Live stock market updates

Catalent shares rose more than 12% after the company reached an agreement with Novo Holdings for $63.50 per share in cash. The deal values ​​Catalent at $16.5 billion on an enterprise value basis.

“Over the past several years, Catalent has built a comprehensive, integrated offering of services and capabilities to drive innovation in the healthcare system and improve patient outcomes. This transaction is a testament to our team’s hard work and dedication to this mission,” Alessandro Maselli, CEO of Catalent, said in a statement. .

The transaction is expected to close in late 2024.

The US Federal Reserve does not need to “rush” to cut interest rates, according to JP Morgan Asset Management, as more economic data pointed to a strong US economy.

Federal Reserve Chairman Jerome Powell poured cold water on market expectations for faster interest rate cuts, saying in an interview aired Sunday that the central bank will proceed cautiously in its tightening cycle and will likely move at a much slower pace.

“Why risk causing inflation to accelerate again? I think that's what (Powell) was thinking and our base case is that in June they will probably start thinking about cutting interest rates,” said Jonathan Liang, former head of the Bank of Asia in Japan. . Income investing professionals at JPMorgan Asset Management told CNBC's “Squawk Box Asia.”

Liang said he expects four interest rate cuts by the Fed of 25 basis points each starting in June, but warned that if what Powell said causes any tightening in financial conditions, the US economy may not be as strong going into the second half. From this year.

“And then they might have to cut more,” Liang said.

Data on Friday showed the United States Non-farm jobs It expanded by 353,000 in January, nearly double Dow Jones' estimate of 185,000 additions. The unemployment rate for the month stood at 3.7%, versus estimates of 3.8%.

– Shreyashi Sanyal

Mitsui Fudosan shares jumped as much as 11.8% in afternoon trading to reach a record high of 4,100 yen.

The Financial Times reported that the American activist investment company Elliott Management invited the largest real estate group in Japan to launch a project. Trillion yen ($6.74 billion) buyback plan..

Elliott also called on the company to sell its $3.6 billion stake in Oriental Land, which operates Tokyo Disneyland, the report said, citing people familiar with both Elliott and Mitsui.

Oriental Land shares fell 3.2%. Mitsui currently owns a 5.4% stake in Oriental Land, according to LSEG data, making it Oriental's second-largest shareholder.

The broader Topix index rose 0.7%, while the Nikkei 225 added 0.6%.

– Shreyashi Sanyal

In an interview with CBS' 60 Minutes on Sunday, Fed Chairman Jerome Powell said the Fed would move “cautiously” on cutting interest rates and suggested the market might be betting on too many cuts.

“We want to see more evidence that inflation is moving sustainably toward 2%,” Powell added. “Our confidence is rising. We just want a little more confidence before we take that very important step of starting to cut interest rates,” Powell told Scott Pelley on 60 Minutes, according to a CBS transcript.

“We will update [the outlook] At the March meeting. “I will say, though, that nothing has happened in the meantime that would lead me to believe that people will change their expectations significantly,” Powell added.

— Jesse Pound, Jeff Cox

Here are the market statistics for the past week:

• The Dow Jones rose 1.43% for the week, the fourth positive week in a row.
• The S&P 500 rose 1.38% for the week, the fourth positive week in a row.
• The Nasdaq Composite rose 1.12% for the week, the fourth positive week in a row.
• All three major averages have risen in 13 of the past 14 weeks.

– Jesse Pound, Christopher Hayes

Stock futures were quiet when trading began at 6pm in New York, with the three major futures contracts all trading up 0.1% from their previous close.

-Jesse Pound