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Key Events This Week: Summer Is Over; PMIs And Payrolls

Key Events This Week: Summer Is Over; PMIs And Payrolls



Key Events This Week: Summer Is Over; PMIs And Payrolls Tyler Durden Mon, 08/31/2020 - 09:43

As we move into September tomorrow, markets will turn their attention to a number of important data releases, including the PMI readings and the US jobs report. Otherwise, as DB's Henry Allen writes, the events calendar is somewhat quieter following Jackson Hole, with the only major central bank decision coming from Australia on Tuesday. Investors will also continue to pay close attention to coronavirus case numbers and the possibility of further restrictions, particularly in Europe where the numbers have risen in recent weeks.

As Allen notes, this week will see a number of high profile data releases, most notably with the release of the August PMIs from around the world, as well as the ISM readings from the US, which will give us an indication of how the global economy has fared through the month. We already have some idea of how these might pan out from some of the flash readings, with the Euro Area seeing a loss of momentum into August as its composite PMI fell from 54.9 to 51.6. The UK saw a stronger move as it rose to 60.3, but that simply reflected the UK climbing out of a more protracted downturn rather than a higher level of activity. Remember with the PMIs that they’re diffusion indices, so are simply asking respondents whether conditions are better or worse than the previous month, and don’t capture by themselves how rapidly activity is expanding or contracting.

The other top-tier release comes from the US jobs report on Friday, which will also have a reasonable amount of political significance, given it’s the penultimate monthly jobs report before the presidential election on November 3. In terms of what to expect, the consensus on Bloomberg is currently looking for a further +1.518m increase in nonfarm payrolls in August, which if realised would bring the total growth in nonfarm payrolls to +10.797m over the last four months. However, even if that was achieved, that would still mean that less than half of the -22.16m jobs lost in March and April had been recovered, so there’s still a long road back before the labour market fully recovers to where it was pre-Covid.

Central banks will take something of a back seat this week following the Jackson Hole symposium and the announcement of the results of the Federal Reserve’s policy review framework. The only G20 policy decision to expect comes from the Reserve Bank of Australia on Tuesday, where the view is that policy will remain unchanged, with the cash rate and three-year AGS target remaining at 0.25%. Meanwhile, with recent high-frequency data looking to have mostly confirmed their expectations on the cost of Melbourne’s second lockdown, the RBA’s economic assessment is also expected to see little change.

Otherwise from central banks there isn’t a great deal on the calendar, though both Vice Chair Clarida and Governor Brainard will be speaking on the new monetary policy framework. We’ll also get the release of the Fed’s Beige Book which is published 8 times per year.

In the background, it’ll be important for investors to keep an eye on coronavirus case numbers, which have risen in Europe in particular in recent days. For instance here in the UK, the 1,522 cases reported yesterday were the highest in over two months, while France just reported its worst 24 hours since late March, with 6,111 cases. This rise in cases comes as the start of September next week will see schools go back from their summer holidays in a number of countries. Meanwhile governments face the continued challenge of seeking to revive their economies and relax restrictions whilst avoiding a new outbreak of infections.

Day-by-day calendar of events courtesy of Deutsche Bank


  • Data: Japan preliminary July industrial production, July retail sales, housing starts, China August composite PMI, manufacturing PMI, non-manufacturing PMI, Italy final Q2 GDP, preliminary August CPI, Germany preliminary August CPI, US August Dallas Fed manufacturing activity
  • Central Banks: Fed Vice Chair Clarida and Bostic speak
  • Other: UK bank holiday


  • Data: August manufacturing PMIs for Australia, Indonesia, South Korea, Japan, China, India, Russia, Turkey, Italy, France, Germany, Euro Area, UK, South Africa, Brazil, Canada, US and Mexico, Japan July jobless rate, August vehicle sales, Germany August unemployment change, Italy preliminary July unemployment rate, UK July consumer credit, mortgage approvals, M4 money supply, Euro Area July unemployment rate, August CPI estimate, US August ISM manufacturing, July construction spending
  • Central Banks: Reserve Bank of Australia monetary policy decision, Fed’s Brainard and ECB’s Knot speaks


