EU HEALTHCARE: Novo Nordisk: Positive Cardio Health Study
Sep-18 10:45
Equity is up >5% today following the release of a real-world study comparing Ozempic vs Trulicity (Eli Lilly)
• Novo reported a 23% reduced risk of heart attack, stroke and death in people with Type 2 diabetes on Medicare taking Ozempic vs dulaglutide (Trulicity).
• The real-world study involved 60,000 US Medicare patients (>=66yrs old).
• The equity is also benefiting from analyst upgrades following the recent appointment of a new CEO and the fact that the share-price is down 57% in 12 months so has room to revert higher.
Press Release: Link
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OPTIONS: Expiries for Aug19 NY cut 1000ET (Source DTCC)
Aug-19 10:32
- EUR/USD: $1.1600(E731mln), $1.1620-25(E2.3bln), $1.1650-65(E682mln), $1.1700(E1.3bln)
- USD/JPY: Y148.30-35($709mln)
- AUD/USD: $0.6515(A$745mln)
- USD/CAD: C$1.3750-70($646mln)
STIR: Sept Fed Cut Still No Longer Fully Locked In, A Dovish Bowman Ahead
Aug-19 10:32
- Fed Funds implied rates are unchanged on the day, with 21bp of cuts priced for next month’s FOMC meeting.
- Cumulative cuts from 4.33% effective: 21bp Sep, 34.5bp Oct, 53.5bp Dec, 64bp Jan and 77bp Mar.
- The SOFR implied terminal yield of 3.11% (SFRH7) is essentially unchanged from the past two closes, holding the +/-5bp of 125bp of cuts from current levels range seen since the Aug 1 payrolls report.
- Fed VC Supervision Bowman (permanent voter, dove) speaks on Bloomberg TV at 1000ET before at a Blockchain Symposium at 1410ET (text only), with greater scope for market moving comments at the former. We suspect it might be hard to generate a dovish reaction though unless she canvasses larger cuts, something other FOMC colleagues have pushed back on.
- These will be her first remarks since last week’s mixed inflation data. She said on Aug 9 that she favors three cuts this year (unsurprising having dissented in July) and saw recent labor data as reinforcing this view.
- Tomorrow then sees the FOMC minutes before Powell’s Jackson Hole address on Friday. However, when it comes to Sept cut prospects, the August payrolls and CPI releases plus QCEW details (for preliminary payroll benchmark revision estimates) are all still to come before the next FOMC decision on Sep 17.
ESM ISSUANCE: 6-month ESM-Bill
Aug-19 10:32
| Type | 6-month bills |
| Maturity | Feb 19, 2026 |
| Amount | E1.082bln |
| Target | E1.1bln |
| Previous | E1.089bln |
| Avg yield | 1.947% |
| Previous | 1.923% |
| Bid-to-cover | 2.64x |
| Previous | 2.41x |
| Previous date | Jul 15, 2025 |
