KraneShares MSCI All China Health Care Index ETF (ARCA: KURE)

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The fund will invest at least 80% of its total assets in components of the underlying index, depositary receipts, including American depositary receipts, representing such components and securities underlying depositary receipts in the underlying index. The underlying index is a free float adjusted market capitalization weighted index designed to track the equity market performance of Chinese companies engaged in the healthcare sector. The fund is non-diversified.

Shenzhen Mindray Bio-Medical Electronics Co Ltd

Beigene Ltd Ord Hkd 0.0001

Legend Biotech Corp

KraneShares MSCI All China Health Care Index ETF

KURE TECHNOLOGIES INC by Kure Technologies, Inc.

Kure Technologies Inc

Kureha Corp

Valens Semiconductor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLN#NYSE">VLN</a>), a leader in high-performance connectivity,&nbsp;today&nbsp;announced that it will display its innovative connectivity technology required for various AI applications at Embedded World 2025. Valens will display demonstrations in collaboration with a variety of companies, all offering the machine vision market cutting-edge solutions based on Valens' standard-compliant chipsets. These companies include Leopard Imaging, Acroname, Airy3D, Cherry Embedded Solutions, D3 Embedded, Fabrimex, Framos, Intel, RGo Robotics, and Teledyne e2v.

News

INTC

Valens Teams With Intel, Teledyne, and Others to Power Next-Gen Machine Vision Solutions, To Showcase AI-Driven Connectivity Tech at Embedded World 2025

VMAR

Vision Marine Technologies Announced The Filing Of A New Patent Application With Kennedy Lenart Spraggins, For Adaptive Control Of A Water Pump In A Marine Propulsion System

<ul>
<li>ESK-001 is a highly selective, next-generation oral tyrosine kinase 2 (TYK2) inhibitor currently under development in moderate-to-severe plaque psoriasis and systemic lupus</li>
<li>Phase 2 OLE data of ESK-001 at 40 mg BID demonstrated sustained or increasing clinical responses through week 52 on PASI 90, PASI 100, and sPGA 0</li>
<li>ESK-001 was generally well-tolerated at one year, with no new safety findings</li>
<li>Data further support ESK-001's potential to offer a highly differentiated and best-in-class treatment option for people with moderate-to-severe plaque psoriasis
<ul>
<li>Phase 3 ONWARD program ongoing with topline data expected in Q1 2026</li>
</ul>
</li>
</ul>

ALMS

Reported Saturday, Alumis' ESK-001 Demonstrates Sustained PASI 90 And PASI 100 Responses At Week 52 In Phase 2 Psoriasis Study

<ul>
<li>Standout combination of complete skin clearance and favorable safety profile in a once daily pill could shift treatment paradigm</li>
<li>Nearly half of patients with moderate-to-severe plaque psoriasis (PsO) treated with investigational icotrokinra achieved completely clear skin (IGA 0) at Week 24 in Phase 3 ICONIC-LEAD</li>
<li>Topline results from Phase 3 ICONIC-ADVANCE 1&amp;2&nbsp;studies show icotrokinra achieved co-primary endpoints and showed superiority to deucravacitinib in moderate-to-severe plaque PsO</li>
<li>These results pave the way to initiate the first-ever head-to-head study seeking to demonstrate the superiority of a pill versus injectable biologic in moderate-to-severe plaque PsO</li>
</ul>

Reported Saturday, Johnson & Johnson's Icotrokinra Achieves Complete Skin Clearance In 46% Of Patients At Week 24, Showing Potential To Redefine Psoriasis Treatment

