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American, United and Southwest Cut Marginal Routes as Jet Fuel Hits $4.71 a Gallon
American Airlines, United Airlines and Southwest Airlines are cutting their least-profitable routes as jet fuel prices climb to $4.71 per gallon, more than double the cost a year ago and near a 20-year high. Speaking at Morgan Stanley's annual Laguna Conference on Sept. 16, American CFO Devon May said the fuel spike has added $1 billion to the carrier's projected fourth-quarter expenses, prompting it to cut some December flights and plan for less growth next year. Southwest CFO Tom Doxey said the airline halved its planned 2-3% flight capacity growth "because fuel has been higher," while United CFO Mike Leskinen said United will fly fewer flights in December and could cut further next year, noting that 35% of its fourth-quarter tickets were already booked but that higher fuel costs get passed through to consumers with a lag. United and American declined to share the number of flights they cut, and a Southwest spokesperson told Fortune its schedule adjustments were "very minimal" and do not affect large-scale exits of routes or airports. United and American spent about $8.2 billion and $7.8 billion respectively on fuel in the first six months of this year, both up almost 49% from a year earlier, while Southwest spent nearly $3.6 billion, up about 39%; fares were 23.4% higher in August than a year earlier, compared to a 3.4% increase in overall consumer prices. The fuel shock has also hit Europe, where Ryanair cut its full-year passenger forecast this month from 216 million to 214 million.
XCharge Posts $10.3 Million First-Half Revenue, Guides Full-Year 2026 to $32.9-$38.2 Million
XCharge reported first-half 2026 revenues of $10.3 million, down 17.5% from $12.5 million a year earlier, with gross margin falling to 38.8% from 51.3% and net loss widening to $11.1 million from $7.3 million. The Nasdaq-listed EV charging provider delivered 262 chargers in the period, a 44.5% year-over-year decline, but said order volume rose and guided full-year 2026 revenue to $32.9 million to $38.2 million, representing growth of approximately 31% to 52%. Operating loss was $11.2 million versus $7.4 million, and non-GAAP net loss was $10.4 million compared with $4.6 million. Cash and cash equivalents plus restricted cash stood at $11.4 million as of June 30, 2026, down from $13.9 million at the end of 2025. Among recent developments, XCharge launched its GridOne photovoltaic and energy storage system and a new generation of its C7 DC fast-charging station, entered a multi-year framework agreement with German fast-charging network operator EnBW, raised approximately $4.4 million in gross proceeds from a registered direct offering of 7.0 million ADSs, appointed Albina Iljasov as Co-Chief Executive Officer effective June 1, 2026, and regained compliance with Nasdaq's Minimum Bid Price Requirement on September 8, 2026.
Nvidia, Google and Emerald AI Launch AI Energy Management Alliance
Nvidia, Google and Emerald AI have launched the AI Energy Management Alliance, or AEMA, a coalition that dynamically manages the electricity use of data centers in response to grid conditions. Emerald AI founder and CEO Varun Sivaram said the alliance's founding members are joined by a cohort of 20 launch partners, including the AI lab Anthropic, the semiconductor firm Analog Devices, and the energy companies AES, NRG, Constellation, RWE and National Grid. Sivaram said Emerald AI, which was founded under two years ago, is building with Nvidia and Digital Realty the world's first from-the-ground-up power-flexible AI data center, a 100 megawatt facility in Manassas, Virginia, that comes online later this year. He said Google, one of the founding members, has already done a gigawatt of demand response for its data centers, while Emerald and Nvidia have completed six demonstrations around the world, in London, Phoenix and Virginia. Sivaram said the alliance is talking to the FERC commissioners, state regulators and the administration about a grand bargain in which flexible AI data centers act as good citizens to grids and communities in return for faster and larger connections to the power grid.
Volkswagen Cuts 2026 Profit Outlook on China Slump and Porsche Writedown
Volkswagen has dramatically cut its 2026 profit outlook, now expecting an operating margin of no more than 1% this year, down from its previous forecast of at least 4%. The German carmaker expects around €10 billion, or $11.5 billion, in charges this year, including restructuring costs tied to workforce reductions and writedowns on Chinese assets; that total includes a €6-billion writedown related to Porsche, reflecting revised long-term expectations for the sports-car maker. Excluding the exceptional charges, Volkswagen said its operating margin would be around 4%. Volkswagen shares fell more than 7% following the announcement, dragging other automakers lower. Chief Financial Officer Arno Antlitz said the Chinese market has contracted by around 20%, with no stabilization currently in sight, while Chinese automakers take domestic share and expand into Europe with competitively priced electric vehicles. Volkswagen also said growing EV sales are weighing on profitability at its Volkswagen passenger-car and Audi businesses, and it recently reached an agreement with labor representatives that could increase planned job cuts to 100,000 globally.
Novo Nordisk CEO Mike Doustdar Resets Obesity Strategy With "Novo Way"
Novo Nordisk CEO Mike Doustdar is resetting the drugmaker's culture and competitive focus under a new "Novo Way" emphasizing customer focus, competitiveness, clarity and care, as the company rebrands to the day-to-day name "Novo" after losing ground to Eli Lilly in obesity drugs. Novo pioneered the modern obesity-drug market with Wegovy in the U.S. in 2021, but Eli Lilly has since gained ground with Zepbound and more aggressive consumer-focused commercialization. Novo has moved into oral obesity treatment with its Wegovy pill, and expects oral drugs to account for more than one-third of GLP-1 obesity-treatment use by 2030; analysts expect the U.S. obesity-treatment market to exceed $100 billion annually by 2030. Novo's Wegovy pill had captured roughly 90% of the U.S. oral-obesity market as of August, although Lilly subsequently said its Foundayo treatment had already captured more than 30% of new U.S. oral-treatment patients. Doustdar's message is that Novo must operate differently to defend and expand its position, and the company's September 21 capital-markets day should show investors how the "Novo Way" will translate into stronger competitive performance.
