Economy

-Hackers have compromised several different companies’ Chrome browser extensions in a series of intrusions dating back to mid-December, according to one of the victims and experts who have examined the campaign.Among the victims was the California-based Cyberhaven, a data protection company that confirmed the breach in a statement to Reuters on Friday.”Cyberhaven can confirm that a malicious cyberattack occurred on Christmas Eve, affecting our Chrome extension,” the statement said. It cited public comments from cybersecurity experts. These comments, said Cyberhaven, suggested that the attack was “part of a wider campaign to target Chrome extension developers across a wide range of companies.” Cyberhaven added: “We are actively cooperating with federal law enforcement.”The geographical extent of the hacks was not immediately clear.Browser extensions are typically used by internet users to customize their Web-browsing experiences, for example by automatically applying coupons to shopping websites. In Cyberhaven’s case, the Chrome extension was used to help the company monitor and secure client data flowing across Web-based applications.Jaime Blasco, cofounder of Austin, Texas-based Nudge Security, said he had spotted several other Chrome extensions that had been subverted in the same way as Cyberhaven’s. At least one appeared to have been hit in mid-December. Blasco said the other affected extensions included ones related to artificial intelligence and virtual private networks. He said that suggested an opportunistic effort to vacuum up sensitive data using as many compromised extensions as possible.”I’m almost certain this is not targeted to Cyberhaven,” Blasco said. “If I had to guess, this was just random.”The U.S. cyber watchdog CISA referred questions to the companies involved. A message seeking comment from Alphabet (NASDAQ:GOOGL), which makes the Chrome browser, was not immediately returned. More

OTTAWA (Reuters) – A Canadian parliamentary committee led by an opposition Conservative Party lawmaker will hold meetings during legislative recess in hopes of expediting the defeat of Prime Minister Justin Trudeau’s government, the lawmaker said on FridayThe House of Commons Public Accounts Committee will begin meetings on Jan. 7 to consider and vote on a motion of non-confidence in the Liberal government, committee Chair John Williamson said in a letter to panel members. The motion would have to ultimately pass in the House of Commons to defeat the government.Parliament will reconvene on Jan. 27.Trudeau, in power since 2015, has been under increasing pressure to quit since his former Finance Minister Chrystia Freeland resigned on Dec. 16.Williamson, a Conservative lawmaker, said he was prepared to hold meetings throughout January with the goal of holding a non-confidence vote as early as Jan. 30. That would be weeks earlier than it would otherwise take an opposition party to propose such a motion.Trudeau’s options have narrowed since New Democratic Party leader Jagmeet Singh, who has been helping keep the Liberals in power, said last week he would move to bring down the minority Liberal government and trigger an election.”It is now clear that the Liberal Government does not have the confidence of Parliament. Conservative, Bloc Quebecois and NDP members — representing a majority of MPs – have all announced they will vote non-confidence in the Liberal Government,” Williamson said in a copy of the letter he posted on social media.Trudeau, however, could prorogue parliament, which would formally end the current session and prevent opposition lawmakers from voting on a non-confidence motion. Singh has said he would present a motion of non-confidence after the House of Commons elected chamber returns from the winter break but he did not say how his party would vote on motions introduced by other parties. All opposition parties would need to back a single motion to bring down the government.The Williamson-led panel has five Liberal MPs, four Conservative MPs, and one each from the NDP and the Bloc Quebecois. Canadian governments must show they have the confidence of the House of Commons elected chamber. Votes on budgets and other spending are considered confidence measures and if a government loses one, it falls. In virtually all cases, an election campaign starts immediately. More

