ASX to drop, US stocks higher on rate outlook

Traders are now betting that the Fed will lift its key rate just once more or not at all this year — a staggering pivot from last week.Pfizer is purchasing cancer-drug maker Seagen for an enterprise value of $US43 billion, using the biggest deal of the year to set its course out of the pandemic and back into mainstream pharma.

Pfizer will pay $US229 a share in cash for Bothell, Washington-based Seagen, according to a statement Monday, about a third more than the drugmaker’s closing share price Friday. It expects the deal to close late this year or early 2024.: “We forecast core CPI to come in at 0.38 per centM in February following a 0.41 per centM print in January. This holds our year-over-year rate at 5.5 per cent. We see food prices rising by 0.43 per centM in February, with energy up 0.

“Underlying our forecast, we see core goods prices increasing 0.23 per cent in February, vs 0.07 per centM in January, driven by a reaccelerating in new and used car prices. We also see core services prices easing to 0.44 per centM in February, with shelter coming down slightly to 0.67 per centM: “The February CPI report will likely contain bad news for the Fed in terms of inflation, with core CPI inflation accelerating to 0.5 per cent m/m from 0.4 per cent in January.

Svetlana Kabanova, who ran operations for Trafigura’s metals trading unit, is leaving the company, Bloomberg reported. Instead of separate heads of energy and metals, Trafigura will now have a single global head of operations, one of the people said. The restructuring had long been planned but it has recently been accelerated, the person said.

Volkswagen has chosen Canada to build its first battery plant outside Europe in a bid to fast-track an expansion in the key US market.The site, in St. Thomas, Ontario, is slated to start production in 2027, Europe’s biggest carmaker said Monday. The decision to locate the facility in Canada, amid rich incentives offered in the US as part of the Inflation Reduction Act, will help VW get access to key raw materials and clean energy, according to the company.

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