to death. To help reduce your risk of CRS, you will receive EPKINLY on a step-up dosing schedule (when you receive 2 or 3 smaller step-up doses of EPKINLY before your first full dose during your first cycle of treatment), and you may also receive other medicines before and for 3 days after receiving EPKINLY. If your dose of EPKINLY is delayed for any reason, you may need to repeat the step-up dosing schedule.
    • Neurologic problems that can be serious, and can be life-threatening, and lead to death. Neurologic problems may happen days or weeks after you receive EPKINLY.

    People with DLBCL or high-grade B-cell lymphoma should be hospitalized for 24 hours after receiving their first full dose of EPKINLY on Day 15 of Cycle 1 due to the risk of CRS and neurologic problems.

    People with follicular lymphoma (FL) may need to be hospitalized after receiving their first full dose of EPKINLY on Day 22 of Cycle 1 due to the risk of CRS.

    Tell your healthcare provider or get medical help right away if you develop a fever of 100.4°F (38°C) or higher; dizziness or lightheadedness; trouble breathing; chills; fast heartbeat; feeling anxious; headache; confusion; shaking (tremors); problems with balance and movement, such as trouble walking; trouble speaking or writing; confusion and disorientation; drowsiness, tiredness or lack of energy; muscle weakness; seizures; or memory loss. These may be symptoms of CRS or neurologic problems. If you have any symptoms that impair consciousness, do not drive or use heavy machinery or do other dangerous activities until your symptoms go away.

    EPKINLY can cause other serious side effects, including:

    • Infections that may lead to death. Your healthcare provider will check you for signs and symptoms of infection before and during treatment and treat you as needed if you develop an infection. You should receive medicines from your healthcare provider before you start treatment to help prevent infection. Tell your healthcare provider right away if you develop any symptoms of infection during treatment, including fever of 100.4°F (38°C) or higher, cough, chest pain, tiredness, shortness of breath, painful rash, sore throat, pain during urination, feeling weak or generally unwell, or confusion.
    • Low blood cell counts, which can be serious or severe. Your healthcare provider will check your blood cell counts during treatment. EPKINLY may cause low blood cell counts, including low white blood cells (neutropenia and lymphopenia), which can increase your risk for infection; low red blood cells (anemia), which can cause tiredness and shortness of breath; and low platelets (thrombocytopenia), which can cause bruising or bleeding problems.

    Your healthcare provider will monitor you for symptoms of CRS, neurologic problems, infections, and low blood cell counts during treatment with EPKINLY. Your healthcare provider may temporarily stop or completely stop treatment with EPKINLY if you develop certain side effects.

    Before you receive EPKINLY, tell your healthcare provider about all your medical conditions, including if you have an infection, are pregnant or plan to become pregnant, or are breastfeeding or plan to breastfeed. If you receive EPKINLY while pregnant, it may harm your unborn baby. If you are a female who can become pregnant, your healthcare provider should do a pregnancy test before you start treatment with EPKINLY and you should use effective birth control (contraception) during treatment and for 4 months after your last dose of EPKINLY. Tell your healthcare provider if you become pregnant or think that you may be pregnant during treatment with EPKINLY. Do not breastfeed during treatment with EPKINLY and for 4 months after your last dose of EPKINLY.

    The most common side effects of EPKINLY when used alone in DLBCL or high-grade B-cell lymphoma or FL include CRS, injection site reactions, tiredness, muscle and bone pain, fever, diarrhea, COVID-19, rash, and stomach-area (abdominal) pain. The most common severe abnormal laboratory test results with EPKINLY when used alone include decreased white blood cells, decreased red blood cells, and decreased platelets.

    The most common side effects of EPKINLY when used together with lenalidomide and rituximab in FL include rash, upper respiratory tract infections, tiredness, injection site reactions, constipation, diarrhea, CRS, pneumonia, COVID-19, and fever. The most common severe abnormal laboratory test results with EPKINLY when used together with lenalidomide and rituximab include decreased white blood cells and decreased platelets.

