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Tag: Pfizer Inc.

  • Moderna, CureVac and Ocugen offer updates on COVID vaccines, while China cracks down on critics of government’s pandemic response

    Moderna, CureVac and Ocugen offer updates on COVID vaccines, while China cracks down on critics of government’s pandemic response

    A flurry of announcements relating to COVID vaccines dominated headlines on the pandemic on Monday, with Moderna telling investors it expects to generate some $5 billion in sales in 2023.

    That’s down from $18.4 billion in sales in 2022. The company plans to boost spending on research and development to $4.5 billion this year, up from $3.3 billion in 2022.

    Moderna
    MRNA,
    +1.79%

    provided the update in advance of the company’s presentation at the annual J.P. Morgan Healthcare Conference in San Francisco.

    Separately, CureVac
    CVAC,
    +24.46%

     said preliminary data from its early stage trial for its COVID and seasonal flu shots had positive results to advance to the next stage of clinical testing.

    CureVac is developing the shots with GlaxoSmithKline
    GSK,
    -0.79%

     
    GSK,
    -0.75%
    .
     CureVac said the shot was well tolerated, and that neutralizing antibodies were beginning at the lowest tested dose for younger adults. The seasonal flu shot was also well tolerated with an increase in antibodies compared to those from a flu vaccine comparator in younger adults, CureVac said.

    Ocugen announced positive results in a trial of its COVID vaccine Covaxin, which uses the same vero cell manufacturing platform that has been used in the production of polio vaccines for decades. The Phase 2/3 trial involved 491 U.S. adult participants who received two doses of Covaxin or placebo 28 days apart.

    “Covaxin, an inactivated virus vaccine adjuvanted with TLR7/8 agonist, has been demonstrated in clinical trials to generate a broader immune response against the whole virus covering important antigens such as S-protein, RBD, and N-protein; whereas currently approved vaccines in the U.S. target only S-protein antigen,” the company said in a statement.

    Chief Executive Dr. Shankar Musnuri said the company is hoping the vaccine will offer an option for those who are still hesitant to take an mRNA vaccine, which uses newer technology.

    U.S. cases were lower on Sunday, according to a New York Times tracker. The seven-day average of new cases stood at 67,246, down 1% from two weeks ago.

    The daily average for hospitalizations was up 18% at 47,500., the highest level since last March. The average for deaths was 509, up 19% from two weeks ago.

    Hospitalizations are becoming concerning, according to the Times trackers, with the Northeast seeing the highest per capita rates, along with the Southeast.

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • China has suspended or closed the social-media accounts of more than 1,000 critics of the government’s COVID response, as the country rolls back harsh anti-virus restrictions and gears up for the coming Lunar New Year holiday, the Associated Press reported. The popular Sina Weibo social media platform said it had addressed 12,854 violations including attacks on experts, scholars and medical workers and issued temporary or permanent bans on 1,120 accounts. The ruling Communist Party had largely relied on the medical community to justify its tough lockdowns, quarantine measures and mass testing, almost all of which it abruptly abandoned last month, leading to a surge in new cases that have stretched medical resources to their limits. The party allows no direct criticism and imposes strict limits on free speech.

    Tens of thousands of people resumed travels in and out of China on Sunday as the country lifted almost all of its border restrictions, ending three years of strict pandemic controls. Some travelers expressed relief to be reunited with their families. Photo: Tyrone Siu/Reuters

    • Pfizer’s
    PFE,
    -4.77%

    antiviral Paxlovid has not been included in the Chinese government’s national reimbursement list that would have allowed patients to get it at a cheaper price throughout the country, saying it was too expensive, the AP reported separately. Although it is supposed to be prescribed by medical professionals, that hasn’t stopped people from scrambling to purchase it on their own through any means at their disposal—including buying generic Indian versions of the drug through the internet, according to local media reports.

    • The union representing a group of nurses at a New York City hospital reached a tentative contract agreement with its management, but close to 9,000 nurses at several other major hospitals were still preparing to go on strike, the AP reported. The New York State Nurses Association and BronxCare Health System said Saturday that a tentative agreement had been reached; the union said it included pay raises every year of its three-year term as well as staffing increases. Another hospital, Flushing Hospital Medical Center, got to a tentative agreement with nurses on Friday evening.

    Here’s what the numbers say:

    The global tally of confirmed cases of COVID-19 topped 664.3 million on Monday, while the death toll rose above 6.7 million, according to data aggregated by Johns Hopkins University.

    The U.S. leads the world with 101.2 million cases and 1,096,523 fatalities.

    The Centers for Disease Control and Prevention’s tracker shows that 229.3 million people living in the U.S., equal to 69.1% of the total population, are fully vaccinated, meaning they have had their primary shots.

    So far, just 48.2 million Americans, equal to 15.4% of the overall population, have had the updated COVID booster that targets both the original virus and the omicron variants.

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  • As EU works to coordinate response to China’s COVID wave, Beijing and airlines are unhappy

    As EU works to coordinate response to China’s COVID wave, Beijing and airlines are unhappy

    European Union officials were working Wednesday to coordinate a response to China’s current surge of COVID cases and were likely to agree on travel restrictions that may upset both Beijing and airlines.

    The Chinese government has already slammed the countries that have imposed a COVID test requirement on passengers from China and has threatened countermeasures if more are introduced, the Associated Press reported.  

    EU Commission spokesman Tim McPhie said Wednesday that most EU nations are in favor of testing prior to departure and are seeking an official position later in the day.

    There are concerns that China’s wave may allow for new, potentially more evasive and risky variants of the coronavirus to emerge, although so far, data are showing the variants circulating in China are already in Europe.

    See also: Isolated and humiliated, Russia is biggest geopolitical threat of 2023: Eurasia Group

    On Wednesday the International Air Transport Association, which represents some 300 airlines worldwide, lent its powerful voice to the protests.

    “It is extremely disappointing to see this knee-jerk reinstatement of measures that have proven ineffective over the last three years,” said IATA Director General Willie Walsh.

    “Research undertaken around the arrival of the omicron variant concluded that putting barriers in the way of travel made no difference to the peak spread of infections. At most, restrictions delayed that peak by a few days,” Walsh said.

    EU nations are also expected to agree to test wastewater from planes flying in from China to determine whether it contains variants that are not yet prevalent in Europe.

    As China reopens after nearly three years of isolation, the U.S. and several other countries will require travelers to show a negative COVID test. The Wall Street Journal explains why some pandemic restrictions are back and what they mean for people traveling to and from China. Photo: Nicola Marfisi/Avalon via ZUMA Press

    In the U.S., the seven-day average for new COVID cases has continued to fall and stood at 60,417 on Tuesday, according to a New York Times tracker. That’s down 10% from two weeks ago and below the recent peak of 70,508 on Christmas Eve.

    The daily average for hospitalizations was up 8% to 44,504. The average for deaths was 310, down 24% from two weeks ago.

    The New York Times tracker notes there is reason to believe current case and death counts could be artificially low, as the people who track those numbers take time off around the Christmas and New Year’s holidays. Hospitalization data are not typically affected by holiday reporting breaks.

    The number of patients with COVID in intensive-care units rose 11% in two weeks, to 5,350. Meanwhile, the test-positivity rate climbed to 16% and has increased by 25% over the past two weeks. Higher test-positivity rates suggest many new COVID cases are not being counted, as results of at-home testing may not be reported to case trackers. 

    Overall, cases are currently rising in 17 states, led by Mississippi, where they have climbed 78% from two weeks ago. Measured on a per-capita basis, New Jersey and New York are faring the worst, along with several southern states, including Virginia, Mississippi and South Carolina.

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • Shares of Lucira Health Inc.
    LHDX,
    -29.03%

    more than quadrupled Tuesday after it submitted an application for emergency-use authorization to the U.S. Food and Drug Administration for over-the-counter use of a molecular COVID-19 and flu test, Dow Jones Newswires reported. The test was granted emergency-use authorization for point-of-care use in a healthcare setting in November. The company now “intends to make the test broadly available to consumers both online as well as in pharmacies.”

    • Salesforce Inc.
    CRM,
    +3.57%

    has become the latest big tech player to say it hired too aggressively during the COVID pandemic; it is now planning to lay off about 10% of its workforce, MarketWatch’s Emily Bary reported. The company will also exit some real estate and cut back on office space, it disclosed in a filing with the Securities and Exchange Commission. The plan is aimed at reducing operating costs, boosting operating margins and driving “profitable growth.” “As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that,” the company’s co-chief executive, Marc Benioff, said in a letter to employees that was also filed with the SEC. The company had 73,541 employees as of Jan. 31, 2022, according to its last annual filing with the SEC.

    Read: Here are the companies in the layoffs spotlight; Salesforce joins Intel, Google, HP, Amazon, Cisco

    The recent headlines about tech layoffs don’t seem to match broader economic indicators, which show a strong job market and a historically low unemployment rate. The Wall Street Journal’s Gunjan Banerji explains the disconnect. Illustration: Ali Larkin

    • Pfizer Inc.
    PFE,
    -2.20%

    has gone from being a COVID darling to a “show-me” launch story, according to Bank of America analysts, who downgraded the stock to neutral from buy on Wednesday, citing declining COVID revenues and uncertainty about how new products will perform. Analysts are expecting revenue from Pfizer’s COVID vaccine Comirnaty and its antiviral Paxlovid to decline by about $32 billion from 2022, wider than the consensus number of a decline of $25 billion. “While new launches can partially address the $17 billion LOE (loss of exclusivity) hole in 2025 to 2030, longer term growth is unclear,” the analysts wrote in a note to clients.

    Here’s what the numbers say:

    The global tally of confirmed cases of COVID-19 topped 666.8 million on Tuesday, while the death toll rose above 6.69 million, according to data aggregated by Johns Hopkins University.

    The U.S. leads the world with 100.8 million cases and 1,094,010 fatalities.

    The Centers for Disease Control and Prevention’s tracker shows that 229.1 million people living in the U.S., equal to 69% of the total population, are fully vaccinated, meaning they have had their primary shots.

    So far, just 47 million Americans have had the updated COVID booster that targets the original virus and the omicron variants, equal to 15.1% of the overall population.

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  • Tesla stock wipes out three-day bounce, falls to lowest price in more than 2 years

    Tesla stock wipes out three-day bounce, falls to lowest price in more than 2 years

    It has taken just one day for Tesla Inc.’s stock to erase the entire bounce it enjoyed over the last three days trading sessions of 2022, as disappointing deliveries data helped trigger the biggest selloff in more than two years.

    The stock’s
    TSLA,
    -12.24%

    Tuesday drop knocked the electric vehicle maker’s market capitalization to 15th on the list of most valuation S&P 500 index companies.

    On Tuesday, Tesla’s market cap fell below that of consumer products company Procter & Gamble Co.
    PG,
    +0.01%
    ,
    with a current market cap of $359.18 billion, and was just below Nvidia Corp.
    NVDA,
    -2.05%

    at $352.15 billion, according to FactSet data. Tesla sat just above Chevron Corp.
    CVX,
    -3.06%
    ,
    which was at $336.43 billion. (See list of S&P 500’s 20 most valuable companies as of Tuesday’s closing prices below.)

