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Pfizer to buy stake in French vaccines Firm Valneva

US Health giant Pfizer has agreed to invest 90.5 million euros ($95.24 million) to buy an 8.1% percent stake in French vaccines company, as the companies announced developments in their collaboration to combat Lyme disease.

By means of a restricted capital increase, Pfizer will pay 9.49 euros per share for the holding in Valneva, which is also developing a COVID-19 vaccine.

In order to finance its Phase 3 development contribution to the Lyme disease program, Valneva will use the proceeds from Pfizer's equity investment.

MACROECONOMIC DATA ANALYSIS

Analysts believe that the risk of inflation becoming entrenched in Canada's economy is growing as rising prices for gas and other highly visible & essential consumer items undermine the Bank of Canada's efforts to keep price increases in check. When inflation becomes embedded in an economy, it becomes more difficult to control without triggering an economic slowdown or even a recession.

Cleveland Federal Reserve Bank President Loretta Mester said it will take two years for inflation to fall to the central bank's 2% target, adding that it will be "moving down" gradually from the current level. A surge in inflation, which is at its highest level in 40 years, has turned nearly all Fed policymakers into hawks, with only one dissenting earlier this week against the central bank's largest rate increase in more than a quarter-century.

CURRENCIES

The dollar fell on Monday morning as the economic outlook remained uncertain. The dollar index, which tracks the greenback against a basket of other currencies, dropped 0.32% to 104.150.

GOLD

The value of gold has risen in Monday's early hours as the U.S. dollar fell, ahead of a US holiday. Gold futures were up 0.06% in value to price at $1,841 per ounce. U.S. markets are closed on Monday for a holiday.

OIL

Oil prices mixed on Monday, reversing earlier gains as fears about slowing global economic growth and fuel consumption outnumbered those about limiting supplies. Brent futures inched 0.12% lower to $113.00 per barrel, while WTI futures increased by 0.21% to $108.19 a barrel.

INDICES

USA: S&P500 +0.22%, Dow Jones Industrial Average -0.13%, Nasdaq Composite +1.24%

Europe: FTSE 100 +0.98%, DAX +0.27%, CAC 40 +0.22%

Asia: Nikkei 225 -0.74%, Hang Seng +0.42%, CSI 300 +0.50%, Nifty 50 +0.37%

Newest

Tim Cook makes the most direct indication yet that Apple is creating a headset.

Tim Cook, the CEO of Apple, has provided the closest thing to a confirmation that the company is developing a headset.

In a recent interview with China Daily USA, Cook was questioned about what, in his opinion, are the essential elements for augmented reality, or AR, to be successful in the consumer market.

“I am incredibly excited about AR as you might know. And the critical thing to any technology, including AR, is putting humanity at the center of it,” he said, echoing comments he’s made in the past about how important AR is to the company.

Meta and others tech titans create the metaverse standard body

Meta, Microsoft, and other tech titans racing to build the emerging metaverse concept have formed a group to encourage the development of industry standards that will make the companies' nascent digital worlds compatible with one another.

The World Wide Web Consortium (W3C), as well as other well-known standards-setting organizations, are among the participants in the Metaverse Standards Forum, according to a statement released by the group on Tuesday announcing its formation.

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