Economist Mohamed El-Erian highlighted the risks of an economic slowdown as Federal Reserve Chairman Jerome Powell reiterated that the economy was growing at a &#8220;solid pace&#8221; during his Friday address at the University of Chicago.
What Happened: During a podcast with Forward Guidance, the chief economic advisor at Allianz, El-Erian underscored &#8220;two disturbing data&#8221; sets on the stagflation side.
This included a fall in February&#8217;s ISM Manufacturing New Orders Index, which contracted to 48.6% after expanding for three months, indicating a weakening demand and a decline in new orders compared to the previous month.
The other data set highlighted by El-Erian included February&#8217;s job report, wherein nonfarm payrolls increased by 151,000 and the unemployment rate rose to 4.1%, the highest in 3.5 years, thus inducing uncertainty in the labour market. However, &#8220;one qualification is the slip in labor force participation,&#8221; from 62.6% to 62.4%, according to him.
&#8220;So the concern that we all have, is that while growth is slowing down, companies will feel that they need to pass on the higher costs into higher prices, of course that&#8217;s why tariffs play a major role because people are worried that it won&#8217;t be a once and for all effect, it may be a repeated effect, so there&#8217;s a price level and then there&#8217;s an inflation effect,&#8221; he said.
Economic slowdown was &#8220;the talk of the town,&#8221; El-Erian said while highlighting lower oil prices, negative stock futures, lower yields, and a weaker dollar on Monday.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The possibility of lower US economic growth is now the talk of the town, amplified by this weekend's remarks from high-level officials. As you would expect, the market impact so far this early morning in Asian trading includes lower oil prices (with Brent again joining WTI below… <a href="https://t.co/egyftI2GpR">pic.twitter.com/egyftI2GpR</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1898950253325279263?ref_src=twsrc%5Etfw">March 10, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Meanwhile, President Donald Trump did not rule out a recession this year, acknowledging potential short-term turbulence from his economic agenda but expressing confidence in future prosperity. In a Fox News interview, he said, "I hate to predict things like that" and called the changes "very big."
See Also: <a href="https://www.benzinga.com/government/regulations/25/03/44160833/us-dollar-weakness-a-symptom-not-cause-argues-expert-as-economist-hails-devaluation-to-restore-global-growth">US Dollar Weakness A &#8216;Symptom Not Cause,&#8217; Argues Expert As Economist Hails Devaluation To &#8216;Restore Global Growth&#8217;</a>
Why It Matters: Despite the looming uncertainties and the difficulty of businesses to chart their way forward, Fed Chair Powell <a href="https://www.federalreserve.gov/newsevents/speech/powell20250307a.htm">said</a>, &#8220;The U.S. economy continues to be in a good place.&#8221;
He reaffirmed that the labor market is solid, and inflation has moved closer to the 2% longer-run goal. &#8220;At the Federal Reserve, we are intently focused on the dual-mandate goals given to us by Congress: maximum employment and stable prices,&#8221; Powell said.
Outlining the future course of action, he said that if inflation doesn&#8217;t fall to the 2% goal, the Fed will maintain policy restraint for longer and if the labor market weakens, the Fed will ease the policy accordingly.
Talking about the rate cuts, El-Erian added that he sees one cut and not three cuts in 2025 because of the persistent inflation and how the Fed is unlikely to &#8220;look through&#8221; that issue, the way they did in 2021.
Price Action: Futures of the Dow Jones slipped to 0.38%, whereas S&amp;P 500 and Nasdaq 100 declined by 0.49% and 0.61% respectively. Crude Oil WTI Futures dropped 0.51% to $66.7, the dollar index spot was down to the 103.816 level and the 10-year Treasury bonds yielded 4.29% as of 2:18 a.m., EDT.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, advanced on Friday. SPY gained 0.56% to $575.92, and QQQ was up 0.74% to $491.79, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/03/44159401/rigetti-claims-leadership-in-quantum-computing-race-aims-to-scale-to-100-qubits-as-it-looks-to-catch-up-with-ibm-google">Rigetti Asserts &#8216;Leadership&#8217; In Quantum Computing Race, Aims To Scale To 100 Qubits As It Looks To Catch Up With IBM, Google</a></li>
</ul>
Photo courtesy: Federal Reserve

Equities

Government

Market Summary

Economics

Federal Reserve

Markets

US Economic Slowdown 'Talk Of The Town,' Says Economist Mohamed El-Erian As Fed Chair Powell Reaffirms Growth At 'Solid Pace'

<ul>
<li>Low disease activity was observed after a mean duration of 80 consecutive days off-treatment following success with VTAMA cream, with a mean weekly Peak Pruritus Numerical Rating Scale (PP-NRS) score of 2.9 at the end of the treatment-free interval</li>
<li>Data presented as late breaker at 2025 American Academy of Dermatology (AAD) Annual Meeting</li>
</ul>

Reported Saturday, Organon's VTAMA Phase 3 Data Shows 84% Of Patients Maintained Mild Disease After 80-Day Off-Treatment Interval In Adults And Children 2+

<ul>
<li>Significantly more patients treated with Sotyktu achieved ACR and PASI response rates and had greater improvements in patient-reported quality of life compared with placebo at Week 16</li>
<li>Sotyktu was well-tolerated in comparison with placebo and apremilast, demonstrating safety consistent with its established clinical profile</li>
</ul>

