FT : AstraZeneca-Daiichi drug sharply raises breast cancer survival rate, trial

AstraZeneca-Daiichi drug sharply raises breast cancer survival rate, trial shows
Doctors hopeful antibody therapy could change treatment for most common type of late-stage breast cancer

Oncologists are hopeful a drug developed by AstraZeneca and Daiichi Sankyo will change how doctors treat the most common type of late-stage breast cancer, after data showed it doubled the progression-free survival rates of patients compared with chemotherapy.

Research presented at the world’s largest cancer research conference on Sunday demonstrated that Enhertu — an antibody treatment targeting cancers linked to a protein called HER2 — also significantly improved the overall survival rates of patients when the disease had spread throughout their bodies.

It marks the first time such a targeted therapy has improved survival rates in patients suffering from HER2-low metastatic breast cancer, a category that covers up to half of all late-stage breast cancer patients.

Jane Lowe Meisel, a cancer expert at the American Society of Clinical Oncology, said the results presented at the organisation’s annual meeting would “redefine” how doctors classify breast cancer and significantly expand the population of patients who could benefit from drugs targeting the HER2 protein.

The clinical trial of more than 550 patients found those using the drug had a 49 per cent reduction in risk of the cancer progressing and a 36 per cent reduction in risk of death compared to those who received the standard form of chemotherapy treatment. It recorded progression-free survival, the time during which the tumour was stable or shrank, of 10.1 months with Enhertu, compared with 5.4 months for those who received chemotherapy.

Both companies told the Financial Times they would use the trial results — due to be published in the New England Journal of Medicine — to seek approval from global regulators to target this new category of breast cancer patients with Enhertu.

“This is not only a breakthrough, it is practice-changing,” said Gilles Gallant, Daiichi’s global head of oncology development.

He said Daiichi was conducting studies on early-stage breast cancer patients to see if Enhertu is more effective than existing treatments and whether it could in the future cure the disease.

Enhertu is the brand name of the antibody drug conjugate trastuzumab deruxtecan, which AstraZenca and the Japanese company Daiichi are developing to treat cancers that express HER2 — a protein that helps cancer cells grow. It is a targeted treatment that is designed to deliver a payload of chemotherapy to shrink cancer cells while limiting the damage to healthy cells.

The treatment has already been approved by the US Food and Drug Administration for a smaller group of late-stage breast cancer patients with tumours, which express high levels of the HER2 protein. But the trial found Enhertu also worked against a much larger cohort of tumours that express low levels of HER2.

Existing cancer drugs, such as Roche’s Herceptin, have so far only shown benefits against the minority of tumours that produce large amounts of the HER2 protein, leaving most late-stage breast cancer patients reliant on chemotherapy to slow the progression of their disease.

Enhertu is already approved to treat certain types of gastric cancer in the US and has shown promise in treating some lung cancers.

David Fredrickson, AstraZeneca’s executive vice-president of oncology, said Enhertu had the potential to become a “multi-blockbuster” medicine by being transformative in treating different types of breast cancer, as well as types of gastric, colon and lung cancers.

He said Enhertu could become an available treatment for HER2-low breast cancer patients within months following talks with regulators.

Analysts said the trial results would probably accelerate Enhertu’s transformation into a blockbuster cancer drug, which could earn several billions of dollars a year in peak sales.

Global sales of Enhertu outside the Japanese market were worth $426mn in 2021, according to AstraZeneca.

Tara Hansen, a consultant at Informa Pharma Custom Intelligence, said the trial results were “groundbreaking” and would position Enhertu as a competitive option in a patient population with a high unmet need. She said the results would lead to an increase in the forecast peak annual sales for Enhertu, which are currently at just under $3bn in 2030.

Breast cancer recently overtook lung cancer to become the world’s most commonly diagnosed cancer. Every year more than 255,000 cases of breast cancer are diagnosed in the US.

FT : Value of US and European IPOs tumbles 90% this year

Value of US and European IPOs tumbles 90% this year
First-quarter drought extends into second quarter as Ukraine war and volatility deter companies from listing

The value of initial public offerings in the US and Europe has fallen 90 per cent this year as the Ukraine war and rising inflation and interest rates have forced businesses to shelve plans to go public.

Just 157 companies raised a total of $17.9bn in the first five months of 2022, compared with 628 that raised $192bn in the same period last year, according to data from Dealogic.