    Tesla’s stock took a $15.08, or 12.2% dive, to $108.10 on Tuesday, to lead the S&P 500’s
    SPX,
    -0.40%

    decliners, after the company reported over the weekend that fourth-quarter deliveries that came up short of expectations for the third quarter in a row. It suffered the biggest one-day decline since it plummeted 21.1% on Sept. 8, 2020, and closed at the lowest price since Aug. 13, 2020.

    Don’t miss: Tesla delivery-target miss shows ‘demand cracks clearly happening’ that mean ‘numbers could be materially reset’ for coming years, analysts write.

    With about 3.16 billion shares outstanding as of Oct. 18, the stock’s decline shaved about $47.62 billion off Tesla’s market cap, to bring it down to $341.35 billion. That’s a far cry from the peak market cap of $1.24 trillion reached exactly one-year ago.

    After the stock hit the deepest oversold reading in its history based on the widely followed Relative Strength Index momentum indicator on Dec. 27, following the longest losing streak in more than four years, it ran up $14.08, or 12.9%, over the past three days.

    If there’s a bright side to Tuesday’s stock selloff, it’s that even though the price fell below the Dec. 27 closing price, the RSI ended the day at 24.86, which is up from the Dec. 27 record low of 16.56.

    That could be a preliminary sign of what chart watchers call “bullish technical divergence,” which is when prices make lower lows while the RSI makes a higher low. It’s still rather early to make that determination, however, as the stock needs to start bouncing again to see if RSI bottoms above the previous low.

    Market caps of the Top 20 most valuable S&P 500 companies:

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  • COVID-related ICU patients rise to 5-month high above 5,000—are new cases really falling?

    COVID-related ICU patients rise to 5-month high above 5,000—are new cases really falling?

    While many have been focused on the apparent explosion of COVID cases in China, and the lack of reliable data from China’s government, there are signs suggesting the U.S. situation is also getting worse even as case counts and deaths are falling.

    At first look, initial fears of another COVID surge in the U.S. over the holidays may be overblown. About a week after the year-end holiday gatherings began, the seven-day average of new COVID cases fell to a more than three-week low of 58,354 on Thursday, down 9% from two weeks ago and down 17% from a recent peak of 70,508 on Christmas Eve, according to a New York Times tracker.

    And the daily average for deaths fell has fallen to a three-week low of 355, and has dropped 5% in two weeks.

    But as the NYT tracker has been warning, case and death counts could be “artificially low” this week, as officials who track those numbers take vacation for the Christmas and New Year’s holidays. Therefore, hospitalization data, which is typically not affected by holidays, should remain more reliable.

    And by that measure, the numbers are getting worrisome.

    The daily average of hospitalizations rose to 41,620 on Thursday, up 3% from two weeks ago but also the highest number seen since mid-August.

    There are 29 states that have seen hospitalizations increase from two weeks ago, including 20 states that have seen double-digit percentage increases, led by South Carolina at 54%, West Virginia at 52% and Louisiana at 47%.

    The number of severe COVID cases is also seeing a troubling rise, the daily average of COVID-related patients in intensive care units (ICUs) climbed to 5,080 on Thursday. That’s up 10% from two weeks ago, and the most seen since July 30.


    The New York Times

    Another sign that the fall in case counts is artificial is that the test positivity rate has been rising, to a four-month high above 14% on Thursday, with 41 states seeing double-digit positivity rates.

    “Higher test positivity rates are a sign that many infections are not reported — even if they are tested at home. This results in a more severe undercount of cases,” the NYT tracker said.


    The New York Times

    Stay up to date on COVID news through MarketWatch’s daily “Coronavirus Update” column.

    Meanwhile in China, amid a “lack of adequate and transparent” data from China’s government, there is reason to believe the situation will still get a lot worse before it gets better.

    U.K. health firm Airfinity estimates that new daily COVID cases in China is currently running at about 1.8 million, based on data from China’s regional provinces, and on new-case trajectories from areas that also lifted zero-COVID policies, such as Hong Kong.

    That case number is expected to more than double, to about 3.7 million a day, in mid-January, Airfinity estimates, before another surge in March takes the number up to about 4.2 million per day.

    As a result of the concerns over surging case counts, Spain joined the growing number of countries that are requiring COVID tests for air passengers arriving from China, as the Associated Press reported. This comes after the European Union said Thursday that it is “assessing” the situation in China.

    The U.S. will also require those arriving from China to take a PCR test, starting Jan. 5, while Japan started requiring a test on Friday. Other countries requiring a test for air passengers from China include Italy, India and South Korea.

    The BBC reported that the U.K. was set to announce that travelers will need to show a negative COVID test before they board a plane from China.

    In other COVID news, China’s National Medical Products Administration has given emergency approval to Merck & Co. Inc.’s
    MRK,
    -0.33%

     COVID antiviral molnupiravir. That joins Pfizer Inc.’s
    PFE,
    -0.96%

    Paxlovid, which has already been approved for use in China. Merck’s stock, which fell 0.4% in afternoon trading Friday, has soared 44.0% in 2022, while the Dow Jones Industrial Average
    DJIA,
    -0.88%

    has lost 9.4%.

    Novavax Inc.
    NVAX,
    +0.21%

    said Friday that it has initiated a Phase 2 trial for its COVID-19-Influenza Combination (CIC) vaccine candidate in people aged 50 through 80. “We believe that like influenza, COVID-19 will also be seasonal moving forward, and that there is room in the market for new alternatives to provide better protection against the impact of influenza, particularly in older adults, and to explore the potential to combine this with protection from COVID,” said Chief Executive Stanley Erck. Novavax’s stock, which eased 0.3% Friday, has plunged 93.2% year to date while the S&P 500 index
    SPX,
    -1.03%

    has dropped 20.1%.

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  • China turns a corner on COVID as it lifts quarantines for foreigners

    China turns a corner on COVID as it lifts quarantines for foreigners

    China has turned a corner in its zero-Covid policy, lifting quarantines for foreign travelers from early next year, but that has come with cost as cases are surging and hospitals are packed.

    The National Health Commission said over the weekend that it will drop the COVID-19 quarantine requirement for passengers arriving in China from abroad, starting Jan. 8. That was a major step in China’s lifting of the zero-COVID policy that have kept foreigners locked out, and its citizens locked in, for more than 2 1/2 years.

    “It feels like China has turned the corner,” said Colm Rafferty, chairman of the American Chamber of Commerce in China, in a statement, as the Associated Press reported.

    While many welcome the lifting of the zero-COVID policy, it has also triggered a surge in cases and has led to hospitals in many smaller cities and towns being overwhelmed. The jump in severe cases comes as China’s health authorities struggle to vaccinate the elderly, amid fears of potential side effects.

    In other China COVID news, China Meheco Group Co., which distributes Pfizer Inc.’s
    PFE,
    -1.35%

    Paxlovid COVID-19 vaccine in China, said over the weekend that Paxlovid can only be purchased at hospitals. That limits broader sales of the drug, including through e-commerce channels.

    Back in the U.S., the latest data showed that the daily average of new cases and deaths have slipped during the Christmas holiday weekend, while hospitalizations have leveled off.

    The seven-day average of new cases was 66,014 on Monday, according to a New York Times tracker. That’s down from 70,508 on Dec. 24, and down 1% from two weeks ago.

    However, case counts could be artificially low during as officials who track the numbers take vacation for the Christmas and New Year’s holidays. Also, rising test positivity rates suggest many new COVID cases are not reported, as many who test at home don’t report results to health officials.

    The daily-average test positivity rate climbed to a four-month high of 14% on Monday, up 14% from two weeks ago.

    COVID-related hospitalizations dipped to 40,156 on Monday from 40,969 on Saturday, but had ticked up 3% from two weeks ago. Meanwhile, COVID patients in intensive care units (ICUs) increased to a 4 1/2-month high of 4,931 on Monday, up 11% from two weeks ago.

    The daily average of deaths eased to 426 on Monday from 428 on Christmas Eve, and has declined 9% in two weeks.

    The number of Americans who have been fully vaccinated was 229.99 million, or 69% of the total population, according to the latest data from the Centers for Disease Control and Prevention, while only 14.6% of Americans have received the updated (bivalent) booster dose.

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  • Beijing to distribute Pfizer antiviral drug as Covid wave strains health system | CNN

    Beijing to distribute Pfizer antiviral drug as Covid wave strains health system | CNN


    Beijing
    CNN
     — 

    Beijing will begin distributing Pfizer’s Covid-19 drug Paxlovid to the city’s community health centers in the coming days, state media reported Monday.

    The report comes as the city grapples with an unprecedented wave of infections that has severely strained its hospitals and emptied pharmacy shelves.

    The state-run China News Service reported Monday that after receiving training, community doctors will administer the medicine to Covid-19 patients and give instructions on how to use them.

    “We have received the notice from officials, but it is not clear when the drugs will arrive,” it cited a worker at a local community health center in Beijing’s Xicheng district as saying.

    Paxlovid remains the only foreign medicine to treat Covid that has been approved by China’s regulator for nationwide use, but access is extremely difficult to come by. When a Chinese healthcare platform offered the antiviral drug earlier this month, it sold out within hours.

    Azvudine, an oral medicine developed by China’s Genuine Biotech, has also been approved.

    After nearly three years of lockdowns, quarantines and mass testing, China abruptly abandoned its zero-Covid policy this month following nationwide protests over its heavy economic and social toll.

    The sudden lifting of restrictions sparked panic buying of fever and cold medicines, leading to widespread shortages, both at pharmacies and on online shopping platforms. Long lines have become routine outside fever clinics and hospital wards overflowing with patients in the capital Beijing and elsewhere in the country.

    An emergency room doctor in Beijing told the state-run People’s Daily on Thursday that four doctors on his shift did not have time to eat or drink. “We have been seeing patients nonstop,” he said.

    Another emergency room doctor told the newspaper he had been working despite having developed fever symptoms. “The number of patients is high, and with fewer medical staff, the pressure is multiplied,” said the doctor.

    In a sign of the strain on Beijing’s medical system, hundreds of health professionals from across China have traveled to the city to assist medical centers.

    As the capital, Beijing has some of the best medical resources in the country. However, the abrupt zero-Covid u-turn has left people and health facilities ill-prepared to deal with a surge in infections.

    China’s official Covid case count has become meaningless after it rolled back mass testing and allowed residents to use antigen tests and isolate at home. It has stopped reporting asymptomatic cases, conceding it was no longer possible to track the actual number of infections.

    According to an internal estimate from the National Health Commission, almost 250 million people in China have caught Covid in the first 20 days of December – accounting for roughly 18% of the country’s population.

    Experts have warned that as people in big cities return to their hometowns for the Lunar New Year next month, the virus could sweep through China’s vast rural areas, where vaccination rates are lower and medical resources are severely lacking.