Reported Saturday, Bristol Myers Squibb Presents Late-Breaking Phase 3 Data Showing Sotyktu Superior To Placebo In Psoriatic Arthritis

<ul>
<li>Nearly half of patients with moderate-to-severe plaque psoriasis (PsO) treated with icotrokinra achieved completely clear skin (IGA 0) at Week 24 in Phase 3 ICONIC-LEAD study</li>
<li>Topline results from Phase 3 ICONIC-ADVANCE 1&amp;2studies show icotrokinra achieved co-primary endpoints and showed superiority to deucravacitinib in moderate-to-severe PsO</li>
<li>Results pave the way to initiate the first-ever head-to-head study (ICONIC-ASCEND) seeking to demonstrate the superiority of a pill versus injectable biologic in moderate-to-severe PsO</li>
</ul>

PTGX

Reported Saturday, Protagonist Reports Icotrokinra Achieved IGA 0/1 In 74% Of Patients At Week 24 With Favorable Safety Profile

Four Canadian stores of&nbsp;Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) have been suspected of exploiting the country&#8217;s EV rebate program. The stores are said to have sold an average of 30&nbsp;cars per hour over three days, claiming&nbsp;over 50% of the&nbsp;remaining rebate funds.
What Happened: Four Tesla stores in Canada managed to sell an average of 30 cars per hour, amounting to 120 cars per hour across all four locations, as <a href="https://www.thestar.com/news/canada/tesla-gamed-the-system-canadian-auto-dealers-stiffed-millions-when-u-s-giant-rushed-to/article_6d1025c6-fa0a-11ef-b780-a73277202cb2.html">reported </a>by the Toronto Star on Friday. 
This sales boom lasted for three consecutive days, even during hours when the stores were supposedly closed. Reportedly, a total of 8,653 cars were sold during the final 72 hours of the EV rebate program, also known as the iZEV Program.
Consequently, the Elon Musk-led company applied&nbsp;for C$43.1 million ($30 million) in&nbsp;rebates, which is over&nbsp;half of the remaining C$71.8&nbsp;million ($50 million) allocated for EV&nbsp;rebates.
The iZEV rebate program provided incentives ranging from C$2,500 ($1740.29) to C$5,000 ($3480.57) for purchasing electric vehicles and plug-in hybrids. Dealerships applied the rebate directly to the purchase price, anticipating reimbursement from the government.
Tesla did not immediately respond to <a href="http://pro.benzinga.com">Benzinga&#8217;s</a> request for comment.
As a result of the incident, the rival brands haven&#8217;t been able to access the EV credits as Tesla claimed more than half of them. The Canadian Automobile Dealers Association (CADA), has received rebate claims for 2,295 electric vehicles from 226 dealers who are yet to receive the reimbursement, resulting in a collective shortfall of C$10 million.
CADA&#8217;s spokesperson, Huw Williams, told the Toronto Star, "Somehow, Tesla gamed the system. What we can't figure out is how this could have happened without setting off alarm bells."
Notably, Transport Canada, the body which oversees the iZEV rebate program, has not clarified whether any wrongdoing took place. It also stated that there is no restriction preventing Tesla from submitting rebate paperwork in bulk after delivering sold cars.
SEE ALSO: <a href="https://www.benzinga.com/news/25/03/44211240/warren-buffett-on-debt-and-donald-trumps-money-moves-trump-never-went-right">Warren Buffett on Debt and Donald Trump&#8217;s Money Moves: Trump &#8216;Never Went Right&#8217;</a>
Why It Matters: Tesla has been struggling in Canada, wherein thousands of Canadians have even signed a petition for revoking Musk&#8217;s Canadian citizenship. According to&nbsp;data from shop4tesla.com, the EV maker&#8217;s sales in Canada have dropped by approximately 70% between December 2024 and January 2025.
This surge in sales comes on the heels of Tesla&#8217;s recent offer of lifetime free supercharging for new Foundation Series Cybertruck purchases in Canada. Tesla <a href="https://www.benzinga.com/tech/25/03/44160193/tesla-offers-lifetime-free-supercharging-on-foundation-series-cybertruck-purchases-in-canada-mexico">announced this offer </a>to make the expensive truck more appealing to customers. The offer, valid for orders placed on or after March 5, lasts for the duration of the customer's ownership of the vehicle and is non-transferable.
<ul>
<li>READ MORE: <a href="https://www.benzinga.com/markets/25/03/44212993/palantir-ceo-alex-karp-meets-hyundai-vice-chair-to-enhance-ai-shipyard-defense-collaboration-amid-trumps-call-for-us-shipbuilding-revival">Palantir CEO Alex Karp Meets Hyundai Vice Chair to Enhance AI Shipyard, Defense Collaboration Amid Trump&#8217;s Call for US Shipbuilding Revival</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