Nokia Expands Microsoft Partnership for AI-Driven Network Automation
Nokia Corporation is expanding its partnership with Microsoft Corporation to build an agentic, unified data foundation aimed at helping telecom providers scale artificial intelligence-driven operations. Under the agreement, Nokia Data Suite integrates with Microsoft Fabric, combining telco-specific data products with unified analytics, governance and AI capabilities across cloud, hybrid and on-premises environments. The company is initially applying these capabilities to autonomous Voice over New Radio assurance, where AI agents detect network anomalies, analyze service issues and recommend corrective actions. Nokia faces competition from Ericsson, which expanded its Intelligent Automation Platform to support automation across radio and core networks, and from Cisco Systems, which is integrating AI agents into its networking portfolio. Nokia shares have soared 123.6% over the past year compared with the industry's 20.6% growth, and the stock trades at a forward price-to-sales ratio of 2.42 versus the industry tally of 4.93.
EU Officials Call for Bigger Banks and Deeper Capital Markets to Rival US
Senior European officials said European banks need greater scale and deeper capital markets to compete with US rivals, as EU finance ministers and central bank governors met in Dublin to discuss a European Commission report calling for less political interference in bank mergers and the removal of barriers to cross-border banking within the bloc. European Central Bank Vice President Boris Vujcic told Reuters that EU banks compare well with US peers on liquidity, capitalisation, profitability and efficiency but lag in trading and post-trading activities, where scale really matters. Euro zone finance ministers' chair Kyriakos Pierrakakis said greater integration and further cross-border consolidation would give European banks the scale to invest, innovate and compete, adding that the largest US banks invest more than two-and-a-half times as much in information technology relative to their assets as European lenders. The meeting follows Germany's June rejection of an offer from Italy's UniCredit to take over Commerzbank, a deal UniCredit began pursuing in September 2024 and which has faced strong opposition, highlighting the difficulty of cross-border banking deals in Europe. Vujcic pushed back against calls from some bankers for lower capital requirements, saying this would not necessarily boost lending and could instead fuel share buybacks, and urged the EU to complete its banking union and savings and investments union to create a truly integrated financial market.
Novo Nordisk's once-weekly Sogroya wins positive CHMP opinion for idiopathic short stature in children
Novo Nordisk has received a positive opinion from the Committee for Medicinal Products for Human Use of the European Medicines Agency recommending once-weekly Sogroya, or somapacitan, for children in Europe living with idiopathic short stature with persistent growth disturbance. If approved, Sogroya would be the first and only growth hormone treatment approved for idiopathic short stature in the EU, a condition that affects up to 3% of children worldwide. The opinion follows the CHMP's May 2026 recommendation of Sogroya for short stature in children born small for gestational age and with Noonan Syndrome, and the decision now passes to the European Commission, whose ruling on marketing authorisation covering all three indications is expected later this year. The recommendation was supported by data from the REAL8 phase 3 basket trial, in which once-weekly Sogroya was non-inferior to once-daily growth hormone treatment for mean annualised height velocity at Week 52 in children with idiopathic short stature, those born small for gestational age and those with Noonan Syndrome. Sogroya is already authorised in the EU for growth hormone deficiency in adults since 31 March 2021 and in children aged 3 years and older since 24 July 2023.
Bilfinger Cuts Guidance, Warns of 1,500 Job Cuts on Iran Conflict Uncertainty
German industrial services giant Bilfinger has cut its full-year guidance and warned it may eliminate 1,500 jobs, blaming uncertainty from the Iran conflict for the surprise downgrade. CEO Thomas Schulz told Bloomberg Brief that customers are postponing necessary turnarounds and technical maintenance work into next year, which pushes contribution margin and profit lower through what he called a lower leverage or slight under absorption. Schulz said the postponements come from a large number of bigger blue-chip customers, and that the work cannot be delayed indefinitely. He attributed the shortfall to three factors converging this year: a slower activity level after a longer-than-normal winter, the start of the Iran war at the end of February, and increased tension since last weekend. Schulz said the group does not see a structural shift and expects the impact to be temporary, adding that Germany's expected industrial pickup has stalled and the government must now execute reforms faster.
Uber's $15 Billion Delivery Hero Buyout Clears Key Hurdle as Boards Back Offer
Delivery Hero's management and supervisory boards formally recommended on September 2, 2026, that shareholders accept Uber Technologies' takeover offer, moving the roughly $15 billion deal for the German food-delivery platform a step closer to completion. Under the agreement, Uber will pay €41.50 per share, implying an equity value of $14.8 billion, and Delivery Hero's second-largest shareholder, Prosus, has irrevocably committed to tender its 17% stake. The shareholder acceptance period runs until November 5. Uber already owned roughly 25% of Delivery Hero and expects the deal to increase non-GAAP EPS upon closing, with high-single-digit percentage accretion by the third year. The combined company would operate across 99 markets and generate $236 billion in pro forma gross bookings, though the transaction still requires regulatory approvals that could delay it or force concessions.