  • Data: Japan August monetary base, Euro Area July PPI, US weekly MBA mortgage applications, ADP employment change, July factory orders, final July durable goods orders, nondefence capital goods orders ex air, Canada Q2 labour productivity
  • Central Banks: Federal Reserve releases Beige Book, Fed’s Williams, Mester and ECB’s Weidmann speak


  • Data: August services and composite PMIs for Australia, Japan, China, India, Russia, Italy, France, Germany, Euro Area, UK, Brazil and US, Euro Area July retail sales, Canada July international merchandise trade, US weekly initial jobless claims, continuing claims, July trade balance, August ISM services index 


  • Data: Germany July factory orders, August construction PMI, UK August construction PMI, Canada August net change in  mployment, unemployment rate, US August change in nonfarm payrolls, unemployment rate, average hourly earnings, labour force participation rate

Finally, looking at just the US, Goldman notes that the key economic data releases this week are the ISM manufacturing index on Tuesday and the employment report on Friday. There are several speaking engagements by Fed officials this week

Monday, August 31

  • 09:00 AM Fed Vice Chair Clarida (FOMC voter) speaks: Federal Reserve Board Vice Chair Richard Clarida will participate in a virtual discussion on the Fed’s framework review hosted by the Peterson Institute. Prepared text and questions from a moderator are expected.
  • 10:30 AM Atlanta Fed President Bostic (FOMC non-voter) speaks: Atlanta Fed President Raphael Bostic will speak about philanthropy and inclusion at a virtual event. Prepared text is not expected. Audience Q&A is expected.

Tuesday, September 1

  • 09:45 AM Markit US manufacturing PMI, August final (consensus 53.6, last 53.6)
  • 10:00 AM ISM manufacturing index, August (GS 55.0, consensus 54.5, last 54.2): We expect the ISM manufacturing index to increase by 0.8pt to 55.0 in August amid continued industrial rebound after rising 1.6pt in July. Our manufacturing survey tracker rose by 1.5pp to 55.6 in August.
  • 10:00 AM Construction spending, July (GS +0.9%, consensus +1.1%, last -0.7%): We estimate a 0.9% increase in construction spending in July following four consecutive monthly declines.
  • 01:00 PM Fed Governor Brainard (FOMC voter) speaks: Federal Reserve Governor Lael Brainard will participate in a virtual discussion on the Fed’s framework review hosted by the Brookings Institution. Prepared text and questions from a moderator are expected.

Wednesday, September 2

  • 08:15 AM ADP employment report, August (GS +1,600k, consensus +950k, last +167k): We expect a 1,600k gain in ADP payroll employment in August, reflecting a boost from lagged payrolls and lower jobless claims.
  • 10:00 AM Factory orders, July (GS +6.1%, consensus +6.0%, last +6.2%); Durable goods orders, July final (last +11.2%); Durable goods orders ex-transportation, July final (last +2.4%); Core capital goods orders, July final (last +1.9%); Core capital goods shipments, July final (last +2.4%): We estimate factory orders increased by 6.1% in July following a 6.2% increase in June. Durable goods orders rose by 11.2% in the July advance report.
  • 10:00 AM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will speak during a webinar on effects of the coronavirus pandemic. Prepared text and audience Q&A are expected.
  • 02:00 PM Beige Book, August FOMC meeting period: The Fed’s Beige Book is a summary of regional economic anecdotes from the 12 Federal Reserve districts. In the August Beige Book, we look for anecdotes related to growth, labor markets, wages, price inflation, and the economic impacts of the ongoing coronavirus outbreak.
  • 06:00 PM San Francisco Fed President Daly (FOMC non-voter) speaks: San Francisco Fed President Mary Daly will give a speech on the economy hosted by Harvard University. Prepared text is not expected. Audience and media Q&A are expected.