TSLA

Tesla Suspected Of EV Rebate Manipulation In Canada Amid Sudden Sales Surge Before Deadline: 'Tesla Gamed The System', Says Industry Body

<ul>
<li>Results presented in AAD late-breaker demonstrate bempikibart's encouraging improvement on SALT reduction at week 24 and continued effects after dosing cessation in patients with severe and very severe alopecia areata (AA) --</li>
<li>Durable, ongoing responses in multiple patients through week 36 follow-up period and beyond to week 55, despite only 24 weeks of dosing, suggestive of potential for remittive effect; multiple inbound patient requests to re-initiate dosing --</li>
<li>In the Phase 2a clinical trial, bempikibart was observed to be safe and well-tolerated, with PK supporting subcutaneous dosing and receptor occupancy data demonstrating desired target engagement; clinical biomarkers showed changes in Th2 biomarkers, and expected on-mechanism changes in T-cells, indicative of potent IL-7 and TSLP inhibition --</li>
<li>Bempikibart development program remains on track with open-label extension study to initiate in 1H'25; SIGNAL-AA Part B remains on track for initiation of dosing in 1H'25, with topline data expected in 1H'26 --</li>
</ul>

QTTB

Reported Saturday, Q32 Bio Presents Phase 2a Data Showing Bempikibart Induces Sustained Hair Regrowth Post-Treatment In Severe Alopecia Areata

<ul>
<li>Late-breaking results presented at AAD show 80% or more scalp hair coverage at Week 36 in 42.4% of adolescents receiving baricitinib 4 mg</li>
<li>Patients treated with&nbsp;baricitinib 4 mg saw significant regrowth of eyebrows and eyelashes at Week 36 compared to placebo</li>
<li>Positive data underscore Lilly's continued expansion across dermatologic conditions, with treatments that can improve outcomes for patients with the greatest need</li>
</ul>

INCY

Reported Saturday, Lilly And Incyte Present Late-Breaking Phase 3 Data Showing Baricitinib Significantly Improves Scalp, Eyebrow, And Eyelash Regrowth In Teens With AA

Macro Economic Events

Econ #s

Germany Trade Balance For January 16.0B Vs. 21.0B Est.; 20.7B Prior

Germany Industrial Production (MoM) For January 2.0% Vs. 1.6% Est.; -2.4% Prior

<ul>
<li>Tour 2025 Presented by Snapdragon, will see Manchester United return to the US for the third consecutive year, joining Premier League Summer Series for the first time</li>
<li>The round-robin series features three fixtures, with United set to face West Ham in New Jersey (26 July), AFC Bournemouth in Chicago (30 July) and Everton in Atlanta (3 August)</li>
</ul>

MANU

Reported Sunday, Manchester United To Play In Premier League Summer Series For First Time As Part Of Tour 2025 Presented By Snapdragon

CRT 2025 Late Breaking Science features largest head-to-head randomized control TAVR trial&nbsp;to primarily enroll women using the two most widely used global TAVR devices

Reported Sunday, Medtronic Evolut TAVR Demonstrates Superior Durability And Valve Function In Small Annulus Patients, SMART Trial Shows

