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    U.S. scientists are enrolling nearly 40,000 patients in 4-year $1.2 billion study of long Covid

    The U.S. government is rolling out a massive study of long Covid in an effort to understand the mysterious condition.
    The study, Recover, aims to complete enrollment of nearly 40,000 people by year-end.
    The National Institutes of Health also plans to launch clinical trials on potential treatments in coming months.
    However, critics say the study’s rollout is moving too slowly.
    Scientists, physicians and public health officials are worried millions of Americans may have long-term health complications from Covid-19.

    A healthcare worker administers a Covid-19 test at testing site in San Francisco, California, U.S., on Monday, Jan. 10, 2022.
    David Paul Morris | Bloomberg | Getty Images

    The National Institutes of Health is rolling out one of the largest studies in the world to understand long Covid in a high-stakes effort to find definitive answers about a multitude of seemingly unrelated and sometimes debilitating symptoms that have plagued patients and confounded physicians.
    The $1.15 billion taxpayer-funded study, called Recover, aims to enroll nearly 40,000 people by the end of this year. It will follow those participants over four years, comparing people with Covid to those who’ve never had it, with the goal of identifying all the long-term symptoms and finding out how the virus is causing them. The Patient-Led Research Collaborative said there were more than 200 long Covid symptoms across 10 organ systems, according to a study published last year in The Lancet.

    It’s a massive undertaking, and expectations are high. The size of the budget, breadth, depth and scope of the study are rarely seen in scientific studies.
    The study’s conclusions could play a pivotal role in developing diagnostic tests and finding treatments for patients who remain sick months after contracting Covid-19. If the scientists can produce clinical definitions of the various long-term illnesses associated with the virus, patients will stand on firmer ground when trying to convince health insurers to cover their treatments and getting disability claims approved.
    Dr. Walter Koroshetz, who serves on Recover’s executive committee, said the study has been designed to investigate long Covid from every possible angle and provide definitive answers. But Koroshetz acknowledged that even a study this size will face major challenges in delivering on such ambitious goals.
    “I’m worried that this is not an easy answer. The post-infectious persistent symptoms that go on to chronic fatigue syndrome have defied anybody’s explanation,” said Koroshetz, the director of the National Institute of Neurological Disorders and Stroke.

    Enrollment and clinical trials

    The Recover study aims to complete enrollment of more than 17,000 adults by September and 20,000 children by the end of the year, according to Dr. Stuart Katz, who is coordinating the nationwide rollout of the Recover study at its central hub at New York University Langone Health. The study will have research teams at more than 30 universities and medical institutions across the U.S.

    As of this week, 5,317 adults and 269 children have been enrolled, taken together about 15% of the total population of nearly 40,000, according to Katz, a cardiologist who studies congestive heart failure. Katz caught Covid in December 2020 and suffered symptoms for about a year.
    The National Institutes of Health is also planning to launch a “suite of clinical trials” on possible treatments in the coming months, according to Dr. Gary Gibbons, director of the National, Heart Lung and Blood Institute. Gibbons said NIH is in active discussions with the pharmaceutical industry on studying whether antivirals and other interventions can prevent or treat long Covid.
    “These are exploratory with companies that have agents that may go before the FDA for approval,” Gibbons said. “There’s an interest both for public-private collaboration in this space and and we’re very hopeful that something will emerge in the next several months.”
    However, Gibbons said NIH will likely need more funding from Congress for the trials given scope and complexity of the problem.
    “We would anticipate to really fully do the clinical trial portfolio that patients with long Covid deserve, it probably will exceed $1.15 billion initial allocation that Congress awarded,” Gibbons said.

