Welcome to Markets Desk, your midday read on what's moving markets right now.
Broadcom is catching a bid today after the company confirmed it will help Apple manufacture more custom-designed chips on American soil. The announcement lands squarely in the reshoring narrative investors have been rewarding all year, giving Broadcom a clear demand runway tied directly to one of the world's most valuable customers.
Turning to Asia, the picture remains under pressure. Australia's S and P slash ASX two hundred is holding well below the eight thousand seven hundred fifty level, extending losses for a fourth consecutive session after mixed signals out of Wall Street overnight. Meanwhile, Indian shares are looking at a cautiously positive open following Wednesday's selloff, though traders are watching geopolitical tensions and a fresh spike in crude oil prices closely before committing to any directional move.
And in biotech, Rhythm Pharmaceuticals is drawing attention after its TRANSCEND trial data for setmelanotide was published in The New England Journal of Medicine. The pivotal Phase three study showed meaningful BMI reduction in patients with acquired hypothalamic obesity, a condition with very limited treatment options. Publication in the NEJM carries significant weight for institutional investors evaluating the drug's commercial and regulatory path forward.
That's the tape. Markets Desk, signing off the floor.
