EU HEALTHCARE: Pharma: Tariffs Coming
Trump: “We are going to be announcing very shortly a major tariff on pharmaceuticals,” – reports Bloomberg
• Trump was speaking at a fundraiser last night.
• The US can use section 232 powers, invoking National security concerns, as it did with steel and aluminium.
• The Department of Commerce would need to produce a report first, but the President can bypass Congress on this. Seems like a formality.
• Whilst many Pharma companies will have significant manufacturing presence in the US, we would have to assume that they are already operating at close to full capacity. Building new factories will take time.
• Lonza and Thermo Fisher may benefit in the medium term but again, they will have contracts in place already to produce which can’t be rewritten overnight.
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Historical bullets
MNI: GERMANY JAN TRADE BALANCE E16.0BLN
- MNI: GERMANY JAN TRADE BALANCE E16.0BLN
- GERMANY JAN IMPORTS 1.2% M/M
- GERMANY JAN EXPORTS -2.5 % M/M
EURJPY TECHS: Monitoring The Next Resistance
- RES 4: 164.08 High Jan 24 and a key resistance
- RES 3: 162.70 High Jan 28
- RES 2: 161.80 High Jan 30
- RES 1: 161.28 High Mar6
- PRICE: 160.02 @ 07:01 GMT Mar 10
- SUP 1: 158.55 20-day EMA
- SUP 2: 155.60 Low Mar 4
- SUP 3: 154.80 Low Feb 28 and a bear trigger
- SUP 4: 154.42 Low Aug 5 ‘24 and key medium-term support
Last week’s strong rally in EURJPY undermines a recent bearish threat and instead highlights a potential reversal. The cross is holding on to its latest gains reinforcing a bullish theme. Price has pierced resistance at 161.19, the Feb 13 high. A clear break of the hurdle would strengthen a bullish condition. Initial support to watch is 158.55, the 20-day EMA. Key support has been defined at 154.80, the Feb 28 low.
MNI: NORWAY FEB CORE CPI +1% M/M, +3.4% Y/Y
- MNI: NORWAY FEB CORE CPI +1% M/M, +3.4% Y/Y