Globally, the value of IPOs dropped 71 per cent — from $283bn to $81bn — in the period and the number of listings fell from 1,237 to 596.

The figures suggest that the issuance slump in the first quarter of 2022 which was triggered by Russia’s initial invasion of Ukraine has not eased, with volumes also set to be sharply down year-on-year at the end of the second quarter, later this month.

The first three quarters of 2021 were the busiest period ever for listings, as companies rushed to go public after putting plans on hold during the coronavirus pandemic. But market volatility, the war in Ukraine and the threat of global recession have made companies much less willing to do so this year.

“A lot of people were raring to go and then a confluence of factors hit them all at once,” said Martin Glass a partner at law firm Jenner & Block who advises companies on IPOs.

“Once things stabilise, we will see a return of activity, even if it does not reach last year’s levels. People are not abandoning ship — they are pausing.” 

He added the US market had been particularly affected by a near collapse in listings of special purpose acquisition companies, shell companies that list to raise money and then find an acquisition target.

In the past two years, Spac deals hit record levels, but this has slowed to a trickle over the past six months, following some disappointing performances, more scrutiny from regulators and waning appetite among banks to underwrite them.

Dealmakers said despite worsening conditions in general for IPOs, higher energy prices as a result of the Ukraine war made listings a more attractive option for oil and gas companies.

There are also several major IPOs in preparation that could be completed by the end of the year.

UK pharma group GlaxoSmithKline has sought regulatory approval to bring its consumer health joint venture Haleon to market this year in what is expected to be the largest listing in London for a decade.

In March, US insurer AIG filed for a long-expected IPO of its life and asset management business that could value the unit at more than $20bn. Volkswagen is planning a €20bn partial float of Porsche later this year.

But lawyers predict many planned IPOs will be pushed back into 2023 as conditions take time to improve.

“Maybe if we come back from the summer holidays in September and for some bizarre reason things have suddenly turned for the better, maybe there will be more activity,” said White & Case partner Inigo Esteve, who advises companies on IPOs.

“But I’m not sure a whole lot of people are holding their breath for such a change in the underlying conditions by then.”

He added that he expected many would postpone until next year at the earliest. “Why would you launch now when you could wait for better conditions?”

Among the 10 highest-valued IPOs this year, just two listed on US or European exchanges. Private equity group TPG raised $1bn on the Nasdaq in January, while Norwegian oil and gas producer Vår Energi raised $880mn in Oslo.

WSJ : Ukraine Counterattack Takes Back Parts of Strategic Donbas City

Ukraine Counterattack Takes Back Parts of Strategic Donbas City
Close urban combat in Severodonetsk makes it harder for Russia to use artillery, as Ukraine awaits a U.S. rocket system

KYIV, Ukraine—Ukrainian forces managed to retake parts of the city of Severodonetsk as part of a counterattack, boosting hopes that they could hold off the Russian offensive in the eastern Donbas region as Kyiv waited for new long-range rocket systems to arrive from the U.S.

The close-quarters combat in Severodonetsk, the capital of the Luhansk region, makes it harder for Russian troops to unleash their artillery against Ukrainian forces. That has been Russia’s main advantage in the east, enabling them to crush Ukrainian defenses and make slow but steady gains.

Ukrainian leaders are hoping that the arrival of heavier weaponry from the West will enable them to turn the tide against better-armed Russian forces in the east of the country. The Biden administration last week said it would provide Ukraine with a guided-rocket system capable of striking targets from as far as 48 miles.

Ukraine’s push to get more capable weaponry from the West comes as France’s president expressed concerns about escalating the conflict with Moscow and as Russian President Vladimir Putin warned about the latest U.S. military assistance.

Mr. Putin said Sunday on state television that deliveries of Multiple Launch Rocket Systems, or MLRS, wouldn’t change anything, calling it an effort by the West to make up for military equipment that Ukraine had already lost. He did, however, indicate it may prompt Russia to escalate its attacks.

“If they are supplied, we will draw appropriate conclusions from this and use our own weapons, of which we have enough, to hit targets that we have not yet struck,” Mr. Putin said.

Russia, meanwhile, launched missiles at a number of sites around the country over the weekend, breaking the relative calm in Kyiv and several other regions far from the fighting in Donbas.

Explosions were heard in Kyiv early on Sunday, sending one person to the hospital. Russia’s Defense Ministry said Sunday that it was targeting equipment supplied by Eastern European countries that was located on the outskirts of the Ukrainian capital.