    Unanswered questions

    While the public uses long Covid for shorthand, the scientific name is post-acute sequelae of Covid, or PASC. Researchers believe it is not a single disease but several distinct illnesses affecting many organ systems.
    Scientists still do not know how the virus triggers such a wide spectrum of symptoms that can persist months after the initial infection, why some of these symptoms show up in some patients but not in others, or what exactly the risk factors are for developing them.
    “Everyone’s immune system is different, so everyone’s going to respond to a novel virus in a different way,” said David Putrino, a physiotherapist and director of rehabilitation innovation at Mount Sinai Health System in New York City. Putrino has helped treat long Covid patients since the early days of the pandemic in 2020. Mount Sinai’s Icahn School of Medicine is one the institutions participating in Recover.
    Putrino said many patients come to Mount Sinai for treatment suffer cognitive impairments that are similar to traumatic brain injuries, commonly referred to as brain fog, in which they struggle with speech fluency and making plans to deal with life’s daily challenges. They can also often have abnormal heartbeat, tingling sensations, painful cramps and feelings of anxiety.
    Any form of physical or mental exertion worsen these symptoms. As a consequence, about 60% of the long Covid patients at Mount Sinai struggle to continue at their jobs, Putrino said. They either had to shift to part-time work from full time, retire early or became unemployed. Almost all of the patients report a deterioration in their qualify of life due to their symptoms, he added.
    The nation’s health agencies do not yet know exactly how many people suffer from the condition. The answer to that question, which Recover hopes to shed more light on, could have major implications for the nation’s health and economy.
    The Centers for Disease Control and Prevention, in a study that examined nearly 2 million patient records, found that one in four Covid survivors ages 18 to 64 and one in five of those ages 65 and older developed a health problem that could be related to long Covid. If the findings prove accurate for the broader population, millions of people in the U.S. may have some form of the condition.
    People who survived the virus were twice as likely to develop respiratory conditions or a pulmonary embolism, according to the CDC study. The authors said long Covid can impair a person’s ability to work which could have economic consequences for their families.
    The severity and duration of patients’ long Covid symptoms vary widely, Katz said. The population of people permanently disabled by long Covid is likely a fraction of those who have some form of the condition, he said. Still, there’s likely a very large number of people who have a disability from long Covid given the reality that at least 87 million people in the U.S. have contracted the virus at some point, Katz said.

    How Recover will work

    With so many unanswered questions, physicians don’t have a precise way to diagnose patients with long Covid. Treatments at this point are mostly managing symptoms, not addressing the underlying cause of the illnesses, Putrino said. Scientists need to define the different types of long Covid so they can tailor treatments to individual patients, he added.
    The challenge with diagnosing and treating patients with long Covid is that many of the symptoms are also associated with other diseases, said Katz. Recover contains control groups, people who have never had Covid, so scientists can define which symptoms are actually occurring more often in people who do have a history of infection, Katz said.
    All the participants in Recover will undergo a battery of lab tests, vital signs and physical assessments, as well as a survey of symptoms and underlying health conditions among many other questions at enrollment and at regular intervals throughout the study. Smaller populations of participants will undergo more intense evaluations that include electrocardiograms, brain MRIs, CT scans and pulmonary function tests.
    The scientists aim to identify clusters of symptoms associated with various abnormalities in the lab tests and uncover the mechanisms in the body causing those symptoms through advanced imaging, Katz said. Abnormalities found in lab tests, blood samples for example, that are associated with long Covid could serve as the basis for future diagnostic tests, he said.
    By defining the different types of long Covid, the study will also guide clinical trials by providing a clearer idea of what treatments might prove most effective at targeting the underlying causes.
    “Clinicians really need us to clarify what is the clinical spectrum, the definition of long Covid — that’s critical to treating it,” Gibbons said. “If you’re going to do a clinical trial, you really want to know that you might treat brain fog different from the cardiopulmonary symptoms,” he said.
    Recover will also analyze tens of millions of electronic patient health records and study tissue samples from autopsies of people who had Covid when they died. All of the Recover data will go into a database that investigators at sites across the country can use in research on specific aspects of long Covid that they can pitch to Recover’s leadership.
    Dr. Grace McComsey, the principal investigator for the Recover site at Case Western Reserve University in Cleveland, said the study design will allow her team to access a large pool of patient data that they otherwise wouldn’t have the time or resources to collect on their own. McComsey, an infectious disease expert who researched HIV before the pandemic, has submitted a concept with her team to look at how the virus is causing inflammation in patients.
    “You’ll be able to access a lot of data, lots of samples on patients that otherwise I can’t do from my own site. It will take me obviously a lot of time and a lot of resources that I don’t have,” McComsey said. “The huge amount of data and a huge amount of patients. I think it’s definitely a big plus in Recover.”

