Good afternoon and welcome to Markets Desk.
Bank of America's Michael Hartnett is sounding the alarm for a difficult summer ahead, warning that real thirty-year interest rates have hit their highest level since November two thousand eight. With financial conditions tightening, Hartnett's message to investors is blunt: bonds are too risky to buy, stocks are too extended to sell, and cash may be the only defensible position heading into the back half of the year.
Shifting to pharma, Sanofi picked up a meaningful regulatory win Friday as the FDA approved its multiple myeloma treatment Sarclisa Escena in a subcutaneous form delivered through a wearable on-body injector called the CirCLIQ. This marks the first anticancer therapy approved via that delivery method, a distinction that matters both clinically and commercially as Sanofi works to defend its oncology pipeline against stiff competition.
And in an unusual geopolitical development with real defense-sector implications, Forbes is reporting that the United Arab Emirates may be in discussions to acquire Turkey's Russian-made S-four hundred missile defense systems. If confirmed, the move would signal a significant shift in Gulf security architecture and add complexity to US arms relationships across the region.
That's the tape. Markets Desk, signing off the floor.