    These are not all of the possible side effects of EPKINLY. Call your doctor for medical advice about side effects.

    You are encouraged to report side effects to the FDA at (800) FDA-1088 or www.fda.gov/medwatch or to Genmab US, Inc. at 1-855-4GENMAB (1-855-443-6622).

    Please click here for the Full Prescribing Information and Medication Guide.

    VENCLEXTA® (venetoclax) U.S. Uses and Important Safety Information

    Uses
    VENCLEXTA is a prescription medicine used:

    • to treat adults with chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL).
    • in combination with azacitidine, or decitabine, or low-dose cytarabine to treat adults with newly diagnosed acute myeloid leukemia (AML) who:
        ‒ are 75 years of age or older, or
        ‒ have other medical conditions that prevent the use of standard chemotherapy.

    It is not known if VENCLEXTA is safe and effective in children.

    Important Safety Information

    What is the most important information I should know about VENCLEXTA?

    VENCLEXTA can cause serious side effects, including:

    Tumor lysis syndrome (TLS). TLS is caused by the fast breakdown of cancer cells. TLS can cause kidney failure, the need for dialysis treatment, and may lead to death. Your healthcare provider will do tests to check your risk of getting TLS before you start taking VENCLEXTA. You will receive other medicines before starting and during treatment with VENCLEXTA to help reduce your risk of TLS. You may also need to receive intravenous (IV) fluids into your vein. Your healthcare provider will do blood tests to check for TLS when you first start treatment and during treatment with VENCLEXTA. It is important to keep your appointments for blood tests. Tell your healthcare provider right away if you have any symptoms of TLS during treatment with VENCLEXTA, including fever, chills, nausea, vomiting, confusion, shortness of breath, seizures, irregular heartbeat, dark or cloudy urine, unusual tiredness, or muscle or joint pain.

    Drink plenty of water during treatment with VENCLEXTA to help reduce your risk of getting TLS. Drink 6 to 8 glasses (about 56 ounces total) of water each day, starting 2 days before your first dose, on the day of your first dose of VENCLEXTA, and each time your dose is increased.

    Your healthcare provider may delay, decrease your dose, or stop treatment with VENCLEXTA if you have side effects. When restarting VENCLEXTA after stopping for 1 week or longer, your healthcare provider may again check for your risk of TLS and change your dose.

    Who should not take VENCLEXTA?

    Certain medicines must not be taken when you first start taking VENCLEXTA and while your dose is being slowly increased because of the risk of increased TLS.

    • Tell your healthcare provider about all the medicines you take, including prescription and over-the- counter medicines, vitamins, and herbal supplements. VENCLEXTA and other medicines may affect each other causing serious side effects.
    • Do not start new medicines during treatment with VENCLEXTA without first talking with your healthcare provider.

    Before taking VENCLEXTA, tell your healthcare provider about all of your medical conditions, including if you:

    • have kidney or liver problems.
    • have problems with your body salts or electrolytes, such as potassium, phosphorus, or calcium.
    • have a history of high uric acid levels in your blood or gout.
    • are scheduled to receive a vaccine. You should not receive a “live vaccine” before, during, or after treatment with VENCLEXTA, until your healthcare provider tells you it is okay. If you are not sure about the type of immunization or vaccine, ask your healthcare provider. These vaccines may not be safe or may not work as well during treatment with VENCLEXTA.
    • are pregnant or plan to become pregnant. VENCLEXTA may harm your unborn baby. If you are able to become pregnant, your healthcare provider should do a pregnancy test before you start treatment with VENCLEXTA, and you should use effective birth control during treatment and for 30 days after the last dose of VENCLEXTA. If you become pregnant or think you are pregnant, tell your healthcare provider right away.
    • are breastfeeding or plan to breastfeed. It is not known if VENCLEXTA passes into your breast milk. Do not breastfeed during treatment with VENCLEXTA and for 1 week after the last dose.

    What should I avoid while taking VENCLEXTA?

