Good morning and welcome to Markets Desk.
Japan's bond market is flashing a warning signal today as borrowing costs climbed to their highest level in thirty years, with the yen sliding to one hundred sixty per dollar. Treasury Secretary Bessent acknowledged Tokyo may step in to defend the currency, putting traders on alert for intervention and keeping pressure on the Bank of Japan to act on rates.
Shifting to IPO markets, Shein made its long-awaited public debut in Hong Kong today, but the numbers tell a humbling story. The fast fashion giant priced at roughly six dollars and nineteen cents per share, locking in a valuation of twenty-six point three billion dollars — a steep fall from the one hundred billion dollar peak it commanded in private markets back in twenty twenty-two.
On the pharmaceutical side, Biogen and Eisai got meaningful news out of Canada, where the country's drug agency issued a final recommendation supporting public reimbursement of Leqembi for early Alzheimer's patients. That's a significant access milestone for the lecanemab therapy, which has faced reimbursement hurdles in multiple markets despite its clinical profile.
That's the tape. Markets Desk, signing off the floor.