    Criticism of time frame

    However, the pace of the federal government’s efforts to address the long-term health impact of Covid has come under criticism. Some of the nation’s leading health experts described research into long Covid as “achingly slow,” according to a March report whose authors included several former members of President Joe Biden’s Covid transition team, including Zeke Emanuel.
    It’s been more than a year and a half since Congress OK’d $1.15 billion to study the long-term impact of Covid in December 2020. Francis Collins, NIH director at the time, announced in February 2021 the launch of a nationwide study. The following May, NIH awarded $470 million to New York University Langone to set up the observational part of the study led by Katz and his team.
    Koroshetz acknowledged the frustration with the pace of the research, but he said the study is designed through its size and scope to answer questions smaller studies cannot.
    “We put this together to not miss anything,” Koroshetz said. “It’s kind of like a battleship. That’s part of the problem.”
    Although Recover will follow participants for four years, researchers will publish their findings throughout the duration of study, Katz said. The first report, based on the initial assessment of participants, should publish shortly after enrollment is complete, he said.
    “In comparison with other large multisite studies, this was all done at breakneck speed because there was a recognition that there is an urgent public health need,” said Katz.
    Putrino said NIH-funded research is usually slow, risk averse and normally doesn’t lead to rapid implementation of treatments that help patients. He said NIH typically doesn’t invest in high-risk research because it doesn’t want to be perceived as gambling with taxpayer money. Putrino said his team applied for a Recover grant in December 2021 and haven’t heard back yet.
    He said NIH should act more like industry by moving quickly to invest in high-risk research that can lead to disruptive innovations.
    “The NIH has the capacity to follow a process similar to industry — it’s not typical but they can do it,” said Putrino, who was one of the authors on the March report that criticized the pace of the federal government’s long Covid efforts. “We need a high-risk investment right now,” he said.
    In April, President Biden directed Health and Human Services Secretary Xavier Becerra to develop a national research action plan on long Covid in collaboration with the secretaries of Defense, Labor, Energy and Veterans Affairs. HHS is supposed to have the plan ready next month, according to Biden’s directive.
    JD Davids, a patient advocate, said the NIH should model the federal response on long Covid after its success in researching and developing HIV treatments. That includes creating a central office at NIH with budgetary authority, similar to the Office of Aids Research, that develops a strategy every year with input from patients on how to use funds for research, said Davids, a member of the Patient-Led Research Collaborative.
    Koroshetz and Gibbons said Recover is moving as quickly as possible to get clinical trials on treatments started. “We’re not going to wait four years and then do the trials. We’re going to whatever rises to the top in terms of ideas,” Koroshetz said.
    Gibbons said NIH can’t provide a timeline right now on how long the clinical trials will take. Although NIH is soliciting concepts, it doesn’t have any finished plans for how the trials will proceed yet, said.
    “It’s probably not a satisfying answer, but we can only move at the pace of the science,” Gibbons said. “If you establish the protocol, you have to enroll participants and you have to let the protocol play out. We don’t have a protocol yet in hand.”

    CNBC Health & Science

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    Ford reports worst quarterly sales in China since onset of coronavirus pandemic

    Ford on Thursday said it sold 120,000 vehicles during the second quarter in Greater China, a roughly 22% decline from a year earlier.
    The sales decline was due to a resurgence of Covid-19 cases in the country and ongoing global supply chain problems.
    The results were the worst sales in Greater China for the automaker since the first quarter of 2020, when government Covid restrictions brought the country’s production to a standstill.

    Visitors walk past a Ford Escape Titanium at the Shanghai Auto Show in Shanghai on April 17, 2019.
    Greg Baker| AFP | Getty Images

    DETROIT – Ford Motor joined its crosstown rival General Motors in reporting its worst quarterly sales in China since the onset of the coronavirus pandemic, amid a resurgence of Covid-19 cases in the country and ongoing global supply chain problems.
    Ford said it sold 120,000 vehicles during the second quarter, a roughly 22% decline from a year earlier and its worst sales in Greater China since the fewer than 89,000 units it sold during the first quarter of 2020, when government-imposed Covid restrictions brought the country’s production to a standstill.

