Barclays steps to the sidelines on Moderna
Barclays downgraded Moderna shares to equal weight from overweight, citing heightened policy uncertainties and limited clinical upside drivers.
Analyst Gena Wang also slashed her price target to $45 from $111, representing a 59% reduction. To be sure, this is still 36.4% higher than where shares closed on Friday.
“While we continue to believe in MRNA’s differentiated RNA platform, we see limited upside to the stock in near term, given macro-environment uncertainties and vaccine policy risk in the US, as well as lack of other major clinical catalysts in near term,” Wang wrote in a research note on Monday.
The pharmaceutical giant has been struggling in the last year. Shares are down 20.6% in 2025 and nearly 63% over the last 12 months.
— Hakyung Kim
Asia markets traded mixed as investors assess Chinese President Xi’s comments in a meeting with top executives
Asia-Pacific markets traded mixed Tuesday, a day after Chinese President Xi Jinping signaled support to the country’s private sector and urged businesses to “show their “talents.”
Australia’s S&P/ASX 200 ended the day 0.66% lower at 8,481, after the Reserve Bank of Australia cut rates by 25 basis points to 4.1%, in line with Reuters’ estimates. This marks the RBA’s first rate cut in over four years.
Japan’s benchmark Nikkei 225 ended the day 0.25% higher at 39,270.40, while the broader Topix index advanced 0.31% to close at 2,775.51.
South Korea’s Kospi gained 0.63% to close at 2,626.81 while the small-cap Kosdaq rose 0.67% to 773.65.
Mainland China’s CSI 300 Index lost 0.88% in choppy trading to close at 3,912.78.
Hong Kong’s Hang Seng index rose 1.49% to close at 22,953.86, while the Hang Seng tech ended the day up 2.39% at 5,630.67, reversing course from the losses in the previous session after Xi’s comments in a rare closed-door symposium.
Indian markets remained in negative territory with the Nifty 50 trading 0.28% lower, while the BSE Sensex index was down 0.21% as at 1 p.m. local time.
— Amala Balakrishner
FOMC minutes in focus this week, economist says
The Federal Reserve meeting minutes will be in the spotlight this week, as investors scrutinize just how long the central bank expects to be on hold, according to Bill Adams, chief economist at Comerica Bank.
Fed Chair Jerome Powell has said repeatedly that the central bank is in “no hurry” to cut interest rates, but any clarity on the path of monetary policy will be welcomed by investors. Markets were last pricing in roughly one or two quarter-point cuts by the end of the year, according to CME Group data.
— Sarah Min
Southwest to cut 15% of corporate jobs
Southwest Airlines announced Monday it would reduce its corporate workforce by 15% in an effort to cut costs.
“This decision is unprecedented in our 53-year history, and change requires that we make difficult decisions,” CEO Bob Jordan said in a news release. “We are at a pivotal moment as we transform Southwest Airlines into a leaner, faster, and more agile organization.”
— Leslie Josephs