But Oleksandr Kamyshin, head of the state-owned Ukrainian Railways, accused Russia of lying about targeting military equipment and said the missiles struck a train car repair plant located on Kyiv’s left bank. “They want to block our opportunity to export Ukrainian products to the West,” he said in a statement Sunday.

In Mykolaiv, a city near the southern front line, three people were killed by Russian shelling, according to local media.

And in Donbas, where the fighting is now concentrated, four towns were hit by Russian missiles, including Svyatohirsk, where some 300 people were sheltering in a monastery. Four were killed and the monastery, which is a Unesco World Heritage site, was destroyed, according to Ukrainian President Volodymyr Zelensky.

“They are ready to burn everything—Orthodox churches just like anything else in Ukraine,” Mr. Zelensky said in an address posted online late Saturday night. He said 113 churches had been destroyed since the full-scale invasion began in February.

Despite Russia’s superior artillery and air power, its troops were still struggling on Sunday to take Severodonetsk, the focus of their Donbas offensive.

Moscow first captured a portion of Severodonetsk more than a week ago, and has moved forces in other regions of Ukraine into defensive postures to concentrate all available forces on taking the city, according to the Institute for the Study of War. Last weekend, Ukrainian officials spoke of potentially pulling out entirely of Severodonetsk.

The city is a Ukrainian stronghold in Luhansk and would offer Russia a symbolically important victory. Ukraine designated Severodonetsk as the administrative capital of the region after separatists seized the city of Luhansk in 2014.

But after a week of bloody, block-by-block urban fighting, Ukrainian fighters have reclaimed parts of Severodonetsk, according to Serhiy Haidai, the governor of the Luhansk region that is part of Donbas, and now control half the city.

“The occupiers lost a huge number of personnel,” Mr. Haidai wrote on Telegram on Sunday.

The British Ministry of Defense said that the Ukrainian counterattack is “likely blunting the operational momentum Russian forces previously gained through concentrating combat units and firepower.”

Russian forces in the Severodonetsk area include reserves from the self-declared Luhansk People’s Republic, according to British intelligence.

Britain’s Defense Ministry said Moscow’s use of the separatist fighters, who are poorly trained and lack heavy equipment, indicates a desire to shield Russian units from casualties in urban combat.

As fighting in Donbas continued, French President Emmanuel Macron expressed concerns about the risk of an escalation in the war. He said in an interview published Friday that Russia shouldn’t be humiliated, drawing criticism over the weekend from a top Ukrainian official.

Mr. Macron has spoken with Mr. Putin several times since Moscow’s invasion, angering some allies in Central and Eastern Europe who say dialogue benefits the Russian president.

“Russia shouldn’t be humiliated so that on the day when fighting will stop, we can fight for a way out through diplomacy,” Mr. Macron said in an interview with regional French newspapers. “I am convinced it’s the role of France to be a mediating force.”

Ukrainian Foreign Minister Dmytro Kuleba responded on Twitter, saying: “Calls to avoid humiliation of Russia can only humiliate France and every other country that would call for it. Because it is Russia that humiliates itself. We all better focus on how to put Russia in its place.”

FT : kraine hits back at Macron’s latest warning against ‘humiliating’ Putin

Ukraine hits back at Macron’s latest warning against ‘humiliating’ Putin
Retort comes as Kyiv suffers first Russian missile attacks since April

Volodymyr Zelensky’s chief of staff on Sunday hit back at remarks by Emmanuel Macron in which the French president said it was important not to “humiliate” Russia over the war in Ukraine.

In an interview with French regional newspapers on Saturday, Macron said maintaining dialogue with Vladimr Putin was crucial “so that the day when the fighting stops we can build an exit ramp through diplomatic means”.

In a Telegram post on Sunday as Russian air strikes on Kyiv resumed for the first time since April, Andriy Yermak responded, saying: “Some countries are proposing not to ‘humiliate’ Russia. At the same time we are being shelled: our cities, people.”


“They are trying to take away our territories . . . And the responsibility for crimes, for the genocide of Ukrainians should be as strict as possible. The aggressor’s responsibility is not humiliation, but justice,” Yermak added.

The French president made similar comment in Strasbourg last month, saying a peace settlement would eventually have to be negotiated between Moscow and Kyiv.