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  • Federal spending bill’s pandemic provisions: more public health data, no investigation into COVID’s origin

    Federal spending bill’s pandemic provisions: more public health data, no investigation into COVID’s origin

    COVID-19 cases are once again rising in the U.S., but how prepared are we for the next pandemic?

    That’s a question worth asking. The $1.7 trillion omnibus spending bill presented by lawmakers on Tuesday includes a pandemic preparedness package, which has provisions that aim to build up the stockpile of drugs and medical supplies, strengthen how the U.S. can predict, model and forecast infectious disease threats, and test out a loan repayment plan for workers with expertise in infectious diseases and emergency preparedness.

    The package does not include a task force that would investigate the origins of SARS-CoV-2 or the $9 billion that President Joe Biden requested to address the ongoing pandemic. 

    “We are not fixing the things that led to a bad response over COVID, and we’re facing a serious possibility that new variants of concern could arise in China,” Dr. Zeke Emanuel, vice provost of global initiatives at the University of Pennsylvania, told Axios.

    COVID news to know: 

    • Masks are coming back. Oakland is now requiring masks in government buildings, reports the San Francisco Chronicle, while New York City Mayor Eric Adams wore a mask on Tuesday during a press briefing telling New Yorkers to take precautions against circulating viruses. “The mayor is signaling to you that it is the socially conscious thing to do right now,” he said, according to the New York Times

    • Germany sending COVID shots to China. Germany said Wednesday that it has shipped doses of the vaccine developed by BioNTech
      BNTX,
      +1.44%

      and Pfizer
      PFE,
      +0.74%

      to China, to be administered to Germans who live there, according to the Associated Press. The vaccine is not authorized for use in China. 

    • At least 67,000 people in the U.S. are testing positive every day. That’s 24% higher than it was two weeks ago, according to a New York Times tracker. COVID hospitalization and deaths continue to increase, as well, with about 40,000 people in the hospital and 407 people dying every day. At the beginning of December, about 250 deaths were reported every day.

    • Few seniors in the U.S. are getting a booster. Nearly 95% of all Americans who are 65 years old and older got the primary series of COVID shots. But only 36% have opted to get the new bivalent boosters, which equally protect against the original strain of the virus and the BA.4/BA.5 subvariants. The rationale? They aren’t sure it works, can’t find it, or didn’t know it was available, according to the New York Times.

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  • With COVID cases rising fast, critics question why there’s no push for face masks in indoor settings

    With COVID cases rising fast, critics question why there’s no push for face masks in indoor settings

    A growing chorus of voices is questioning why there is no concerted effort to persuade Americans to wear face masks in public settings again as COVID cases, hospitalizations, fatalities and test-positivity rates rise across the nation.

    The Centers for Disease Control and Prevention continues to encourage people to keep up with vaccines and boosters and to urge others to do so too. But for now, there is no push for face masks or social distancing, the public safety measures that helped contain the spread of the virus at the peak of the pandemic.

    The daily average for new cases stood at 65,528 on Monday, according to a New York Times tracker, up 56% from two weeks ago. Cases are climbing in 47 states, led by Mississippi, where they are up 356% from two weeks ago.

    The average for hospitalizations is up 24% to 38,331. Hospitalizations are climbing in 44 states, led by Vermont, where they are up 83% from two weeks ago.

    The number of COVID deaths is up 48% to a daily average of 468, a disappointing reversal of the declining trend seen over the past several months. The test-positivity rate has climbed 25% to 12%.

    New York City and New York state have emerged as hot spots, with an average of 6,405 new cases a day in the state in the last week, the tracker shows. Cases are up 74% from two weeks ago.

    The omicron strains called BQ.1 and BQ.1.1 have become dominant in the Empire State, replacing BA.5. Both are sublineages of BA.5 but are more infectious than the original variant, meaning they can spread faster and more easily.

    Meanwhile, other respiratory illnesses including flu, RSV and strep throat are also circulating, adding to the burden on healthcare systems.

    Children are having an especially rough winter so far amid shortages of medicines to treat common childhood illnesses such as flu, ear infections and sore throats, CNN reported.

    “Right now, we are having severe shortages of medications. There’s no Tamiflu for children. There’s barely any Tamiflu for adults. And this is brand-name and generic,” Renae Kraft, a relief pharmacist in Oklahoma City, told the network. Additionally, she said, “as far as antibiotics go, there’s not a whole lot.”

    Physicians are reporting high numbers of respiratory illnesses like RSV and the flu earlier than the typical winter peak. WSJ’s Brianna Abbott explains what the early surge means for the winter months. Photo illustration: Kaitlyn Wang

    Families have taken to social media to highlight their hunt for oseltamivir, the generic for Tamiflu, as well as for the antibiotics amoxicillin and augmentin, said CNN. And there is also a shortage of the inhaler albuterol, which helps open airways in the lungs, according to the American Society of Health-System Pharmacists.

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • Some two years after they were first introduced, COVID vaccines have prevented more than 3 million additional deaths and about 18 million additional hospitalizations in the U.S., according to a new study from the Commonwealth Fund. More than 655 million doses of vaccine have been administered in the U.S., and 80% of the overall population has had at least one dose. “The swift development of the vaccine, emergency authorization to distribute widely, and rapid rollout have been instrumental in curbing hospitalization and death, while mitigating socioeconomic repercussions of the pandemic,” the authors wrote.

    • Chinese universities say they will allow students to finish the semester from home in hopes of reducing the potential for a large COVID-19 outbreak during the January Lunar New Year travel period, the AP reported. It wasn’t clear how many schools were participating, but universities in Shanghai and nearby cities said students would be given the option of returning home early or staying on campus and undergoing testing every 48 hours. The Lunar New Year, which falls on Jan. 22, is traditionally China’s busiest travel season.

    Some movie theaters in China reopened and COVID-testing booths were dismantled ahead of an announcement by authorities on Wednesday to scrap most testing and quarantine requirements. The changes come after nationwide protests against Beijing’s zero-COVID policy. Photo: Ng Han Guan/Associated Press

    • The Nasdaq-listed 111 Inc.
    YI,
    +4.80%

    has started retail sales of Pfizer’s
    PFE,
    +1.74%

    oral COVID-19 treatment pill in China, according to the healthcare platform’s website, Dow Jones Newswires reported. The sales page for the Chinese platform on Tuesday showed it is now offering ​Paxlovid, the COVID medication that Beijing approved in February, for customers with positive results from polymerase chain reaction or antigen tests. Paxlovid has been used by medical practitioners to treat patients in China since March, when Shanghai was hit by a COVID outbreak, according to local media reports.

    Here’s what the numbers say:

    The global tally of confirmed cases of COVID-19 topped 650.1 million on Monday, while the death toll rose above 6.65 million, according to data aggregated by Johns Hopkins University.

    The U.S. leads the world with 99.5 million cases and 1,084,766 fatalities.

    The Centers for Disease Control and Prevention’s tracker shows that 228.6 million people living in the U.S., equal to 68.9% of the total population, are fully vaccinated, meaning they have had their primary shots.

    So far, just 42 million Americans have had the updated COVID booster that targets the original virus and the omicron variants, equal to 13.5% of the overall population.

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  • Wall Street falls as US inflation slows but remains hot

    Wall Street falls as US inflation slows but remains hot

    NEW YORK — A choppy day of trading on Wall Street ended with stocks broadly lower Friday, after a new report showed that inflation is slowing less than hoped just days before Federal Reserve officials are expected to raise interest rates again.

    The S&P 500 and Nasdaq composite each fell 0.7%, while the Dow Jones Industrial Average dropped 0.9%. Smaller company stocks fell even more, pulling the Russell 2000 index 1.2% lower. The indexes marked their first losing week in the last three.

    The U.S. government reported that prices paid at the wholesale level were 7.4% higher in November than a year earlier. That’s a slowdown from October’s wholesale inflation rate of 8.1%, but it was still slightly worse than economists expected.

    “There’s a sense that inflation has plateaued, but that said it’s still sticky and the Fed is most likely going to have to push harder,” said Quincy Krosby, chief equity strategist for LPL Financial.

    The nation’s high inflation, along with the Federal Reserve’s economy-crunching response to it, have been the main reasons for Wall Street’s painful tumble this year. Stocks have recovered some of their losses recently, as inflation has slowed since hitting a peak in the summer. But it remains too high, raising the risk the Federal Reserve will have to keep hiking interest rates sharply to get it fully under control.

    Treasury yields climbed as traders stepped up bets for how high the Fed will ultimately take interest rates. The central bank has already hiked its key overnight rate to a range of 3.75% to 4%, up from basically zero as recently as March.

    Its next decision on rates is scheduled for next week, and the general expectation is for it to raise rates by another half of a percentage point.

    Friday’s economic data did not sway Wall Street’s expectations on that, not after several Fed officials hinted recently they may step down from their string of four straight hikes of 0.75 percentage points. Such a dial down would mean less added pressure on markets and the economy. Even so, the Fed has said it may still take rates higher than markets expect before taking a pause.

    Higher rates hurt the economy by making it more expensive for companies and households to borrow money, which forces them to cut back on spending. If rates go too high, it can cause a recession. They also drag down on prices for stocks and all kinds of other investments.

    A separate report on Friday showed U.S. households are paring expectations a bit for inflation in the future. That’s key for the Fed, which wants to prevent a vicious cycle where households rush to make purchases on fears prices will rise further. Such buying activity only fans inflation higher.

    Households are forecasting inflation of 4.6% in the year ahead, according to the survey by the University of Michigan. That’s the lowest such reading in 15 months, though still well above where it was two years ago. Expectations for longer-run inflation remain stuck in the 2.9% to 3.1% range where they’ve been for 16 of the last 17 months, at 3%.

    Overall sentiment among consumers was also stronger than economists expected, according to the University of Michigan’s preliminary reading. That’s good news for the economy, which gets most of its strength from spending by such consumers. But it can also complicate the Fed’s task. If such spending remains resilient, it could keep up the pressure on inflation.

    The last big piece of data on inflation before the Fed’s next decision arrives on Tuesday, when economists expect the consumer price index to show that inflation slowed to 7.3% last month from 7.7% in October.

    “The two most important questions for next year are how fast inflation will drop and how much will it need to drop for the Fed to stop tightening,” foreign-exchange strategists wrote in a BofA Global Research report. “We are concerned markets too optimistic on both.”

    Roughly 75% of the stocks in the S&P 500 closed lower Friday, with health care, technology and energy among the sectors that weighed down the market most. The benchmark index fell 29.13 points to 3,934.38. It finished 3.4% lower for the week and is now down 17.5% this year.

    The Dow fell 305.02 points to 33,476.46, while the Nasdaq slid 77.39 points to 11,004.62. The Russell 2000 dropped 21.63 points to 1,796.66.

    The yield on the two-year Treasury, which tends to track expectations for Fed action, rose to 4.36% from 4.26% just before Friday’s inflation report was released. It was at 4.31% late Thursday.