Thursday, September 3

  • 08:30 AM Initial jobless claims, week ended August 29 (GS 930k, consensus 950k, last 1,006k); Continuing jobless claims, week ended August 22 (consensus 14,000k, last 14,535k); We estimate initial jobless claims dropped to 930k in the week ended August 29.
  • 08:30 AM Nonfarm productivity, Q2 final (GS +7.4%, consensus +7.4%, last +7.3%); Unit labor costs, Q2 final (GS +12.0%, consensus +12.1%, last +12.2%): We estimate nonfarm productivity was revised up by one tenth to +7.4% (qoq ar) in Q2. We estimate growth in Q2 unit labor costs – compensation per hour divided by output per hour – was revised down to +12.0% in Q2.
  • 08:30 AM Trade balance, July (GS -$58.0bn, consensus -$57.0bn, last -$50.7bn): We estimate the trade deficit increased by $7.3bn in July, reflecting a sharp increase in the goods trade deficit.
  • 09:45 AM Markit US services PMI, August final (consensus 54.7, last 54.8)
  • 12:30 PM Chicago Fed President Evans (FOMC non-voter) speaks: Chicago Fed President Charles Evans will speak on monetary policy and the economy at an event hosted by the Lakeshore Chamber of Commerce.

Friday, September 4

  • 08:30 AM Nonfarm payroll employment, August (GS +1,900k, consensus +1,400k, last +1,763k); Private payroll employment, August (GS +1,650k, consensus +1,275k, last +1,462k); Average hourly earnings (mom), August (GS -0.1%, consensus 0.0%, last +0.2%); Average hourly earnings (yoy), August (GS +4.3%, consensus +4.5%, last +4.8%); Unemployment rate, August (GS 9.8%, consensus 9.8%, last 10.2%): We estimate nonfarm payroll growth rose +1.9mn in August after +1.8mn in July and +4.8mn in June. The resurgence of the coronavirus did not produce a meaningful rebound in layoffs in the Sunbelt, and nationwide continuing claims fell by 2.2mn from survey week to survey week (adjusted by GS). Because of measurement issues with the BLS birth-death model, we also expect the establishment survey to better capture business reopenings and gross hiring than the mid-summer business closures resulting from the virus. We also expect a 250k boost to government payrolls from Census canvassing activities (we estimate private payrolls rose 1.65mn).
  • Because of difficulty measuring temporary business closures in the establishment survey, we note scope for a relatively smaller rise in the household employment measure (which surveys employees directly). Based on this and a possible increase in the labor force participation rate, we estimate the unemployment rate declined by four tenths to 9.8%. We estimate average hourly earnings declined 0.1% month-over-month, lowering the year-on-year rate by five tenths to 4.3%. This forecast reflects a continuing unwind of the composition shift from lower to higher paid workers, partially offset by positive calendar effects.

Source: Deutsche Bank, Goldman, BofA

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This course asks, ‘What is mindfulness?’ – but don’t expect a clear-cut answer

Mindfulness is everywhere in pop culture today, but that doesn’t mean people agree on what it means.




Practicing mindfulness doesn't have to mean being removed from the world. PeopleImages/iStock via Getty Images Plus
Text saying: Uncommon Courses, from The Conversation

Uncommon Courses is an occasional series from The Conversation U.S. highlighting unconventional approaches to teaching.

Title of course:

“What is Mindfulness?”

What prompted the idea for the course?

As a professor of religion and ethics, particularly Asian traditions, I had already been interested in teaching a course about mindfulness. Its popularity seems to be surging: I see “Mindful” on magazine racks, and almost everyone I’ve met at my university has used the word at some point.

But oftentimes people say to be “mindful” when they mean “pay attention” or “don’t forget”: being “mindful” of a slippery road, say, or telling students to be “mindful of the deadline.” I started wondering what other people meant each time they used the word. This made me realize my course shouldn’t be a lecture about mindfulness, but an opportunity to explore what it is in the first place.

