Welcome to Markets Desk, here's what's moving the needle this hour.
Novo Nordisk is taking a serious hit today after its experimental heart drug ziltivekimab failed to deliver statistically meaningful results in a major cardiovascular trial. The stock is diving sharply, and this is a significant blow for a company that has been leaning hard into cardiovascular medicine as a growth pillar alongside its blockbuster weight loss franchise.
Shifting to the regulatory front, New York State is now suing prediction market platform Kalshi, calling it an illegal gambling operation. This follows a federal judge earlier this month refusing to let Kalshi block the state's Gaming Commission from acting. The case puts real legal pressure on the broader prediction market space, which has grown rapidly and attracted serious capital over the past few years.
And staying in the macro toolkit, the Big Mac Index is turning forty years old, and the Economist's beloved purchasing power benchmark is as pointed as ever. Burgers are broadly cheaper across Asia, which is precisely the region the current administration has flagged for alleged currency manipulation, giving the old hamburger standard a surprisingly sharp geopolitical edge this year.
That's the tape. Markets Desk, signing off the floor.
