Philadelphia Fed president Patrick Harker expects one rate cut this year

Merck has received US regulatory approval for its next-generation vaccine to protect adults from pneumococcal disease, which is set to challenge Pfizer’s blockbuster Prevnar shot. The US Food and Drug Administration approved Merck’s Capvaxive shot for use in all adults aged 18 and over, but the jab is tailored to protect patients aged 50 and over, Merck said on Monday. About 150,000 patients, largely older adults, are admitted to hospital with pneumonia, resulting from pneumococcal disease, each year in the US. Merck’s vaccine covers 21 serotypes, which account for 84 per cent of the pneumococcal disease in over-50s, while the 20 serotypes covered by Prevnar contribute to 52 per cent.Shares in Merck rose 1 per cent in after-hours trading.