France has been playing a go-between role since before the Russia invasion with Macron holding frequent calls with leaders of Ukraine, Russia, and other countries. Working with European allies, France’s position has been to support Ukraine militarily and financially, back sanctions against Russia, and to pursue talks with all involved. But Macron has repeatedly said that any negotiated solution has to be reached between Moscow and Kyiv “by respecting the sovereignty and territorial integrity of Ukraine.”

The Elysée declined to respond to Yermak’s comments on Sunday. Elsewhere in the interview, Macron said that he believed Putin had committed a “historical and fundamental error” by invading Ukraine and that the Russian leader had “isolated himself”, a position that it would be difficult for him to get out of.


The attacks on the Ukrainian capital, which local officials said did not claim any lives, came hours after Russia’s president warned in a state television interview that Moscow would ramp up attacks if western countries continued “supplying longer-range missiles” to Ukraine’s army.

“We will strike at objects that we do not touch yet,” Putin said.

Sunday’s attacks on eastern Kyiv and other Ukrainian cities appeared to be aimed at hitting railway infrastructure, a common target along with fuel depots of almost daily Russian missile strikes across Ukraine in the months since the Russian full-scale invasion began on February 24.

Experts say the strikes are aimed at disrupting the supply of western weapons flowing into the country towards front lines in far eastern Donbas and southern coastal regions.

Russia’s defence ministry said in a post on messaging app Telegram that it used air-based long-range high-precision missiles for the strike on Kyiv. It claimed that it destroyed T-72 tanks given to Ukraine by eastern European countries as well as other unspecified armoured vehicles the ministry said were stored in a car repair facility on Kyiv’s outskirts. Ukrainian officials did not confirm the Russian claims, which it was not possible to verify.

State atomic power company Energoatom said one of Russia’s cruise missiles fired early on Sunday flew “critically low” over South Ukraine Nuclear Power Plant. It is one of four nuclear plants operating in Ukraine, including Zaporizhia Nuclear Power Plant, which is in Russian occupied southern regions.


Artillery battles, meanwhile, continued to rage in the Donbas where Ukraine claimed its troops had pushed back Russian forces within the key city of Sievierodonetsk.

“The Russians [last week] controlled 70 per cent of Sievierodonetsk, but within two days they were repelled — the city is now divided in half,” said Serhiy Haidai, governor of Luhansk region.

Sievierodonetsk, which appeared close to falling last week, is one of the last main cities not yet under Russian occupation in Luhansk region. Together with Donetsk province, it compromises Ukraine’s eastern Donbas industrial coal mining and steel heartland. Russian forces have for months unsuccessfully tried to encircle Ukrainian forces in Donbas, including in Donetsk province towns west of Sievierodonetsk.

“Over the last 24 hours, Ukrainian forces have counter-attacked in the contested city of Sievierodonetsk in eastern Ukraine, likely blunting the operational momentum Russian forces previously gained through concentrating combat units and firepower,” the UK’s defence ministry’s intelligence unit tweeted on Sunday.

WSJ : Macy’s, Gap and Other Clothing Stores Are Stuck With the Wrong Items

Macy’s, Gap and Other Clothing Stores Are Stuck With the Wrong Items
Shoppers shifted spending from casual clothes and home items, catching some retailers off guard and leaving them with excess goods

Joggers are piled up at Gap, Macy’s has too much activewear and Kohl’s is full of fleece.

Shoppers have shifted their spending from the casual clothes and home items that had been in demand during the height of the pandemic, catching some retailers off guard and leaving them with excess goods that need to be marked down.

The scenario playing out this year at Gap Inc., GPS -0.55% Macy’s Inc. M 0.04% and other chains is a reversal from the past two years, when soaring consumer demand and supply-chain delays created a scarcity of goods that allowed retailers to scale back discounts and push through price increases.

Macy’s has too many casual clothes, activewear, home textiles and tableware, as shoppers in recent weeks instead bought dressier clothes to wear to the office or social engagements. Macy’s Chief Executive Jeff Gennette said in an interview in late May that the shift was dramatic and happened faster than the company had anticipated.

Macy’s net sales jumped 13.6% in the spring quarter, compared with a year before. But Macy’s said markdowns to clear the excess inventory would weigh on profit margins going forward and warned of higher promotional levels throughout the industry as other retailers do the same.

“It’s classic supply and demand,” Mr. Gennette said. “Too much supply, not enough demand.”