A subsidiary of Xpeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/XPNGF#OTC">XPNGF</a>), a Chinese electric vehicle maker and Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rival, plans to become the world&#8217;s first mass producer of <a href="https://in.benzinga.com/insights/options/25/03/44111960/xpeng-options-trading-a-deep-dive-into-market-sentiment">flying cars by 2026</a>.
What Happened: Xpeng Aeroht&#8217;s &#8220;land aircraft carrier&#8221; — a modular vehicle featuring a passenger drone that unfolds from a six-wheeled van — completed its first public flight at the November Zhuhai Airshow and has reportedly secured approximately 3,000 intended orders, <a href="https://www.straitstimes.com/asia/mass-production-of-flying-cars-in-sight-amid-chinas-low-altitude-economy-push">reported</a> The Straits Times.
&#8220;In 2026, Xpeng plans to mass produce, for the first time, our modular flying car,&#8221; Xpeng Chairman and CEO He Xiaopeng said on Friday. The company broke ground in October on a factory designed to produce 10,000 flying cars annually when completed in the first quarter of 2026.
Priced at no more than 2 million yuan ($275,000), the vehicle accommodates four passengers in the car portion and two in the detachable drone. Initial applications will likely focus on tourism and short-haul rescue missions rather than everyday transportation.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/25/03/44212386/stock-futures-drop-as-reverse-trump-trade-takes-holdpeter-schiff-says-market-shift-long-overdue-and-will-likely-continue-for-a-decade" target="_blank" rel="noreferrer noopener">Stock Futures Drop As ‘Reverse Trump Trade' Takes Hold—Peter Schiff Says Market Shift ‘Long Overdue' And Will Likely Continue For A Decade</a>
Why It Matters: China&#8217;s government has prioritized the &#8220;low-altitude economy&#8221; — economic activity below 1,000 meters — labeling it a &#8220;new growth engine&#8221; in its 2024 annual work report. The sector, projected to reach one trillion yuan ($138 billion) by 2025, encompasses drone deliveries, <a href="https://www.benzinga.com/news/24/10/41551820/flying-taxis-are-almost-here-joby-archer-aviation-applaud-new-faa-regulations-for-evtol-aircraft">air shuttles, and flying taxis</a>.
Regulatory hurdles remain the primary challenge. He Xiaopeng cited concerns about vehicle certification, takeoff regulations, and pilot licensing requirements. &#8220;Right now, I see many problems,&#8221; he acknowledged.
Xpeng&#8217;s ADR stock on NYSE rose 6.16% to $23.60 in Friday&#8217;s trading, though analysts maintain an <a href="https://www.benzinga.com/quote/XPEV/analyst-ratings">average price target</a> of $17.44, suggesting a potential 37.04% downside ahead of the company&#8217;s fourth-quarter earnings report due Mar. 18.
<figure class="wp-block-image aligncenter size-full is-resized"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/10020824/Screenshot-2025-03-10-at-11.35.56%E2%80%AFAM.png" alt="" class="wp-image-815913" style="width:694px;height:auto" /></figure>
Price Action: Xpeng traded at 88.85 HKD ($11.43) on the Hong Kong Exchange as of Monday at 1:21 PM local time, down 1.28% for the day.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/03/44212672/jamie-dimon-cashed-out-234-million-in-jpmorgan-stock-warren-buffett-stockpiled-334-billion-in-cash-weeks-later-markets-crashed-coincidence" target="_blank" rel="noreferrer noopener">Jamie Dimon Cashed Out $234 Million In JPMorgan Stock, Warren Buffett Stockpiled $334 Billion In Cash — Weeks Later, Markets Crashed. Coincidence?</a></li>
</ul>
Image Via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Asia

XPEV

XPNGF

Tesla Rival XPeng Aims To Mass-Produce Flying Cars By 2026, But Regulators May Ground Takeoff

<ul>
<li>Authorized share increase approval supports the FX strategy and continued deliveries of the FF 91 2.0.</li>
<li>Company stock ticker to officially change to "FFAI" starting March 10, 2025.</li>
</ul>

FFIE

Reported Earlier, Faraday Future Gains Shareholder Backing To Raise Capital, Issue Shares For Operations, And Accelerate FX Project

MEOH

Reported Earlier, Methanex Geismar 3 Plant Outage To Impact Q2 Sales, Repair Costs Not Expected To Be Material

BTDR

Reported Earlier, Bitdeer Completes SEAL03 Chip Testing, Achieves 9.7J/TH Power Efficiency Ahead Of SEALMINER A3 Launch

<ul>
<li>Will add UNLOXCYT&#x2122; (cosibelimab-ipdl), the first and only FDA-approved anti-PD-L1 treatment for metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) to Sun Pharma's global onco-derm franchise</li>
<li>Will leverage Sun Pharma's global presence to accelerate patient access to UNLOXCYT&#x2122; (cosibelimab-ipdl)</li>
<li>Upfront cash payment of $4.10 per share of common stock, representing aggregate upfront consideration of up to $355 million Stockholders will also receive a contingent value right for up to $0.70 per share on achievement of a milestone</li>
</ul>
&nbsp;

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