The Dow Jones Industrial Average fell 0.95%, the S&P 500 was down 1.33% and the Nasdaq Composite briefly was down 1.72%. COMMENTS:SAM STOVALL, MARKET STRATEGIST, CFRA, ALLENTOWN, PA:“Investors had been saying, oh, I’ll take profits in the new year, and then I can wait to pay taxes on them until 2026; now some of them are wondering how much of those profits will still be around, so they’re just grabbing them now. And there are just more profits to take when it comes to the Nasdaq, which is up more than 30%. There’s a lot of uncertainty about how we’ll do in the first weeks or so of the new year. If the market is indeed worried about inflation, then as we head into 2025, those are likely to be some readings that aren’t so good. But the expectations for earnings growth are still strong, thanks to increased productivity and higher profit margins. The flip side? Valuations are at a 40% premium to the 20-year average for S&P 500 stocks.”JEFF SCHULZE, HEAD OF ECONOMIC & MARKET STRATEGY, CLEARBRIDGE INVESTMENTS, NEW YORK CITY:“The Santa Claus rally came a bit earlier this year, and I think this is profit taking ahead of another holiday-shortened week next week. That’s another reason I think this isn’t causing more apprehension heading into a weekend: it’s not uncommon for the market to hit air pockets when the volumes are light, and it’s been a slow week. Any volatility we witness should be a good buying opportunity.”“There is selling in Magnificent 7 stocks because they’ve accounted for 100% of all the profits in the S&P 500 so far this month and have outperformed the equal-weighted index, which is down. But the megacap leadership this time felt more like it was the result of a short squeeze; that investors who had been relatively underweight bringing their holdings back to benchmark levels. I think those exaggerated moves higher mean we could see the Mag 7 continue to lag over the next week or two.” ADAM TURNQUIST, CHIEF TECHNICAL STRATEGIST FOR LPL FINANCIAL:“Big tech is taking a much-deserved holiday break after doing most of the heavy lifting for the broader market since Election Day (the Magnificent Seven has contributed to around 85% of the S&P 500’s +4% gain since November 5). However, selling pressure today has expanded beyond just the mega caps as over 90% of S&P 500 constituents are trading in the red. And while it is hard to put a lot of weight in a thinly-traded holiday-shortened week, the latest relief rally has lost momentum and bulls are faced with another test at the 50-day moving average into the weekend. A failure to hold this level (5,940) would point to a likely retest of the November price gap near 5,860. Damaged market breadth and the lack of momentum indicators with bullish signals point to elevated near-term downside risk. The macro backdrop also has become more challenging for a sustained recovery, especially with 10-year Treasury yields and the dollar breaking out above key resistance levels last week.”ALEX MORRIS, PRESIDENT & CIO, F/m INVESTMENTS, WASHINGTON, D.C.“Over the past decade, and more so since the COVID melt-up, equity markets have increasingly become liquidity dependent. Slow days, like now, lack the enthusiastic investor plowing in or moving around large cash piles, and tend to lag. It seems there are no low-volume ‘green’ days any more. Add in tax-loss harvesting, which is still an option beyond the ten largest stocks in broad market indexes, and today’s ‘red’ looks less scary. The lesson is: this market thrives on liquidity – and it may just be dependent on it.”STEVE SOSNICK, CHIEF MARKET STRATEGIST, INTERACTIVE BROKERS, GREENWICH, CONNECTICUT”I’ve heard anecdotes that pension funds are rebalancing ahead of year-end, selling stocks and buying bonds. Unfortunately, I can’t verify that, but it would explain the sudden sell-off on no news. And of course, if large funds are selling stocks en masse, the megacap tech stocks would bear the brunt because of their heavy weighting in major indices.” “If nothing else, today is a reminder that just because a ‘Santa Claus’ rally is a statistical likelihood, it is far from guaranteed.”“We’ve seen an attempt at a buy-the-dips rally smacked back, which seems to confirm that this is some selling or rebalancing underway by a big investor.”JAY WOODS, CHIEF GLOBAL STRATEGIST, FREEDOM CAPITAL MARKETS, NEW YORK”What people are doing is they’re raising some cash. They’re taking some profits right now as we go into the end of the year and getting ready for an opportunity if it presents itself in the beginning of next year. Tech, which has had a tremendous run, is starting to pull back. I think this is the beginning of a healthy correction that will get focused over the next four to eight weeks as we switch administrations.”ROBERT PAVLIK, SENIOR PORTFOLIO MANAGER, DAKOTA WEALTH, FAIRFIELD, CONNECTICUT“Any kind of selling pressure sort of spirals a little bit out of control when you have a thinly traded market. And I think the selling pressure is really just people looking for direction.”“It’s not a lot of institutions. I think a lot of non-professionals are looking seeing the market’s direction and they just go with the flow. There’s concerns that maybe the first part of this year can involve some repositioning and reallocation of funds and those that are trading today and next week are probably just trying to get a little bit ahead of that.”“There’s uncertainty about the direction of interest rates and inflation, and the fact of all this is sort of coming together at one time. What is the Federal Reserve going to do in the first part of next year?”“And then there’s a new administration coming in with new policies and (there are uncertainties as to) what those policies will actually be, which policies will actually be implemented. There’s a lot of talk about new and many changes, but what’s really going to happen?”“And because of the big run that you’ve had in 2024, portfolios are not exactly positioned correctly for 2025 and I think a lot of people are expecting a lot of changes in the early part of the year.”“You’re seeing some of that today and that will lead to more selling pressure because people just want to capture the gains before they go on into 2025.”PETER TUZ, PRESIDENT, CHASE INVESTMENT COUNSEL, CHARLOTTESVILLE, VIRGINIA“This is end of year stuff going on people have had a pretty good year, and it’s typical year-end selling pressure caused by people taking profits, not a lot of buyers out there and not a lot of volume.““(There’s) no reason to jump in and buy these things at these valuations, and tax planning is on peoples’ minds this week and will be on Monday and Tuesday. I don’t attribute it to, you know, any changing outlook in anything right now.”“The Santa Claus rally is one of those historic statistics that bears watching, but because of the change in administration and the potential change in policy you’re probably seeing more action now than you would ordinarily. There’s the potential for a lot of disruption in 2025.”BRYCE DOTY, SENIOR PORTFOLIO MANAGER, SIT FIXED INCOME ADVISORS, MINNEAPOLIS”Today the market has really been reacting to the implications of taxes coming up. Tax positioning is overwhelming the other factors. But the more the Fed looks out of touch (with economic realities), the worse it is for equities…Tax trading will continue for the rest of the year.” More