Novo Nordisk Halts Two More Ziltivekimab Heart Trials After July Failure
Novo Nordisk A/S halted two additional trials of its experimental cardiovascular drug ziltivekimab, further denting the Danish drugmaker's efforts to diversify beyond its blockbuster obesity and diabetes franchise. The move follows a July disclosure that ziltivekimab failed to reduce major adverse cardiovascular events in a late-stage trial. An independent data monitoring committee found a low likelihood that the two additional heart-failure studies would produce a different result from that earlier failure, prompting Novo to end them ahead of schedule. Novo will continue testing ziltivekimab in patients recovering from a heart attack, with results expected in the first half of 2027. The company's oral Wegovy pill has already generated more than 2 million prescriptions shortly after its January 2026 launch, as Novo competes with Eli Lilly in the oral GLP-1 market.
Elmos Semiconductor Extends Dortmund Wafer Fab Supply Deal Through 2028
Elmos Semiconductor SE has extended its supply agreement for the Dortmund wafer fab, securing significantly increased capacity at the site until at least 2028. The Leverkusen-based maker of mixed-signal semiconductors for the automotive industry said the additional capacity from Dortmund complements its existing agreements with foundry partners, supporting its fabless strategy. CEO Dr. Arne Schneider called the extension a highly attractive solution that strengthens supply reliability amid strong global demand for semiconductor manufacturing capacity. The company pointed to structurally rising semiconductor content in vehicles, driven by electrification, autonomous and assisted driving, connectivity and digitalization, as well as sharply higher demand for high-voltage wafer capacity from data center and AI infrastructure expansion. Elmos said it is pursuing the added capacity at an early stage to increase available wafer supply and reinforce its supply chain resilience.
Ascendis Pharma to Regain TransCon Metabolic and Cardiovascular Rights After Novo Nordisk Collaboration Ends
Ascendis Pharma A/S announced on September 14 that it will regain exclusive rights to develop, manufacture, and commercialize TransCon products in metabolic and cardiovascular diseases following the termination of its collaboration with Novo Nordisk A/S. The returned rights include once-monthly TransCon Semaglutide, an investigational long-acting prodrug of semaglutide intended for obesity and type 2 diabetes, and neither party will have continuing financial obligations to the other. Once the termination becomes effective and the rights revert, management plans to initiate multiple programs across rare and large indications, though the announcement did not disclose a development budget or a clinical-start date for the monthly candidate. Ascendis brings three consecutive approved products from its product-development approach, but the company must still establish sustained drug exposure, acceptable safety and meaningful efficacy at the intended dosing interval, and the announcement contained no new human efficacy or safety results for TransCon Semaglutide. Insider Monkey's database showed 49 hedge funds holding Ascendis Pharma A/S at the end of 2Q2026, up from 47 funds three months earlier.
Novo Nordisk's Frehemgo wins EMA panel backing for hemophilia A
A European Medicines Agency panel has recommended approval of Frehemgo, Novo Nordisk's injectable treatment for hemophilia A, moving the Danish drugmaker closer to another commercial opportunity outside its diabetes and obesity franchise. The recommendation covers adults and children, including patients with or without inhibitors, and follows results from Novo's FRONTIER clinical program, in which Frehemgo reduced annualized bleeding rates compared with previous clotting-factor preventive treatments and therapies given when bleeding occurred. Novo plans to sell Frehemgo in a single-use, prefilled pen with dosing options ranging from once weekly to once monthly, offering patients more flexibility. The European Commission still needs to give final approval, but Novo is already preparing for commercialization and expects to introduce Frehemgo in a selected European market during the fourth quarter, followed by a broader European Union rollout early next year. The next catalyst is European Commission approval and whether Novo can begin that first launch before year-end.
Ryanair Proposes $1.6 Billion Baltic Expansion as airBaltic Shrinks
Ryanair is proposing a $1.6 billion, five-year investment in the Baltic region that could double its traffic there by 2031, moving in as airBaltic restructures under Chapter 11 bankruptcy. The Irish low-cost carrier wants to offer 11 million annual seats across Latvia, Lithuania and Estonia and increase aircraft based in the region from seven to 16, adding nine aircraft to its Baltic bases. It is explicitly linking the investment to airBaltic's retrenchment: the Latvian carrier plans to cut its fleet from 54 aircraft to 36 by the end of 2026 and expects to operate only around 40 aircraft by 2031, abandoning its previous ambition to reach 100. Ryanair will first increase Riga winter capacity by 6%, adding flights on routes including Barcelona, Alicante and Milan, but will cut winter capacity in Lithuania and Estonia by 25% due to higher airport charges. airBaltic, which filed for Chapter 11 on September 14, has secured a commitment for €350 million, about $402 million, in debtor-in-possession financing while it restructures, with completion expected around June 2027.
Saylor Says Banks Can Lend Against Bitcoin Without Congress as Deutsche Bank Awaits BaFin Approval
Michael Saylor, Chairman of MicroStrategy, said banks will expand Bitcoin custody and lending without new legislation from Congress, arguing the SEC and CFTC can advance crypto rules under existing law while the CLARITY Act stalls. Saylor's case rests on Bitcoin's settled status as a CFTC-regulated commodity with SEC-approved spot ETFs, plus a series of interpretive letters the Office of the Comptroller of the Currency has issued since March 2025 confirming national banks may custody crypto assets and execute trades at customer direction. Deutsche Bank announced this week that it plans to launch regulated custody for Bitcoin, Ethereum and select stablecoins for institutional and corporate clients by the end of 2026, and that launch is awaiting sign-off from BaFin, Germany's financial regulator, under the European Union's Markets in Crypto-Assets regulation, whose transition period ended on July 1. The bank, which reported $2.217 trillion in assets under management as of June 30, holds a German crypto-custody authorization but still needs BaFin's approval for the specific service it announced, and that custody approval is the first piece any bank needs before it can lend against Bitcoin at all. Saylor's argument runs thin in one respect: OCC interpretive letters are guidance rather than statute and can be revoked by a future administration or a court challenge without a vote in Congress, whereas the CLARITY Act would lock Bitcoin's commodity status and banks' lending authority into law. Bitcoin-backed lending would let large holders borrow at bank rates instead of triggering a taxable sale, but the same structure works in reverse when prices fall, as happened in 2022 when Celsius, BlockFi and Voyager collapsed under forced selling, and the shift remains early since Deutsche Bank has not launched custody yet, let alone lending.