    In a release late Thursday, Ford said sales in June improved exponentially with easing of restrictions as overall sales exceeded 50,000 units, up 3% year over year and 38% month over month.
    “The pandemic’s resurgence in the past few months challenged us to overcome supply chain and logistics obstacles to positioning Ford for growth in the second half of the year,” said Anning Chen, president and CEO of Ford China, in statement.
    But there could still be challenges ahead. Mainland China’s daily Covid case count, including those without symptoms, has surged from a handful of cases to around 200 or 300 new cases in the last several days. The number of cities restricting local movement due to Covid more than doubled in a week to 11 as of Monday, up from five a week earlier, according to Ting Lu, chief China economist at Nomura.
    GM on Wednesday reported a 35.5% decline in its second-quarter sales in China to 484,200 vehicles, its lowest sales since 461,700 vehicles during the first quarter of 2020.
    –CNBC’s Evelyn Cheng contributed to this report.

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    Stocks making the biggest moves premarket: Levi Strauss, GameStop, Twitter and more

    Check out the companies making headlines before the bell:
    Levi Strauss (LEVI) – Levi Strauss rallied 3.9% in the premarket after reporting better-than-expected sales and profit for its latest quarter, helped by higher prices and strong demand for its denim offerings. Levi Strauss also raised its quarterly dividend by 20%.

    GameStop (GME) – GameStop fell 5.6% in premarket trading after the video game retailer fired Chief Financial Officer Mike Recupero and told employees in an internal memo that it is cutting staff, as it tries to turn its business around.
    Twitter (TWTR) – Twitter shares lost 4% in premarket action, following a Washington Post report that Elon Musk’s deal to buy Twitter may be in jeopardy. People familiar with the matter told the paper that Musk’s team doesn’t think Twitter’s figures on spam accounts are reliable, although officials defended their numbers in a call with reporters.
    Upstart Holdings (UPST) – The lender’s stock plunged 16.3% in premarket trading after it said it would not meet already-reduced financial targets for its second quarter. Upstart points to a constrained lending marketplace as well as moves during the quarter to convert loans into cash.
    Spirit Airlines (SAVE) – Spirit Airlines once again delayed a special shareholder meeting to vote on its planned merger with Frontier Group (ULCC), this time until July 15. The postponement comes as Spirit continues talks with both Frontier and rival suitor JetBlue (JBLU). Spirit jumped 3.2% in the premarket.
    Occidental Petroleum (OXY) – Berkshire Hathaway (BRKb) bought another 12 million Occidental Petroleum shares, raising its stake in the energy producer to 18.7%. Occidental gained 2% in premarket action.

    WD-40 (WDFC) – The lubricant maker reported a quarterly profit and sales that fell short of analyst forecasts, impacted by inflationary pressures and a number of global disruptions. Shares slumped 10.6% in the premarket.
    Nu Skin Enterprises (NUS) – Shares of the health products company skid 4% in premarket trading after it gave lighter-than-expected guidance for the current quarter. Nu Skin cited several negative factors, including the Russia/Ukraine conflict, Covid-related factors in China and the general global economic downturn.
    Kura Sushi (KRUS) – The Japanese restaurant chain operator’s stock surged 13% in the premarket after it reported an unexpected quarterly profit and raised its sales guidance for the full year.

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    ECB stress test shows most euro zone banks don't include climate risk in their credit models

    In a report published Friday, the ECB said the findings reaffirm the view that banks must sharpen their focus on climate risk.
    “Euro area banks must urgently step up efforts to measure and manage climate risk, closing the current data gaps and adopting good practices that are already present in the sector,” Andrea Enria, chair of the ECB’s supervisory board, said in a statement.