$75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print edition More

Carvallo stated in an interview that he is not dismissing the possibility of either increasing or decreasing rates if necessary to achieve the new 3.5% inflation target. The Central Bank projects a 3.7% price increase next year, slightly above this year’s rate.Carvallo believes that the current monetary policy rate is at a level that will guide inflation towards the Central Bank’s new target. He has maintained borrowing costs constant since April, with inflation recording 20 consecutive months around the previous 4% target.Despite no immediate policy changes, analysts surveyed by the central bank this month predict that board members will reduce rates by half a percentage point next year to 5.5%. The Paraguayan government has committed to reducing its fiscal deficit from an estimated 2.6% of GDP this year to 1.5% in 2026. The central bank predicts a slight decrease in growth to 3.8% next year, down from an estimated 4% in 2024. Carvallo stated that this forecast takes into account the negative impact on trade with Brazil due to the depreciation of the real and the anticipated recovery of Argentina’s economy in 2025.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

(Reuters) -The U.S. Food and Drug Administration said on Friday that it has approved an injectable version of Bristol Myers (NYSE:BMY) Squibb’s blockbuster cancer drug, Opdivo.Opdivo is part of a class of drugs called PD-1 inhibitors, which enhance the immune system’s ability to fight cancer by removing its natural brakes.Like other PD-1 drugs such as Merck (NS:PROR)’s Keytruda, it was previously available through infusions and patients received it via an intravenous drip in a health office. The new injectable form is expected to be more convenient for patients and could help shield the company from erosion of sales when the patent for the intravenous version expires later this decade.The injection, branded as Opdivo Qvantig, has been approved to treat all previously approved adult, solid tumor indications, either on its own, as maintenance therapy or in combination with chemotherapy.The drug will be available in early January, and will be priced at parity with the list price of the IV version, Adam Lenkowsky, Bristol’s chief commercialization officer, told Reuters ahead of the approval.The IV version of the drug has a list price of $7,635 per infusion for two weeks for the lower dose and $15,269 per infusion for four weeks for the higher 480-milligram dose.The approval was based on data from a late-stage study, which showed that the subcutaneous form of the drug was not inferior to the intravenous formulation in patients with advanced kidney cancer who have received prior systemic therapy.The drugmaker is relying on newer treatments like Opdivo Qvantig to drive growth as patents on older drugs, such as cancer drug Revlimid and blood thinner Eliquis, expire later this decade.Opdivo Qvantig was co-formulated with Halozyme Therapeutics (NASDAQ:HALO)’ drug delivery technology, which helps reduce treatment administration from hours-long IV infusions to subcutaneous injections delivered in minutes. More

NEW DELHI (Reuters) – Indian household spending on non-food items such as transport, garments and entertainment rose in both rural and urban areas in 2023/24 while outlays on staples like wheat and rice dropped, a government report showed on Friday.The Household Consumption Expenditure Survey for 2023/24, conducted from August 2023 to July 2024, showed non-food items accounted for about 53% of per capita spending in rural areas, up from about 47% in 2011/12, and 60% in urban areas, up from about 57%.The shift in spending patterns is expected to lead to a decrease in the weighting of food items in the consumer price index (CPI), which is used by the central bank to frame monetary policy.Officials from the Ministry of Statistics and Programme Implementation have previously indicated plans to revise the base year for the retail inflation data from 2012 to 2024, incorporating these findings.Analysts said food is likely to have a smaller weighting in India’s consumer price index in the near future.The urban-rural monthly per capita consumer spending gap narrowed to 70% in 2023/24 from 84% in 2011/12, the report noted.In nominal terms, rural consumer spending climbed 9.55% year on year to 4,122 rupees ($48.23) per month in the year through July from 3,773 rupees the previous year, while urban spending rose 8.31% to 6,996 rupees from 6,459 rupees, the report showed.Adjusted for inflation, rural spending grew just 3.5%, while urban spending remained subdued due to retail inflation of about 5.5% in the fiscal year that ended in March.Compared with 2011/12, rural consumer spending rose 45.4%, outpacing the 38.1% increase in urban areas, reflecting a slight convergence in consumption patterns.Consumer spending, which accounts for about 58% of India’s economic activity, remains a critical driver of economic growth in Asia’s third-largest economy.($1 = 85.4710 Indian rupees) More