    The yield on the 10-year Treasury, which helps dictate rates for mortgages and other loans, rose to 3.58% from 3.49% late Thursday.

    In overseas stock markets, European indexes closed higher after recovering from a pullback following the U.S. inflation report.

    Chinese benchmarks rose Friday on reports the government is planning new measures to support the ailing property sector, which has been a severe drag on growth over the past several years.

    The relaxation of some of China’s “zero-COVID” rules is also raising hopes the economy will gain momentum, though experts say it will take months for tourism and other business to recover from the disruptions of the pandemic. It historically has been a major source of the global economy’s growth.

    ———

    AP Business Writers Elaine Kurtenbach and Matt Ott contributed.

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  • Omicron subvariants are now dominant in the U.S. as COVID cases tick up and New York City becomes a hot spot

    Omicron subvariants are now dominant in the U.S. as COVID cases tick up and New York City becomes a hot spot

    Omicron subvariants continued to account for more new cases of COVID-19 in the U.S. in the latest week than did BA.5, according to the latest data from the Centers for Disease Control and Prevention.

    BQ.1 and BQ.1.1, which are sublineages of BA.5, accounted for 67.9% of cases in the week through Dec. 10, while BA.5 accounted for 11.5%, the data show.

    Last week, BQ.1.1 and BQ.1 accounted for 62.8% of all cases in the U.S., while BA.5 accounted for 13.8%.

    In the New York region, which includes New Jersey, Puerto Rico and the U.S. Virgin Islands, the numbers were even higher, with BQ.1 and BQ.1.1 accounting for 73.3% of new cases, compared with 10% for BA.5.

    In the previous week, BQ.1 and BQ.1.1 accounted for 72.4% of all cases, compared with 6.9% for BA.5.

    New York City is again emerging as a hot spot for COVID, according to a New York Times tracker, which shows cases up about 60% in recent weeks and hospitalizations at their highest level since February. 

    The test-positivity rate in New York City stood at 13% on Thursday, the tracker shows.

    Overall, known U.S. cases are up 53% from two weeks ago. The daily average for hospitalizations is up 30% at 37,066, while the daily average for deaths is up 35% to 460.

    For now, the numbers remain far below the peaks seen last winter, when omicron first hit, but with flu and other respiratory infections currently sweeping the country and affecting young children, experts are warning people to take precautions.

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • A rash of COVID-19 cases in schools and businesses was reported by social-media users Friday in areas across China. This comes after the ruling Communist Party loosened its antivirus rules as it tries to reverse a deepening economic slump, the Associated Press reported. Official data showed a fall in new cases, but after the government on Wednesday ended mandatory testing for many people, those data no longer cover large parts of the population. That was among the dramatic changes aimed at gradually emerging from the zero-COVID restrictions that have confined millions of people to their homes and sparked protests and demands for President Xi Jinping to resign.

    • U.S.-listed shares of China Jo-Jo Drugstores Inc.
    CJJD,
    +51.20%

    rallied on Friday as the stores filled with customers buying cold medicines after COVID restrictions were eased, MarketWatch’s Jaimy Lee reported. The stock was up 22%. The company, which is based in Hangzhou, China, operates drugstores and an online pharmacy in China. It is also a wholesale distributor of pharmacy products and grows and sells herbs used in traditional Chinese medicine. 

    Some movie theaters in China reopened and COVID-testing booths were dismantled ahead of an announcement by authorities on Wednesday that will scrap most testing and quarantine requirements. The changes come after nationwide protests against Beijing’s zero-COVID policy. Photo: Ng Han Guan/Associated Press

    • Pfizer
    PFE,
    -0.12%

    and German partner BioNTech
    BNTX,
    -0.88%

    have received fast-track designation from the U.S. Food and Drug Administration for a single-dose mRNA-based vaccine candidate targeting both COVID and flu. The companies have already announced that they are in early-stage trials to review the safety and immunogenicity of their combined vaccine in healthy adults. The vaccine will target the BA.4 and BA.5 omicron sublineages, which have become dominant globally, as well as four different flu strains recommended for use in the Northern Hemisphere by the World Health Organization. If approved, the vaccine would be the first to target both COVID and flu.

    • A bill to rescind the COVID vaccine mandate for members of the U.S. military and to provide nearly $858 billion for national defense was passed by the House on Thursday as lawmakers scratch one of the final items off their yearly to-do list, the AP reported. The bill provides about $45 billion more for defense programs than President Joe Biden requested, the second consecutive year Congress has significantly exceeded his request, as lawmakers seek to boost the nation’s military competitiveness with China and Russia. The bill is expected to easily pass the Senate and then be signed into law by Biden.

    Here’s what the numbers say:

    The global tally of confirmed cases of COVID-19 topped 648 million on Friday, while the death toll rose above 6.65 million, according to data aggregated by Johns Hopkins University.

    The U.S. leads the world with 99.4 million cases and 1,084,236 fatalities.

    The Centers for Disease Control and Prevention’s tracker shows that 228.6 million people living in the U.S., equal to 68.9% of the total population, are fully vaccinated, meaning they have had their primary shots.

    So far, just 42 million Americans have had the updated COVID booster that targets the original virus and the omicron variants, equal to 13.5% of the overall population.

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  • This fund beats the S&P 500 by using just 75 of its components. Here’s how it works.

    This fund beats the S&P 500 by using just 75 of its components. Here’s how it works.

    What worked well during the years-long bull market through 2021 — a focus on growth, regardless of price — has ground to a halt this year. The rebirth of the value style of investing — and modest valuations overall — has taken hold.

    The approach taken by the Invesco S&P 500 GARP ETF has paid off through both bull and bear markets.

    Let’s begin with a 10-year chart comparing total returns with dividends reinvested for the Invesco S&P 500 GARP ETF
    SPGP,
    +0.67%

    and the SPDR S&P 500 ETF Trust
    SPY,
    +0.78%
    ,
    which tracks the benchmark S&P 500:


    FactSet

    So far this year, SPGP is down 12%, while SPY is down 16%. But the long-term chart shows significant and consistent outperformance for SPGP, even during the bull market.

    The S&P 500 GARP Index

    GARP stands for “growth at a reasonable price.” SPGP tracks the S&P 500 GARP Index, which is reconstituted and rebalanced twice a year, on the third Fridays of June and December. The next change occurs Dec. 16.

    S&P Dow Jones Indices assigns a growth score to each component of the S&P 500 by averaging the three-year compound annual growth rate (CAGR) for earnings and sales per share.

    The top 150 components of the S&P 500 by growth score are eligible for inclusion in the GARP index. Those 150 are ranked by “quality/value composite score,” which is the average of these three ratios:

    • Financial leverage — total debt to book value.

    • Return on equity — trailing 12 months’ earnings per share divided by book value per share.

    • Earnings-to-price — 12 months’ earnings per share divided by the share price.

    The top 75 of the 150 by QV rankings are then included in the GARP index and weighted by the growth score, with portfolio weightings ranging from 0.5% to 5%.

    There is a weighting limitation of 40% to any one of the 11 S&P sectors.

    Addressing concentration risk

    The benchmark S&P 500 Index
    SPX,
    +0.75%

    is weighted by market capitalization, which means it is more heavily concentrated than you might expect — success is rewarded, with rising stocks more heavily weighted over time.

    That can backfire during a bear market, with Amazon.com Inc.
    AMZN,
    +2.14%

    down 47% and Tesla Inc.
    TSLA,
    -0.34%

    down 51% this year, to name two prominent examples.

    Looking at the SPDR S&P 500 ETF Trust
    SPY,
    +0.78%
    ,
    which is the first and largest exchange traded fund and tracks the benchmark index by holding all of its components, six companies (Apple Inc.
    AAPL,
    +1.21%
    ,
    Microsoft Corp.
    MSFT,
    +1.24%
    ,
    Amazon, both common share classes of Alphabet Inc.
    GOOGL,
    -1.30%

     
    GOOG,
    -1.26%

    and Berkshire Hathaway Inc.
    BRK.B,
    +0.06%

    ) make up 19.2% of the portfolio.

    That percentage has come down this year, but a lot of risk remains concentrated in a handful of companies. (Apple alone makes up 6.4% of the SPY portfolio. Tesla is now the ninth-largest holding, making up 1.4% of the portfolio.)

    One way to address high concentration in an index fund is to use an equal-weighted approach, which Mark Hulbert recently discussed.

    For the Invesco S&P 500 GARP ETF, the underlying index’s selection methodology has resulted in much less portfolio concentration than we see in SPY, with the top five holdings making up 10.9% of the portfolio.

    Here are the 10 largest holdings of SPGP:

    Company

    Ticker

    Share of portfolio

    Regeneron Pharmaceuticals, Inc.

    REGN,
    +0.15%
    2.49%

    Cigna Corporation

    CI,
    +0.39%
    2.26%

    Everest Re Group, Ltd.

    RE,
    +0.24%
    2.21%

    Vertex Pharmaceuticals Incorporated

    VRTX,
    +1.18%
    1.98%

    D.R. Horton, Inc.

    DHI,
    -0.39%
    1.97%

    Expeditors International of Washington, Inc.

    EXPD,
    +0.23%
    1.96%

    Incyte Corporation

    INCY,
    +0.10%
    1.92%

    Goldman Sachs Group, Inc.

    GS,
    -0.51%
    1.83%

    Ebay Inc.

    EBAY,
    +1.67%
    1.81%

    Pfizer Inc.

    PFE,
    +3.07%
    1.73%

    Source: FactSet

    Click on the tickers for more information about any company, ETF or index in this article.

    You should also read Tomi Kilgore’s detailed guide to the wealth of information for free on the MarketWatch quote page.

    Don’t miss: 10 Dividend Aristocrat stocks expected by analysts to rise up to 54% in 2023

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  • IMF head joins chorus calling on China to adapt COVID strategy as officials pledge to boost vaccinations among elderly

    IMF head joins chorus calling on China to adapt COVID strategy as officials pledge to boost vaccinations among elderly

    The head of the International Monetary Fund on Tuesday joined the chorus of people urging China to adopt a more targeted approach to the coronavirus pandemic as the country’s zero-COVID policy sparks protests over lockdowns and hobbles the world’s second-biggest economy.

    IMF Managing Director Kristalina Georgieva urged a “recalibration” of China’s tough “zero-COVID” approach, which is aimed at isolating every case, “exactly because of the impact it has on both people and on the economy,” as the Associated Press reported.

    See also: Some markets cheer as China vows to vaccinate more elderly. Analysts see positive movement by officials.

    Georgieva made the comments in an interview with the AP on Tuesday, after protests erupted in Chinese cities and in Hong Kong over the weekend, marking the strongest public dissent in decades.

    “We see the importance of moving away from massive lockdowns, being very targeted in restrictions,” Georgieva said Tuesday in Berlin. “So that targeting allows [China] to contain the spread of COVID without significant economic costs.”

    Georgieva also urged China to look at vaccination policies and focus on vaccinating the “most vulnerable people.”