Nokia Expands Microsoft AI Telecom Partnership as Cramer Calls NOK a Buy
Nokia disclosed an expanded partnership with Microsoft to launch an AI-powered telecom network automation platform integrating Nokia Data Suite with Microsoft Fabric, news reported by Barron's and the Wall Street Journal, sending shares up 3.8% intraday Thursday. The deal came a day after Jim Cramer told a caller on the September 16 Lightning Round of Mad Money that he would be a buyer of Nokia right here, right now. Nokia's Q2 2026 report showed revenue of $5.49 billion beating estimates by 13.79% and EPS of $0.0799 beating the $0.0682 consensus, while AI and Cloud customer revenue more than doubled year over year to $508.96 million with order intake of EUR 2.8 billion in the segment. Reported operating income was a loss of $57 million after $445.05 million in accelerated restructuring charges, free cash flow ran negative $835 million, and net income dropped 94.44% year over year. The ADR is up 132.81% over the past 12 months and 65.14% year to date, trading around $10.53 with a market capitalization near $58.95 billion, and management guided Q3 sequential net sales growth of 3% to 7%.
Low-Dose GLP-1 Weight-Loss Drugs Still Work, Study Finds
A new study reported by Reuters on August 31, 2026 found that patients who stay on the lowest starter doses of GLP-1 weight-loss drugs still lose weight, though far less than at full recommended doses, and experience less nausea. Patients on Eli Lilly's low-dose tirzepatide lost an average of 5.5% of their body weight over a year, versus 2.2% for Novo Nordisk's low-dose semaglutide, compared with 20.2% and 13.7% respectively at the higher, manufacturer-recommended doses seen in earlier trials. The low-dose tirzepatide group also showed higher rates of certain side effects, including constipation and muscle cramps, than the low-dose semaglutide group. The findings support an overall patient base for both companies, since many patients struggle with cost, tolerability, supply, or their personal weight-loss goals, and evidence that lower doses still work could help more patients remain on treatment. However, low-dose treatment could reduce revenue per patient if more users avoid higher maintenance doses, and the study highlights a difficult trade-off between efficacy and tolerability as competition intensifies.
Ryanair Cuts Full-Year Traffic Target to 214 Million Passengers on Fuel Costs
Ryanair Holdings plc cut its full-year traffic target from 216 million to 214 million passengers, saying it wants to shrink its exposure to unhedged jet fuel during its unprofitable winter schedule from November to March. Jet fuel was trading near $140 a barrel when the airline made the call, and Ryanair expects the smaller winter flight plan to trim its seasonal losses by €70 million to €100 million. Management warned that competitors with weaker fuel hedges could struggle to keep flying, or even survive, the coming winter. August traffic still grew 6% year over year to 22.2 million passengers, with the load factor holding steady at 96%. The airline has locked in about 80% of its fuel needs for the year at roughly $67 a barrel, far below the current $140 spot price, and holds roughly €2.8 billion in cash with no debt after repaying its final bond.
Berentzen Confirms Takeover Talks with US Spirits Giant Sazerac
German distiller Berentzen-Gruppe has confirmed it is in talks over a potential sale of the business to US spirits giant Sazerac. In a stock-exchange filing on 16 September, the Frankfurt-listed company said it was negotiating a "voluntary public takeover offer" for all its outstanding shares, and that it would keep the capital markets and the public informed in line with legal requirements. A spokesperson for Sazerac, which owns Buffalo Trace, Southern Comfort and Fireball, declined to comment on market speculation or specific acquisition opportunities. Based in Haselünne in north-west Germany, Berentzen owns brands including Puschkin vodka, Tres Países rum and its namesake fruit-based spirits, and also markets soft drinks. In 2025 the company booked a 10.4% fall in revenue to €162.9m, or $186.8m, while EBIT dropped 19.8% to €8.5m; in the first half of this year revenue fell 11.1% to €71m and EBIT slumped 82.4% to €0.6m, which CEO Oliver Schwegmann attributed to the end of a private-label Bourbon supply contract, ongoing weakness in the German market and soft consumer spending. The move marks the latest M&A target for Sazerac, which in August signed a deal to acquire UK spirits business Au Vodka, completed this week, after fellow US spirits group Brown-Forman rejected an unsolicited takeover proposal from Sazerac in July.
Novo Nordisk Expands AI Push With Anthropic Drug Discovery Deal
Novo Nordisk is expanding its artificial intelligence capabilities through a new collaboration with Anthropic aimed at accelerating drug discovery and the development of new medicines. Under the agreement, Novo will use Anthropic's models and Claude Science across selected research and development workflows, while also applying Anthropic's frontier models to strengthen AI-driven software development. The collaboration will focus on drug discovery challenges identified by Novo's scientists and computational teams, with Claude Science initially tested in selected R&D applications involving biological reasoning. The deal adds to Novo's growing network of technology partnerships, following a strategic partnership with OpenAI in April 2026 and an August partnership with Amazon Web Services, which was named its preferred cloud provider and strategic AI partner and included a London co-innovation hub focused on drug discovery. Novo shares have lost 18% year to date against the industry's 10.9% growth, and the company currently carries a Zacks Rank #3 (Hold).
