I'm thrilled to be joined by the leaders of nine of the world's largest pharmaceutical manufacturers. All very big names, celebrities in their own right, very very powerful people, and they head some of the most uh admired companies anywhere in the world. It's a great group to announce that they've agreed to offer many of their flagship drugs, really all of their flagship drugs at heavily discounted, most favored nations prices.In other words, whatever the drug sells for over the world in the world, whateve ...

Five things to know ahead of the opening bell. New evidence of China's economic troubles. Consumption, investment, and industrial output data all falling short of expectations.In November, a court in Hong Kong finding pro-democracy activists and media baron Jimmy Lie guilty of sedition and collusion with foreign countries. 78-year-old was charged under Hong Kong's controversial national security law enacted in 2020 after pro-democracy protests the year before. Sanapy shares are lower.The French drug maker f ...

Group 1 - Warner Brothers Discovery may see an increase in its share price as both Netflix and Paramount Sky Dance have indicated their capability to raise bids for the media company [1] - Longtime media investor Mario Gabelli is likely to tender his clients' shares of Warner Brothers Discovery to Paramount to initiate a bidding war [1] Group 2 - Nvidia supplier SK Hynix is considering a dual listing of its shares in the US alongside its current listing in South Korea, resulting in a nearly 4% increase in its shares [2] - Disney has nominated former Apple executive Jeff Williams to join its board, expanding the board to 11 members [2][3] - Eli Lilly plans to invest $6 billion in building a manufacturing plant in Alabama to boost production of its experimental anti-obesity pill and other drugs [3] Group 3 - European food delivery giant HelloFresh is evaluating strategic options, which may include partnerships in certain countries and capital allocation measures [4]

Pharmaceutical Innovations and Regulatory Submissions - Eli Lilly's drug Jaypirca (pirtobrutinib) achieved an 80% risk reduction in progression or death for treatment-naïve chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) patients in the Phase 3 BRUIN CLL-313 trial, marking a significant advancement in cancer therapy [2][7] - Johnson & Johnson submitted a supplemental Biologics License Application (sBLA) for the combination of Tecvayli and Darzalex for treating relapsed/refractory multiple myeloma (RRMM) [3][7] Global Market Forecasts and AI Sector Deals - JPMorgan projects emerging equities to outperform developed markets in 2026, driven by a weaker or stable U.S. dollar, and identifies Chinese AI stocks as more affordable compared to U.S. counterparts, indicating potential investment opportunities [4][7] - Anthropic and Accenture announced a partnership aimed at providing advanced AI solutions to business clients [5][7] Consumer Spending Trends and Economic Commentary - Walmart's CEO Doug McMillon highlighted ongoing financial pressure on lower-income consumers despite low single-digit inflation, attributing it to cumulative price increases over the years [6][7] Geopolitical and Monetary Policy Updates - The Swiss National Bank is expected to maintain its main interest rate at 0%, but there are speculations that potential U.S. tariffs could lead to negative interest rates in the future [9][7]

Key TakeawaysExxonMobil (XOM) has significantly raised its 2030 corporate plan, now targeting $25 billion in earnings growth and $145 billion in cumulative surplus cash flow through 2030, alongside an increased structural cost savings plan of $20 billion.AutoZone (AZO) reported a mixed first quarter, with sales of $4.63 billion surpassing analyst estimates, but diluted EPS of $31.04 and net income of $530.82 million falling short of expectations. The company did, however, achieve a robust 22% like-for-like ...