    Environmental protesters take to the streets during a demonstration by Fridays for Future in the financial district of Frankfurt, Germany, in August last year.
    Bloomberg | Bloomberg | Getty Images

    The results of the European Central Bank’s first climate risk stress test show that most euro zone banks do not sufficiently incorporate climate risk into their stress-testing frameworks and internal models.
    In a report published Friday, the ECB said the findings reaffirm the view that banks must sharpen their focus on climate risk.

    It comes at a time of severe heat and scarce rainfall in southern Europe, rising energy prices and the prospect of a halt to the region’s gas supplies from Russia in retaliation against sanctions imposed over the Kremlin’s onslaught in Ukraine.
    To be sure, the world’s leading climate scientists have warned humanity has reached “now or never” territory to stave off the worst of what the climate crisis has in store.
    “Euro area banks must urgently step up efforts to measure and manage climate risk, closing the current data gaps and adopting good practices that are already present in the sector,” Andrea Enria, chair of the ECB’s supervisory board, said in a statement.
    A total of 104 banks participated in the test, which is the first of its kind, the ECB said, providing information over three modules, or categories. Those included their own climate stress-testing capabilities; their reliance on carbon-emitting sectors; and their performance under different scenarios over several time horizons.

    The results of the first module found that roughly 60% of banks do not yet have a climate risk stress-testing framework.

    Similarly, the ECB said most banks do not include climate risk in their credit risk models and just 20% consider climate risk as a variable when granting loans.
    As for the reliance of banks on carbon-emitting sectors, the ECB said that on aggregate, almost two-thirds of banks’ income from non-financial corporate customers stems from greenhouse gas-intensive industries.
    In many cases, the report found banks’ “financed emissions” come from a small number of large counterparties, which increases their exposure to emission-intensive sectors.
    Within the third module, the results were limited to 41 directly supervised banks to ensure proportionality toward smaller banks. It required lenders to project losses in extreme weather events under different transition scenarios.
    The results warned that credit and market losses could amount to around 70 billion euros ($70.6 billion) on aggregate this year for the 41 directly supervised banks.
    The ECB noted, however, that this “significantly understates the actual climate-related risk” as it reflects only a fraction of the actual hazard. This was due, in part, to a scarcity of available data.
    “This exercise is a crucial milestone on our path to make our financial system more resilient to climate risk,” said Frank Elderson, vice-chair of the ECB supervisory board. “We expect banks to take decisive action and develop robust climate stress-testing frameworks in the short to medium term.”

    ECB President Christine Lagarde previously said the central bank was taking steps to incorporate climate change “into our monetary policy operations.”
    Bloomberg | Bloomberg | Getty Images

    The ECB said it collected both qualitative and quantitative information, with a view to assessing the sector’s climate risk preparedness and gathering best practices for dealing with climate-related risk.
    The report concluded that most banks would need to work further on improving their stress test frameworks’ governance structure, data availability and modeling techniques.

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    Sepp Blatter and Michel Platini: Former heads of FIFA and UEFA cleared of corruption charges by Swiss court

    Blatter, who led FIFA for 17 years, is cleared of fraud by the Federal Criminal Court in the southern city of Bellinzona.
    Platini, a former France national team captain and manager, also acquitted of fraud.
    “I want to express my happiness for all my loved ones that justice has finally been done after seven years of lies and manipulation,” Platini says.

    Sepp Blatter and Michel Platini photographed on May 29, 2015. The two were once among the most powerful figures in world football.
    Michael Buholzer | AFP | Getty Images

    Former FIFA president Sepp Blatter and former UEFA president Michel Platini were both cleared of corruption charges by a Swiss court on Friday.
    Blatter, who led FIFA for 17 years, was cleared of fraud by the Federal Criminal Court in the southern city of Bellinzona.

    Platini, a former France national team captain and manager, was also acquitted of fraud.
    The two, once among the most powerful figures in world football, had denied the charges against them.
    Prosecutors had accused Blatter, a Swiss who led FIFA for 17 years, and Platini of unlawfully arranging for FIFA to pay the Frenchman two million Swiss francs (£1.7m) in 2011.

