Good evening, and welcome to Markets Desk.
Global imbalances are back in focus after a new NBER paper dissects the sharp deterioration in the US net international investment position, finding that most major economies have moved in the opposite direction. The authors break down what's driving these shifts and map out adjustment scenarios, flagging meaningful vulnerabilities that markets may not be fully pricing in yet.
Turning to pharma, HUTCHMED scored a significant regulatory milestone as both the European Union and Japan accepted filings for savolitinib in combination with AstraZeneca's osimertinib for review. That combination targets MET-driven resistance in lung cancer, and dual-jurisdiction acceptance accelerates the commercial runway for what could become a meaningful label expansion outside of China.
On the equity analyst side, Cadiz saw its consensus price target jump nearly twenty-nine percent to ten dollars and fifty-four cents, a notable revision from the eight dollar and sixteen cent target set just ten days prior. Cadiz operates in water infrastructure, a sector drawing renewed attention as resource scarcity conversations intensify in the American West, and that kind of target revision in a short window signals a meaningful shift in analyst conviction.
That's the tape. Markets Desk, signing off the floor.