DelveInsight Forecasts PNH Market to Reach USD 1.5 Billion by 2036 on Five Emerging Therapies
DelveInsight estimates the paroxysmal nocturnal hemoglobinuria market across the seven major markets was valued at approximately USD 1.5 billion in 2025 and is projected to expand at a CAGR of 7.1% through 2036, driven by novel complement-targeted therapies and rising diagnosis. The seven major markets comprise the United States, EU4 (Germany, France, Italy, and Spain), the United Kingdom, and Japan. Five emerging therapies are highlighted as poised to reshape the market: Regeneron Pharmaceuticals' Pozelimab plus Cemdisiran, Novo Nordisk's Zaltenibart, also known as OMS906, NovelMed Therapeutics' Ruxoprubart, also known as NM8074, Kira Pharmaceuticals' KP104, and NovelMed Therapeutics' NM5072. Aparna Thakur, Project Manager of Forecasting and Analytics at DelveInsight, said Pozelimab is expected to generate the highest revenue in the 7MM, followed by Zaltenibart, which demonstrated strong efficacy in a Phase II study in PNH patients with suboptimal responses to ravulizumab. Regeneron has said Phase III results for the pozelimab-cemdisiran combination in PNH are anticipated in the fourth quarter of 2026 or the first quarter of 2027, while Novo Nordisk gained exclusive worldwide rights to zaltenibart through an asset purchase and license agreement with Omeros Corporation announced in November 2025.
Palo Alto Networks SASE Bookings Jump 40% as Displacements Hit $400 Million
Palo Alto Networks said its SASE bookings grew 40% in fiscal 2026, with the company displacing legacy vendors in nearly 100 customer accounts representing more than $400 million in total contract value, roughly double the prior year's displacement volume. Management said PANW is currently the No. 2 player in SASE and aims to become the market leader over the next five to seven years, helped by integrating SASE with its firewall and SD-WAN products so existing customers can standardize on one vendor. In the fourth quarter of fiscal 2026, a global telecom leader signed a $126 million agreement to expand its next-generation firewall footprint while replacing legacy proxy providers with Prisma Access for SASE, and agentic traffic on the company's SASE platform has increased 9x over the past nine months. Rival Fortinet said its SASE Firewall business grew 34% in the second quarter of 2026 to more than $2 billion, while Unified SASE billings rose 35%, and Zscaler reported ARR up 25% year over year in the fourth quarter of fiscal 2026. Palo Alto Networks shares have jumped 104.1% year to date versus a 92.6% gain for the Zacks Security industry, and the stock trades at a forward price-to-sales ratio of 21.31X against an industry average of 19.13X.
Moderna Jumps 6% as 137% Month Extends on Melanoma Vaccine Data
Moderna climbed 6% to $154 in morning trading, extending a 137% one-month rally driven by its Phase 2b adjuvant melanoma data showing intismeran autogene plus KEYTRUDA cut the risk of recurrence or death by 49% versus KEYTRUDA alone. No new Moderna announcement, filing, analyst action or trial result landed Thursday to explain the move, and the broader tape offered little help: the iShares Biotechnology ETF rose 1% to $204.5 and the SPDR S&P 500 ETF Trust rose 1% to $763.49. BioNTech, which runs a rival individualized messenger RNA cancer vaccine program with Genentech, edged up just 1% to $97.00, a muted response that suggests the market is paying for Moderna's specific asset rather than the messenger RNA cancer vaccine category as a whole; BioNTech chief medical officer Özlem Türeci has said the company sees no read-through between melanoma and colorectal cancer. Novavax, a vaccine-sector name but not a participant in the messenger RNA cancer vaccine program, rose 2% to $9.5 on what reads as group beta. Merck is Moderna's partner on the individualized neoantigen program, which now spans nine Phase 2/3 trials across melanoma, non-small cell lung cancer, bladder and renal cell carcinoma, and Moderna has guided to an interim analysis from its Phase 3 adjuvant melanoma trial in the second half of 2026, with management saying it is highly confident the interim will be conducted this year. For 2026, Moderna guided to up to 10% revenue growth and year-end cash of $4.7 billion to $5.2 billion, and chief executive Stéphane Bancel has described oncology as a key focus for the second half of 2026; the full dataset from the August readout has not yet been presented publicly, with the oncology congress in Madrid in late October the next scheduled opportunity.
Allianz Partners and Waymo Partner on European Robotaxi Insurance
Allianz Partners and Waymo have formed a collaboration to build insurance, claims and safety research solutions supporting Waymo's service expansion across Europe, with a phased commercial deployment planned starting in Germany and the possibility of extending to additional markets over time. The arrangement pairs Waymo's autonomous driving system, the Waymo Driver, with insurance, mobility assistance and vehicle safety research capabilities from Allianz Partners, Allianz Group's business-to-business-to-consumer insurance and assistance services arm, backed by other Allianz Group entities including the Allianz Center for Technology, Allianz Versicherungs, Allianz Commercial and Solvd Group. The partnership focuses on four priority areas: tailored insurance and risk management for Waymo's autonomous fleets, including motor fleet insurance and general liability multinational insurance programmes for product liability protection plus new insurance models for autonomous mobility platforms; digital claims handling through Solvd Group, Allianz Partners' digital claims management entity, intended to support streamlined end-to-end claims processing in future; joint research on autonomous vehicle safety, claims trends and risk modelling, with the Allianz Center for Technology contributing crash analysis and vehicle safety expertise and potential joint publications as operational data becomes available; and vehicle recovery, where the companies will examine additional areas for collaboration over time, including operational solutions designed for autonomous fleets. Allianz Partners CEO Tomas Kunzmann said Waymo's technology leadership combined with Allianz's global expertise in insurance, assistance and vehicle safety allows the companies to build a comprehensive ecosystem providing passengers peace of mind at every stage of the journey, while Waymo risk and insurance head Tilia Gode said the tie-up pairs Waymo's proven US safety record and commercial experience with world-class European risk and claims expertise. In July, Allianz agreed to buy Singapore life and health insurance business HSBC Life (Singapore) from HSBC Holdings for $2.09bn (S$2.7bn).