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    The case meant Blatter ended his reign as FIFA president in disgrace and it wrecked Platini’s hopes of succeeding him after he was banned from football when the affair came to light.
    Blatter had said the payment followed a “gentlemen’s agreement” between the pair when he asked Platini to be his technical advisor in 1998.
    Platini worked as a consultant between 1998 and 2002 with an annual salary of 300,000 Swiss francs (£257,000) – the most FIFA could afford because of money troubles the organisation had at the time, Blatter had told the court.
    The rest of Platini’s one-million per year salary (£857,000) was to be settled at a later date, Blatter said.
    Motives for the payment were unclear, although the two men met in 2010 and discussed the upcoming elections for the FIFA presidency in 2011.
    When Blatter approved the payment, he was campaigning for re-election against Mohamed bin Hammam of Qatar. Platini, then president of UEFA, was seen as having sway with European members who could influence the vote.
    The payment emerged following a huge investigation launched by the US Department of Justice into bribery, fraud and money-laundering at FIFA in 2015, which triggered Blatter’s resignation.
    Both officials were banned from football for eight years in 2015 over the payment, although their bans were later reduced.
    Platini, who also lost his job as UEFA president following the ban, said the affair was a deliberate attempt to thwart his attempt to become FIFA president in 2015.
    Platini’s former general secretary at UEFA, Gianni Infantino, entered the FIFA race and won the election in 2016.
    Speaking following the verdict, Platini said: “I want to express my happiness for all my loved ones that justice has finally been done after seven years of lies and manipulation.”
    He added: “My fight is a fight against injustice. I won a first game.”

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    ETFs come to China with a vengeance

    Exchange-traded funds track a basket of stocks that can be bought and sold as a single asset.
    In five years, mainland China saw the number of ETFs more than quadruple to 645, while the number of stocks rose by a mere 53% to 4,615.
    A regulatory change that took effect Monday opened that ETF market to overseas investors via Hong Kong — a program called the ETF Connect.

    Hong Kong, a British colony from the 1840s to 1997, grew into an international finance center just off the coast of mainland China. A stock connect launched in 2014, followed by other systems linking Hong Kong’s market closer with the mainland’s.
    Anthony Kwan | Bloomberg | Getty Images

    BEIJING — China has joined the global craze over exchange-traded funds, the investment product that lets traders buy and sell a basket of stocks.
    Better known as ETFs, the funds surged in popularity in the U.S. after the financial crisis, and built $3 trillion businesses like BlackRock’s iShares ETF brand.

    In mainland China, ETFs have multiplied faster than the stock market. In five years, the number of ETFs more than quadrupled to 645, while the number of stocks rose by a mere 53% to 4,615.
    That’s according to official data and a report from Hong Kong Exchanges and Clearing, which also stated the mainland ETF market has become a 1.4 trillion yuan ($209 billion) business, more than tripling in just five years.
    A regulatory change that took effect Monday opened that ETF market to overseas investors via Hong Kong — a program called the ETF Connect.
    Beijing-based ChinaAMC, which said it launched the first ETF on the mainland in 2004, rode the industry’s surge and operates 10 of the funds eligible for trading under the new cross-border trading program. Those include ETFs tracking indexes and themes like semiconductor development.

    The ETF Connect leans heavily toward the mainland. Of the initial batch of eligible ETFs, 83 are listed on the mainland, versus just four in Hong Kong.

    Goldman Sachs predicts $80 billion more in purchases of mainland assets versus those in Hong Kong over the next 10 years.
    “Adding Northbound ETFs to one’s A-share portfolio could potentially expand the efficient frontier and improve the risk/reward,” Goldman Sachs analysts wrote in a report this week. “While the initial Southbound eligible universe looks narrow, the underlying constituents still offer mainland investors broad exposure to HK-listed Internet and Financial stocks.”
    Chinese internet tech giants like Tencent and Alibaba have listings in Hong Kong but not the mainland. On the other hand, many China-focused companies are only listed on the mainland.
    One of the things the ETF Connect can do is boost international investors’ understanding of mainland China ETFs and increase the products’ influence, Xu Meng, a ChinaAMC fund manager, said in a statement. Xu is also executive general manager of the firm’s quantitative investment department.
    ChinaAMC claims that as of the end of 2021, it had more than 300 billion yuan in passively managed assets.

