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Kia ora,Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the IMF says global growth is projected at 3.0% for 2025 and 3.1% in 2026, an upward revision from the April 2025 World Economic Outlook. This reflects front-loading ahead of tariffs, lower effective tariff rates, better financial conditions, and fiscal expansion in some major jurisdictions.But first, the overnight GDT Pulse dairy prices came in without the signaled drop in WMP prices by the derivatives market. In fact it rose +1% from the prior event. The SMP price however fell -1%. So in fact little net movement.And the Stockholm US-China tariff negotiations are to be extended, essentially ignoring the US imposed August 1 deadline. And the US-EU 'deal' wasn't 'done' as the Whitehouse claimed. More 'horse-trading' is being scheduled.The growth steam is slowly leaking from the Redbook retail index, up +4.9% last week from this time last year. Most of this will be goods inflation.US exports rose +3.4% in June from a year ago whereas US imports were up +0.3% on the same basis. That reduced their merchandise trade deficit to -US$87 bln and back to about where it was at the start of 2024. Without the +11% rise in aircraft exports there would have been little improvement.The number of job openings in the US fell by -275,000 from May to 7.4 mln in June, below market expectations of 7.55 mln. Their quit rate fell to a six month low. Expectations for the July non-farm payrolls are pretty modest at +110,000, taking them back to early 2025 levels.The latest Conference Board survey of consumer sentiment, for July, was little changed. But almost 19% of those surveyed indicated that jobs were hard to get in July, up from 14.5% in January. This group thought inflation was running at 5.8% currently, and is likely to go higher.There was a very well supported US Treasury bond auction overnight, for their seven year Note. But investors still wanted higher yields with the median coming in at 4.06%, up from 3.96% at the prior equivalent event a month ago.But expect rising pressure from the demand side. The US Treasury said during the July - September 2025 quarter, they expect to borrow US$1.007 tln in privately-held net marketable debt, assuming an end-of-September cash balance of US$850 bln - which may be optimistic. This new borrowing estimate is +US$453 bln higher than they announced in April so it is rising faster than even they expected, primarily due to the lower beginning-of-quarter cash balance and projected lower net cash flows.In Europe, the latest ECB survey of inflation expectations has them well contained, coming in at 2.6% for the year ahead, the lowest in four months. Policymakers there are not battling high inflation expectations.Later today, Australia will release its Q2 CPI inflation rate, expected to be 2.2% and down from the 2.4% in Q1-2025.The UST 10yr yield is now at 4.33%, down -9 bps from yesterday.The price of gold will start today at US$3,327/oz, up +US$18 from yesterday.American oil prices have risen +US$2.50 at just under US$69/bbl with the international Brent price is now at just over US$72/bbl.The Kiwi dollar is now at 59.6 USc and down -10 bps from yesterday. Against the Aussie we are down -20 bps at 91.4 AUc. Against the euro we are up +10 bps at 51.6 euro cents. That all means our TWI-5 starts today at just on 67.5, down another -10 bps from yesterday.The bitcoin price starts today at US$117,725 and essentially unchanged (+US$61) from this time yesterday. Volatility over the past 24 hours has remained low at just on +/-0.8%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

In this episode I discuss R Shiny and how it can be used for building clinical pharmacology tools. I provide an overview of the technology, suggest a few example use cases, and then walk through a specific practical example of predicting AUC and Cmax for future doses from observed data. I end with a discussion of the benefits and challenges of using R Shiny for clinical pharmacology tools. Links discussed in the show:Basics about R ShinyShinyapps.io for hosting shiny apps Example R Shiny app by Samer Mouskassi: ggplot with your dataExample R Shiny app for AUC-Cmax predictions You can connect with me on LinkedIn and send me a message Send me a message Sign up for my newsletter Copyright Teuscher Solutions LLCAll Rights Reserved

Kia ora,Welcome to Tuesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with talks are underway in Stockholm between the US and China over a trade/tariff deal. Prospects are not high.And the recent EU-US deal has the makings of unravelling. Both France and Germany are unhappy about the outcome, made worse by the US claiming verbally pharmaceuticals have been excluded when the EU negotiators said they were not excluded from the 15% written deal.The big casualty in all of these deals, including the Japanese one, is trust in the US. Smartarse public commenting by the US president - even some of his advisers - means the deals struck are unlikely to be respected by the US or trusted by the others. The result isn't "a deal", it is a fluid mess.New Zealand's situation in all this will be a footnote, probably sometime on Saturday.In the US, the Dallas Fed's factory survey improved sharply in July, but this was all about higher production. New orders are still contracting, even if at a slower rate. Elevated input price pressures continued in July. Improved sentiment is driving the raised output even in the absence of a pickup in new orders.Financial market eyes are now turning to Thursday's (NZT) US Federal Reserve meeting and decisions. Despite the overt Whitehouse pressure, financial market pricing shows virtually no-one is pricing in a rate cut.In Canada, wholesale sales came in better than expected, up +0.7% in June from May when a -0.2% retreat was anticipated. But despite that good recent