    A low rate of vaccinations among the elderly is a major reason Beijing has had to resort to lockdowns, while the emergence of more-contagious variants has made it increasingly hard to halt the spread of the virus.

    In a rare show of defiance, crowds in China gathered for the third night as protests against COVID restrictions spread to Beijing, Shanghai and other cities. People held up blank sheets of paper, symbolizing censorship, and demanded the Chinese president step down. Photo: Kyodo News/Zuma Press

    Chinese health officials said Tuesday they are preparing a push to get more older people vaccinated, the Guardian reported. The National Health Commission told reporters it would target more vaccinations at people older than 80 and would reduce to three months the gap between basic vaccination and booster shots for elderly people.

    But experts, including President Joe Biden’s chief medical adviser, Anthony Fauci, have expressed concern that China’s homegrown vaccines are not effective enough. China has not yet approved the vaccines developed by Pfizer
    PFE,
    -0.39%
    ,
    BioNTech
    BNTX,
    +1.16%

    and Moderna
    MRNA,
    -0.17%

    for public use. The shortcomings of China’s vaccines have led Chinese doctors to warn that a lifting of the zero-COVID policy could lead to a massive surge in cases that could overwhelm China’s healthcare system.

    Now read: China’s strict zero-COVID policy isn’t worth the damage it does to its economy

    Meanwhile, with police out in force, there was little news of protests in Beijing, Shanghai or other cities on Tuesday, the AP reported separately.

    In the U.S., known cases of COVID are rising again, with the daily average standing at 41,755 on Monday, according to a New York Times tracker, up 6% from two weeks ago. Cases are rising in 22 states, as well as Guam and Washington, D.C., and are flat in Nebraska. They are rising fastest in Arizona, where they are up 82% from two weeks ago, followed by Michigan, where they are up 77%.

    The daily average for hospitalizations is flat at 28,135, while the daily average for deaths is up 6% to 314.

    Physicians are reporting high numbers of respiratory illnesses like RSV and the flu earlier than the typical winter peak. WSJ’s Brianna Abbott explains what the early surge means for the winter months. Photo illustration: Kaitlyn Wang

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • The World Health Organization has issued an emergency-use listing for the Novavax
    NVAX,
    +6.19%

    protein-based COVID vaccine as a primary series for children ages 12-17 and as a booster for those ages 18 and older, Novavax said Tuesday. The WHO previously granted an emergency-use listing for the Nuvaxovid vaccine in adults ages 18 and older in December 2021, the company said. The new listing also paves the way for adults to get a booster shot of the vaccine about six months after completing the primary two-dose series.

    • New Jersey Gov. Phil Murphy, a Democrat, said Monday his administration has launched a promised review of its handling of the pandemic, the AP reported. The administration hired regional law firm Montgomery McCracken Walker & Rhoads — which has offices in the state as well as Delaware, Pennsylvania and New York — along with management consulting firm Boston Consulting Group to conduct the review. The review is expected to end with a report in late 2023, the governor said.

    • A Connecticut program that offered “hero pay” to essential workers at the peak of the pandemic got so many applicants that state lawmakers had to go back into session Monday to provide extra funding and put new limits on who could get the biggest bonuses, the AP reported. Initially, the state had expected to award about $30 million in bonuses to people who had to go to work, in person, in jobs in healthcare, food distribution, public safety and other essential services. But after getting 155,730 applications from eligible people, lawmakers realized they would have to either put more money in or slash benefits.

    Here’s what the numbers say:

    The global tally of confirmed cases of COVID-19 topped 641.8 million on Monday, while the death toll rose above 6.63 million, according to data aggregated by Johns Hopkins University.

    The U.S. leads the world with 98.6 million cases and 1,079,477 fatalities.

    The Centers for Disease Control and Prevention’s tracker shows that 228.4 million people living in the U.S., equal to 68.8% of the total population, are fully vaccinated, meaning they have had their primary shots.

    So far, just 37.6 million Americans have had the updated COVID booster that targets the original virus and the omicron variants, equal to 12.1% of the overall population.

    Source link

  • China’s zero-COVID strategy makes no sense and its homegrown vaccines are not ‘particularly effective,’ says  Fauci

    China’s zero-COVID strategy makes no sense and its homegrown vaccines are not ‘particularly effective,’ says Fauci

    Widespread protests across China over the government’s zero-COVID policy dominated pandemic headlines Monday, with Anthony Fauci, President Joe Biden’s chief medical adviser, weighing in with the view that the strategy does not make public-health sense. 

    China’s biggest challenge is low vaccination rates — and a vaccine that has not been “particularly effective at all” compared with the ones being used in the West that are made by Pfizer
    PFE,
    +0.50%

    and its German partner BioNTech 
    BNTX,
    +5.68%

    and by Moderna
    MRNA,
    +1.08%
    ,
    said Fauci, who is retiring next month.

    Fauci recalled that when New York hospitals were overwhelmed by COVID cases three years ago, the decision was made to introduce restrictions, such as social distancing and shutdowns, to help flatten the curve of infections. But he noted that it was a temporary move aimed at buying time to get more people vaccinated and move personal protective equipment to where it was needed.

    The first vaccine was distributed in the U.S. in December 2020.

    Read: U.S. stock futures fall as Chinese protests rattle markets, oil hits 2022 low

    “It seems that in China, it was just a very, very strict, extraordinary lockdown where you lock people in the house, but without, seemingly, any endgame to it,” said Fauci, who is also head of the National Institute of Allergy and Infectious Diseases. 

    Fauci said one mistake the Chinese government has made is to refuse outside vaccines. “But also, interestingly, they did not, for reasons that I don’t fully appreciate, protect the elderly by making sure the elderly got vaccinated,” he said. “So if you look at the prevalence of vaccinations among the elderly, that was almost counterproductive. The people you really needed to protect were not getting protected.”

    The protests have roiled financial markets and caused oil prices to erase their entire year-to-date gain. In a highly unusual move, protesters in Shanghai called for China’s powerful leader Xi Jinping to resign, an unprecedented rebuke as authorities in at least eight cities struggled Sunday to suppress demonstrations that represent a rare direct challenge to the ruling Communist Party, as the Associated Press reported.

    The BBC said reporter Ed Lawrence, who was arrested while covering protests, was beaten and kicked by police while in custody.

    “We have had no explanation or apology from the Chinese authorities, beyond a claim by the officials who later released him that they had arrested him for his own good in case he caught COVID from the crowd,” the broadcaster said in a statement. “We do not consider this a credible explanation.”

    For more, see: BBC says official explanation for journalist arrest in China is that he was detained to prevent contraction of COVID

    See also: China protests are biggest threat to Communist Party rule since Tiananmen Square, Kyle Bass says

    In a rare show of defiance, crowds in China gathered for a third night as protests against COVID restrictions spread to Beijing, Shanghai and other cities. People held blank sheets of paper, symbolizing censorship, and demanded that the Chinese president, Xi Jinping, step down. Photo: Noel Celis/Agence France-Presse/Getty Images

    In the U.S., known cases of COVID are rising again with the daily average standing at 41,997 on Sunday, according to a New York Times tracker, up 6% from two weeks ago.

    Cases are currently rising in 22 states, plus Washington, D.C., and Guam, but are falling elsewhere.

    The daily average for hospitalizations is up 4% to 29,053. Hospitalizations are rising in 23 states, the tracker shows.

    The daily average for deaths is up 4% to 330.

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • The World Health Organization said Monday it is recommending the term “mpox” as a new name for monkeypox disease and that it would use both names for a year while “monkeypox” is phased out. “When the outbreak of monkeypox expanded earlier this year, racist and stigmatizing language online, in other settings and in some communities was observed and reported to WHO,” the agency said in a statement. “In several meetings, public and private, a number of individuals and countries raised concerns and asked WHO to propose a way forward to change the name.” The WHO has responsibility for assigning names to new — and exceptionally, to existing — diseases, under the International Classification of Diseases and the WHO Family of International Health Related Classifications through a consultative process that includes WHO member states, it explained. The new name was decided upon following consultations with global experts, it said. 

    Residents in Shanghai received the world’s first inhaled COVID-19 vaccine by taking sips from a cup. WSJ’s Dan Strumpf explains how the new type of vaccine works and what it means for China’s reopening. Photo: Associated Press/Shanghai Media Group

    • Unrest at one of China’s biggest manufacturing centers may cause a production shortfall this year of possibly 6 million Apple iPhone Pros, according to a source cited by Bloomberg. The Foxconn Technology 2354 facility in Zhengzhou, which makes the majority of Apple’s premium phones, has been struggling for weeks as workers rebel against COVID lockdown policies. Apple 
    AAPL,
    -2.13%

    recently lowered its overall production target from 90 million units to 87 million units. However, Foxconn believes it can make up any shortfall from Zhengzhou in 2023.

    • A blood-thinning drug called Apixaban, which has been used for patients recovering from COVID, does not work and can cause major bleeding, according to new research reported by the Guardian. The anticoagulant, given to patients when they are discharged from a hospital after being treated for moderate or severe COVID, is widely used by hospitals across the U.K.’s National Health Service. However, the government-funded Heal-Covid trial has found that the drug does not work. Charlotte Summers, the chief investigator of the trial, said: “These first findings from Heal-Covid show us that a blood-thinning drug, commonly thought to be a useful intervention in the post-hospital phase, is actually ineffective at stopping people dying or being readmitted to hospital.”

    Here’s what the numbers say:

    The global tally of confirmed cases of COVID-19 topped 641.6 million on Monday, while the death toll rose above 6.63 million, according to data aggregated by Johns Hopkins University.

    The U.S. leads the world with 98.6 million cases and 1,079,199 fatalities.

    The Centers for Disease Control and Prevention’s tracker shows that 228.4 million people living in the U.S., equal to 68.8% of the total population, are fully vaccinated, meaning they have had their primary shots.

    So far, just 37.6 million Americans have had the updated COVID booster that targets the original virus and the omicron variants, equal to 12.1% of the overall population.

    Source link

  • China’s three-week COVID case tally tops 253,000 and daily average is rising, government says

    China’s three-week COVID case tally tops 253,000 and daily average is rising, government says

    More than 253,000 coronavirus cases have been found in China in the past three weeks and the daily average is rising, the government said Tuesday, the Associated Press reported.

    The trend is putting pressure on officials who are trying to ease economic disruption by easing strict controls that have confined millions of people to their homes.

    China is the only major country in the world still trying to curb virus transmissions through strict lockdown measures and mass testing. The ruling Communist Party promised earlier this month to reduce disruptions from its “zero- COVID” strategy by making controls more flexible, but so far, progress has been slow.

    Beijing, which announced its first COVID death in about six months over the weekend, has locked down parks, populous districts, stores and offices and many school kids have resumed online learning.

    The past week’s average of 22,200 daily cases is double the previous week’s rate, the official China News Service reported, citing the National Bureau of Disease Prevention and Control.

    On Tuesday, the government reported 28,127 cases found over the past 24 hours, including 25,902 with no symptoms. Almost one-third, or 9,022, were in Guangdong province, the heartland of export-oriented manufacturing adjacent to Hong Kong.