What does the course explore?

The course explores the origins of mindfulness in yoga and Buddhism. Mindful meditation – being attentive to one’s body, feelings and thoughts – is part of one of the Buddha’s central teachings, the Noble Eightfold Path, and considered key to enlightenment.

But we explore the many meanings of “mindfulness” that have emerged in recent decades, too. American professor Jon Kabat-Zinn is credited with popularizing the kind of mindfulness that has caught on with non-Buddhists today, starting with his “mindfulness-based stress reduction” program in the 1970s.

Some people are upset that mindfulness has become too mainstream and fear that it has lost its intended meaning. Buddhism scholar Ronald Purser’s book “McMindfulness,” for example, argues that capitalist societies have embraced mindfulness as a way to put the burden of mental health back on the individual rather than address root problems.

Students in my class read a variety of these perspectives and discuss themes such as mindfulness and mental health, mindful eating and breathing, environmental mindfulness and even meditation apps. In the end, I want each student to decide for themselves what mindfulness is.

A woman in exercise clothes does a yoga pose inside a dark cathedral with stained glass windows.
Mia Michelson-Bartlett, yoga teacher and manager of visitors’ services, practices yoga and mindfulness meditation inside the Cathedral of St. John the Divine in New York City. Angela Weiss/AFP via Getty Images

Why is this course relevant now?

I first proposed this course right before the arrival of COVID-19, so when it launched for the first time, we met remotely over Zoom. I was tempted to drop the class after we went remote, but I quickly realized that it might help students who were wrestling with mental health issues at the beginning of the pandemic.

Each student kept a journal of our topics every week to practice mindfulness and to explore some of the therapeutic techniques. First, I asked them to find examples of the word in their everyday experiences – used on a poster at the student rec center, for example.

Later, I asked them to practice breathing and visualization techniques from the influential Vietnamese monk Thich Nhat Hanh, such as asking yourself every hour “What am I doing?” and reflecting on your mind, emotions and posture.

What’s a critical lesson from the course?

Buddhism changes dramatically depending on “whose” Buddhism you are talking about. The dalai lama’s form of Tibetan Buddhism, for example, is not the same as the Zen Buddhism of Thich Nhat Hanh.

A row of monks stand next to a small crowd of schoolchildren in uniform as one monk takes a child's hand.
Zen master Thich Nhat Hanh reaches for a student’s hand during a meditation walk on a ‘day of mindfulness’ in Hong Kong in 2007. Steve Cray/South China Morning Post via Getty Images

It’s the same with mindfulness. Thirteenth-century Zen master Dōgen taught pupils to seek mindfulness in seated meditation. Five hundred years later, on the other hand, Zen master Hakuin taught mindfulness in the midst of activity – practicing it not just on the meditation pillow, but amid the hustle and bustle of the streets.

All forms of Buddhism, though, focus on transforming suffering into lovingkindness. So teaching this course has persuaded me that if the way you teach mindfulness helps someone, it doesn’t matter if it’s “real” Buddhist mindfulness or not. If pop culture’s version of the concept relieves someone’s suffering, then I don’t want to be a gatekeeper and say, “This is not real mindfulness.”

What will the course prepare students to do?

All of the students in this course are first-semester freshmen. The class began as a way to get them to think critically about what mindfulness is but also offers tools to deal with the stress of college life.

Muscles grow after they heal and rest. The same is true when it comes to learning. Our minds need to take time to breathe, reflect on new information and absorb it.

I also hope students will understand that taking care of oneself can be an act of care for others. Just as on an airplane we are told to put on our own oxygen mask before helping the person next to us, we all need to take care of our own mental health in order to help those around us.

