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Virtually every major asset class has been stung by volatility over the past week as the combined U.S. and Israeli assault on Iran caused one of the most rapid spikes in crude-oil prices on record.
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Gold prices declined on Monday, extending their loss from last week, as an escalating conflict with Iran drove fears of sticky inflation on the back of surging prices of oil, and investors again took shelter in the dollar.
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Both companies' stocks rose in the wake of the news.
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Higher prices will push inflation upward in 2025, limiting the Federal Reserve's ability to cushion the soft U.S. labor market, said former Pimco CEO Mohamed El-Erian.
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Hims & Hers shares jumped more than 50% in premarket trade on Monday after ending a dispute with Novo Nordisk by striking a partnership with the Danish drug giant.
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Novo Nordisk is dismissing its patent infringement lawsuit against telehealth company Hims & Hers, as the two companies have reached an agreement that will see Novo Nordisk's branded weight loss medicines sold through the Hims platform.
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Crude prices were surging on Monday amid signs that the Iran conflict wasn't de-escalating, and as some major oil producers were reportedly forced to cut production.
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