FDA Expands Kerendia Label to Type 1 Diabetes Chronic Kidney Disease
Bayer announced that the FDA has approved a label expansion for its kidney disease drug Kerendia, also known as finerenone, to treat adults with chronic kidney disease associated with type one diabetes. The drug, a selective non-steroidal mineralocorticoid receptor antagonist, was initially approved in the United States in 2021 for chronic kidney disease associated with type two diabetes, and its label was expanded in 2025 to include adults with symptomatic chronic heart failure with a left ventricular ejection fraction of at least 40 percent. This latest approval, the drug's third in the United States, follows a Priority Review designation and is supported by positive results from the pivotal phase three FINE-ONE study, in which Kerendia added to standard of care produced a statistically significant 25 percent reduction from baseline in the urine albumin-to-creatinine ratio over six months compared with placebo. The company said the expanded indication addresses an important unmet need, as approximately 30 percent of people with type one diabetes in the United States develop chronic kidney disease. Kerendia, marketed as Firialta in some countries, is approved for chronic kidney disease associated with type two diabetes in China, Europe and Japan, and finerenone is also approved for heart failure with a left ventricular ejection fraction of at least 40 percent in Europe, Japan, China and several other markets. Year to date, Bayer's shares have risen 29.8 percent compared with the industry's 10.9 percent growth, and sales of Kerendia skyrocketed 82.9 percent in the second quarter.
Germany Urges EU Action Against China to Defend Carmakers
German Finance Minister Lars Klingbeil called on the European Union on Thursday to step up action against what he called China's unfair trade practices in order to protect Germany's struggling carmakers. Speaking during a visit to Volkswagen's headquarters in Wolfsburg, Klingbeil said Berlin would press Brussels for concrete measures in areas including plug-in hybrids and local content requirements, adding that Germany cannot be naive in its dealings with China and needs a clear signal at a European level. Volkswagen staff representative and supervisory board member Daniela Cavallo backed demands for higher tariffs on Chinese-made hybrids, saying the company faces enormously tough, difficult and unfair competition with China, while Olaf Lies, leader of the German state of Lower Saxony, a major Volkswagen shareholder, said Germany still needs China as a partner but must have the same rules as those applied there. Since 2024 the EU has levied higher tariffs on Chinese-made electric cars, alleging they benefit from unfair state subsidies, and calls have grown for those levies to be extended to hybrid vehicles. Volkswagen recently announced plans to axe a further 50,000 positions globally, taking total projected job cuts to 100,000 in the coming years, or around 15 percent of its workforce, and the IG Metall union has organised nationwide protests for Monday, expecting around 100,000 workers to participate across the country at major manufacturers and suppliers.
Orbis Medicines and Novo Nordisk Sign Up to USD 1.4 Billion Drug Discovery Deal
Orbis Medicines has entered a strategic collaboration and license agreement with Novo Nordisk to discover and develop next-generation oral macrocycle therapeutics for cardiometabolic diseases. Under the terms, Orbis Medicines is eligible to receive up to USD 1.4 billion in upfront and potential development and commercial milestone payments, plus tiered royalties on future product sales, and Novo will also make a strategic investment in Orbis Medicines. The collaboration will use Orbis Medicines' proprietary nGen platform, which integrates generative AI with high-throughput synthesis to design orally bioavailable macrocycles called nCycles. Morten Graugaard, chief executive officer of Orbis Medicines, said the partnership could unlock a new generation of oral medicines for cardiometabolic diseases, while Brian Vandahl, senior vice president of Therapeutics Discovery at Novo, said the collaboration could expand the possibilities of macrocycle therapeutics. Orbis Medicines, based in Copenhagen, Denmark and Lausanne, Switzerland, has raised EUR 116 million in venture funding to date, including a EUR 90 million Series A round led by NEA.
Asia Plus highlights NOVOB80 as Novo Nordisk teams up with Anthropic to use AI to elevate R&D, target price 1.62 baht
Asia Plus Securities said in an analysis that Novo Nordisk A/S is advancing its collaboration with Anthropic to apply artificial intelligence, or AI, in its research and development processes, including the discovery and development of new drugs. It plans to use Claude Science and Agentic AI technology to improve data analysis efficiency, shorten research timelines, and accelerate the process of bringing products to market. The collaboration reflects Novo Nordisk's strategy to elevate the organization into a more AI-driven healthcare company, alongside its emphasis on data governance and human oversight. The research team holds a positive view of this collaboration, assessing that it will help raise R&D efficiency and improve the quality of drug products in development, which is a key factor amid intensifying competition in the obesity and diabetes drug market, especially competition with Eli Lilly. However, the research team assesses that the positive effect on the share price in the short term remains limited, since the project is still in its early stages and the impact on revenue and profit cannot yet be clearly evaluated. As for Novo Nordisk shares, or NOVOB DC, they recently stood at 272.60 Danish kroner, while the Depositary Receipt, or NOVOB80, stood at 1.42 baht, using a reference exchange rate of 5.12 baht per Danish krone and a conversion ratio of 1 underlying share per 1,000 DR units. The research team gives a buy recommendation, with a one-year target price for NOVOB DC of 315.89 Danish kroner, equivalent to a target price for NOVOB80 of 1.62 baht. On the technical view for NOVOB80, the price is expected to move sideways, with support at 1.30-1.34 baht and resistance at 1.50-1.58 baht.
