Key View

• Recent US employment data generally remain consistent with a labour market that is continuing to normalise as post-pandemic bullwhip effects fade, rather than weaken significantly.
• The economy added 187k jobs in July, which was enough to see the unemployment rate dip slightly from 3.6% to 3.5%. Lay-off rates remain low, though hiring

Key View

• GSK expands the use of its immunotherapy Jemperli (dostarlimab-gxly) to newly diagnosed endometrial cancer, limited to specific patients with genetic mutations.
• The first-line approval in endometrial cancer is a win for GSK's latecomer drug to the PD-1 space but competition from established blockbuster PD-1 inhibitors threatens

Key View

• The FDA reported an increase in medical device recalls in July 2023, the majority of which were Class I recalls for cardiac or respiratory devices.
• We expect the device recalls to dampen H223 company revenues, if appropriate recall strategies are not implemented.
• Device recalls will disrupt treatment plans for patients and can

Key View

• We have once again revised up our forecast for US real GDP growth for 2023 from an already above-consensus 1.6% to 2.1%, while simultaneously revising down our 2024 projection from 0.6% to 0.4%.

• These revisions reflect both stronger-than-expected data for Q223 and our updated view that the US economy is unlikely to fall into

Key View

• Nine approved biosimilars makes Humira the most competitive biosimilar market in the US, with significant erosion of AbbVie’s revenues expected in the remainder of 2023.
• A dichotomy exists between Humira biosimilars in terms of wholesale acquisition cost pricing, and we expect that the lower priced alternatives will be more

Key View

• Daiichi Sankyo and AstraZeneca have shared mixed results on their latest antibody drug conjugate hopeful, dampening investor sentiment.
• Despite the mixed results, the drug still holds significant promise in the lung cancer space as a potential replacement for the standard of care chemotherapy.  
• Cancer drugmakers will continue to

Key View

• Takeda’s Vyvanse will lose its US exclusivity in August 2023 which will have significant knock-on effects for the company’s topline growth.
• Hikma holds the first-time generic approval and will have 180 days of generic exclusivity from August 24 2023.
• The ADHD therapy market is set to continue to grow due to increasing prescriptions

Key View

• Persistent underinvestment in upstream projects will weaken long-term supply growth as companies refrain from pursuing high cost, high risk projects and focus on near-term low cost, low risk opportunities.
• We hold a bearish outlook for global long-term crude oil production as we expect upstream spending to be curtailed as companies

Key View

• The US government has allocated a total of USD42.45bn in funding for rural broadband projects in all 50 states, the District of Columbia and five overseas territories as part of an initiative within the Bipartisan Infrastructure Law.
• Accredited broadband providers can apply for grants from July 1, although approvals and disbursement