Business
Energy shock jolts Asian equities as AI-led rally leaves South Korea most exposed – The Times of India
AI-driven surge left valuations stretched
Moody’s said the turbulence followed a strong rally in January and February led by technology-heavy markets such as South Korea and Taiwan, fuelled by optimism around artificial intelligence.Gains were concentrated in sectors linked to semiconductor demand, particularly memory chips where South Korean firms hold dominant global positions. By early 2026, the benchmark index had “nearly tripled relative to early 2025”, leaving valuations stretched and markets vulnerable to sudden risk-off moves.The geopolitical shock proved to be “exactly such a trigger”, the report said, as investors reassessed elevated valuations amid rising macroeconomic uncertainty.
Energy dependence amplifies downside risks
Developed Asian markets remain particularly sensitive to commodity price shocks because of their reliance on imported energy. Moody’s said economies such as South Korea, Japan and Taiwan import most of the oil and gas they consume, making them vulnerable to inflation risks and potential policy tightening if energy costs remain elevated.Foreign investors, aware of this sensitivity, sold South Korean equities, adding downward pressure. The report observed that “with valuations inflated by the AI-driven rally, South Korean equities recorded some of the steepest declines across the region”.Elsewhere in Asia-Pacific, equity declines were more contained. China and India saw pullbacks broadly in line with normal market swings, supported by structural buffers such as lower foreign investor participation and, in China’s case, capital controls.
Volatility set to stay elevated
Moody’s expects market volatility to remain high in the near term. Realised volatility across most Asia-Pacific markets has moved close to the upper end of historical ranges, comparable to levels seen during earlier episodes of global trade tensions.Under its baseline scenario, the report assumes the Middle East conflict will be limited in duration and commodity flows will eventually normalise, allowing oil and gas prices to fall back toward pre-conflict levels.However, it warned of downside risks if tensions persist. Sustained high energy prices could inflict greater economic damage across the region and trigger sharper equity sell-offs, particularly in markets where AI-driven optimism had already pushed valuations to elevated levels.
Business
Intellia Therapeutics says its Crispr-based treatment succeeds in pivotal trial
Intellia Therapeutics, building exterior and company sign, Cambridge, Massachusetts, USA.
Spencer Grant | Universal Images Group | Getty Images
Intellia Therapeutics said its Crispr-based treatment for a rare swelling condition met its goals in a late-stage trial, marking a milestone for the field of gene editing and putting the company on track to seek approval from the U.S. Food and Drug Administration.
The company’s treatment uses Nobel Prize-winning technology Crispr to edit DNA and turn off the gene that controls production of a peptide that’s overactive in people with hereditary angioedema, causing them to experience potentially life-threatening swelling attacks. Intellia’s treatment is administered once through an hourslong infusion, making the edits directly in the liver.
Intellia said the one-time treatment reduced attacks by 87% compared with a placebo, meeting the study’s main goal. Six months after treatment, 62% of patients were free from attacks and weren’t using other therapies, Intellia said.
The company described the safety and tolerability of the treatment as “favorable,” reporting the most common side effects were infusion-related reactions, headaches and fatigue. Analysts were closely watching safety in the trial since a patient in a separate trial of a different treatment from Intellia died. That patient developed a liver injury and ultimately died from septic shock following an ulcer, according to the company.
“When you think about where we started with Crispr, just 12 years ago with some of the fundamental insights, I think there was a lot of talk about what might be possible, and we’ve had reports along the way in terms of milestones, but this is the first Phase 3 data in any indication with in vivo Crispr where you’re actually changing a gene that causes disease,” said Intellia CEO John Leonard.
The only FDA-approved Crispr-based medicine comes from Vertex Pharmaceuticals. Called Casgevy, the gene editing is done outside the body, or ex vivo. The process requires collecting a person’s blood cells, making the edits outside the body, then reinfusing them back into a patient. Intellia’s treatment, meanwhile, makes the edits inside the body, or in vivo.
Intellia said it has started a rolling application with the FDA and plans to complete the filing in the second half of this year. The company expects to launch the treatment in the U.S. in the first half of next year, if it’s approved.
If approved, Intellia’s treatment, lonvoguran ziclumeran, will compete with about a dozen other chronic drugs for HAE. Despite the allure of a one-time treatment, genetic medicines haven’t always been a commercial successes. BioMarin withdrew its gene therapy for Hemophilia A because of weak sales, for example.
Leonard said there are important differences between the two, like the fact that BioMarin’s therapy faced questions about how long the effects would last. In contrast, he said Intellia hasn’t seen a single case in almost six years where the effects diminished over time.
Despite the results, he’s reluctant to call Intellia’s treatment a functional cure.
“I think this is a tipping point for the disease and tipping point for Crispr-based in vivo therapy where you can make a change [and] it’s permanent,” Leonard said. “And, as far as we can tell, we don’t have a single patient in this program or other program where there’s been any waning of the effect of what we did to the gene or the effect of what we’ve seen with the clinical aspects of the disease itself. So it’s pretty exciting.”
Clarification: This story has been updated to clarify that a patient in a separate trial of a different treatment from Intellia developed acute liver injury and ultimately died from septic shock following an ulcer.
Business
European flight prices are falling in short-term, Wizz Air boss says
While many airlines say they are raising prices due to high fuel costs, József Váradi says European airlines are trying to boost demand
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Business
Claire’s closes all 154 stores in UK and Ireland with loss of 1,300 jobs
All of the chain’s standalone stores have stopped trading in the UK and Ireland.
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