    In the U.S., known cases of COVID are rising again with the daily average standing at 41,530 on Monday, according to a New York Times tracker, up 4% from two weeks ago.

    Don’t miss: Confused about COVID boosters? Here’s what the science and the experts say about the new generation of shots.

    Cases are rising in 24 states, plus Washington, D.C., Guam and Puerto Rico. Washington state has replaced Nebraska as leader by new cases, which have climbed 423% from two weeks ago. That’s followed by Arizona, where they are up 110% and California, up 60%.

    The daily average for hospitalizations was down 1% at 27,547, but again, the trend is not uniform across the U.S. Hospitalizations are up 60% in Alaska, up 47% in Arizona and up 30% in Wyoming.

    The daily average for deaths is down 2% to 294. 

    Physicians are reporting high numbers of respiratory illnesses like RSV and the flu earlier than the typical winter peak. WSJ’s Brianna Abbott explains what the early surge means for the coming winter months. Photo illustration: Kaitlyn Wang

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • Japan approved an antiviral pill from Shionogi & Co.
    4507,
    +2.77%

    to treat COVID after the company provided new data to show the drug’s efficacy, the Wall Street Journal reported. The treatment is the first locally developed alternative to Pfizer Inc.’s
    PFE,
    +1.45%

    Paxlovid and Merck & Co.’s
    MRK,
    +0.93%

    Lagevrio, which have been authorized for emergency use in Japan. Shionogi aims to win approval from the Food and Drug Administration for its pill in the U.S. Osaka-based Shionogi filed in February for emergency approval for the drug, known as Xocova, in Japan. The health ministry panel said in July it needed to see results from a larger human trial because data submitted at the time didn’t sufficiently show improvements in symptoms associated with COVID.

    • Dubai International Airport passenger numbers surpassed pre-COVID pandemic levels in the third quarter of 2022, the airport’s chief executive said, causing the airport to revise its annual forecast by another 1 million passengers, the AP reported. Paul Griffiths, who oversees the world’s busiest airport, told the Associated Press the annual forecast at Dubai International, or DXB, is more than 64 million. The airport saw 18.5 million passengers in the third quarter of this year, up from 17.8 million during the first quarter of 2020—prior to and at the dawn of the pandemic.

    • Get ready for long lines at U.S. airports and traffic jams galore—just like old times. Airports and roads may be “jam-packed” this year, according to the AAA. It estimates that 53.6 million people will travel for the Thanksgiving weekend, reaching 98% of pre-pandemic Thanksgiving travel. “Families and friends are eager to spend time together this Thanksgiving, one of the busiest for travel in the past two decades,” said Paula Twidale, senior vice president, AAA Travel. “Plan ahead and pack your patience, whether you’re driving or flying.”

    Here’s what the numbers say:

    The global tally of confirmed cases of COVID-19 topped 638.5 million on Monday, while the death toll rose above 6.62 million, according to data aggregated by Johns Hopkins University.

    The U.S. leads the world with 98.4 million cases and 1,077,225 fatalities.

    The Centers for Disease Control and Prevention’s tracker shows that 228.2 million people living in the U.S., equal to 68.7% of the total population, are fully vaccinated, meaning they have had their primary shots.

    So far, just 35.3 million Americans have had the updated COVID booster that targets the original virus and the omicron variants, equal to 11.3% of the overall population.

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  • Confused about COVID boosters? Here’s what the science and the experts say about the new generation of shots.

    Confused about COVID boosters? Here’s what the science and the experts say about the new generation of shots.

    As we head into the third winter of the pandemic, only about 13% of American adults — less than 11% of Americans overall — have received the bivalent COVID-19 booster. 

    Only about 34 million adults in the U.S. have opted to get the new shot, which became available in September. The bivalent boosters, which were developed by Moderna and BioNTech/Pfizer, are designed to better protect people against the forms of the virus that are currently circulating.

    Medical experts say the lackluster interest in the new boosters is due to several factors: pandemic fatigue, mixed messages from public-health officials, confusion about how the new boosters are different from previous shots, and the government’s decision to authorize the updated boosters without first getting clinical data in humans. 

    “It’s hard for people to wade through that,” said Robert Wachter, chair of the department of medicine at the University of California, San Francisco. “Some of them are just throwing up their hands and saying, ‘I got vaccinated, and that’s all I need to do.’ Which, unfortunately, is not.”

    A lot has changed since 2020. We now have vaccines that do a pretty good job of keeping most people from getting so sick that they end up in the hospital or die. You can now pick up at-home tests from pharmacies, and there are antiviral drugs that help treat COVID and may help prevent long COVID, in which symptoms can linger long after an infection. And now we also have the updated boosters, which are another way to ward off the worst of the virus.

    Those boosters, however, don’t confer total protection from getting sick, leading some people, particularly those who are young and healthy, to ask: Why get one, then?

    With new variants like BQ.1 and BQ.1.1 now the dominant strains circulating in the U.S., and with the coming holidays bringing more people together to spend time socializing indoors with friends and family, it’s important to understand that your immunity, whether from an infection or vaccination, wanes within four to six months. In fact, immunity to all coronaviruses wanes over time “for reasons that we don’t quite understand,” Kami Kim, director of infectious-disease research at Tampa General Hospital’s Global Emerging Diseases Institute, told me.

    “If you’re past three months [after vaccination or infection], you don’t want to rely on you having a BA.5 infection, because BQ.1.1 still can hit you,” said Eric Topol, chair of innovative medicine at Scripps Research in La Jolla, Calif.

    Here are answers to some common questions about COVID.

    1. What’s the difference between this booster and the shots that were available last year? 

    The earlier booster shots were simply additional, smaller doses of the original vaccine. But now there are two bivalent COVID-19 boosters available in the U.S.: Moderna’s
    MRNA,
    +1.61%

    MRNA-1273.222 and the BNT162b2 Bivalent from BioNTech
    BNTX,
    +0.20%

    and Pfizer
    PFE,
    +1.87%
    .
     

    Both shots are designed to protect against the original strain of the virus in addition to the BA.4 and BA.5 omicron subvariants. The bivalent boosters were designed to better protect people against the forms of the virus that are currently circulating, as well as future variants. It’s a similar approach to the way influenza strains are selected for flu shots every year. 

    “It’s the same exact mRNA technology [as the original vaccine], but each dose now has half of the [original] variant,” said Jennifer Beam Dowd, an epidemiologist and professor of demography and population health at the University of Oxford in the U.K.

    In June of this year, the U.S. Food and Drug Administration asked drugmakers to design the next generation of COVID boosters using this formula. (In Europe, regulators took a slightly different approach, first opting for bivalent boosters that equally protect against the original virus and the BA.1 subvariant of omicron before adding a recommendation for the same bivalent formula that’s being used in the U.S.

    “Part of the rationale for keeping the old version and BA.4/BA.5 is that if you put all your eggs in the basket, as far as BA.4/BA.5, then the virus will change to turn into more like the original version,” said Tampa General Hospital’s Kim. “It’s hedging your bets.”

    Up until last week, BA.5 had been the dominant variant in the U.S. But as of Friday, BQ.1 and BQ.1.1, which are sublineages of BA.5, now make up the majority of new infections in the U.S., according to the Centers for Disease Control and Prevention. 

    This isn’t all bad news. BQ.1.1 is closely related to BA.5, according to Dowd, and that means many of the protective qualities of the bivalent booster will also guard against the new variants. 

    2. What does the science say about the new boosters?

    There is preliminary data about both bivalent boosters that appears to indicate they work against BQ.1.1 as well as BA.5. However, scientists and physicians say they are still waiting to see peer-reviewed research from the clinical trials to fully gauge the effectiveness of both shots.

    • Moderna’s booster: Early clinical data shows that Moderna’s bivalent booster produced a 5- to 6-fold increase in neutralizing antibodies against the BA.4 and BA.5 variants in about 500 adults who were previously vaccinated and boosted, according to a Nov. 14 news release. The Phase 2/3 clinical trial compared the new booster’s response against the company’s original booster. Moderna also said that the bivalent shot increased antibodies protecting against BQ.1.1, though not as much as it did against BA.4 and BA.5, based on an analysis of about 40 participants in the same study.

    “It’s not orders of magnitude more protection — but at least 5- to 6-fold more protection against BA.5, that’s good,” Topol said.

    • BioNTech and Pfizer’s booster: In a preprint published Nov. 17, the two companies said their bivalent booster led to an 8.7-fold increase in neutralizing antibodies against BQ.1.1 after 30 days, compared with the original booster’s 1.8-fold increase in antibodies against the same subvariant. The study assessed the immune responses in adults 55 years or older who had been previously vaccinated and boosted, regardless of infection history. 

    3. What if I had COVID this year? Does it matter when I get the booster?

    Most experts interviewed for this story say immunity can last anywhere from three to six months, though the official CDC recommendation is that the bivalent boosters should be given three months after a COVID infection or two months after an individual’s last shot. 

    “We used to say, just go ahead and get vaccinated as soon as you recover,” Dowd said. “But there has been subsequent evidence that suggests it’s a little better to probably wait at least three months. Not because it’s harmful to get it sooner, but you really won’t be getting much of the benefit of that boost. You reach a ceiling.”

    There are other considerations, as well. The timing of your last infection does matter if you have an idea what variants were circulating when you got sick. If you had an omicron infection last winter, you’re probably due for a booster. If you got sick within the past month or so, presumably with BA.5 or one of its subvariants, you may want to wait a month or two.  

    “As good as the vaccine is and as good as post-infection protection is, the immunity and protection wanes over time,” Dr. Anthony Fauci, chief medical advisor to President Joe Biden, told journalists at a White House briefing on Tuesday.

    You also have to assess your underlying immune status, whether you have medical conditions that put you at higher risk for severe disease, and how concerned you are about long COVID.

    “Most of the deaths that we’ll see from COVID could have been prevented if people stayed up to date with their boosters,” said the University of California’s Wachter. “And many cases of long COVID could [also] have been prevented if people stayed up to date with their boosters.”

    Finally, if you’re planning to spend Christmas with family or take a trip at the end of December, remember that it takes a few weeks to build up antibodies from the new shots. 

    4. Do I really need to get a booster if I’m young and healthy?

    We are long past the stage in the pandemic when the approach to vaccination was one size fits all, and not all medical experts think that people who are young and healthy need a booster right now.

    Dowd said that people who are “younger and in good health” can wait up to six months after a previous infection to get another shot.

    “If we go by the CDC data or the U.K. data, the people who seem to benefit from the boost fall into three categories: people who are immunocompromised, people who are elderly — mostly over 75 — and people who have high-risk medical conditions,” said Paul Offit, director of the Vaccine Education Center at Children’s Hospital of Philadelphia.  

    It’s unclear whether that thinking has influenced people’s decisions about whether to get a booster. But the bivalent shots have been available to children older than 5 years old and all adults in the U.S. for months, and that availability hasn’t led to much interest.

