Key View

• We expect cementless knee implants in orthopaedic surgeries will become increasingly common among young patients in the medium-to-long term.
• Despite high initial cost, overall cost reduction benefits of cementless knee implants will drive their medium- to long-term use.
• Orthopaedic companies will continue to expand their use of

Key View

• The US government has announced its Cyber Trust Mark (CTM) program, which aims to certify and label smart devices that are safer and less vulnerable to cyber-attacks.
• BMI believes that the CTM program is poised to drive considerable US consumer interest insofar as connected devices and cyber-attacks proliferate in tandem

Key View

• Merck’s oncology business will remain a key driver for its long-term growth strategy, supported by a growing product portfolio as well as collaboration and acquisition deals.
• In the short-to-medium term, Keytruda will drive revenue growth, but the looming patent cliff poses headwinds.
• In the long term, next-generation cancer drugs

Key View

• On October 3, Kevin McCarthy was forced to step down as Speaker of the House of Representatives, after a motion to remove him was approved in a 216 to 210 vote with the support of several hardliners from his Republican caucus.
• Given that the hardliners’ issues with McCarthy appeared to be more to do with personal grievances than

Key View

• Our base case envisages sideways trading between 100-108. And while this is a wide range, it implies that bullish and bearish factors should broadly outweigh one another, while still allowing for relatively large moves to account for continued macro and market volatility.

• Despite our broadly neutral view, we see a growing

Key View

• We continue to forecast US real GDP growth at an above-trend 2.1% this year, but maintain our view that it will slow sharply to around 0.5% in 2024.
• Government shutdowns and strikes will weigh on headline growth in Q423, but resilience in consumer spending and inventory restocking should see underlying economic activity hold up well

The Latest: On September 25 2023, US-based orthopaedics device company Enovis announced that it had agreed to acquire Lima, an Italian orthopaedics device company that manufactures patient-specific orthopaedic implants, for USD847mn.

Implications: Enovis will acquire Lima, along with its surgical solutions and technologies, which include the 3D

Key View

• Amazon has agreed to invest up to USD4bn in generative AI start-up Anthropic. Both players will mutually benefit from access to Amazon’s infrastructure and wide product suite as well as from Anthropic’s advanced LLM, Claude.
• The deal highlights the intense competition in the generative AI market, as large hyperscalers fight to gain

Key View

• In line with our own and market expectations, the Fed left policy unchanged at its September meeting with the funds rate held at its 22-year high of 5.50% but paired this with hawkish forward guidance against a more positive economic backdrop.
• We remain of the view that the Fed’s hiking cycle is over, but persistently tight labour

Key View

• Increasing demand in the US for implantable orthopaedic devices, due to an ageing population and a high rate of orthopaedic surgery, will support sales of Bioretec's biodegradable orthopaedic implants.
• An ongoing shift to value-based healthcare will further encourage orthopaedic device companies to develop more patient-centred