gain, they will still be lower than in June 2024.Across the Pacific, from 2022 to 2024, Taiwanese consumer confidence rose. But since October 2024 it has been falling. However the July survey rose, the first break in the recent down-trend. It wasn't a big move from June, but they will take it.In China, they are taking something they don't want. Foreign direct investment recorded another net outflow in June, and a worse one than the highly unusual April net outflow. The reasonable start to 2025 is being undone faster now. In the six months to June they have had a net inflow of US$42.3 bln. In 2024 they had more than that in just the first three months and even that was much weaker than in 2023 (US$98 bln) or 2022 (US$112 bln). Fleeing investors isn't a good look for China.Indian industrial production expanded a rather weak +1.5% in June from a year ago, held back by surprisingly weak mining (coal) production.. In their factories however, the story is much better with manufacturing production us +3.9% from a year ago, a better rise than in May although less than the +4.5% expected.The UST 10yr yield is now at 4.42%, up +3 bps from yesterday.The price of gold will start today at US$3,309/oz, down -US$27 from yesterday.American oil prices have risen +US$1.50 at just on US$66.50/bbl with the international Brent price is now at just under US$70/bbl.The Kiwi dollar is now at 59.7 USc and down -½c from yesterday and back to where it was a week ago. Against the Aussie we are unchanged at 91.6 AUc. Against the euro we are up +30 bps at 51.5 euro cents. That all means our TWI-5 starts today at just on 67.6, down -10 bps from yesterday.The bitcoin price starts today at US$117,664 and down -1.3% from this time yesterday. Volatility over the past 24 hours has remained low at just on +/-0.9%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news - despite the US tariff news flooding the zone - the rest of the world economy is find a way to carry on.But first we should note that a 15% tariff deal seems to have been concluded between the EU and the US but one that excludes drugs and aluminium. It looks very like the Japanese deal. And the tariff tussle between China and the US looks like it has been extended another 90 days. The pressure will be on European and Japanese companies to become 15% more efficient, but US companies will relax, allowed to be 15% less efficient in their home markets. In the intermediate term this won't be good for global US competitiveness.In a look ahead this coming week, we will get our usual New Zealand monthly business and consumer sentiment survey updates. And our big end-of-month data dump from the RBNZ accentuated because it is end of quarter data. In Australia, it will be all about retail trade and inflation metrics.And Wall Street will be very busy with many more large companies releasing earnings.But the big interest rate influence will be from the central bank decisions from the US (no change expected), Japan (no change), and Canada (also no change). In all three cases the real interest will be on their commentary.Underlying all this will be July PMIs from most major economies, plus more Q2 GDP data, and many inflation updates.Over the weekend China released industrial profits data to June. They reported another slide, down -4.3% from June a year ago, the second straight monthly decline, amid persistent deflation pressures and growing trade uncertainty. State-owned enterprises experienced steeper losses while profit growth in the private sector slowed markedly. Profit gains were recorded in many sectors but one interesting one was in agriculture where profits were up more than +20%.In Russia, and as expected, they cut their policy rate by -200 bps to 18%. They signaled another cut is likely in 2025. They see disinflation on the rise, and household consumption lower. Part of that is due to the size of the diaspora of working aged men trying to avoid the death trap of the attempted invasion of Ukraine.In Europe, the ECB's survey of professional forecasters shows they don't expect much change in the coming year with things constrained by trade questions. They see inflation easing slightly, mainly due to the tariff effects, but GDP growth slightly stronger in the short term.The Ifo Business Climate Index for Germany edged up in July from June, to the highest level since May 2024. But the report was still full of cautious sentiment.In the US and as expected durable goods orders fell back in June after the May spike. Apart from the aircraft and defense sectors, it remained pretty ho-hum. New orders rose just +0.1%. Non-defense non-aircraft orders for capital goods fell when a rise was anticipated.The UST 10yr yield is now at 4.39%, unchanged from Saturday.The price of gold will start today at US$3,336/oz, down -US$2 from Saturday.American oil prices have stayed softish at just on US$65/bbl with the international Brent price is still at just under US$68.50/bbl.The Kiwi dollar is now at 60.2 USc and up +10 bps from Saturday and up almost +½c from a week ago. Against the Aussie we are unchanged at 91.6 AUc. Against the euro we are stable at 51.2 euro cents. That all means our TWI-5 starts today at just on 67.7, unchanged from Saturday but up +20 bps from a week ago.The bitcoin price starts today at US$119,210 and up +2.4% from this time Saturday. Volatility over the past 24 hours has been low at just on +/-0.7%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to Friday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news there are more tariff-deals being done, of the free trade type, but just not with the US and their mutually punitive style.In the US, jobless claims dipped last week, mainly on seasonal factors. There are now 2,016,000 people on these benefits, +5.3% more than the 1,914,000 on them this time last year.Sales of new single-family homes rose marginally in June from May's