Kevin C. Taylor does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

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Post-bariatric surgery exercise modulates brain regions associated with regulation of food intake

Physical exercise practiced by patients submitted to bariatric surgery acts on brain regions involved in food intake, reducing hunger or accelerating satiety,…



Physical exercise practiced by patients submitted to bariatric surgery acts on brain regions involved in food intake, reducing hunger or accelerating satiety, for example. This was the result observed in a clinical trial conducted at Hospital das Clínicas (HC), the hospital complex run by the University of São Paulo’s Medical School (FM-USP) in Brazil. An article on the study, pointing to positive effects of exercise on obesity-related conditions in post-bariatric patients, is published in the International Journal of Obesity.

Credit: Carlos Merege Filho

Physical exercise practiced by patients submitted to bariatric surgery acts on brain regions involved in food intake, reducing hunger or accelerating satiety, for example. This was the result observed in a clinical trial conducted at Hospital das Clínicas (HC), the hospital complex run by the University of São Paulo’s Medical School (FM-USP) in Brazil. An article on the study, pointing to positive effects of exercise on obesity-related conditions in post-bariatric patients, is published in the International Journal of Obesity.

The study showed that an exercise training program starting three months after bariatric surgery produced functional alterations in brain networks associated with food intake and modified by obesity. The findings confirm the hypothesis that exercise and bariatric surgery act synergistically on the connectivity among brain regions associated with cognition, reward and emotional regulation, potentially moderating hunger and enhancing satiety.

According to the article, exercise increased the connectivity between the hypothalamus (the brain region that controls homeostasis, including regulation of appetite and energy expenditure) and the brain’s sensory areas. At the same time, it apparently decreased the link between the default mode network, which is more active during a resting state, and the salience network, the brain region involved in decision-making.

The researchers also found that exercise after bariatric surgery appeared to modulate the medial hypothalamic nucleus involved in appetite suppression and increased energy expenditure.

“The regulation of energy expenditure is governed by multiple internal and external signals. People with obesity display major dysregulation of brain regions associated with appetite and satiety. Our study showed that exercise by post-bariatric patients helped ‘normalize’ these complex networks so as to improve the central control of food intake. For example, some of these regions are activated and connect more intensely in people with obesity when they eat fatty or sugary food, increasing their desire to consume such food. We found that exercise counteracts this effect, at least in part,” Bruno Gualano, last author of the article, told Agência FAPESP. Gualano is a professor at FM-USP.

The study was supported by FAPESP via a research grant for the project “Effects of exercise training in patients undergoing bariatric surgery: a randomized clinical trial” and was part of the PhD research of Carlos Merege Filho, first author of the article, with a scholarship from FAPESP. The co-authors included Hamilton RoschelMarco Aurélio SantoSônia BruckiClaudia da Costa LeiteMaria Concepción García Otaduy and Mariana Nucci (all of whom are affiliated with HC-FM-USP); and John Kirwan of Pennington Biomedical Center (USA).

Considered one of the world’s main public health problems, obesity is a chronic disease characterized by excessive body fat accumulation and a major risk factor for cardiovascular and musculoskeletal disorders, as well as severe COVID-19. The parameter used for diagnosis in adults is body mass index (BMI), defined as weight in kilograms divided by height squared in meters. A BMI between 25 and 29.9 indicates overweight, while 30 or more signals obesity, according to the World Health Organization (WHO).

Brazil has one of the highest rates of overweight and obesity in the world. According to projections, almost 30% of the adult population will be obese in 2030. A billion people, or 17.5% of the world’s adult population, will be obese by then, according to the World Obesity Atlas 2022 published by the World Obesity Federation.


From the clinical standpoint, Gualano believes, the findings suggest that exercise should be considered an important complementary therapy to improve brain functions and enhance the known benefits of bariatric surgery, such as a reduction in cardiometabolic risk factors, as well as preservation of muscle mass and bone health.

He and his group have been conducting research in this field since 2018, as evidenced by other publications, one of which showed that exercise attenuated and reversed loss of muscle mass, improving muscle strength and function in post-bariatric patients. Genotypic and phenotypic analysis evidenced metabolic and structural remodeling of skeletal muscle.

