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Top News in Finance for April 17, 2023

by 17. Apr 2023 @ 3:34News, Top Market Insights for Today

KEY POINTS

Welcome to Monday!

Stay ahead of the curve with our rapid-fire roundup of today’s most impactful financial news, tailored to keep you informed and ready to seize opportunities.”

  • Merck acquires Prometheus Biosciences for $10.8 billion
  • Yellen comments on potential bank lending tightening
  • Concerns grow over commercial real estate market
  • Moderna, Merck reveal promising cancer vaccine research
  • Best Buy announces job cuts amid softer sales

Merck Acquires Prometheus Biosciences

Merck (MRK) shares dropped 1.5% as Prometheus Biosciences (RXDX) soars over 70% in pre-market trading following the $10.8 billion acquisition announcement. This move reflects Merck’s push into immune-disease treatments.

 

Yellen Discusses Bank Lending

Tightening Treasury Secretary Janet Yellen mentions that US banks may reduce lending, diminishing the need for the Federal Reserve to hike interest rates. Yellen believes this won’t significantly alter her economic outlook.

 

Commercial Real Estate Worries Bank Executives

Top US bank executives express growing concerns over the commercial real estate (CRE) market as property values fall and loan defaults increase due to rising interest rates and a slowing economy. Banks hold 54% of the $5.7 trillion CRE market.

 

Moderna, Merck Cancer Vaccine Progress

Moderna and Merck showcase progress in developing cancer vaccines, with mid-stage trial results indicating the vaccine helps prevent melanoma relapses. This demonstrates advances in creating immunotherapy-based cancer treatments.

 

Best Buy Announces Layoffs Amid Weaker Sales

Best Buy plans to lay off hundreds of store employees as online shopping increases and consumer electronics sales decline. The company aims to adapt its stores and experiences to changing customer behaviors.

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