Aeluma Targets AI Datacom With $30 Million CHIPS LOI and $56 Million Cash
Aeluma Inc is shifting its near-term commercialization focus to the AI datacom market, backed by a letter of intent with the Department of Commerce CHIPS R&D Office for up to $30 million in non-dilutive funding. The company ended fiscal 2026 with $56 million in cash and no debt, but reported a net loss of $9.2 million, wider than the $3 million loss in fiscal 2025, and adjusted EBITDA of negative $5.2 million versus positive $186,000 a year earlier. Aeluma expects government contract revenue to fall to approximately $2.3 million in fiscal 2027 from $4.5 million in fiscal 2026, while planning capital expenditures of $10 million to $12 million, mainly for two Aixtron G10 MOCVD reactors. The company strengthened its manufacturing partnership with Sumitomo Chemical Advanced Technologies and is negotiating commercial NRE agreements, though no deals are guaranteed. Management said the CHIPS award, if finalized, would likely be accounted for as an equity investment by the U.S. government rather than revenue.
Gastech 2026 wraps up first three days with $40 billion in investment deals
Gastech 2026 announced partnerships and investment plans during its first three days worth a combined $40 billion, covering agreements ranging from memoranda of understanding to purchase contracts and investment plans across the energy value chain. China Gas Holdings and Venture Global LNG agreed to buy 0.5 million tonnes per year of LNG from the United States over 20 years, starting in 2030. Samsung Heavy Industries closed a deal to build LNG carriers and crude oil tankers worth $1.2 billion, while the state of Sarawak concluded talks with Indorama Ventures and partners from Japan on downstream natural gas and petrochemical investment worth about $1 billion in Bintulu. In addition, PETRONAS, PTTEP JDA and the Thailand-Malaysia Joint Authority signed a 35-year production sharing contract and a natural gas sales agreement in the Thailand-Malaysia Joint Development Area. GE Vernova and B.Grimm Power signed an agreement to supply gas turbine technology and long-term services in Thailand and Malaysia. Eni signed a memorandum of understanding with the government of Senegal to assess the oil potential of five offshore exploration blocks, and Horacio Marín, chairman and chief executive of YPF, announced plans to sign two to three LNG sales contracts for the Argentina LNG export project. Supawan Teerarat, director of the Thailand Convention and Exhibition Bureau, or TCEB, said the event drew more than 50,000 participants from over 150 countries and is expected to generate about 14.62 billion baht in economic value.
Deutsche Bank to launch institutional crypto custody service this year, supporting BTC, ETH, USDC and EURC
Deutsche Bank plans to launch a cryptocurrency custody service for institutional clients within this year, covering four digital assets: BTC, ETH, USDC and EURC. The offering is an institutional digital asset custody service, marking a significant step for the German bank into the crypto custody market.
BioNTech Lung Cancer Data Shows Gotistobart Nearly Doubled Survival
BioNTech reported detailed Phase 3 data showing its investigational lung cancer therapy gotistobart nearly doubled median overall survival compared with standard chemotherapy. The shares traded around US$96.69, with a 30 day share price return of 3.87% and a 90 day share price return of 4.85%, while the 1 year total shareholder return declined 2.59% and the 5 year total shareholder return fell 71.40%. BioNTech now trades at roughly a 22% discount to analyst targets, with the most followed fair value view at $120.62 against the last close of $96.69. The company's pipeline includes multiple late stage Phase II and III trials for BNT327 and mRNA cancer immunotherapies in lung and breast cancers, supported by the planned CureVac acquisition. Risks to the bullish case include late stage oncology trial failures and prolonged COVID-19 vaccine demand weakness and related litigation.
Bayer Wins Accelerated FDA Approval for Sevabertinib in HER2-Mutant Lung Cancer
Bayer received accelerated FDA approval for sevabertinib as a first-line therapy for certain HER2-mutant lung cancer patients, a decision that puts fresh attention on how the company's pharmaceutical pipeline could shape investor sentiment. The approval lands as Bayer shares have climbed strongly this year, with a 90 day share price return of 31.84%, a year to date share price return of 28.89%, and a 1 year total shareholder return of 79.40%. The most followed valuation storyline on the stock puts fair value at €56.83, roughly 14% above the recent €48.98 close, a gap that leans heavily on how future earnings and litigation play out. That bullish case rests on sustained advances in Bayer's pharmaceutical innovation pipeline, including robust uptake of recently launched drugs and late-stage assets such as asundexian and new indications for existing blockbusters, which are seen offsetting patent expirations and generic erosion. Still, the glyphosate and PCB lawsuits, along with pressure on key crop protection products, could quickly challenge the 14% undervalued narrative.
Harold Hamm's Continental Resources Signs Deal to Explore Venezuela's Ayacucho 2 Block
Billionaire shale pioneer Harold Hamm's Continental Resources Inc. reached a deal to operate and develop the Ayacucho 2 Block in Venezuela's Orinoco Belt, as the Trump administration pushes US companies to revive the nation's oil sector. The Oklahoma City-based company said the block covers about 126,000 acres and holds an estimated 30 billion barrels. Continental signed a memorandum of understanding with Venezuela's state oil company and plans to have a long-term agreement in place within weeks. The agreement by Hamm, a significant donor to US President Donald Trump, adds to a slate of deals in recent weeks aimed at boosting Venezuela's crude production, including agreements announced by Chevron Corp., GE Vernova Inc. and Eni SpA alongside Wright and acting Venezuelan President Delcy Rodríguez at a signing ceremony in Caracas, as well as deals signed by Geopark Limited and privately held Aspect Holdings. Wright said the deals represent "tens of billions" worth of investments that marked a "transformation for Venezuela," though some analysts have questioned their durability given lingering concerns about contract sanctity in a nation with a history of nationalization.
