Japan's 10-Year Bond Yield Hits 29-Year High
Japan's 10-year government bond yield rose to 2.49%, the highest level in 29 years, following the U.S. announcement of a naval blockade in the Strait of Hormuz, which has led to increased oil prices and heightened inflation concerns. This increase of 5.5 basis points reflects a shift in inflation expectations, as Japan's economy, heavily reliant on imported energy, faces upward pressure on domestic costs. Market participants are now anticipating a potential rate hike from the Bank of Japan amid ongoing geopolitical tensions.
Federal Reserve Considers Balance Sheet Reduction Strategies
The Federal Reserve is exploring strategies to reduce its balance sheet and lessen its influence on financial markets, with various proposals under consideration. Recent reports indicate that the White House's confidence in Kevin Warsh as the next Federal Reserve Chair has strengthened, with confirmation hearings expected to begin next week. Current Fed policy rates remain between 3.5% and 3.75%, while officials are discussing the impact of inflation and geopolitical tensions on future rate adjustments.
GSK Licenses Promising Cancer Drug Mo-rez from Hansoh Pharma
GSK has licensed the next-generation cancer drug Mo-rez from China's Hansoh Pharma, which has demonstrated early efficacy with 62% tumor shrinkage in platinum-resistant ovarian cancer and 67% in endometrial cancer. GSK's head of oncology research, Hesham Abdullah, indicated the drug's potential as a 'blockbuster' asset, as the company accelerates its oncology initiatives. Mo-rez, an antibody-drug conjugate targeting the B7H4 protein, is currently undergoing late-stage trials, with plans for additional studies in the coming months.
Wise to Downgrade Primary Listing from London to US
UK fintech company Wise announced it will downgrade its primary listing from London to the US this quarter, with its financial results to be published in US dollars.
