Financial News

Markets Rally Except for Commodities After U.S.-Iran Ceasefire, Says Scotiabank

Everything is rallying in financial markets on Wednesday except for commodities after the United States and Iran agreed on a two-week ceasefire, said Scotiabank.Position covering may be amplifying the swings and driving somewhat of an overreaction, pointed out the bank.Oil prices are volatile but sharply lower by double-digit percentages, although the futures curve remains elevated at sustainably higher prices throughout 2026-27 than the spot prices back at the start of the year, noted the bank.That clearly signals market concern toward a) the possible fragility of the ceasefire amid uncertain negotiations, and b) the longer-term damage to geopolitical risk premiums and infrastructure, stated Scotiabank.Stocks are broadly higher with North America futures up by about 2% to 3%, European stocks are up by 3% to 5%, and Asia-Pacific benchmarks rallied by 3% to 7% across the main benchmarks.Sovereign bond yields are broadly lower with eurozone government bonds outperforming via declines of 20bps-30bps across maturities and countries, while U.S. Treasuries are rallying by 'just' 5bps-7bps, and Canadian government bonds are dearer by 10bps at the front end in a bull steepener, added Scotiabank.The US dollar (USD) is broadly weaker, although the Canadian dollar (CAD or loonie) is slightly underperforming other crosses due to lower oil, according to the bank.

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US-Iran Ceasefire Deal Cheer Lifts Tadawul All Share Index

The Tadawul All Share Index surged as it closed Wednesday trading 2.27% in the green, with global market watchers cheering the US-Iran ceasefire deal.Dominating headlines all over the world is the Pakistan-brokered ceasefire agreement between the US and Iran. US President Donald Trump, however, said in his Truth Social account that the two-week agreement is subject to the "complete, immediate, and safe opening" of the Strait of Hormuz."The Kingdom affirms its support for the mediation efforts undertaken by Pakistan to reach a permanent agreement that achieves security and stability and addresses all issues that have caused instability over several decades. The Kingdom also emphasizes the necessity of keeping the Strait of Hormuz open for navigation in accordance with the 1982 United Nations Convention on the Law of the Sea without any restrictions," Saudi Arabia's Ministry of Foreign Affairs said in a statement.Back at home and on the corporate front, Saudi Investment Bank (SASE:1030) closed 2.36% higher as it plans to issue a Saudi riyal-denominated additional tier 1 capital sukuk via a private placement. The lender's offer is subject to regulatory approvals.Meanwhile, eXtra (SASE:4003) and United International Holding (SASE:4083) both logged higher estimated attributable profit and revenue for the three months ended March 31. Both stocks surged 3.13% and 2.26%, respectively.

National Bank Sees Scope for Government of Canada Bond Outperformance Down The Curve Vs. U.S. Treasuries

Since the start of the Middle East conflict, five-year Government of Canada (GoC) bonds and United States Treasuries have moved largely in tandem -- selling off about 35 bps, including early Wednesday's rally, said National Bank of Canada.That's directionally consistent with year-end policy repricing -- where around 50bps of tighter policy is now baked in the U.S. and Canada, relative to the pre-war period, noted the bank.While that move can be justified, National Bank questioned the magnitude of such a move, especially from a cross-border perspective, where the Bank of Canada may have more capacity to remain patient with the overnight rate.As such, the bank sees scope for near-term GoC outperformance down the curve, which should extend into the intermediate, or roughly five-year period, terms as well.