Wall Street Bets on First Fed Rate Hike in Over Three Years
Wall Street is betting on a nearly 93% chance the Federal Reserve raises interest rates this afternoon for the first time in more than three years, lifting them by a quarter point to a new range of 3.75%-4%. Deutsche Bank chief US economist Matt Luzzetti called the case for a hike strong, pointing to solid economic growth, a rebounding job market, and inflation showing limited evidence of falling back toward the Fed's 2% goal, with oil climbing back over $100 a barrel amid renewed Middle East tensions. JPMorgan Chase chief economist Michael Feroli sees a closer call, noting the Fed's preferred core Personal Consumption Expenditures index has been above 3% every month this year, while estimating the three-month annualized core PCE at 2.7% through August. Luzzetti expects three total hikes, on Wednesday, in December and next March, unwinding the three risk-management cuts made in the fall of 2025, while Feroli anticipates one more hike in December. Moody's chief economist Mark Zandi warned on X that a hike would be a policy mistake because energy prices and tariffs are supply shocks rate hikes cannot fix, and said the Fed can wait. The decision is due at 2 p.m. ET Wednesday, followed by Fed Chairman Kevin Warsh's press conference at 2:30 p.m. ET.
Halliburton Wins Eni Contract for Cyprus Cronos Gas Project
Halliburton Company has secured a bundled well construction and completions contract from Eni S.p.A. for the Cronos ultra-deepwater development in Block 6 of Cyprus' Exclusive Economic Zone. The contract covers integrated drilling, well construction, automation and completions services for exploration and development wells, with Halliburton providing drilling fluids, directional drilling, LOGIX automation and remote operations, cementing, surface well testing and coiled tubing. Cronos represents Eni's first gas development in Cyprus and is located in Block 6, where Eni operates with a 50% interest alongside TotalEnergies; Eni reached the project's final investment decision in July 2026, with first gas targeted for 2028. The field contains more than 3 trillion cubic feet of gas initially in place and is expected to reach plateau production of about 500 million standard cubic feet per day, with the produced gas planned to be transported to Egypt's Zohr facilities for processing before being liquefied at the Damietta LNG plant for export, primarily to European markets. Halliburton is also bringing its technology portfolio to the project, including ZEUS IQ, LOGIX automation, OCTIV pumping controls and the integration of Sekal's closed-loop drilling capabilities.
Nokia Jumps 6% as AI-RAN Trials Expand to Eight Global Operators
Nokia stock rose 6% to $10.39 after the company said its AI-RAN platform is moving from evaluation into live field trials with eight global operators across North America, Europe, Asia-Pacific and the Middle East. The named operators advancing proofs of concept and trials include A1 Group, du, e&, Mobily, stc and TPG Telecom. The platform pairs Nokia's AI-native anyRAN software with NVIDIA's Aerial RAN Computer and has already delivered spectral efficiency improvements of more than 20%, letting operators draw more capacity from spectrum they already hold. The move was Nokia-specific: Ericsson rose 0.7% to $10.11 and NVIDIA rose 0.9% to $214.04, while the iShares U.S. Technology ETF was unchanged at $250.08 and the SPDR S&P 500 ETF Trust gained 0.4% to $760.33. Separately, Nokia said Nokia Defense signed a memorandum of understanding with UK systems engineering and security services company C3IA to support digital transformation across UK defense operations, with both companies participating in the UK Ministry of Defence's TacSys framework.
Hugo Boss names Frasers chief Michael Murray as chairman
Hugo Boss has appointed Michael Murray, the chief executive of Frasers, as its new chairman, tightening Mike Ashley's grip on the German fashion brand. Mr Murray, who is Mr Ashley's son-in-law, was elected head of the supervisory board on Tuesday morning, just 24 hours after Stephan Sturm stepped down amid pressure from Frasers. The appointment marks a victory for Mr Ashley's retail giant, which has built a stake of about 48pc in Hugo Boss after launching a takeover attempt earlier this year, and Frasers has said it intends to increase its holding beyond 50pc, which would give it majority control of the German retailer. Hugo Boss also said Robert Palmer, a former company secretary at Frasers and one of Mr Ashley's senior lieutenants, would join its supervisory board, subject to appointment by the local court. Mr Sturm had been chairman for just 16 months, having been elected in May 2025, and Hugo Boss terminated its share buyback programme earlier this month after Frasers said it intended to take its stake above 50pc.
Novva signs framework deal for 3.17GW Argentine renewables from ABO Energy
Novva Group has signed a binding framework agreement to acquire a 3.17GW portfolio of renewable energy projects in Argentina from Germany-based ABO Energy. The agreement was signed in Paris by ABO Energy managing director Karsten Schlageter and Novva founder and CEO Steven Liu, and covers projects currently in the development stage. The transaction will proceed through a confirmatory due diligence process and is expected to be formalised with a share purchase agreement in the coming months. It follows Novva's earlier acquisition from ABO Energy of three solar projects in Colombia with a combined capacity of approximately 40MW. Novva, a Singapore-registered platform focused on data centres and renewable energy infrastructure, said the deal strengthens its Latin America pipeline, while ABO Energy said the sale aligns with its strategy of focusing on core markets.