Composing a high-frequency financial conditions index and the implications for economic activity

In this study, we construct an index using high-frequency data related to financial markets and intermediation services in Turkey, called the High-Frequency Financial Conditions Index, employing alternative statistical techniques for the period from 2006 to 2020. We also analyze the informative nature of the indices constructed with respect to the course of economic activity. Additionally, we perform a detailed empirical analysis of the relationship between financial conditions and growth tendencies. The results of the time-series analysis show that the series constructed are quite informative for monitoring economic activity. In this context, probit model estimations indicate that the index constructed can be used as an early indicator to predict “loss of momentum” episodes in economic growth, taking the lead-lag relationship into consideration. When a similar methodology is applied to emerging market economies, indices exhibit a high level of comovements with growth indicators. Panel vector autoregression estimation shows that, after country-specific characteristics are controlled for, a shock to financial conditions facilitates a significant response in the growth rates of emerging market economies. In terms of policy making, the indices can contribute to a better understanding of the financial outlook and its interaction with economic activity.Publisher PDFPeer reviewe

54P Efficacy of first-line immunotherapy for non-small cell lung cancer with MET exon 14 skipping according to PD-L1 expression [Abstract]

Background METΔ14ex is the driver alteration for approximately 3% of non-small cell lung cancers (NSCLC) and associated with a higher PD-L1 expression, but unclear benefit from immunotherapy (IO). Methods Seventy-eight consecutive patients with metastatic NSCLC harboring METΔex14 who received first-line IO as monotherapy or chemoimmunotherapy (CHT+IO) in 10 German academic lung cancer centers were analyzed. Results The median age was 72 years (range 49-86), 34 patients (44%) were female, 47 (60%) were active or former smokers, and 23 (29%) presented with brain metastases. The Eastern Cooperative Group (ECOG) performance status was 0, 1, 2 and 3 in 27 (35%), 28 (36%), 18 (23%) and 4 (5%) cases, respectively. The most common histology was adenocarcinoma (n=61, 78%). IO was given to 43 (55%) patients as monotherapy, and to 35 (45%) combined with CHT. For patients with PD-L1 tumor proportion score (TPS) ≥50% (n=52, 67%), 1-49% (n=14, 18%) and <1% (n=12, 15%), disease control rates (DCR) were 56%, 57% and 100% (p=0.015), respectively. Other efficacy parameters including overall response rate (ORR), median progression-free survival (mPFS) and median overall survival (mOS) by PD-L1 tumor proportion score (TPS) and type of treatment are summarized in the table. Primary progressive disease/early death (before radiologic reassessment) under IO monotherapy, but not under CHT+IO, was significantly associated with never-smoker status (p=0.041). No significant correlations were found between smoking status and PD-L1 TPS (p=0.595). Conclusions Our exploratory analysis suggests an association between higher PD-L1 TPS and worse clinical outcomes under IO in patients with NSCLC harboring METΔ14ex. Although these results should be interpreted with caution, they contrast the favorable effect of PD-L1 expression for IO efficacy in other NSCLC and underline the need for alternative biomarkers for IO in this patient population

Benchmarking whole exome sequencing in the German Network for Personalized Medicine

Introduction Whole Exome Sequencing (WES) has emerged as an efficient tool in clinical cancer diagnostics to broaden the scope from panel-based diagnostics to screening of all genes and enabling robust determination of complex biomarkers in a single analysis. Methods To assess concordance, six formalin-fixed paraffin-embedded (FFPE) tissue specimens and four commercial reference standards were analyzed by WES as matched tumor-normal DNA at 21 NGS centers in Germany, each employing local wet-lab and bioinformatics investigating somatic and germline variants, copy-number alteration (CNA), and different complex biomarkers. Somatic variant calling was performed in 494 diagnostically relevant cancer genes. In addition, all raw data were re-analyzed with a central bioinformatic pipeline to separate wet- and dry-lab variability. Results The mean positive percentage agreement (PPA) of somatic variant calling was 76% and positive predictive value (PPV) 89% compared a consensus list of variants found by at least five centers. Variant filtering was identified as the main cause for divergent variant calls. Adjusting filter criteria and re-analysis increased the PPA to 88% for all and 97% for clinically relevant variants. CNA calls were concordant for 82% of genomic regions. Calls of homologous recombination deficiency (HRD), tumor mutational burden (TMB), and microsatellite instability (MSI) status were concordant for 94%, 93%, and 93% respectively. Variability of CNAs and complex biomarkers did not increase considerably using the central pipeline and was hence attributed to wet-lab differences. Conclusion Continuous optimization of bioinformatic workflows and participating in round robin tests are recommend

Strength in numbers: predicting response to checkpoint inhibitors from large clinical datasets.

The advent of immune checkpoint blockers for cancer therapy has spawned great interest in identifying molecular features reflecting the complexity of tumor immunity, which can subsequently be leveraged as predictive biomarkers. In a thorough big-data approach analyzing the largest series of homogenized molecular and clinical datasets, Litchfield et al. identified a set of genomic biomarkers that identifies immunotherapy responders across cancer types

Composing a high-frequency financial conditions index and the implications for economic activity

In this study, we construct an index using high-frequency data related to financial markets and intermediation services in Turkey, called the High-Frequency Financial Conditions Index, employing alternative statistical techniques for the period from 2006 to 2020. We also analyze the informative nature of the indices constructed with respect to the course of economic activity. Additionally, we perform a detailed empirical analysis of the relationship between financial conditions and growth tendencies. The results of the time-series analysis show that the series constructed are quite informative for monitoring economic activity. In this context, probit model estimations indicate that the index constructed can be used as an early indicator to predict “loss of momentum” episodes in economic growth, taking the lead-lag relationship into consideration. When a similar methodology is applied to emerging market economies, indices exhibit a high level of comovements with growth indicators. Panel vector autoregression estimation shows that, after country-specific characteristics are controlled for, a shock to financial conditions facilitates a significant response in the growth rates of emerging market economies. In terms of policy making, the indices can contribute to a better understanding of the financial outlook and its interaction with economic activity

Chronic subdural hygroma with thrombocythemia: First case report

PubMed: 20220743Subdural hygroma is a frequent delayed complication of head trauma. It is a rare form of bleeding. Most hygromas are clinically silent and a few cases have shown slow deterioration in the chronic stage. We report a case of a 72-years-old male presented with a mild headache, consciousness disturbance and gait ataxia after head injury. Cranial computed tomography revealed subdural hygroma. The hygroma was associated to thrombocythemia. The patient was treated with chemotherapy with hydroxyurea with rapid resolution. In conclusion subdural hygroma may resolve spontaneously. Surgery might be deferred except in emergency conditions or in patients with normal neurological findings. Subdural hygroma in patient with thrombocythemia is first time presenting

Cerebral embolism following thrombolytic therapy for acute myocardial infarction: The second reported case

PubMed: 20532455ST-elevation myocardial infarction (STEMI), caused by acute occlusion of the infarct-related coronary artery, is an emergency condition. The primary therapy is restoration of full antegrade flow by either percutaneus coronary intervention (PCI) or thrombolytic therapy (TT). Although primary PCI is superior to TT in patients with STEMI, there are many limitations in clinical practice. TT decreases mortality in STEMI patients, but as experience with thrombolytic agents grows, the potential risks of serious side effects become more apparent. The major complications are bleeding, hypotension and skin rash. We report on a case of cerebrovascular accident (CVA) caused by cerebral emboli following TT. We concluded that the fact that the patient was in arterial fibrillation (AF) was a major contributing factor to her CVA. This is an extremely rare condition, and our case appears to be the second one reported on in the literature