    You should not drink grapefruit juice or eat grapefruit, Seville oranges (often used in marmalades), or starfruit while you are taking VENCLEXTA. These products may increase the amount of VENCLEXTA in your blood.

    What are the possible side effects of VENCLEXTA?

    VENCLEXTA can cause serious side effects, including:

    • Low white blood cell counts (neutropenia). Low white blood cell counts are common with VENCLEXTA, but can also be severe. Your healthcare provider will do blood tests to check your blood counts during treatment with VENCLEXTA and may pause dosing.
    • Infections. Death and serious infections such as pneumonia and blood infection (sepsis) have happened during treatment with VENCLEXTA. Your healthcare provider will closely monitor and treat you right away if you have a fever or any signs of infection during treatment with VENCLEXTA.

    Tell your healthcare provider right away if you have a fever or any signs of an infection during treatment with VENCLEXTA.

    The most common side effects of VENCLEXTA when used in combination with obinutuzumab or rituximab or alone in people with CLL or SLL include low white blood cell counts; low platelet counts; low red blood cell counts; diarrhea; nausea; upper respiratory tract infection; cough; muscle and joint pain; tiredness; and swelling of your arms, legs, hands, and feet.

    The most common side effects of VENCLEXTA in combination with azacitidine or decitabine or low-dose cytarabine in people with AML include nausea; diarrhea; low platelet count; constipation; low white blood cell count; fever with low white blood cell count; tiredness; vomiting; swelling of arms, legs, hands, or feet; fever; infection in lungs; shortness of breath; bleeding; low red blood cell count; rash; stomach (abdominal) pain; infection in your blood; muscle and joint pain; dizziness; cough; sore throat; and low blood pressure.

    VENCLEXTA may cause fertility problems in males. This may affect your ability to father a child. Talk to your healthcare provider if you have concerns about fertility.

    These are not all the possible side effects of VENCLEXTA. Call your doctor for medical advice about side effects.

    You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch or call 1-800-FDA-1088.

    Please click here for the Full Prescribing Information and Medication Guide. 

    Globally, prescribing information varies; refer to the individual country product labels for complete information.

    About AbbVie

    AbbVie’s mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people’s lives across several key therapeutic areas including immunology, oncology, neuroscience and eye care – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X (formerly Twitter) and YouTube. 

    About AbbVie in Oncology

    AbbVie is committed to elevating standards of care and bringing transformative therapies to patients worldwide living with difficult-to-treat cancers. We are advancing a dynamic pipeline of investigational therapies across a range of cancer types in both blood cancers and solid tumors. We are focusing on creating targeted medicines that either impede the reproduction of cancer cells or enable their elimination. We achieve this through various, targeted treatment modalities and biology interventions, including small molecule therapeutics, antibody-drug conjugates (ADCs), immuno-oncology-based therapeutics, multispecific antibody and novel CAR-T platforms. Our dedicated and experienced team joins forces with innovative partners to accelerate the delivery of potential breakthrough medicines.

    Today, our expansive oncology portfolio comprises approved and investigational treatments for a wide range of blood cancers and solid tumors. We are evaluating more than 35 investigational medicines in multiple clinical trials across some of the world’s most widespread and debilitating cancers. As we work to have a remarkable impact on people’s lives, we are committed to exploring solutions to help patients obtain access to our cancer medicines. For more information, please visit http://www.abbvie.com/oncology.

    Forward-Looking Statements

    Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “project” and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie’s operations is set forth in Item 1A, “Risk Factors,” of AbbVie’s 2024 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law. 

