Welcome to Markets Desk, here's what's moving the tape this midday.
Apollo Global Management's chief economist Torsten Slok is warning that China Shock two point zero has arrived, as a new wave of Chinese technology floods global markets. Unlike the first wave of cheap consumer goods, this one cuts deeper into American corporate competitiveness, with broader and harder-to-reverse consequences for U.S. companies.
Turning to trade policy, economists are sounding alarms over the U.S.-Canada standoff, warning that a full trade war would stoke inflation on both sides of the border. Canada would absorb the sharper blow given its smaller economy, but American consumers would feel the squeeze too, at a moment when neither country has much tolerance for additional price pressure.
In biotech, several names are pushing higher today. Kura Oncology is gaining on continued momentum behind Komzifti adoption, Anavex Life Sciences is rallying after returning to profitability, and Tenax Therapeutics is staging a rebound despite its recent Phase three trial setback, suggesting buyers see value in the wreckage.
That's the tape. Markets Desk, signing off the floor.