South Korea's Current Account Reaches Record Surplus in February on Semiconductor Exports

South Korea's balance of payments topped the $20-billion mark for the first time in February due to a surge in semiconductor shipments.The country logged a positive current account balance of $23.19 billion in January, surging from $7.23 billion a year earlier, the Bank of Korea reported Wednesday.The figure is the 34th consecutive month of current account surpluses, Bloomberg said, citing the central bank.Goods exports surged to a new all-time high of $23.36 billion in the month from $8.98 billion in the prior-year period.The figure surpassed the previous peak of $18.85 billion in December 2025, Asia Business Daily reported the same day.Exports surged nearly 30% to $70.37 billion from $54.19 billion. The increase could be attributable to a 158% surge in semiconductor exports, according to the Asia Business Daily report, citing Customs.Imports grew year over year to $47 billion from $45.2 billion.South Korea's service account deficit narrowed to $1.86 billion during the month from $3.38 billion.The central bank attributed the continuing deficit to losses in the travel and manufacturing services accounts.The primary income account logged a surplus of $2.48 billion, up from $2.41 billion, due to higher equity income, the central bank said.Secondary income deficit stayed at $790 million, unchanged from a year earlier.

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Abu Dhabi, Dubai Stocks Bounce Back on US-Iran Ceasefire Deal

Shares in the United Arab Emirates were back in the green on Wednesday as markets breathed a sigh of relief after the US and Iran agreed to a two-week ceasefire deal brokered by Pakistan.At the close of trading, the FTSE ADX General Index gained 2.846%, while the DFM General Index surged 6.909%.Oil prices dropped as supply disruption concerns eased after the US and Iran suspended their attacks for two weeks, with US President Donald Trump saying that all military objectives were exceeded. Trump also called the 10-point proposal received from Iran a "workable basis on which to negotiate.""Brent crude fell as low as USD92/bbl on the news, but the drop in prices is contingent on the pre-condition that traffic through the Strait of Hormuz resumes. For prices to stabilise at lower levels, oil and gas flows through the strait must pick up again, which remains uncertain. The deal looks fragile, particularly as Iran is allowed to charge fees on ships passing through," Danske Bank said in a note.Back home, UAE's Presidential Adviser Anwar Gargash said in a social media post that the country prevailed in a war it "sincerely sought to avoid" and that it will now take steps to navigate a "complex regional landscape."On the corporate front, petrochemicals company Borouge (ADX:BOROUGE) stocks closed 2.71% higher as its shareholders approved a final dividend of 0.081 Emirati dirham per share for 2025, taking the full-year dividend to 0.162 dirham per share.Over in Dubai, Commercial Bank of Dubai (DFM:CBD) announced it would redeem its $600 million of perpetual additional tier 1 capital securities on April 21. Shares of the Emirati lender closed the session 0.77% in the green.

Fourth Decline in Calgary's Home Sales in The Last Five Months, Notes National Bank

Based on data from the Calgary Real Estate Board (CREB) for the Calgary economic region, National Bank of Canada estimated that seasonally adjusted home sales declined by 5.5% from February to March, marking the fourth decline in five months and the sharpest drop since February 2025, when United States tariffs were first implemented.After trending downward throughout 2025 and the beginning of this year, Calgary home sales in March reached their lowest level since August 2020, when the economy was gradually picking up following the initial shock caused by the COVID-19 pandemic, pointed out the bank in a note published last week.Despite the Bank of Canada's interest rate cuts in the fall, activity in Calgary's real estate market hasn't rebounded,likely due to ongoing economic uncertainty and, more recently, geopolitical turmoil, stated the bank.Should trade relations improve, the robust performance of the labor market in the region and a potential boost in consumer confidence could stimulate activity in the residential market, according to National Bank.Overall, active listings decreased by 2.9% month over month in March but remained among the highest levels seen since 2021. This is partly due to the slowdown in sales, which allowed supply to accumulate, but also to a historic level of activity in the new construction market.Indeed, housing starts and new home completions reached record levels, causing the stock of unsold new properties to jump to its highest level since 2020, added the bank.