    References:

    1. Falchi L, Nijland M, Huang H, et al. Primary Phase 3 results from the epcore FL-1 trial of epcoritamab with rituximab and lenalidomide (R2) versus R2 for relapsed or refractory follicular lymphoma. Abstract 224 presented at the American Society of Hematology Congress 2025. Orlando, Florida. 
    2. EPKINLY (epcoritamab-bysp) [package insert]. Copenhagen, Denmark: Genmab, 2025.
    3. Al-Sawaf O, Stumpf J, Zhang C, et al. Fixed-duration versus continuous targeted treatment for previously untreated chronic lymphocytic leukemia: Results from the randomized CLL17 trial. Abstract 2071 presented at the American Society of Hematology Congress, 2025. Orlando, Florida. 
    4. Voorhees P, D’Souza A, Quach H, et al. Etentamig plus pomalidomide-dexamethasone combination therapy in relapsed or refractory multiple myeloma: A phase 1b dose-escalation and safety expansion study. Abstract 1875 presented at the American Society of Hematology Congress, 2025. Orlando, Florida. 
    5. Daver N, Advani A, De La Fuente Burguera A, et al. Efficacy and safety of pivekimab sunirine in combination with venetoclax plus azacitidine in unfit patients with newly diagnosed Acute Myeloid Leukemia. Abstract 2524 presented at the American Society of Hematology Congress, 2025. Orlando, Florida. 
    6. Cazzato G, Capuzzolo M, Bellitti E, et al. Blastic Plasmocytoid Dendritic Cell Neoplasm (BPDCN): Clinical Features and Histopathology with a Therapeutic Overview. Hematol Rep 2023;15(4):696-706 doi: 10.3390/hematolrep15040070.

    Contacts:

    SOURCE AbbVie Inc.


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  • Bonds and bitcoin find some footing, stocks eke out gains

    Bonds and bitcoin find some footing, stocks eke out gains

    • Strong auction of JGBs settles market nerves somewhat
    • Treasuries and Bunds both steady
    • Crypto slump unsettles, bitcoin down 30% from October peak
    • Dollar could struggle as Fed prepares for rate cut
    • Gold and broader precious metal complex skids

    SINGAPORE/LONDON, Dec 2 (Reuters) – Stocks made muted gains on Tuesday and both cryptocurrencies and global government bonds stabilised after the previous day’s sell-off triggered by a looming interest rate hike in Japan.

    S&P 500 futures rose 0.2% after falls on Wall Street overnight, while broad stock indexes in Europe (.STOXX), opens new tab and Asia-ex Japan (.MIAPJ0000PUS), opens new tab gained 0.3% and 0.4%.

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    A bit more calm in the Japanese government bond market after a strong auction of JGBs was helping the global mood, and Japanese 10-year and 30-year yields were each about two basis points lower. .

    Bond yields move inversely to prices, and a weeks-long tumble in JGBs on concerns about the nation’s finances and expected rate hikes from the Bank of Japan has sent 10-year yields to a 17-year peak and 30-year yields to an all-time high.

    That sell-off weighed on bonds elsewhere in the world on Monday – the 10-year U.S. Treasury yield rose nearly 8 bps and the 10-year German Bund yield rose nearly 6 bps – and also sent stock markets lower.

    On Tuesday, global bonds again took their cue from JGBs, but this time echoed their calm – the 10-year Treasury yield was at 4.11% and the 10-year Bund yield was at 2.77%, both up marginally on the day. ,

    BITCOIN DOWN 30% FROM OCTOBER PEAK

    Bitcoin , which some see as a possible leading indicator for risk assets, inched higher on Tuesday after an unsettling 5.2% slump on Monday and at $87,000 is down 30% from an October peak.

    “Things are pretty stable currently, we’re closing this year, with few – touching wood – negative surprises,” said Samy Chaar, chief economist at Lombard Odier.

    “Yesterday was mainly a non-event except for crypto assets. We’ve had a huge rout in bitcoin (over the past few weeks), and frankly the impact on global markets has been limited.”

    Views from the crypto sector were less sanguine.

    “The mood (in cryptocurrencies) is ranging between fearful and resigned,” said Jehan Chu, founder at blockchain venture capital firm Kenetic Capital, with the latest drop catching investors by surprise.

    “The next couple months are crucial but even the most bullish may be settling in to hibernate for the winter.”

    JAPAN TO HIKE, FED TO CUT

    In currency markets the Japanese yen softened on Tuesday, with the dollar up 0.3% at 155.9 yen, and the euro up a similar amount. ,

    However, as that came after a decent bid for the yen on Monday, traders are less concerned than they were last week that Japanese authorities would step in to prop up the currency.