Market Overview - U.S. stock markets closed higher on November 28, 2025, with all three major indexes extending a multi-day rally, driven by hopes for future interest rate cuts and positive economic data [1][12] - The Dow Jones Industrial Average (DJIA) rose 0.6% to 47,427.12, the Nasdaq Composite (IXIC) increased by 0.7% to 23,214.69, and the S&P 500 (SPX) gained 0.5% to 6,812.61, marking the fifth consecutive session of increases for all three benchmarks [2] Weekly Performance - For the week, the Nasdaq surged 4.9%, the S&P 500 was up approximately 3.7%, and the Dow gained about 3.2% [3] - November was mixed; while the S&P 500 and Dow extended their winning streaks to seven months, the Nasdaq ended down 1.5%, attributed to reassessment of profitability timelines for major AI companies [3] Economic Data - Initial jobless claims decreased by 6,000 to 216,000, below the consensus estimate of 229,000, indicating a strong labor market [5] - Orders for durable goods rose by 0.5% in September, missing estimates, while non-defense capital goods orders increased by 0.9%, a key indicator for business spending [5] Upcoming Events - Market participants are monitoring the potential for another interest rate cut by the Federal Reserve next month, which is a significant driver of market optimism [4] - Kevin Hassett is a key contender for the next Fed Chairman, with an announcement expected from President Trump before Christmas, which could influence monetary policy expectations [4] Individual Stock Performance - Intel (INTC) surged 10.2%, leading the S&P 500, following speculation it could become a foundry supplier for Apple (AAPL) processors [7] - Eli Lilly (LLY) shares slipped 2.6%, giving back some recent gains despite a market cap exceeding $1 trillion due to sales of weight-loss drugs [8] - Nvidia (NVDA) shares slid 1.8% amid competitive concerns, while other tech stocks like Microsoft (MSFT) and Amazon (AMZN) saw gains of 1.3% and 1.8%, respectively [9] Sector Performance - Retailers performed well on Black Friday, with Walmart (WMT), Target (TGT), and Amazon (AMZN) finishing up roughly 1% to 2% [10] - Cryptocurrency-related stocks rose as Bitcoin moved above $90,000, with Marathon Digital Holdings (MARA), MicroStrategy (MSTR), and Coinbase Global (COIN) up by 7%, 5%, and 5%, respectively [11]

Industry Trend - America's drugmakers patients are likely to become more dependent on Chinese innovation in creating the next generation of medicines [1] - The evidence for this trend is mounting [1]

Industry Transformation - China's drug industry has reinvented itself over the past decade [1] - The industry was previously known for generic treatments, supplying ingredients, and running trials for Western firms [1]

Group 1: Economic Insights - Bank of Canada Deputy Governor Sharon Vincent highlighted the urgency of Canada's weak productivity, describing it as a systemic issue that creates a vicious circle affecting economic goals [2][8] - Vincent emphasized that higher productivity is essential for increasing incomes and maintaining stable inflation, linking labor costs and productivity to inflationary pressures [2][8] Group 2: U.S. Job Market Developments - The U.S. Bureau of Labor Statistics canceled the October 2025 Employment Situation Release and rescheduled other key jobs reports, leading to a decline in market expectations for a December Fed rate cut [3][8] Group 3: Corporate Investments - Novartis AG announced a $23 billion investment in U.S. infrastructure over the next five years, including a new manufacturing hub in North Carolina aimed at producing 100% of its key medicines domestically [4][8] - Saudi Aramco signed 17 MOUs and agreements with U.S. companies, with a potential value exceeding $30 billion, focusing on sectors such as LNG and advanced materials manufacturing [5][8] - A joint venture was launched by AMD, Cisco, and Humain to build 100MW data centers [5][8]

Group 1: Tariff Policy Changes - The Trump administration announced a rollback of "reciprocal" tariffs on over 200 imported food items to ease rising grocery prices, which had previously been claimed to not affect consumer prices [2] - A proposal for up to 500% tariffs on countries purchasing Russian oil has emerged, particularly targeting India and China, leading to predictions of significant energy price swings and currency instability [3] - Japan's economy contracted by an annualized 1.8% in Q3 2025, attributed to U.S. tariffs causing a 1.2% drop in exports, particularly in the automobile sector [4] Group 2: Trade Agreements and Market Reactions - New trade framework agreements were announced with Argentina, Ecuador, El Salvador, and Guatemala to increase market access for U.S. products, with Argentina agreeing to preferential access for U.S. medicines and chemicals [5] - The market's reaction to the tariff rollback was muted, with the S&P 500 remaining near record highs despite underlying economic concerns [2][3] Group 3: Company Performance and Market Trends - Trump Media & Technology Group (DJT) shares have declined nearly 70% in 2025, with revenues under $1 million and operating expenses exceeding $40 million, raising concerns about the company's financial health [7] - A proposal for a 50-year mortgage aims to improve housing affordability, leading to a 10% jump in housing stocks like Rocket Companies, although analysts warn of potential long-term costs [8] - A deal with Novo Nordisk and Eli Lilly to reduce prices of GLP-1 weight-loss drugs has led to mixed market reactions, with Novo Nordisk shares initially falling but later trending up due to positive sentiment [9] Group 4: Market Volatility and Economic Indicators - The market has shown volatility in response to Trump's unpredictable trade rhetoric, with an 11% drop in the Dollar Index (DXY) in the first half of 2025 [10] - Analysts suggest that while tariffs can have immediate effects, the long-term consequences often lead to increased costs for consumers and businesses alike [4][10]