Middle East Views, Easing Interest Rates Buoy European Bourses Midday

European bourses tracked sharply higher midday Wednesday as traders weighed prospects following the morning announcement of a two-week Persian Gulf ceasefire between the US and Iran.The pan-continental Stoxx Europe 600 Index was up 4% mid-session.Tech and bank stocks led large gains on continental trading floors, while oil shares lagged.Front-month North Sea Brent crude-oil futures were down 14% midday at $93.91 a barrel.Yields on benchmark 10-year German bonds were lower, near 2.92%.Investors also eyed Wall Street futures flashing green, and higher closes overnight on Asian exchanges, led by a 6.9% rise on Seoul's KOSPI index.In economic news, seasonally adjusted retail sales in the euro area declined by 0.2% month over month in February and fell by 0.3% in the broader European Union, Eurostat reported. Year over year, retail sales advanced by 1.7% in February in both the euro area and the bloc.The Stoxx Europe 600 Technology Index was up 6.6%, and the Stoxx 600 Banks Index also rose 6.6%.The Stoxx Europe 600 Oil and Gas Index eased 2.5%, while the Stoxx 600 Europe Food and Beverage Index advanced 1.9%.The REITE, a European REIT index, rose 4.9%On the national market indexes, Germany's DAX was up 5%, and the FTSE 100 in London rose 2.9%. The CAC 40 in Paris was up 4.6%, and Spain's IBEX 35 advanced 4.1%.The Euro Stoxx 50 volatility index was down 21% at 24.39, but still indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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Stocks Rise, Oil Declines Pre-Bell as US, Iran Agree to Two-Week Ceasefire

US equity futures were pointing higher on Wednesday while oil prices fell as the US and Iran agreed to a two-week ceasefire, potentially paving the way for the reopening of the crucial Strait of Hormuz.The S&P 500 rose 2.6%, the Dow Jones Industrial Average increased 2.4% and the Nasdaq advanced 3.3% before the opening bell. The S&P 500 and the Nasdaq finished the previous trading session in the green, while the Dow closed lower.In a social media post on Tuesday, President Donald Trump announced that he agreed to suspend "the bombing and attack of Iran for a period of two weeks" based on conversations and requests from Pakistan's Prime Minister Shehbaz Sharif and Field Marshal Asim Munir. The suspension of hostilities is subject to Iran agreeing to the "complete, immediate, and safe opening" of the Strait of Hormuz, according to Trump."We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate," Trump said in his post. "Almost all of the various points of past contention have been agreed to between the (US) and Iran, but a two week period will allow the agreement to be finalized and consummated."Trump had previously set an 8 pm ET deadline on Tuesday for Iran to fully reopen the strait or face destructive military attacks.In a separate statement shared on X, Iran's Foreign Minister Seyed Abbas Araghchi said Tehran will halt its defensive operations if attacks against it are stopped. Iran will also allow "safe passage" through the Strait of Hormuz, a key route for crude flows, during the two-week ceasefire through coordination with its armed forces and "with due consideration of technical limitations," according to Araghchi.Pakistan has invited US and Iranian delegations to Islamabad on Friday to further negotiate a "conclusive agreement to settle all disputes," Sharif said on X. Reuters reported earlier in the week that Pakistan put forward a proposal to both countries for an immediate ceasefire followed by a broader agreement to permanently end their war.The US-Israel war with Iran began at the end of February, disrupting shipments through the Strait of Hormuz and driving up energy prices. The conflict spread across the Middle East, with Gulf countries forced to intercept missiles and drones fired by Tehran.West Texas Intermediate crude oil dropped 16% to $94.39 a barrel in premarket action, while Brent fell 14% to $94.18.The Fed is scheduled to post minutes of its last policy meeting at 2 pm, which will be assessed for fresh insight on the central bank's monetary policy. Last month, the central bank held interest rates steady, saying the Middle East conflict poses uncertainty to the US economic outlook.Markets widely expect the Fed to keep its benchmark lending rate steady at its next policy meeting later in April, according to the CME FedWatch tool.Treasury yields plunged before the open, with the two-year rate declining 9.7 basis points to 3.74% and the 10-year rate falling 9.5 basis points to 4.25%.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am, followed by the weekly EIA domestic petroleum inventories report at 10:30 am.Delta Air Lines (DAL) and RPM International (RPM) report their latest financial results before the bell, among others. Constellation Brands (STZ) releases its earnings after the markets close.Shares of Levi Strauss (LEVI) jumped 11% pre-bell as the denim maker lifted its full-year outlook. Palo Alto Networks (PANW) inclined 2.1% while Trade Desk (TTD) was up nearly 4%.Gold gained 2.5% to $4,800 per troy ounce, while bitcoin climbed 4.3% to $71,663.