    The dollar was also steady more broadly on Tuesday, after its softness on Monday helped hoist the euro briefly above $1.165. The common currency last traded at $1.1613.

    Some investors, however, are starting to expect a more durable turn lower for the greenback as the U.S. prepares to cut interest rates further and faster than many peers.

    Data on Monday supported expectations for a December rate cut by the Federal Reserve, with manufacturing contracting for a ninth straight month in November – though consumers did beat analyst expectations with a $23.6 billion online shopping spree to kick off the holiday season.

    Gold retreated 0.6%, hovering around $4,200 an ounce, but is still only around 4% from October’s all-time peak. Silver shed 1%.

    Oil prices had also climbed following drone attacks on Russian energy sites and Brent crude futures were down a touch at $62.95 a barrel on Tuesday. U.S. crude futures were at $59.2 a barrel.

    Reporting by Tom Westbrook and Rocky Swift; Editing by Shri Navaratnam, Alex Richardson, Aidan Lewis

    Our Standards: The Thomson Reuters Trust Principles., opens new tab

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  • Prada Group says it has purchased fashion rival Versace in a deal worth nearly $1.4B

    Prada Group says it has purchased fashion rival Versace in a deal worth nearly $1.4B

    MILAN — The Prada Group closed the purchase of Milan fashion rival Versace in a $1.375 billion cash deal that puts the fashion house known for its sexy silhouettes under the same roof as Prada’s “ugly chic” aesthetic and Miu Miu’s youth-driven appeal.

    The highly anticipated deal is expected to relaunch Versace’s fortunes, after middling post-pandemic performance as part of the U.S. luxury group Capri Holdings.

    Prada said in a one-line statement that the acquisition had been completed after receiving all regulatory clearances. Capri Holdings, which owns Michael Kors and Jimmy Choo, said the money would be used to pay down debt.

    Donatella Versace welcomed the deal in an Instagram post, which also marked the birthday of the brand’s late founder, her brother, Gianni Versace.

    “Today is your day and the day Versace joins the Prada family. I am thinking of the smile you would have had on your face,” she wrote in a post that also featured a 1979 photo of Gianni Versace with Miuccia Prada.

    Prada heir Lorenzo Bertelli is set to steer Versace’s next phase as executive chairman, in addition to his roles as group marketing director and sustainability chief.

    The son of co-creative director Miuccia Prada and longtime Prada Group chairman Patrizio Bertelli has said he doesn’t expect to make any swift executive changes at Versace, although he also noted that the company, which is among the top 10 most recognized brands in the world, has long been underperforming in the market.

    Prada has underlined that the 47-year-old Versace brand offered “significant untapped growth potential.’’

    Versace is undergoing a creative relaunch under a new designer, Dario Vitale, who previewed his first collection during Milan Fashion Week in September. He was previously head of design at Miu Miu, but his move to Versace was unrelated to the Prada deal, executives have said.

    Capri Holdings paid $2 billion for Versace in 2018, but had been struggling to position the brands’ bold profile in the recent era of “quiet luxury.″

    Capri Holdings chairman John D. Idol said in a statement that “Prada is the ideal partner to guide this celebrated luxury house into its next era of growth.”

    Versace represented 20% of Capri Holdings’ 2024 revenue of 5.2 billion euros,

    Prada said when the deal was announced in April that Versace would represent 13% of the Prada Group’s pro-forma revenues, with Miu Miu coming in at 22% and Prada at 64%. The Prada Group, which also includes Church’s footwear, reported a 17% boost in revenues to 5.4 billion euros last year.

    The Prada Group has already begun preparations to incorporate crosstown rival Versace into its Italian manufacturing system, a point of pride for the group.

    “Making a bag for one brand or another, the know-how is the same,” Bertelli told reporters last week at the group’s Scandicci leather goods factory, which already makes bags for the Prada and Miu Miu brands and will soon add Versace.