Many retailers had a banner 2021 as consumers emerged from the pandemic and began going out more often to work or social engagements. Shoppers were flush with cash from their own savings and government stimulus checks. With travel and entertainment still restricted, they had fewer places to spend that money. Big beneficiaries were companies that sold apparel and home goods. Constrained supply chains kept many items in scarce supply.

Those tailwinds are reversing this year. Inflation is prompting consumers to spend more on necessities like food and fuel at the same time that they are funneling more of their disposable income to experiences like travel, entertainment and dining out. That is leaving fewer dollars for discretionary items like apparel and home goods just as the supply chain is loosening and merchandise is becoming more plentiful.

“There was a lot of misforecasting in terms of how fast that shift would go back the other way,” said Citi analyst Paul Lejuez.

Walmart Inc.’s WMT -1.72% inventories rose about 33% in the first quarter as the biggest U.S. retailer misjudged that shift in consumer spending, contributing to markdowns and weaker profits.

The increase also reflected the higher cost of goods due to inflation, executives said, along with a sudden improvement of moving goods through U.S. ports after the company had decided to buy products aggressively amid supply-chain snarls and out-of-stocks in past quarters.

At Walmart’s annual investor meeting on Friday, the company’s U.S. chief John Furner said about 20% of the inventory are items the company wishes it didn’t have, but much of the rest are goods it needed to restock or for later in the year.

“It’s going to take this quarter and probably part of next, maybe a couple of quarters would be the best way to describe it, to get back to where we want to be,” Mr. Furner said.

Analysts expect the excess inventory to crimp retail profits this year and potentially send the industry into a downward spiral of discounting that plagued it before the pandemic.

“Retailers are falling back to the problems they faced over the last few decades,” said Simeon Siegel, an analyst with BMO Capital Markets. “We are starting to see them chase growth at the expense of profits.”

The problem is acute among apparel retailers. Gap Inc., American Eagle Outfitters Inc. AEO 6.76% and Urban Outfitters Inc. URBN 2.50% are among the chains that said they were sitting on too much inventory and would have to increase discounts to clear out the excess.

Gap, which owns the Gap, Old Navy and Banana Republic chains, ended April with 34% more inventory than at the same time last year. At American Eagle, inventory jumped 46%, and at Urban Outfitters it was up 32%, compared with a year before.

Some of the increase is due to imports that were disrupted, leaving 2021 inventories below normal levels. Inflation is also a factor, but units are up too. At American Eagle, for instance, the number of units climbed 24% compared with last year.

“Our current inventory levels, mostly at the Urban Outfitters brand in North America, are higher than we would like and could lead to higher markdowns versus last year’s low levels,” Melanie Marein-Efron, the company’s finance chief, told analysts on May 25.

Some of the bloat is due to inventory that arrived late as a result of factory closures and other supply-chain delays. Abercrombie & Fitch Co. said it held clearance sales to get rid of holiday items that arrived late at its Hollister and Gilly Hicks brands because of factory closures in Vietnam.

But there are other factors at play. Retailers are placing orders with factories earlier to ensure goods arrive on time. That has made it harder to forecast demand and style trends, some executives said.

“We were defining customer trends too early in the process and were unable to chase into the right fashion choices,” Gap Chief Executive Sonia Syngal told analysts recently.

Rather than try to sell through all the excess goods at lower prices right away, some retailers are packing away items for sale at a later date. The strategy had been used for years by discounters like T.J. Maxx. Now, it is going mainstream.

Kohl’s Corp. KSS 0.73% , which has 40% more inventory than a year ago, is packing away pajamas and fleece that arrived late with hopes of selling them in the fall.

Gap is doing the same. “We are packing and holding fashion inventory that we think we can sell next year,” said Katrina O’Connell, Gap’s finance chief. “Rather than try and really push that through the system at lower margins.”

FT : Has US inflation peaked?

Has US inflation peaked?

Has US inflation already peaked?
US inflation is expected to have moderated in May, in a sign that inflation may have peaked, as weakening consumer demand and loosening supply chains mitigate price growth.

In April, the US consumer price index moderated for the first time in eight months to an annual pace of 8.3 per cent, 0.2 percentage points lower than the previous month. Despite the modest decline, inflation came in above economists’ expectations and remained at a 40-year high.