Indonesia's Foreign Reserves Extend Mild Decline in March

Indonesia's foreign-exchange reserves continued to trend in a downward direction in March, though the overall level remained comfortable, reported Bank Indonesia on Wednesday.The nation's foreign-exchange reserves logged at $148.2 billion in March, dropping from $151.9 billion in February, and sinking to the lowest level since July 2024.This decline is due in part to Bank Indonesia's efforts to stabilize the nation's currency, the rupiah, said officials.Despite recent declines in Indonesia's foreign reserves, the level remains strong, sufficient to cover six months of imports. The level is about double the recommended standard of the International Monetary Fund (IMF) that nations keep foreign reserves on hand equal to three months of imports.In general, foreign-exchange reserves are assets held by a nation's central bank, generally denominated in US dollars or euros, including cash and non-domestic government bonds. Central bank gold hoards are also regarded as foreign reserves.The foreign reserves can stabilize the domestic currency's value on foreign-exchange markets. For example, a central bank will use US dollars to buy back its own currency, resulting in less of the domestic currency on foreign-exchange markets and thus a relatively higher value, generally speaking.An ample amount of foreign reserves can help ensure a nation's financial stability, allowing central governments to manage economic shocks, fund necessary imports in times of stress, such as oil or key technologies.

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BMO Notes Latest U.S. Comments on USMCA Trade Deal Renegotiations

With all the focus on Iran in the past month, it's been easy to lose sight of other important files, not the least of which is the USMCA trade deal renegotiations between the United States, Canada and Mexico, said Bank of Montreal (BMO).U.S. Trade Representative Jamieson Greer made some important remarks on Tuesday, including allowing that "there were some important components" to the deal, but that they may "need separate protocols with Mexico and Canada," noted the bank.On the timing, Greer indicated that while they will try to accomplish much before July 1, not all issues will likely be resolved by then, so "negotiations could continue after July 1."That's not surprising, pointed out BMO.Greer also said that President Donald Trump "intended for USMCA to create more balanced trade with Canada and Mexico" and "that has not happened."The original USMCA was signed by the three parties in November 2018 and came into force in July 2020. When the deal was signed, the U.S. had a $75 billion bilateral trade gap with Mexico, or 0.4% of U.S. gross domestic product, which has risen to $195 billion in the past year, which is now 0.6% of GDP.However, for Canada, the bilateral gap has edged up from US$19 billion then, or 0.1% of GDP, to $34 billion now, but that's still a "measly" 0.1% of U.S. GDP, stated BMO.That imbalance completely disappears when oil is taken out of the calculation, added the bank.