    Artisans stitched handles onto leather bags, and cut leather with laser machines inside the leather goods factory, where trainees were learning the trade as part of Prada’s 25-year-old academy. It has trained some 570 new artisans in an in-house training program in the Tuscany, Marche, Veneto and Umbria regions.

    Last year, Prada hired 70% of the 120 artisans who trained in the academy. The number of trainees rose by 28% to 152 this year.

    The Prada Group has invested 60 million euros in its supply chain this year, including a new leather goods factory near Siena, a new knitwear factory near Perugia, as well as increasing production at its Church’s footwear factory in Britain and expanding another Tuscan factory. That’s on top of 200 million euros in investments from 2019-24.

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  • HSBC interim chair Nelson ruled himself out of permanent role, CEO says – Reuters

    1. HSBC interim chair Nelson ruled himself out of permanent role, CEO says  Reuters
    2. HSBC and another chaotic chair search  Financial Times
    3. HSBC interim chair Brendan Nelson ruled himself out of permanent role, CEO says  MarketScreener
    4. Why HSBC Has Struggled to Fill One of the Biggest Jobs in Global Finance — WSJ  富途牛牛
    5. HSBC chair hunt nears predictably subpar endgame  TradingView

    Continue Reading

  • Gold falls 1% as investors book profits, Treasury yields rise – Reuters

    1. Gold falls 1% as investors book profits, Treasury yields rise  Reuters
    2. Gold prices ease on firmer Treasury yields, US data in focus  Business Recorder
    3. Gold touches six-week high as rate cut bets weigh on dollar; silver hits record high  CNBC
    4. Gold price: Positive prospects driven by geopolitics and Fed expectations  KITCO
    5. Gold Retreats from 6-Week High on Profit Taking  TradingView

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  • ‘The biggest decision yet’: Jared Kaplan on allowing AI to train itself | Technology

    ‘The biggest decision yet’: Jared Kaplan on allowing AI to train itself | Technology

    Humanity will have to decide by 2030 whether to take the “ultimate risk” of letting artificial intelligence systems train themselves to become more powerful, one of the world’s leading AI scientists has said.

    Jared Kaplan, the chief scientist and co-owner of the $180bn (£135bn) US startup Anthropic, said a choice was looming about how much autonomy the systems should be given to evolve.

    The move could trigger a beneficial “intelligence explosion” – or be the moment humans end up losing control.

    In an interview about the intensely competitive race to reach artificial general intelligence (AGI) – sometimes called superintelligence – Kaplan urged international governments and society to engage in what he called “the biggest decision”.

    Anthropic is part of a pack of frontier AI companies including OpenAI, Google DeepMind, xAI, Meta and Chinese rivals led by DeepSeek, racing for AI dominance. Its widely used AI assistant, Claude, has become particularly popular among business customers.

    The decision to ‘let go’ of the reins on AI is likely to come between 2027 and 2030, Kaplan says. Photograph: Bloomberg/Getty Images

    Kaplan said that while efforts to align the rapidly advancing technology to human interests had to date been successful, freeing it to recursively self-improve “is in some ways the ultimate risk, because it’s kind of like letting AI kind of go”. The decision could come between 2027 and 2030, he said.

    Photograph: Cayce Clifford/The Guardian

    “If you imagine you create this process where you have an AI that is smarter than you, or about as smart as you, it’s [then] making an AI that’s much smarter.”

    Photograph: Cayce Clifford/The Guardian

    “It sounds like a kind of scary process. You don’t know where you end up.”

    Kaplan has gone from being a theoretical physicist scientist to an AI billionaire in seven years working in the field. In a wide-ranging interview, he also said:

    • AI systems will be capable of doing “most white-collar work” in two to three years.

    • That his six-year-old son will never be better than an AI at academic work such as writing an essay or doing a maths exam.

    • That it was right to worry about humans losing control of the technology if AIs start to improve themselves.

    • The stakes in the race to AGI feel “daunting”.