In another study, exercise reduced risk factors for diseases associated with obesity, such as diabetes, high blood pressure and atherosclerosis (hardening of the arteries), by increasing sensitivity to insulin, combating inflammation and improving the health of blood vessels.


The randomized clinical trial reported in the International Journal of Obesity involved 30 women aged between 18 and 60 who had been submitted at HC-FM-USP’s bariatric surgery unit to a Roux-en-Y gastric bypass, which creates a small stomach pouch to restrict food intake and bypasses a large portion of the small intestine to limit calorie absorption. A majority of patients admitted to the unit are women. 

Half the study sample were randomly assigned to a six-month exercise program of resistance and aerobic training three times a week, starting three months after the operation and supervised by a team of physical education professionals.

Clinical, laboratory and brain functional connectivity parameters were assessed at the start of the trial, as a baseline, and again three and nine months after the operation. Functional magnetic resonance imaging (fMRI) was used to detect connectivity between anatomically distinct brain areas organized as networks, and to analyze the combined effects of the surgical procedure and exercise training. Data collection began in June 2018 and ended in August 2021.

“The literature has already shown that post-bariatric patients have many brain alterations compatible with improved control of appetite, satiety and hunger in neural circuits that govern food intake. Our study found that exercise training bolstered this response,” Gualano said, noting the importance of lifestyle changes to maintain the benefits of weight loss for people with obesity.

Bariatric surgery can currently be performed on patients with a BMI of between 30 and 35 and type 2 diabetes that has not been controlled for more than two years, and patients with a BMI over 35 who have other diseases associated with overweight, such as high blood pressure, sleep apnea or hepatic steatosis (fatty liver disease). For people with comorbidities, the recommended BMI is over 40.

In the past five years, 311,850 bariatric surgeries have been performed in Brazil; 14.1% were paid for by the SUS (Sistema Único de Saúde), the national health service. The rest were covered by insurance policies or paid for privately, according to the Brazilian Bariatric and Metabolic Surgery Society (SBCBM).

“Regular exercise is known to induce several physiological adaptations that translate into health benefits. These benefits are reversed if the patient stops exercising regularly. Our study didn’t measure the duration of the brain changes induced by exercise, however. They’re highly likely to diminish and possibly even go into reverse as the amount and intensity of exercise decrease. It’s crucial to adopt a healthy lifestyle in order for the responses to bariatric surgery to be long-lasting,” Gualano said.

Next steps for the research group will include studying the effects in people with obesity of exercise and diet combined with other weight loss strategies, including new drugs such as peptide analogs or incretin mimetics, a class of medications commonly used to treat type 2 diabetes. Incretins are gut hormones that aid digestion and blood sugar control by signaling to the brain to stop eating after a meal.

In early January, the National Health Surveillance Agency (ANVISA) approved semaglutide as an anti-obesity drug for long-term weight management. The drug had previously been approved only for patients with type 2 diabetes. It is the first injectable anti-obesity medication available in Brazil and is supposed to be administered once a week. It is said to enhance satiety, modulate appetite and control blood sugar. 

About São Paulo Research Foundation (FAPESP)

The São Paulo Research Foundation (FAPESP) is a public institution with the mission of supporting scientific research in all fields of knowledge by awarding scholarships, fellowships and grants to investigators linked with higher education and research institutions in the State of São Paulo, Brazil. FAPESP is aware that the very best research can only be done by working with the best researchers internationally. Therefore, it has established partnerships with funding agencies, higher education, private companies, and research organizations in other countries known for the quality of their research and has been encouraging scientists funded by its grants to further develop their international collaboration. You can learn more about FAPESP at and visit FAPESP news agency at to keep updated with the latest scientific breakthroughs FAPESP helps achieve through its many programs, awards and research centers. You may also subscribe to FAPESP news agency at

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The CeMM & Angelini Ventures Healthy Lifespan Expansion Initiative