Persian Gulf Ceasefire Looses Bulls on Wall Street Pre-Bell; Asia, Europe Gain

Wall Street futures spiked north pre-bell Wednesday, after the US and Iran agreed to a two-week ceasefire that could lead to oil-tankers again transiting the Strait of Hormuz.In the futures, the S&P 500 rose 2.7%, the Nasdaq inclined 3.5% and the Dow Jones was up 2.6%.West Texas Intermediate crude oil futures traded lower at $94.52, down 16.3% from Tuesday.Tech and travel issues especially rose pre-bell, with circuit-board maker Micron (MU) gaining 10%, while cruise-line Carnival (CCL) rose 10.2%.Delta Air Lines (DAL) rose 12.2% in morning trades after reporting Q1 earnings and revenue above Street views, and issuing tempered but relatively positive guidance.Traders also await the 2 pm ET release of minutes of the most-recent Federal Reserve policy session, held March 17 to 18, and sure to be parsed for clues to the central bank's thinking.Asian exchanges rallied overnight, led by a 6.9% rise on Seoul's KOSPI index, while European bourses tracked sharply higher midday on the continent.On the economic calendar, in addition to the Fed minutes, is the weekly EIA petroleum status report at 10:30 am ET.In premarket action, Bitcoin traded at $71,658 and 10-year US Treasuries offered 4.24%. Spot gold commanded $4,782 an ounce.

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UK Construction Sector Downturn Slows in March Amid Fall in Residential Work, New Orders

Britain's construction industry remained in a downturn in March, albeit at a "slightly less marked" pace, with a fall in residential work and new orders amid higher fuel, transportation, and raw material prices due to the Middle East war.The S&P Global UK Construction PMI rose to 45.6 from the prior month's 44.5, against the Investing.com consensus estimate of 43.6. Despite the improvement, the latest reading remains below the 50 neutral threshold for the 15th consecutive month, according to S&P Global's business survey data published Wednesday.The commercial, civil engineering and house building segments all saw declines in activity levels, although at a softer rate compared with February 2026. Housing activity fell at a faster pace than the other two segments, while the drop in civil engineering activity was the least pronounced since May 2025 as some companies reported a gradual turnaround in infrastructure work, particularly in the energy sector.Total new business across the sector also dropped in March 2026 due to lower new work volumes as global economic uncertainty stemming from the war weighed on client confidence. The rate of decline marked the quickest for four months.Meanwhile, the delivery times of suppliers deteriorated as vendors' average lead time lengthened for the first time since July 2025 due to international shipping delays."March data suggested a challenging near-term outlook for construction activity as total new orders decreased at one of the sharpest rates seen over the past six years. Survey respondents commented on fragile consumer confidence and delayed investment decisions in response to the outbreak of war in the Middle East," said Tim Moore, economics director at S&P Global Market Intelligence. "Moreover, fuel surcharges and rising transport costs contributed to a surge in input cost inflation to its highest for more than three years. The month-on-month acceleration in cost inflation since February was the largest recorded in nearly three decades of data collection."Looking ahead, business activity expectations for 2026 remained upbeat overall but optimism among companies fell to a three-month low, clouded by concerns related to inflation outlook, increased borrowing costs, and a possible prolonged war.

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Canada Has Its First Treasury Bill Auction This Week for The 2026-27 Fiscal Year, Says National Bank

Canadian gross treasury bill issuance is rising to $27 billion this week, or $4 billion higher, in what will be the first auction of the 2026-27 fiscal year, said National Bank of Canada.Of that, the Bank of Canada will purchase $270 million, or 1% of the tender, noted the bank. There will be $25.3 billion maturing on Wednesday, which technically means the bill stock will rise.However, there were also cash management bill maturities on Monday and there will be another on Thursday, pointed out National Bank. In total, the Government of Canada (GoC) T-bill stock will move lower by $12 billion week-over-week.Thanks to the slug of cash management bill supply to end 2025-26, the government finished the fiscal year less than $8 billion off its year-end target, stated the bank. But by the end of this week, outstandings will be back down to $276 billion.That's below the preliminary 2026-27 target of $291 billion outlined in the fall Debt Management Strategy (DMS). National Bank expects an update to the DMS later this spring and risks are skewed to this target being revised down.That's because higher oil prices are likely spinning off more revenue -- corporate income tax, added the bank.

