Welcome to Markets Desk, your midday read on what's moving markets and the macro landscape.
European natural gas is back above eighty euros per megawatt-hour this session, with prices climbing on fresh concerns about LNG shipping security in the Gulf. Continued attacks on vessels are raising real questions about supply reliability, and traders are pricing that risk back in after a brief pullback.
Shifting to central bank policy, Fed Chair Kevin Warsh pushed back sharply against President Trump's interest rate criticism, delivering a blunt nine-word statement that underscored the committee's independence. The FOMC has now initiated its fourth rate-hiking cycle of the twenty-first century, and Warsh appears unwilling to let political pressure alter the committee's trajectory.
On the deal front, Biohaven has struck a strategic licensing agreement with Japan's Ono Pharmaceutical, handing Ono exclusive rights to develop and commercialize Biohaven's MoDE pan-IgG degrader portfolio across Japan, South Korea, and Taiwan. It's a meaningful foothold for the technology in key Asian markets and signals continued appetite for immunology-focused licensing arrangements.
That's the tape. Markets Desk, signing off the floor.
