Halister News

(Bloomberg) -- Arrowhead Pharmaceuticals rises 8% pre-market on 6.9k volume after William Blair analyst Y. Katherine Xu upgraded the stock to outperform from market perform, PT $6 from $2.

• Says at the R&D day last week, management revealed the TRiM platform for developing novel RNA interference (RNAi) medicines, and promised five INDs or clinical trial application filings in 2018
• Notes the high potency demonstrated from the lead two programs, ARO-AAT and ARO-HBV, in animal models, which are likely to translate into the clinic, given previous experience
• Sees 15% probability of success for ARO-AAT and ARO- HBV and 10% probability of success for the two therapies partnered with Amgen
• Says current cash can sustain operations into mid-2019, when potential initial proof-of-concept data for both ARO-AAT and ARO-HBV read out
• ARWR has 1 buy, 3 holds, no sells, avg PT $2: Bloomberg
• Shares rose 113% YTD while S&P 500 health is up 20%
• NOTE: Sept. 15, Arrowhead Pharma Rises as Cantor is Encouraged By Trial Views
  • Aug. 3, Arrowhead Pharma 3Q Loss Per Share Narrower Than Estimates

To contact the reporter on this story: Tatiana Darie in New York at tdarie1@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Steven Fromm

(Bloomberg) -- Treasury futures (TY1) technical levels in focus.

• Daily trend bias: Bearish
• Comment: Consolidates recent losses along 126-08+/126-06 support area (55-, 100-DMAs); stays bearish for potential test at 125.31+ Fibonacci line
  • Resistance: 126-11; 126-16; 126-18; 126-25; 126-28/29+
  • Support: 126-06; 125-31+; 125-29
• NOTE: Contract rolls with active futures on GFUT (no adjustments)
• NOTE: Sejul Gokal is a FICC technical strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice

To contact the reporter on this story: Sejul Gokal in London at sgokal1@bloomberg.net To contact the editors responsible for this story: Ven Ram at vram1@bloomberg.net Keith Jenkins

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.

• To get this story sent to your inbox real-time, run NI INRATINGS, click on Display & Edit, then Set Alert Delivery

UPGRADES

• Golden Agrarian
  • Cash credit raised to BB- from B+ at Brickwork
  • Cites improvement in topline, consistency in maintaining debt coverage ratios
• Industrial Solvents
  • Fund-based limits raised to A+ from A at ICRA
  • Cites increase in profitability margins
• Jindal Stainless Steelway
  • Long-term bank facilities raised to BBB from BBB- at Care
  • Cites improvement in profitability
• Maruichi KUMA Steel Tube
  • LT bank facilities raised to A from A- at Crisil
  • Expects company to maintain its improved business risk profile over the medium term
• The India Cements
  • LT bank facilities, NCD raised to A from A- at Care
  • Cites improvement in operational performance
• The Phoenix Mills
  • Term loans raised to A+ from A at India Ratings
  • Cites reduced support to special purpose vehicles

DOWNGRADES

• Bajaj Energy
  • Term loan cut to BB- from A at India Ratings
  • Cites termination of tariff payments, increase in debt
• Intercontinental Consultants
  • LT fund-based limits cut to A from A+ at ICRA
  • Cites marginal growth in operating income, sharp decline in profitability
• Sri Adhikari Brothers Television
  • LT bank facilities cut to D from BBB- at Crisil
  • Cites delays in servicing of interest, principal repayment obligations on term loans
• Tinna Rubber
  • Term loans cut to D from B+ at ICRA
  • Cites delays in debt servicing

(Bloomberg) -- Bitcoins and other digital currencies are seen as virtual commodities in Hong Kong and these commodities might not have monetary backing, Hong Kong Monetary Authority Chief Executive Norman Chan says on the sideline of a conference in the city.

• As bitcoins or other digital currencies do not require holders to trade under their real names, banks and other financial institutions should be careful about potentially breaching anti- money laundering requirements: Chan
• NOTE: Hong Kong Regulators Looking Into ICOs, Finance Chief Chan Says

To contact the reporter on this story: Emma Dai in Hong Kong at edai8@bloomberg.net To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net Jasmine Wang

(Bloomberg) -- Bund futures (RX1) technical levels in focus.

• Daily Trend Bias: Bearish
• Comment: May lay eyes on moving-average zone 160.70-55 (100-, 55-DMAs) as momentum indicators continue drifting lower, skewing risks to the downside; oversold signs to be monitored closer to 160.20 area (200-DMA)
  • Resistance: 161.42 (pivot); 161.76-82; 162.05-07
  • Support: 161.07 (pivot), 160.85; 160.70-55; 160.50
• NOTE: Roll-adjusted by difference in GFUT
• NOTE: Sejul Gokal is a FICC technical strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice

To contact the reporter on this story: Sejul Gokal in London at sgokal1@bloomberg.net To contact the editors responsible for this story: Ven Ram at vram1@bloomberg.net Scott Hamilton

(Bloomberg) -- Australia’s 3-year bond yielding around 2.15% is starting to look very appealing, says Adam Donaldson, head of debt research at Commonwealth Bank of Australia in Sydney.

• “It’s probably time to go long,” he says by phone Monday
• “We’ve certainly seen some quite solid data” including employment figures, he says. “That has seen the market starting to consider whether the RBA could be tightening policy earlier than previously thought”
• Still, the view that Bank of Canada’s tightening may foreshadow a similar move in Australia seems inaccurate as there continues to be substantial slack in the local labor market
• RBA wouldn’t want to aid appreciation of Aussie dollar by signaling a tightening bias
• Australia’s 10-year yield spread over Treasury note may widen “a little bit further” from 60bps because background environment is still a bit too volatile and uncertain to expect to see real money starting to buy that
• Yet, the spread is definitely approaching “value territory”
• NOTE: 3-year yield rises 5bps to 2.17%, highest since December 2015
• NOTE: Spread reached 61bps on Sept. 6, most since Oct. 20

--With assistance from Ron Harui. To contact the reporter on this story: Masaki Kondo in Singapore at mkondo3@bloomberg.net To contact the editors responsible for this story: Tan Hwee Ann at hatan@bloomberg.net Nicholas Reynolds

--LI LIU