European Economics Preview: Eurozone Final Factory PMI Data Due
Final factory Purchasing Managers’ survey data from the euro area is due on Monday, headlining a light day for the European economic news.
At 3.15 am ET, IHS Markit releases Spain’s manufacturing PMI data. Economists forecast the index to fall to 56.2 in December from 57.1 in the previous month.
At 3.45 am ET, Italy’s manufacturing PMI data is due. The index is seen at 61.5 in December, down from 62.8 a month ago.
Final PMI survey results are due from France and Germany at 3.50 am and 3.55 AM ET, respectively.
At 4.00 am ET, IHS Markit publishes euro area final manufacturing Purchasing Managers’ survey results. The final reading is seen falling to 58.0 in December, in line with flash estimate, from 58.4 in November.
Instagram Testing New Feed Option To Prioritize User Choice
Meta Platforms, Inc.’s (FB) picture-based platform, Instagram is trying to introduce a couple of new feed options that has long been in the making. IG head Adam Mosseri shared a video earlier this week showing how the UI of the platform will look like in near future.
According to the video, the users will get to choose from three different viewing options that will be tailored for individuals. The “Home” mode will retain the present algorithm of the platform and show the users content according to what the platform will think interest the users. There will be the “Favourite” mode, where the users will get to see the content from the user chosen accounts. The third option will be “Following”, which will showcase content in a chronological order.
Last year in December, Mosseri had told the Senate that his team was already working on the “favouries”option. Instagram’s algorithm of prioritizing its own choice of content over the user’s choice.
The app will use its abilities to decide which content a particular user would like and prioritize that over the pages and accounts they follow.
Mosseri said in the caption of the video, “Testing Feed Changes. We’re starting to test the ability to switch between three different views on your home screen (two of which would give you the option to see posts in chronological order): – Home – Favorites – Following We hope to launch these soon. More to come.”
The U.S. added 199,000 jobs in December, a weak rise before Omicron’s grip.
By Sydney Ember and Jeanna Smialek
Another month of slow job gains.
Cumulative change in jobs since before the pandemic
Joe Judge plans to plow right through season finale in building for Year 3 with Giants – The Denver Post
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Asian Shares Mixed In Thin Holiday Trade
Asian stocks ended mixed in thin trade on the first trading day of 2022, with many regional markets including China, Australia and Japan closed for holidays.
Omicron-fueled worries persisted, with the global number of cases topping 290 million as of Jan. 3, according to Johns Hopkins University data.
Investors also awaited China’s Caixin manufacturing and service PMIs, due later in the week for directional cues.
Seoul stocks finished higher as investors cheered strong manufacturing and exports data. While activity in South Korea’s factories expanded at the fastest pace in three months in December, the country’s exports rose 25.8 percent in 2021 from the previous year to reach an all-time high, separate reports showed. The Kospi average rose 11.12 points, or 0.37 percent, to 2,988.77.
Hong Kong’s Hang Seng index fell 122.92 points, or 0.53 percent, to 23,274.75.
Shares of Evergrande Group, a debt-laden Chinese major property developer, were suspended in Hong Kong amid the company’s huge debt crisis. The debt-ridden property developer did not provide a reason for the suspension.
Fellow Chinese property developer Cifi Holdings slumped 4.7 percent after it offered to buy China Evergrande’s outstanding 5.5 percent bond due in 2022.
U.S. stocks fell on Friday but notched their biggest three-year advance since 1999 on optimism over the economic recovery. The Dow slipped 0.2 percent, the tech-heavy Nasdaq Composite shed 0.6 percent and the S&P 500 dipped 0.3 percent.
Absci Stock Surges 40% On Research Collaboration Deal With Merck
Shares of Absci Corporation (ABSI) are surging over 40% on Friday morning after the company announced a collaboration deal with Merck that could award the company up to $610 million in fees and payments.
ABSI is currently trading at $8.69, up $2.55 or 41.53%, on the Nasdaq, on a heavy volume of 21 million, compared to average volume of 252 thousand.
Absci, a drug and target discovery company based on AI and synthetic biology, said it has entered into a research collaboration with Merck using Absci’s AI-powered Integrated Drug Creation Platform.
Under the collaboration, Absci will deploy its Bionic Protein non-standard amino acid technology to produce enzymes tailored to Merck’s biomanufacturing applications and receive an upfront and certain other milestone payments.
Further, Merck has the option to nominate up to three targets and enter into a drug discovery collaboration agreement.
Absci would be eligible to receive up to $610 million in upfront fees and milestone payments for all three targets, as well as research funding and tiered royalties on sales.
Greggs names Roisin Currie as its new chief executive
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Currie, who will succeed Roger Whiteside when he retires at its annual meeting in May, will be only the fourth chief executive of the high street stalwart.
She is currently in charge of Greggs’ shops and developing its delivery business with Just Eat. Currie joined the company from Asda in 2010.
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Greggs chairman Ian Durant said: “Roisin has played a central role in the success of Greggs as it has developed as a multi-channel food-on-the-go business.”
Greggs’ total sales have grown from £811million in 2020 to £1.23billion over the course of the year.