CeMM and Angelini Ventures are joining forces to support CeMM Principal Investigators Laura de Rooij and André Rendeiro in critical lifespan expansion…



CeMM and Angelini Ventures are joining forces to support CeMM Principal Investigators Laura de Rooij and André Rendeiro in critical lifespan expansion initiatives leveraging a novel academic/entrepreneurial dual-track program. De Rooij and Rendeiro, in collaboration with their teams, will lead an original research program on healthy lifespan expansion.  In parallel, they will collaborate on venture creation based on scientific and business insights developed by their work. Venture creation and related business development activities will take place along with scientific research.  The expectation is that this double-track initiative will allow for virtuous feedback cycles, propelling innovation through scientific research and bold venture creation goals.

Credit: CeMM

CeMM and Angelini Ventures are joining forces to support CeMM Principal Investigators Laura de Rooij and André Rendeiro in critical lifespan expansion initiatives leveraging a novel academic/entrepreneurial dual-track program. De Rooij and Rendeiro, in collaboration with their teams, will lead an original research program on healthy lifespan expansion.  In parallel, they will collaborate on venture creation based on scientific and business insights developed by their work. Venture creation and related business development activities will take place along with scientific research.  The expectation is that this double-track initiative will allow for virtuous feedback cycles, propelling innovation through scientific research and bold venture creation goals.

(Vienna, 22 March 2023) Some societal challenges are of such importance to assume the central stage in the public discourse on sustainability and the future of humanity. Such a challenge is aging. Aging is a multidimensional phenomenon, occurring at the individual and population levels of society and on the molecular, cellular, and organ level of the human body. The urgency of dealing with the consequences of aging is illustrated by the fact that in just over ten years from now, more than a third of the population of Italy, one of the world’s most rapidly aging countries, will be over 65 years of age. Expanding the lifespan in which individuals enjoy a healthy status, in which they can be independent and productive, is critical for economic, social, and cultural reasons.

The fundamental mechanisms of aging, at the molecular, cellular, and tissue level, are still unclear and most single theories fail to explain the phenomenon. Scientific leaders are increasingly interested in combining cutting-edge research with immediate value creation and effective societal impact. Laura de Rooij and André Rendeiro will be supported by a network of mentors and experts. At CeMM, the Research Center for Molecular Medicine of the Austrian Academy of Sciences, the team will benefit from access to faculty peers, the center’s scientific leadership, a scientific advisory board, and the biotech ventures built in CeMM’s ecosystem of spinoffs. Through Angelini Ventures, the team will be supported to ideate and develop viable start-up companies emerging from their work and have access to an international network of investors, healthcare experts, and industry innovators.


“The Angelini Ventures team is delighted to partner with CeMM to collaborate on accelerating lifespan expansion research and venture creation. We believe this type of collaboration is the connective tissue between innovation and entrepreneurship. By combining our venture creation capabilities with the breakthrough research from CEMM, we can accelerate the pace of healthcare transformation,” says Paolo Di Giorgio, Chief Executive Officer of Angelini Ventures.

“CeMM is proud to pioneer a new training, research, and innovation method meant to foster a novel generation of professionals familiar with both the research and business worlds. In addition to expecting commercial success, the desired outcome is to create leaders able to inspire a new generation of scientists. Our goal is for the dual track of scientific research and business development to expand beyond the CeMM-Angelini network,” says CeMM Scientific Director Giulio Superti-Furga.


