Stocks and Securities

U.S. stocks futures pointed to a sharp drop at the open on Wednesday, with traders looking to sell equities after the Trump administration said it will slap tariffs on a further $200 billion in Chinese goods. The White House late Tuesday said it would implement 10% tariffs on an additional $200 million of Chinese goods. The move is seen as deepening the rift with Beijing and sending a message to other trading partners that the U.S. won’t back down in a trade fight.

Dow Industrial AverageS&P 500Nasdaq 100Russell 2000

 

 

 

 

 

 

 

 

 

 

 

Tuesday’s list appears to target China’s manufacturing industries. It includes electronics, textiles, metal products and auto parts. Under those industries, specific products such as refrigerators, bags, cotton and Chinese steel and aluminum products are on the list.

Oil prices sank also dropped 2% after Libya indicated it would resume export activities at its eastern ports, helping allay fears over tight global supplies. We still believe oil will resume it’s uptrend despite this mornings news. Brent prices came within a hair of a more than three-year high this week as supply issues around the world bolstered the market. Libya’s unplanned outage was among the biggest drivers, but other factors including problems in Canada, and strikes in Norway. The latest weekly U.S. production and stocks data is due to be published by the EIA on today, with traders expecting crude stocks to have fallen, partly due to strong refinery demand.

Crude oil WTI - Oil markets and oil pricesCrude oil Brent - oil markets and oil prices

 

 

 

 

 

 

The drug sector may see a slump today as Pfizer (PFE) has confirmed that it will defer raising prices on multiple drugs after heavy pressure from President Donald Trump. The pharmaceutical company’s announcement came after Trump tweeted that he spoke with Pfizer’s CEO and his own Health and Human Services secretary, Alex Azar.

 

Blockchain and cryptocurrency

Bitcoin (BTC) and Ethereum (ETH) both continued their slide in the past 24hrs. The Market capitalization decreased from $257B to $253B USD (an decrease of just about 1%). The 24hr volume of $13B is essentially unchanged compared to Tuesday. BTC dominance of 43.3% is slightly higher than yesterday.

Bitcoin price - BTC/USD chartEthereum (ETH) chart - ETH/USD

 

 

 

 

 

 

Read our technical analysis on Bitcoin (BTC) and Ethereum (ETH) – the general consensus from analysts still seems to be very bullish, however, crypto continues to fail to gain traction due to lack of volume.

The world’s biggest cryptocurrency market – South Korea – is hasting to loosen bans on cryptocurrency in the country. We recently wrote about South Korea’s incentive since the G20 meeting. According to Korea Times, it appears that several of their lawmakers are working hard to move forward with passing bills that would essentially remove bans on cryptocurrency trading and ICOs.

It appears that there are a lot of steps being taken that can essentially lead to an increase in volume in the cryptospace. However, we still wait as the volume seems to be a major issue.

Stocks on the Radar

Alnylam Pharmaceuticals Inc. (ALNY) – We would like to highlight ALNY with the PDUFA date of August 11 fast approaching for the company’s first drug Patisiran. ALNY has expressed that they are confident in their approval and a broad label. Additionally, their competitor Akcea (AKCA) recently announced that they expect an FDA delay for Inotersen (from July to October 6). Thus placing Patisiran in the first to market position.

ALNY’s Patisiran is used for the treatment of Familial Amyloidotic Polyneuropathy (FAP) in Patients with ATTR. They have expressed that they have about 350 patients identified with hATTR mutation. ALNY has released data indicating a 45-50% reduction in composite of hospitalization and mortality – only a post hoc analysis.

Additionally, they have an interim phase 3 data for Givosiran due in September. Givosiran is indicated for the treatment of acute hepatic porphyrias. ALNY has previously agreed with the FDA on an interim analysis in the phase 3 trial utilizing reduction of urinary levels of ALA at 3 months as a the set biomarker for predicting clinical benefit. This is an unblinded study and will comprise of 30 patients at 3months post treatment. The company hopes to file for approval based on the safety and efficacy of the drug.

With an exciting pipeline and potential for growth we would not be shocked to see ALNY trading at $200 range in 12 months – 100% upside.

ALNY stock chart

 

 

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Disclaimer: The above references an opinion and is for information purposes only.  It is not intended to be investment advice.  Seek a duly licensed professional for investment advice. The Author does not hold any of the securities discussed above.
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