    • The best-case scenario could enable AI to accelerate biomedical research, improve health and cybersecurity, boost productivity, give people more free time and help humans flourish.

    Kaplan met the Guardian at Anthropic’s headquarters in San Francisco, where the interior of knitted rugs and upbeat jazz music belies the existential concerns about the technology being developed.

    San Francisco has become the epicentre of AI startups and investment. Photograph: The Washington Post/Getty Images

    Kaplan is a Stanford-and Harvard-educated professor of physics who researched at Johns Hopkins University and at Cern in Switzerland before joining OpenAI in 2019 and co-founding Anthropic in 2021.

    He is not alone at Anthropic in voicing concerns. One of his co-founders, Jack Clark, said in October he was both an optimist and “deeply afraid” about the trajectory of AI, which he called “a real and mysterious creature, not a simple and predictable machine”.

    Kaplan said he was very optimistic about the alignment of AI systems with the interests of humanity up to the level of human intelligence, but was concerned about the consequences if and when they exceed that threshold.

    He said: “If you imagine you create this process where you have an AI that is smarter than you, or about as smart as you, it’s [then] making an AI that’s much smarter. It’s going to enlist that AI help to make an AI smarter than that. It sounds like a kind of scary process. You don’t know where you end up.”

    Doubt has been cast on the gains made from deploying AIs in the economy. Outside Anthropic’s headquarters, a billboard for another tech company pointedly asked “All that AI and no ROI?”, a reference to return on investment. A Harvard Business Review study in September said AI “workslop” – substandard AI enabled-work that humans have to fix – was reducing productivity.

    Some of the clearest gains have been in using AIs to write computer code. In September, Anthropic revealed its cutting-edge AI, Claude Sonnet 4.5, a model for computer coding that can build AI agents and autonomously use computers.

    Attackers used the Claude Code tool to target various organisations. Photograph: Anthropic

    It maintained focus on complex multistep coding tasks for 30 hours unbroken, and Kaplan said that in some cases using AI was doubling the speed with which his firm’s programmers were able to work.

    But in November Anthropic said it believed a Chinese state-sponsored group had manipulated its Claude Code tool – not only to help humans launch a cyber-attack but to execute about 30 attacks itself, some of which were successful. Kaplan said allowing AIs to train the next AIs was “an extremely high-stakes decision to make”.

    “That’s the thing that we view as maybe the biggest decision or scariest thing to do … once no one’s involved in the process, you don’t really know. You can start a process and say, ‘Oh, it’s going very well. It’s exactly what we expected. It’s very safe.’ But you don’t know – it’s a dynamic process. Where does that lead?”

    He said if recursive self-improvement, as this process is sometimes known, was allowed in an uncontrolled way there were two risks.

    “One is do you lose control over it? Do you even know what the AIs are doing? The main question there is: are the AIs good for humanity? Are they helpful? Are they going to be harmless? Do they understand people? Are they going to allow people to continue to have agency over their lives and over the world?”

    Photograph: Cayce Clifford/The Guardian

    “I think preventing power grabs, preventing misuse of the technology, is also very important.”

    Photograph: Cayce Clifford/The Guardian

    “It seems very dangerous for it to fall into the wrong hands”

    The second risk is to security resulting from the self-taught AIs exceeding the human capabilities at scientific research and technological development.

    “It seems very dangerous for it to fall into the wrong hands,” he said. “You can imagine some person [deciding]: ‘I want this AI to just be my slave. I want it to enact my will.’ I think preventing power grabs – preventing misuse of the technology – is also very important.”

    Independent research into frontier AI models, including ChatGPT, shows the length of tasks AIs can do has been doubling every seven months.

    The future of AI

    The rivals racing to create super-intelligence. This was put together in
    collaboration with the Editorial Design team. Read more from the series.

    Words

    Nick Hopkins, Rob Booth, Amy Hawkins, Dara Kerr, Dan Milmo

    Design and Development

    Rich Cousins, Harry Fischer, Pip Lev, Alessia Amitrano

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    Fiona Shields, Jim Hedge, Gail Fletcher

    Kaplan said he was concerned that the speed of progress meant humanity at large had not been able to get used to the technology before it leaped forward again.