    “It’s for the same reason that 19,500 people pour into Wells Fargo Center [in Philadelphia] to watch the Sixers play, screaming their heads off, without a mask on,” Offit said. “They don’t feel compelled to get a booster dose.”

    That may be due in part to the fact that COVID hospitalizations and deaths have largely remained stable. There is no longer the kind of urgency that drove people to book appointments for the original vaccine or to wear masks. With the annual peak in COVID cases occurring during the first two weeks of January in 2021 and 2022, the question now is: Will that comfort level change as we get further into winter and the holiday season?

    “People want [a booster] to be like flipping a switch, like I’m 100% protected or not,” Dowd said, “but we know from the first couple of years that when the vaccine is well matched to the variants, which the BA.5 is a decent match right now, it really lowers transmission substantially and your chances of getting infected at all. We should take advantage of that.”

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  • Pfizer and BioNTech updated booster shows strong results against new omicron sublineages in fresh analysis of data

    Pfizer and BioNTech updated booster shows strong results against new omicron sublineages in fresh analysis of data

    A fresh analysis of data on the immune response generated by the bivalent COVID-19 booster showed strong results against the newer omicron sublineages, Pfizer and German partner BioNTech said Friday.

    The bivalent booster targets the BA.4 and BA.5 omicron variants as well as the original virus, and it also appears to be effective against the sublineages dubbed BA.4.6, BA.2.75.2, BQ.1.1 and XBB.1.

    The data, which have been posted on the preprint server bioRxiv, show that the booster induces a greater increase in neutralizing-antibody titers than the companies’ original COVID vaccine.

    “Based on these findings, the Omicron BA.4/BA.5-adapted bivalent booster may help to provide improved protection against COVID-19 due to Omicron BA.4 and BA.5 sublineages as well as new sublineages that continue to increase in prevalence,” the companies said in a joint statement.

    Specifically, one month after a booster dose of the bivalent COVID-19 vaccine, neutralizing-antibody titers against the sublineages increased 3.2-fold to 4.8-fold compared with the original COVID vaccine.

    Neutralizing-antibody titers against BA.4.6, BA.2.75.2, BQ.1.1 and XBB.1 increased 4.8-fold to 11.1-fold from prebooster levels following a booster dose of the bivalent vaccine.

    The companies
    PFE,
    -0.72%

    BNTX,
    +0.08%

    said BA.5 is still the most prevalent sublineage in the U.S., accounting for nearly 30% of cases at time of publication, while the emerging BA.1.1 sublineage accounts for nearly 25% of cases and is spreading globally.

    But data released by the Centers for Disease Control and Prevention later Friday showed BQ.1 and BQ.1.1 now account for a combined 49.7% of new cases in the week through Nov. 19, while BA.5 accounted for just 24%.64.8%

    In the New York region, BQ.1 and BQ.1.1 accounted for 64.8% of new cases, while BA.5 accounted for 14.0%.

    The bivalent booster has been granted emergency-use authorization by the U.S. Food and Drug Administration for people ages 5 and older and has also been allowed in the European Union for that group.

    The news comes as U.S. COVID cases have been rising again, although the daily average edged lower on Thursday to 39,562, according to a New York Times tracker, down 1% from two weeks ago.

    Cases are rising in roughly half the states and falling in the rest, but there are wide discrepancies between individual states. In Nebraska, cases are up 540% from two weeks ago, the tracker shows, followed by Arizona, where they are up 110%; California, where they have climbed 53%; and Colorado, where they are up 50%.

    Meanwhile, Kentucky is seeing a 54% decline in cases from two weeks ago, and Michigan cases are down 48%.

    The daily U.S. average for hospitalizations is up 2% to 27,818, while the daily average for deaths is down 4% to 325.

    Physicians are reporting high numbers of respiratory illnesses like RSV and the flu earlier than the typical winter peak. WSJ’s Brianna Abbott explains what the early surge means for the winter months. Photo illustration: Kaitlyn Wang

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • China’s southern manufacturing hub of Guangzhou is planning to build quarantine facilities for nearly 250,000 people to fight surging COVID outbreaks, even as the national government tries to reduce the impact of zero-COVID controls that have confined millions of people to their homes, the Associated Press reported. Guangzhou, a city of 13 million and the biggest of a series of hotspots across China with outbreaks since early October, reported 9,680 new cases in the past 24 hours. That was about 40% of the 23,276 cases reported nationwide. 

    • Racial disparities in COVID cases and deaths have widened and narrowed over the course of the pandemic, but age-adjusted data still show that Black, Hispanic and American Indian/Alaska Native people have been at higher risk for cases, hospitalizations and deaths, according to a new report from the Kaiser Family Foundation. “While disparities in COVID-19 vaccinations have narrowed over time and have been reversed for Hispanic people, they persist for Black people,” the report found. The pattern is also evident in uptake of the new bivalent booster, with Black and Hispanic people about half as likely as white people to have had one. Black people are also less likely to have access to antivirals, antibody treatments and other therapies.

    • The Indian Health Service announced Thursday that all tribal members covered by the federal agency will be offered a vaccine at every appointment when appropriate under a new vaccine strategy, the AP reported. Throughout the pandemic, American Indians and Alaska Natives have had some of the highest COVID vaccination rates across the country. But Indigenous people are especially vulnerable to vaccine-preventable illness, and IHS officials recently noted that fewer patients have been getting vaccines for COVID-19. Monkeypox is now an additional health concern.

    • Novavax
    NVAX,
    -6.11%

    said its COVID vaccine has received expanded authorization in Canada as a booster for adults aged 18 and older who had it as their primary shot. The protein-based vaccine has already been approved as a booster in the U.S., European Union and U.K., among other countries, Novavax said.

    Here’s what the numbers say:

    The global tally of confirmed cases of COVID-19 topped 637.1 million on Friday, while the death toll rose above 6.61 million, according to data aggregated by Johns Hopkins University.

    The U.S. leads the world with 98.3 million cases and 1,076,683 fatalities.

    The Centers for Disease Control and Prevention’s tracker shows that 228.2 million people living in the U.S., equal to 68.7% of the total population, are fully vaccinated, meaning they have had their primary shots.

    So far, just 35.3 million Americans have had the updated COVID booster that targets the original virus and the omicron variants, equal to 11.3% of the overall population.

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  • WHO says 90% decline in COVID deaths since Feb. is ’cause for optimism,’ while urging vigilance against new variants

    WHO says 90% decline in COVID deaths since Feb. is ’cause for optimism,’ while urging vigilance against new variants

    The head of the World Health Organization said a close to 90% decline in COVID deaths globally compared to nine months ago is “cause for optimism,” but urged leaders to remain vigilant as new variants continue to emerge.

    Tedros Adhanom Ghebreyesus told reporters on Wednesday that there were just 9,400 COVID deaths last week, compared with more than 75,000 in February, the Associated Press reported. 

    “Almost 10,000 deaths a week is 10,000 too many for a disease that can be prevented and treated,” he said.

    Testing and sequencing rates remain low globally, vaccination gaps between rich and poor countries are still wide, and new variants continue to proliferate.

    In its weekly epidemiological update, the agency said the global tally of cases fell 15% in the week through Nov. 6 from the previous week with over 2.1 million new cases counted.

    The highest number of new cases was reported from Japan, at 401,693, followed by Korea at 299,440 and the U.S. at 266,104. The agency again cautioned that the numbers may be undercounted, given the changes in testing strategies and overall surveillance in many countries, including the U.S.

    As for new variants, the update found BA.5, an omicron subvariant, remained dominant globally, accounting for 74.5% of sequences submitted to a central database. But newer ones, including BQ.1 and XBB, are on the rise.

    BQ.1 sequences rose to 13.4% of the total from 9.4% a week ago. XBB rose to 2.0% from 1.1%. The WHO is still closely monitoring newer sublineages but called on countries to also track them closely.

    In the U.S., known cases of COVID are climbing again for the first time in a few months. The daily average for new cases stood at 40,189 on Wednesday, according to a New York Times tracker, up 7% versus two weeks ago.

    Cases are rising extremely sharply in some states, led by Nevada, where they are up 96% from two weeks ago. New Mexico’s case tally has climbed 64% from two weeks ago and Utah is up 61%. Overall, cases are rising in 32 states and are flat in Delaware. They are also rising in Washington, D.C., Guam, Puerto Rico and the U.S. Virgin Islands.

    The daily average for hospitalizations was up 3% at 28,003, while the daily average for deaths is down 13% to 316.

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • China’s new top leadership body reaffirmed Beijing’s “dynamic-zero” COVID-19 policy on Thursday, as case numbers rose and authorities in the city of Guangzhou urged residents to work from home but stopped short of a citywide lockdown, Reuters reported. In its first meeting since being formed last month after the ruling Communist Party’s twice-a-decade congress, the Politburo Standing Committee said China’s epidemic prevention measures must not be relaxed, according to state media.

    • AstraZeneca PLC on Thursday lifted its guidance for the full year after reporting a swing to net profit and higher sales for the third quarter of the year, which both beat consensus expectations, Dow Jones Newswires reported. The Anglo-Swedish drug company dropped its submission for U.S. regulatory approval for its COVID vaccine, saying it has decided to focus instead on areas with greater unmet medical needs. The vaccine was initially approved in the U.K. and Europe about two years ago. CEO Pascal Soriot said the submission in the U.S. was becoming “very complicated and very large,” as it had to gather data from around the world.

    • Pfizer
    PFE,
    +1.41%

    and German partner BioNTech
    BNTX,
    -1.67%

    said Thursday that their booster dose of the omicron BA.4/BA.5-adapted bivalent COVID vaccine for 5-to-11 year olds was recommended for marketing authorization in the European Union. The EU will review the recommendation from the European Medicines Agency (EMA) Committee for Medicinal Products for Human Use (CHMP), and is expected to make a decision “soon.” The companies’ bivalent booster is already authorized in the EU for people at least 12 years old.

    Here’s what the numbers say:

    The global tally of confirmed cases of COVID-19 topped 633.9 million on Monday, while the death toll rose above 6.60 million, according to data aggregated by Johns Hopkins University.

    The U.S. leads the world with 97.9 million cases and 1,073,934 fatalities.

    The Centers for Disease Control and Prevention’s tracker shows that 227.3 million people living in the U.S., equal to 68.5% of the total population, are fully vaccinated, meaning they have had their primary shots.

    So far, just 26.3 million Americans have had the updated COVID booster that targets the original virus and the omicron variants, equal to 8.4% of the overall population.

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  • All eyes on China as Apple and Foxconn outline zero-COVID issues. Meanwhile, cases are rising again in the U.S.

    All eyes on China as Apple and Foxconn outline zero-COVID issues. Meanwhile, cases are rising again in the U.S.

    China’s strict zero-COVID policy was making headlines Monday after Apple and iPhone manufacturer Foxconn said over the weekend that restrictions are crimping production and will delay shipments of the high-end iPhone 14.

    “We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models,” Apple
    AAPL,
    -0.82%

    announced in a Sunday evening press release. “However, we now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated and customers will experience longer wait times to receive their new products.” 