    New links to mainland China

    The same day the ETF Connect launched, Chinese regulators announced a new program — set to take effect in about six months — that would allow investment in financial derivatives on the mainland via Hong Kong.
    A subsequent phase of the program is set to allow mainland investors to trade financial derivatives in Hong Kong.
    Those moves to connect Hong Kong and mainland markets follow similar programs for stocks and bonds that began in 2014. Mainland China is home to the world’s second-largest stock market by value.

    More ETFs to come

    Other financial firms are coming to the ETF market — with a focus on greater China clients wanting to invest internationally through Hong Kong.
    Wealth manager Hywin Holdings, based in Shanghai with a subsidiary in Hong Kong, launched last week a health care stock index with FactSet, a financial data and software company.
    The 40-stock “FactSet Hywin Global Health Care Index” tracks shares of companies mostly listed in Europe or North America — such as AstraZeneca and Merck.
    The plan is to commercialize that index with an ETF listed in Hong Kong.

    Read more about China from CNBC Pro

    “Hywin’s clients [more than 130,000 across Asia], increasingly, they find the world very fluid, very volatile. They want to capture opportunities but they are less sure these days about picking the stock and picking the timing,” said Nick Xiao, Hywin Holdings’ vice president and CEO of the firm’s overseas business, Hywin International.
    After this first co-branded index, Xiao said he expects more collaboration with FactSet to create indexes and ETFs. He noted there are already eight ETFs listed in Hong Kong that track FactSet indexes.
    Among institutional investors and money managers in Greater China, nearly 40% said they invested more than half of their assets under management in ETFs, far higher than the 19% share in the U.S., Brown Brothers Harriman found in an annual survey released in January.

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    Stock futures are slightly lower ahead of key jobs report

    A trader walks on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, June 27, 2022.
    Michael Nagle | Bloomberg | Getty Images

    Stock futures slipped in overnight trading following a rally on Wall Street as investors await a key jobs report Friday.
    Futures tied to the Dow Jones Industrial Average fell 37 points or 0.12% to 31,330.00. S&P 500 futures were down 0.17%, and Nasdaq 100 futures slumped 0.26%.

    Shares of Levi Strauss gained more than 3% after the bell when the retailer reported quarterly earnings that exceeded expectations and boosted its dividend.
    GameStop fell about 5% in after-hours trading when the company fired its chief financial officer and said it would lay off employees as part of a turnaround plan. The stock notched a 15% gain in the regular session, a day after the video game retailer announced that its board approved a 4-for-1 stock split.
    The action in futures followed a winning session Thursday in which the S&P 500 posted a four-day positive streak, matching its longest of the year thus far, according to Bespoke Investment Group. The index is now down about 19% from its all-time high in January.
    Energy stocks led gains during regular trading, as the price of oil reversed from a recent dip. Exxon Mobil climbed nearly 3.2%, while Occidental Petroleum added close to 4%. Chipmakers boosted the tech sector after strong earnings from Samsung.
    “You just don’t see the capitulation just yet, I think there’s a little bit more that needs to happen between now and the July Fed meeting,” Mark Newton, head of technical strategy at Fundstrat, said on CNBC’s “Closing Bell: Overtime” on Thursday. He added that stocks could pull back as early as Friday’s session.

    The June employment report due on Friday is expected to show another month of strong hiring as the labor market bucks any signs of an impending recession or economic slowdown. Economists expect that the U.S. economy added 250,000 jobs last month and that the unemployment rate will remain flat at 3.6%, according to Dow Jones.
    In May, employers added 390,000 jobs, which was better than economists expected.
    The S&P 500 is up about 2% during this holiday-shortened week, and it’s on pace for its second positive week in the last three.
    The Dow Jones Industrial Average and the tech-heavy Nasdaq Composite are up 0.92% and 4.4% this week, respectively. Both indexes are also on track for their second positive week in the last three.

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