Friday’s roundup: Dow -1.1% to 13087. S&P -1%. Nasdaq -1.26%. Crude -2.43% to $84.97. Gold -2.18% to $1678.05.
In the latest blow to multinational drug companies, a government board in India has revoked the patent of Roche Holding AG’s expensive drug for the hepatitis C drug Pegasys. Next up: Glivec – Novartis’ cancer drug. (WSJ)
FII’s are loading up on FMPs (Fixed Maturity Plans.) With indicative yields as high as 9.75% per annum, the Fed engineered reach for yield continues. (ET)
Is Singapore better for trading Nifty futures than Aamchi Mumbai? Foreign institutional investor exposure to Nifty futures traded on the Singapore Exchange (SGX) hit a record high last month overtaking volumes on the NSE this year, and highlighting the continued export of India’s financial markets. (ET)
It feels as if all of a sudden the mining industry has boarded a time machine and landed exactly where the oil and gas industry was in the mid-1990s: delaying their mega-projects, cutting costs and making return on capital employed the only metric. Shareholders will get their way, consumers will pay the price.(FT)