About the Principal Investigators

Laura de Rooij joined CeMM as principal investigator in September 2022. Her lab focuses on deciphering the transcriptomic landscape and role of circulating endothelial cells in health and aging. Laura de Rooij studied Biomedical Sciences at the University of Amsterdam (The Netherlands). She then joined the Stem Cell and Cancer Research Institute at McMaster University in Hamilton (Canada), where she studied the role of RNA binding proteins in leukemic stem cells via an in vivo two-step CRISPR-Cas9-mediated screening approach. For her post-doctoral studies, she returned to Europe to work under the mentorship of Prof. Carmeliet in the lab of Angiogenesis and Vascular Metabolism at VIB-KU Leuven (Belgium). Here she led and contributed to numerous single-cell transcriptome atlases of endothelial cells, generated from a diverse range of tissues, preclinical models, and clinical patient material in health and disease. Her studies have shed new light on the degree of vessel subtype heterogeneity in different tissues, as well as the altered composition and rewired molecular circuitries of endothelial cell subtypes in disease. Moreover, her efforts led to the discovery of previously unknown vascular subtypes and functions, including endothelial cells with a lipid-processing phenotype and potential prognostic relevance in breast cancer, and endothelial cells with a putative pro-fibrotic function in COVID-19. At CeMM, her lab focuses on deciphering the transcriptomic landscape and role of circulating endothelial cells in health and aging.
Read more about Laura de Rooij’s research

André Rendeiro is a Principal Investigator at CeMM since June 2022. He leads a group studying how cells interact to generate complex physiology in the human body, and how this changes over the lifespan of individuals and gives rise to disease. To do that, his group develops computational methods for the analysis of spatial data (spatial transcriptomics, highly multiplexed imaging, histopathological images), and its integration with various modalities of molecular, demographic, and clinical data of individuals along their lifespan. Prior to starting his group, André studied in Portugal, Austria, and Norway and earned his PhD in Molecular Medicine at CeMM in Vienna. During his PhD he developed methods for high-throughput cellular profiling and perturbation at single-cell resolution, applying them to leukemia, in the lab of Christoph Bock at CeMM. Between 2020 and 2022 he was a Postdoctoral Associate at the Institute for Precision Medicine and the Institute for Computational Biomedicine at Weill Cornell Medicine in New York. There he developed computational methods for the analysis of highly-multiplexed imaging that incorporate expression, morphology, micro-anatomy, and clinical covariates, in the lab of Olivier Elemento. He led the first tissue-level, single-cell resolution maps of lung pathology during COVID-19, and also contributed to the study of cancer, lung development, and disease, as well as COVID-19 immunology.
Read more about André Rendeiro’s research

The CeMM Research Center for Molecular Medicine of the Austrian Academy of Sciences is an international, independent, and interdisciplinary research institution for molecular medicine under the scientific direction of Giulio Superti-Furga. CeMM is oriented toward medical needs and integrates basic research and clinical expertise to develop innovative diagnostic and therapeutic approaches for precision medicine. Research focuses on cancer, inflammation, metabolic and immune disorders, and rare diseases. The Institute’s research building is located on the campus of the Medical University and the Vienna General Hospital.

Angelini Ventures, the venture capital arm of Angelini Industries, is an early-stage investment firm focused on accelerating disruptive innovations and trends in digital health and life sciences. The group will invest €300M across a global portfolio led by investment professionals and advisors in Europe, North America, and Asia. Angelini Ventures has deep domain expertise and leverages a global team, advisors, and strategic partners to help entrepreneurs scale their businesses into transformative category-leading companies.

Angelini Industries is a multinational industrial group originally founded in Ancona (Italy) in 1919 by Francesco Angelini. Today it is a solid, structured industrial business with around 5,800 employees operating in 21 countries.  Angelini Industries operates in the health, industrial technology, and consumer goods businesses. Its investment strategy aimed at growth, constant commitment to research and development, and deep knowledge of markets and business sectors make Angelini Industries an Italian leader in the industries in which it operates.  The group is committed to reducing its environmental impact and finding increasingly cutting-edge circular economy solutions. It adopts the most advanced health and safety standards for workers and the most rigorous processes to ensure the highest quality by verifying the entire supply chain: from supplier certification to the control of raw materials, the production process, the finished product, and packaging, to spot checks at the point of sale.  For over 100 years, the Angelini family has steered the development of Angelini Industries with an entrepreneurial style typical of Italian family businesses.

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