| Biogen's drug, Bitcoin drops, and Delta's dangerous. Alzheimer'sShares in Biogen Inc. closed 38% higher yesterday after the company's controversial Alzheimer's disease therapy was approved by U.S. regulators. Eisai Co. Ltd, Biogen's Japanese partner, saw its shares jump by the daily limit amid a glut of bids. The potential for billions of dollars in sales has also lifted rival drugmakers working on similar therapies as the U.S. Food and Drug Administration approval seemed to signal a shift in how the regulator views such treatments. Slipping One of Bitcoin's biggest selling points has always been that it is beyond the reach of government, so the news that U.S. authorities had recovered most of the ransom paid to perpetrators of the Colonial Pipeline hack last month has made some holders nervous. The crytocurrency tumbled as much as 7% this morning as the latest news added to pressure from Elon Musk's rebuke of the token and pressure from Chinese regulators. Side effects Hearing impairments, severe gastric upsets and blood clots leading to gangrene have all been linked by doctors in India to the delta variant of Covid-19, which drove the country's devastating second wave. It comes as the U.K. sees cases of the variant rapidly rising ahead of a decision on whether to fully reopen the economy on June 21. U.S. President Joe Biden and U.K. Prime Minister Boris Johnson plan to use this week's Group of Seven leaders summit to rally support for a global vaccine push. Markets quietGlobal equities remain uninspired. Coming up... The April U.S. trade balance is at 8:30 a.m., with job openings data for that month published at 10:00 a.m. The U.S. sells $58 billion of 3-year notes at 1:00 p.m. Apple Inc.'s Developers Conference continues. The Bloomberg Deals Summit begins. Jeffrey Gundlach's webcast is today. What we've been readingHere's what caught our eye over the last 24 hours. And finally, here's what Joe's interested in this morningEveryone knows that the housing market in the U.S. has gone absolutely bezerk over the last year. It's kind of a perfect storm of factors of factors, with supply and demand all hitting at once. On the latest episode of our podcast, we spoke with Ali Wolf, a housing economist at Zonda who helped break it all down.
This morning we published the transcript of the chat, and here's one thing that stood out: An absolute explosion in the number of new homes sold to relocation buyers (people moving to a different city) relative to pre-pandemic levels: ..we are having division presidents say it can be up to 50% to 80% of all of their sales right now are coming from relo buyers. That's not normal. I don't have the exact, like for like, I know that the majority of them are saying that's increasing. I would say from what we heard before the pandemic was probably closer to 10 to 20, because you did have people moving before the pandemic. Just not to the same extent that you're seeing today. So that's a huge shift in some markets.
Of course, there really are numerous factors, as the last table here from Ali shows. Basically every group of possible homebuyers sees reason to buy right now.
Joe Weisenthal is an editor at Bloomberg
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