Still, a second consecutive moderation in the annual rate should offer “hope that we have indeed passed the peak in inflation”, said James Knightley, chief international economist at ING.

May’s consumer price index data, due to be published on Friday, may, in turn, give further clues as to how aggressively the Federal Reserve will raise interest rates in June and thereafter.

Economists polled by Reuters expect monthly consumer prices to have risen 0.7 per cent in May. Consumer price growth slowed to 0.3 per cent month on month in April, as surging energy and food costs fuelled by the war in Ukraine abated.

Housing, food and energy are likely to continue to contribute to inflation, as petrol prices rose in May, but that could be partially offset by auto prices and a loosening supply chain.

“Auto prices could be one of the softer CPI components because consumers are unwilling to pay current prices, so demand destruction is bringing supply and demand into balance,” said Steven Englander, a strategist at Standard Chartered.

There have been reports of increases in inventories and imports and recent rises in auto production, which could be evidence of some improvement in supply chains, Knightley said. “But order backlogs remain long and supply chains remain vulnerable to Covid containment measures elsewhere in the world.” Alexandra White

Will the ECB stick to plans to raise rates in July?
With inflation setting new eurozone records every month so far this year, it will be hard for the European Central Bank to explain why it is not immediately raising interest rates when its policymakers meet in Amsterdam next week.

Yet this is exactly what ECB president Christine Lagarde is likely to do on Thursday when she is expected to say that the central bank is sticking to its pre-announced plan to first stop buying more bonds before starting to raise its deposit rate from minus 0.5 per cent.

That means the earliest the ECB could raise rates for the first time since 2011 is at its subsequent meeting on July 21, after it stops adding to its €4.9tn bond portfolio.

The main question left to be resolved is how big the July rate rise will be. The ECB’s chief economist, Philip Lane, said this week that quarter percentage point rises were its “benchmark pace”. But he left the door open for others to “make the case for moving more strongly”.

Klaas Knot, president of the Dutch central bank, and Robert Holzmann, Austria’s central bank chief, have both discussed the potential for the ECB to follow in the footsteps of the US Federal Reserve with a half percentage point rate rise. A majority of investors polled by Deutsche Bank in May thought this would happen.

Andrew Kenningham, an economist at Capital Economics, predicted that “core inflation will continue to surprise on the upside and this will ultimately prompt the ECB to move more rapidly than many now anticipate” by ending its eight-year experiment with negative rates with one bumper rise in July. Martin Arnold

Did China’s economy stabilise in May?
China’s economy was buffeted by strict and widespread coronavirus lockdowns in April, with several indicators plummeting to two-year lows. While the severity of restrictions largely stabilised in May — and even showed signs of tentative easing towards the end of the month — the limited respite was likely not enough to avert a further slew of weak data.

Both manufacturing and services purchasing managers’ indices came in several points higher in May but remained in contraction territory, meaning that while the rate of decline in activity slowed, most companies still engaged in less activity than they did the month before. Caixin’s China manufacturing PMI also noted that the time taken for orders to reach manufacturers had increased “markedly” in May, suggesting that the country’s logistical problems were far from over.

Other indicators will probably show similarly muted improvements: analysts at Citi predict that retail sales, which declined by 11.1 per cent year on year in April, will contract by a lesser 6.8 per cent in May. Likewise, while the analysts predict trade will recover slightly, April’s data suggest the days of booming Covid-era exports are well over.

While Beijing on Wednesday instructed policy banks to extend an Rmb800bn ($120bn) credit line to fund infrastructure spending, overall stimulus is much weaker than in 2020.

A question remains over whether the slight easing in restrictions that helped cushion China’s economy last month will be sustained as the country vows to stick to its zero-Covid approach, with economists worried about the possible damage from another round of widespread lockdowns.

“Shanghai’s phased-in reopening may only represent a respite rather than a turning point,” Ting Lu, analyst at Nomura, wrote in a note. “The real turning point will be marked by a shift in China’s stance on its ZCS [zero-Covid stance] rather than headline Covid caseloads, the easing of some lockdowns or monthly activity data.” William Langley

>>> FTSE Russell releases preliminary reconstitution portfolio; final indexes wi

FTSE Russell releases preliminary reconstitution portfolio; final indexes will be announced on June 24 after the market close

Russell 3000 2022

Preliminary Additions / Deletions Full List attached

Russell Microcap 2022

Preliminary Additions / Deletions Full List attached