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Indian Equities Surge on Wednesday on Ceasefire Hopes

Indian equity benchmarks posted a sharp rally on Wednesday, both rising nearly 4% as sentiment improved after a ceasefire between the U.S. and Iran.The BSE Sensex jumped 2,946.32 points, or 4%, to close at 77,562.90, while the NSE Nifty 50 gained 873.70 points, or 3.8%, to settle at 23,997.35.Markets reacted to a two-week ceasefire that is expected to pause military action and reopen the Strait of Hormuz. Crude oil prices dropped sharply after the development, easing concerns around inflation and external balances.In economic news, Reserve Bank of India kept the repo rate unchanged at 5.25% and retained a neutral stance. Other key rates, including the standing deposit facility rate, marginal standing facility rate and the bank rate, were also left unchanged.Among stocks, Hyundai Motor India (NSE:HYUNDAI, BOM:544274) rose over 4% after announcing a price hike of up to 1% across models from May due to higher input costs.Angel One (NSE:ANGELONE, BOM:543235) gained nearly 9% after adding 510,000 new clients in March. Its total client base increased to 37.4 million.

Levi Strauss Raises Fiscal 2026 Outlook Following Surprise First-Quarter Earnings Growth

Levi Strauss (LEVI) shares rose early Wednesday as the denim maker lifted its full-year outlook and reported an unexpected year-over-year increase in fiscal first-quarter earnings.The company now anticipates adjusted earnings to be in a range of $1.42 to $1.48 per share for fiscal 2026, up from the previous guidance of $1.40 to $1.46, it said late Tuesday. Revenue is pegged to grow by 5.5% to 6.5%, compared with prior projections for a gain of 5% to 6%. The current consensus on FactSet is for non-GAAP EPS of $1.47 and sales of $6.65 billion for the fiscal year."Our great start to the year in (the first quarter) and positive quarter-to-date trends, give us the confidence to raise our full-year sales, margins and EPS guidance even as we remain prudent about the external environment," Chief Financial Officer Harmit Singh said in a statement.The stock jumped 12% in the most recent premarket activity.The full-year guidance assumes tariffs higher than current duties, and the company expects results to benefit if the current rates remain in place.In February, the US Supreme Court invalidated President Donald Trump's reciprocal tariffs imposed under the International Emergency Economic Powers Act. Following that decision, Trump announced a 10% global tariff, which he later said would rise to 15%."If the 10% tariffs currently being charged stay in place for the rest of this fiscal year, we believe there could be an incremental benefit to our current outlook of approximately $35 million to (cost of goods sold) and $0.07 to EPS," Singh said during an earnings call, according to a FactSet transcript.For the three months ended March 1, Levi Strauss' adjusted EPS rose to $0.42 from $0.38 the year before, defying the average analyst estimate for a decline to $0.37. Revenue advanced 14% to $1.74 billion, ahead of the Street's view for $1.65 billion. Organic sales improved 9% on a yearly basis."We delivered very strong financial performance in the first quarter driven by broad-based growth across channels, regions and categories," Chief Executive Michelle Gass said in the earnings release.The direct-to-consumer channel saw sales incline 16%. E-commerce jumped by 21% while wholesale net revenue moved 12% higher. Revenue grew across the Americas, Europe and Asia, with the latter two recording double-digit gains. Gross margin declined to 61.9% from 62.1% in the prior-year quarter, amid tariff-related headwinds, offset by price increases and less promotional activity, according to the company.The apparel retailer expects adjusted EPS to come in between $0.22 and $0.24 for the ongoing quarter and revenue to rise by 4% to 5%, Singh told analysts on the call. The Street is looking for non-GAAP EPS of $0.23 and sales of $1.51 billion."There is no change in underlying demand trends between quarter one and quarter two," according to Singh. "We expect to fully offset the impact of tariffs through our various mitigation efforts."In a separate statement, Levi Strauss announced that it has launched a search process for a new finance chief, with Singh to serve in the role until a successor is found. Singh will transition to special advisor and retire after a successor is appointed.