    Also read: Will Apple’s latest production issues destroy demand?

    Foxconn, meanwhile, which trades as Hon Hai Precision Industry Co.
    2317,
    -0.50%
    ,
    lowered its fourth-quarter guidance and said anti-COVID measures were affecting some of its operations in Zhengzhou, China, as Dow Jones Newswires reported.

    Foxconn said that the Henan provincial government had made it clear that it would fully support the company. Foxconn’s most advanced iPhone plant, located in the provincial capital of Zhengzhou, has been battling a COVID outbreak.

    Foxconn said it is working with the government to halt the outbreak and resume production at full capacity as quickly as possible.

    Workers at the world’s biggest assembly site for Apple’s iPhones walked out last week as Foxconn struggled to contain a COVID-19 outbreak. The chaos highlighted the tension between Beijing’s rigid pandemic controls and the need to keep production on track. Photo: Hangpai Xinyang/Associated Press

    Investors have been closely watching China for signs that its government would start to lift the tough pandemic restrictions that have been in place for almost three years. The Wall Street Journal reported Monday that the country’s leaders are considering steps but have not yet set a timeline.

    Chinese  officials have become concerned about the costs of their zero-tolerance approach to COVID, which has resulted in lockdowns of cities and whole provinces, crushing business activity and confining hundreds of millions of people to their homes for weeks and sometimes months on end.

    But they are weighing those concerns against the potential costs of reopening on public health and on support for the Communist Party. On Saturday, officials from China’s National Health Commission again reaffirmed their commitment to a firm zero-COVID strategy, which they described as essential to “protect people’s lives.”

    Still, there are plans in Beijing to further cut the number of days incoming travelers must quarantine in hotels from 10 to seven, followed by three days of home monitoring, the paper reported, citing people involved in the discussions.

    And officials have told retail businesses that they intend to reduce the frequency of PCR testing as soon as this month, partly because of the cost.

    In the U.S., known cases of COVID and hospitalizations are climbing again for the first time in a few months.

    The daily average for new cases stood at 39,954 on Sunday, according to a New York Times tracker, up 6% compared with two weeks ago. But cases are sharply higher in several states, led by Nevada, where they are up 96% from two weeks ago, followed by Tennessee, where they are up 69%; Louisiana, where they are up 68%; Utah, where they have climbed 61%; and New Mexico, where they are up 56%.

    Cases are climbing in 30 states and in Washington, D.C.

    The daily average for hospitalizations was up 2% to 27,419, while the daily average for deaths was down 11% to 320.

    Physicians are reporting high numbers of respiratory illnesses like RSV and the flu earlier than the typical winter peak. WSJ’s Brianna Abbott explains what the early surge means for the winter months. Photo illustration: Kaitlyn Wang

    The Centers for Disease Control and Prevention said the BQ.1 and BQ.1.1 variants accounted for 35.3% of new cases in the week through Nov. 5, up from 27.1% a week ago.

    The two variants accounted for 52.3% of all cases in the New York region, which includes New Jersey, Puerto Rico and the Virgin Islands, up from 42.5% the previous week. That was more than the BA.5 omicron subvariant, which accounted for 24.9% of new cases in the New York area in the latest week.

    The BA.5 omicron subvariant accounted for 39.2% of all U.S. cases, the data show.

    BQ.1 and BQ.1.1 were still lumped in with BA.5 variant data as recently as three weeks ago, because at that time, their numbers were too small to break out. BQ.1 was first identified by researchers in early September and has been found in the U.K. and Germany, among other places. 

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • BioNTEch SE
    BNTX,
    +2.84%
    ,
    the German biotech that has partnered with Pfizer
    PFE,
    -0.53%

    on a COVID vaccine, posted earnings early Monday, showing a roughly 50% drop in profit that sent its stock lower, despite beating consensus estimates. The Mainz-based company said it had invoiced about 300 million doses of its bivalent vaccine, which targets the omicron variant as well as the original virus. The company chalked up €564.5 million ($563.9 million) in direct COVID vaccine sales in the quarter, down from €1.351 billion a year ago. BioNTech raised the lower end of its full-year COVID vaccine revenue range to €16 billion to €17 billion, from a previous €13 billion to €17 billion.

    • Thousands of runners took to the streets of the Chinese capital on Sunday for the return of Beijing’s annual marathon after a two-year hiatus, the Associated Press reported. However, the good news was offset by anger about another death related to COVID restrictions, this time of a 55-year-old woman in a sealed building. An investigation report released Sunday in Hohhot, the capital of China’s Inner Mongolia region, blamed property management and community staff for not acting quickly enough to prevent the death of the woman after being told she had suicidal tendencies.

    • The U.S. flu season is off to an unusually fast start, contributing to an autumn mix of viruses that have patients filling hospitals’ and physicians’ waiting rooms, the AP reported separately. Reports of flu are already high in 17 states, and the hospitalization rate hasn’t been this high this early since the 2009 swine flu pandemic, according to the Centers for Disease Control and Prevention. So far, there have been an estimated 730 flu deaths, including at least two children. The winter flu season usually ramps up in December or January.

    Here’s what the numbers say:

    The global tally of confirmed cases of COVID-19 topped 632.6 million on Monday, while the death toll rose above 6.60 million, according to data aggregated by Johns Hopkins University.

    The U.S. leads the world with 97.7 million cases and 1,072,598 fatalities.

    The Centers for Disease Control and Prevention’s tracker shows that 227.3 million people living in the U.S., equal to 68.5% of the total population, are fully vaccinated, meaning they have had their primary shots.

    So far, just 26.3 million Americans have had the updated COVID booster that targets the original virus and the omicron variants, equal to 8.4% of the overall population.

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  • Goldman Sachs says China is still ‘months away’ from reopening

    Goldman Sachs says China is still ‘months away’ from reopening

    An advertisement of the People’s Liberation Army overlooks a street scene in Beijing on the day Chinese President Xi Jinping and his U.S. counterpart Joe Biden hold a virtual summit, in Beijing, China, November 16, 2021.

    Thomas Peter | Reuters

    Stocks in Hong Kong and China rallied at the end of a volatile week last week, driven by speculation that Beijing could soon ease its Covid-zero policy — but economists at Goldman Sachs say China may still be “months away” from reopening.

    Over the weekend, Chinese health officials reiterated the government’s stance of sticking to its policy of zero-tolerance against Covid, even as most of the world has started lifting controls.

    That didn’t stop continued optimism in greater China markets, and the Hang Seng Tech index surged past 5% briefly in Asia’s morning trade on Monday.

    We estimate that a full reopening could drive 20% upside for Chinese stocks…

    “The actual reopening is still months away as elderly vaccination rates remain low and case fatality rates appear high among those unvaccinated based on Hong Kong official data,” Goldman Sachs economists led by Hui Shan said in a Sunday note.

    China stocks may jump 20% at reopening

    Goldman maintains its view that China could reopen in the second quarter of 2023.

    When that time comes, it will be good news for the stock market, economists at the U.S. investment bank said pointing out that there could be a rally leading up to the easing of measures.

    “We estimate that a full reopening could drive 20% upside for Chinese stocks based on empirical, top-down, and historical sensitivity analyses,” a separate note by economists including Kinger Lau said.

    “Equity markets usually react more positively to local policy relaxation than to international reopening, with Domestic Cyclicals and Consumer sectors outperforming,” the note said.

    Read more about China from CNBC Pro

    The Chinese government will likely stick to its zero-Covid policy “until all the necessary medical preparations are done,” Goldman’s analysts said.

    The latest Hong Kong government statistics show only 60.81% of people aged 80 and older have received all three doses.

    Separate government data from Hong Kong showed the fatality rate among the unvaccinated people who were 80 years and above was at 14.79%, while the fatality rate of those in the same age group who received three doses was far lower at about 1.48%.

    “A safe and orderly reopening is very difficult right now,” the Goldman Sachs note said.

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  • Pfizer-BioNTech bivalent booster shows higher immune response, but new COVID cases climb back above 40,000 a day

    Pfizer-BioNTech bivalent booster shows higher immune response, but new COVID cases climb back above 40,000 a day

    First the good news: Pfizer Inc. and Germany-based partner BioNTech SE said updated trial data for their omicron BA.4/BA.5-adapted bivalent booster showed a “substantially higher” immune response in adults than the original COVID-19 vaccine.

    The companies said the Phase 2/3 clinical-trial data, collected one month after the boosters were given, also demonstrated that safety and tolerability profiles were similar to those of the original vaccine.

    The news sent Pfizer’s stock
    PFE,
    +0.51%

    rallying 1.7% and BioNTech’s U.S.-listed shares
    BNTX,
    +4.97%

    22UA,
    +4.11%

    surging 7.2% in morning trading.

    “As we head into the holiday season, we hope these updated data will encourage people to seek out a COVID-19 bivalent booster as soon as they are eligible in order to maintain high levels of protection against the widely circulating Omicron BA.4 and BA.5 sublineages,” said Pfizer Chief Executive Albert Bourla.

    Only 8.4% of eligible Americans have received updated COVID booster shots, while 68.5% of the total population have completed the original primary series of vaccinations, according to the latest data from the Centers for Disease Control and Prevention.

    The bivalent booster has been authorized for emergency use in the U.S. by the Food and Drug Administration for people age 5 and older and has also been granted marketing authorization in the European Union for those age 12 and older.

    In another piece of good news, Pfizer and BioNTech shares were also lifted by a report in The Wall Street Journal that the Chinese government has agreed to approve the companies’ COVID-19 vaccines for foreign residents in China and has also held talks to approve those vaccines for the broader population.

    Meanwhile, Bloomberg reported that China was working on a plan to end the practice of penalizing airlines that bring COVID-infected people into the country.

    Both reports boost hopes that China is slowly moving toward ending its zero-COVID policy, which has crimped China’s economy and acted as a drag on global growth.

    Now for the bad news.

    The seven-day average of new COVID cases topped 40,000 for the first time in a month and hospitalizations have also ticked higher, with more than half of U.S. states showing increases over the past two weeks.

    According to a New York Times tracker, the daily average of new cases rose to 40,101 on Thursday from 38,208 on Wednesday, and was up 6% from 14 days ago.


    The New York Times

    Nevada has seen a 96% jump in daily cases, followed by Tennessee with a 69% increase and Louisiana with a 68% rise, leading the 28 states that saw cases increase over the past two weeks.

    Still, daily cases were less than one-third of the summer high of more than 130,000 reached during the surge of the BA.5 variant, the data show.

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    The daily average of COVID-related hospitalizations rose 2% to 27,252, while the number of people with COVID in intensive-care units (ICUs) fell 2% to 3,110.

    The daily average of COVID-related deaths fell 6% to a four-month low of 339.

    On a global basis, the total number of COVID cases has increased to 631.91 million, while deaths have reached 6,598,197, according to data provided by Johns Hopkins University. The U.S. has seen a total of 97.69 million cases and 1,072,245 deaths.

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