    “I am worried about that … people like me could all be crazy, and it could all plateau,” he said. “Maybe the best AI ever is the AI that we have right now. But we really don’t think that’s the case. We think it’s going to keep getting better.”

    He added: “It’s something where it’s moving very quickly and people don’t necessarily have time to absorb it or figure out what to do.”

    Anthropic is racing with OpenAI, Google DeepMind and xAI to develop ever more advanced AI systems in the push to AGI. Kaplan described the atmosphere in the Bay Area as “definitely very intense, both from the stakes of AI and from the competitiveness viewpoint”.

    “The way that we think about it is [that] everything is on this exponential trend in terms of investment, revenue, capabilities of AI, how complex the tasks [are that] AI can do,” he said.

    The speed of progress means the risk of one of the racers slipping up and falling behind is great. “The stakes are high for staying on the frontier, in the sense that you fall off the exponential [curve] and very quickly you could be very far behind at least in terms of resources.”

    By 2030, datacentres are projected to require $6.7tn worldwide to keep pace with the demand for compute power, McKinsey has estimated. Investors want to back the companies closest to the front of the pack.

    Some of the biggest gains have been in using AIs to write computer code. Photograph: Cheng Xin/Getty Images

    At the same time, Anthropic is known for encouraging regulation of AI. Its statement of purpose includes a section headlined: “We build safer systems.”

    “We don’t really want it to be a Sputnik-like situation where the government suddenly wakes up and is like, ‘Oh, wow, AI is a big deal’ … We want policymakers to be as informed as possible along the trajectory so they can take it into account.”

    In October, Anthropic’s position triggered a put-down from Donald Trump’s White House. David Sacks, the US president’s AI adviser, accused Anthropic of “fearmongering” to encourage state-by-state regulation that would benefit its position and damage startups.

    After Sacks claimed it had positioned itself as “a foe” of the Trump administration, Dario Amodei, Kaplan’s co-founder and Anthropic’s chief executive, hit back by saying the company had publicly praised Trump’s AI action plan, worked with Republicans and that, like the White House, it wanted to maintain the US’s lead in AI.

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  • Tesla’s China-made EV sales rise 9.9% in November

    Tesla’s China-made EV sales rise 9.9% in November

    BEIJING, Dec 2 (Reuters) – Tesla’s (TSLA.O), opens new tab China-made electric vehicle sales rose 9.9% in November from a year earlier, as the U.S. automaker grapples with intense competition in China and Europe.

    Sales of Model 3 and Model Y vehicles made at Tesla’s Shanghai factory, including exports to Europe and other markets, were up 41.0% from October, data from the China Passenger Car Association showed on Tuesday.

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    The sales jump came as the EV specialist introduced a longer-range rear-wheel-drive variant of its best-selling Model Y in China last month, following the earlier launches of a longer-range Model 3 version and the six-seat Model Y L in the market.

    The annual rise in November was the steepest in 14 months.

    Tesla’s main business has been under pressure, notably from Chinese rivals, while Elon Musk shifts his focus to self-driving robotaxis and humanoid robotics.
    EV newcomer Xiaomi (1810.HK), opens new tab has swiftly emerged as a Tesla challenger in China with the SU7 sedan and YU7 SUV, having exceeded its sales target of 350,000 vehicles for this year.
    Tesla’s biggest Chinese rival BYD (002594.SZ), opens new tab, saw overseas shipments soar to a record high of over 130,000 vehicles last month. It has continued to outsell Tesla in Europe in recent months.
    Locked in an intensifying battle in the domestic budget segment with rivals Geely (0175.HK), opens new tab and Leapmotor (9863.HK), opens new tab and others who kept hitting new sales records, BYD reported a drop in global sales for a third straight month in November.

    Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Muralikumar Anantharaman and Tomasz Janowski

    Our Standards: The Thomson Reuters Trust Principles., opens new tab

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