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Eurozone Construction Downturn Intensifies in March as Input Costs Surge, New Orders Plunge

Euro area construction sector contraction extended for the 47th consecutive month in March, with the slump fueled by a spike in input prices due to the ongoing Middle East conflict.The S&P Global Eurozone Construction PMI Total Activity Index was down to 44.6 from 46 a month ago, according to survey data from S&P Global published Wednesday. The sector's rate of decline hit a five-month low amid the steepest drop in new orders since October 2025, with all three monitored economies recording a decrease in new sales.France reported the strongest construction output decline in a year and a half, while Italy logged a "renewed and solid" drop. On the flip side, Germany reported a slower reduction in construction activity.Across the three tracked segments, the construction output downturn was most pronounced for the commercial sector, followed closely by the housing segment. While civil engineering activity continued to "fall solidly," the sector's rate of decline eased from the previous month.Against the backdrop of subdued demand and lower output assumptions, builders continue to cut staffing levels for the second straight month, with the pace of job cuts accelerating to a four-month high. French companies reported a "sustained and stronger" contraction in job numbers, alongside a "modest reduction" in Germany. Meanwhile, Italy bucked the trend and reported an increase in construction employment.Purchasing activity continued to decline in March, albeit at a slightly slower rate, across the eurozone's three largest economies. Notably, French construction companies reported the most rapid reduction rate.Looking ahead, the construction firms in the bloc's business confidence and outlook turned negative, with expectations for future activity falling to the lowest point in 2026 so far."Having strengthened to a four-year high in February, the outlook for the eurozone construction sector weakened. Germany, France and Italy all registered negative sentiment in the latest period," S&P Global Market Intelligence economist Usamah Bhatti said. S&P noted that German companies were the "most downbeat."

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Toronto's Housing Market Is Still on The Floor, Says BMO

Toronto's housing market did a whole "lotta nothing" in March, awaiting any sign of spring, said Bank of Montreal (BMO).Sales were up 1.7% from a year ago, still reflecting some of the weakest sales volumes for March since the 1990s, noted the bank.With the market balance still leaning toward buyers, prices continued to drift lower in the month. The benchmark price was down 7.4% from a year ago, and now 26% below thelofty early-2022 highs.Be it the new home market or the resale market, it's hard to get much quieter than this, stated BMO. As such, there's scope for some volume improvement whenever spring does actually arrive.However, Toronto is still some time away from any "noteworthy" turn higher in prices, added the bank.

GSK's Respiratory Drug Exdensur Lands Additional Approval for Chronic Rhinosinusitis in China

GSK's (GSK.L) Exdensur was approved in China as the first and only ultra-long-acting biologic for adult patients suffering from chronic rhinosinusitis with nasal polyps, according to a Wednesday filing.The disease is caused by an inflammation of the nasal lining, which can lead to soft tissue growths or nasal polyps, causing nasal obstruction, loss of smell, facial pain, sleep disturbance, infections, and nasal discharge.Authorization from the National Medical Products Administration stipulated the use of Exdensur, or depemokimab, as an add-on treatment with intranasal corticosteroids in people who do not experience "adequate" disease control from systemic corticosteroids and/or surgery.The regulatory approval was based on the results of two phase 3 trials, Anchor-1 and Anchor-2, where Exdensur showed improvement in nasal polyp score and nasal obstruction verbal response scale from baseline. The drug was well-tolerated, with the rate and severity of side effects staying in line with placebo plus standard of care."Given the continued unmet need amongst patients with CRSwNP, today's approval of Exdensur could redefine care by protecting from the debilitating symptoms of this disease in just two doses a year. This builds on Exdensur's recent approval in severe asthma, which means more patients in China could have access to this first and only ultra-long-acting biologic," said Kaivan Khavandi, the head of translational and development sciences at GSK.Besides China, Exdensur is already approved in Japan, the European Union, and the UK for severe asthma and chronic rhinosinusitis with nasal polyps and in the US for severe asthma.GSK shares climbed over 1% in London during late morning trade.

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