seven-month low to be well below what market expected. The number of unsold homes on the market rose to 511,000, the highest since October 2007 and now almost ten months of supply at the current sales pace.The July US S&P Markit factory PMI fell back into contraction which was very unexpected because a rise in the expansion was expected. However, this was masked by a strong rise in their service economy in July.The Kansas City Fed factory survey slipped back into contraction in July after its rare expansion in June. They reported increased factory activity but new order growth was weak and order backlogs fell sharply.In Canada, their advance estimate of retail sales suggests that sales increased +1.6% in June. That more than makes up for the -1.1% fall in May and is much better than the -0.3% fall expected.Meanwhile in Japan, the same S&P Global/Markit factory PMI unexpectedly contracted in July from June's 13-month high but minimal expansion. A small rise was expected.In India, they are starting to see rising international demand in their factory sector, and this pushed up their July factory PMI to a strong expansion.And India has signed a free trade deal with the UK, one touted to bring NZ$10 bln in mutual benefits.Also expected soon is a China-EU trade deal.In Europe, the eurozone PMI for July reported a further increase in business activity during the month, with the pace of expansion quickening to the fastest for almost a year amid a stabilisation of new orders. Output growth was at an 11 month high for them. Cost inflation is easing.Meanwhile, as expected the ECB rate review decision delivered no change. This effectively marks the end of its current easing cycle after eight cuts over the past year that brought borrowing costs to their lowest levels since November 2022. And don't forget, they remain in a tightening phase because they no longer reinvest maturing bonds issued during the pandemic emergency.In Australia, the S&P Global/Markit factory PMI expanded slightly faster in July, on the back of the sharpest overall rise in new business in over three years. This was despite export orders still contracting. The same report shows price pressures intensified, hinting at higher inflation in Australia in the coming months.And staying in Australia, research by the RBA shows that international students play a significant role in the Australian economy. They contribute to demand through their spending on goods and services and are an important source of labour for some Australian businesses. When there are large swings in international student numbers or when the economy has little spare capacity, this means that changing international student numbers can affect macroeconomic outcomes, particularly in sectors of the economy where supply cannot respond quickly. The rapid growth in international student numbers post-pandemic likely contributed to high inflation over this period, but was not a major driver. But they do push up rents.Container freight rates dropped another -3% last week to be -57% lower than year-ago levels, although to be fair the year-ago levels were unusually high. Outbound rates from China to the US are the weakest routes at present. But bulk cargo rates rose another +11% over the past week to be +13% higher than year-ago levelsThe UST 10yr yield is now at 4.41%, up +2 bps from yesterday at this time.The price of gold will start today at US$3,369/oz, down -US$18 from yesterday.American oil prices are marginally firmer at just under US$65.50/bbl but the international Brent price is still at just on US$68.50/bbl.The Kiwi dollar is now at 60.4 USc and unchanged from yesterday. Against the Aussie we have dipped -10 bps to 91.6 AUc. Against the euro we are holding at 51.3 euro cents. That all means our TWI-5 starts today at just on 67.8, up +10 bps from yesterday.The bitcoin price starts today at US$117,232 and up +1.2% from this time yesterday. Volatility over the past 24 hours has been low at just under +/-0.9%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again on Monday.

Kia ora,Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news of more big-country tariff negotiation updates.But first, US mortgage applications were little-changed last week as their benchmark 30 year mortgage rate rose.Meanwhile, American home resales fell in June from May to an annualised rate of under 4 mln and down -4.4% from June 2024. This was largely driven by declining sales of single family homes. But median prices inched up, now at US$435,300 (NZ$720,000). High mortgage rates are getting the blame.There was another US Treasury bond auction overnight, this one for their 20 year maturity. It was well supported with a median yield of 4.89%. That was little different to the 4.88% at the prior equivalent event a month ago.The US has said it has agreed a 15% tariff deal with Japan (a notable level lower than the arbitrary 25% previously imposed). The main thing Japan had to do was agree to buy things (like aircraft) that would probably have bought from the US anyway. But it also supposedly requires Japan to water down its standards for rice imports and open their markets to US cars. Both of those requirements show a distinctly naive understanding of Japan. Very likely they will drive an anti-US sentiment by consumers there, mirroring what is happening in Canada. Japanese investors loved the deal - for Japan. boosting the Nikkei225 +2.2% at its market opening yesterday and ending the day up +3.5%.The Japanese bond market - an enormous beast - reacted with Japan's 10-year government bond yield surging nearly +10 bp to around 1.60% approaching its highest level since 2008.In South Korea, the glow after resolving its presidential issues has seen its Consumer Sentiment Index rise in July from June, the fourth consecutive monthly gain and the highest reading since January 2018. The improvement reflects growing optimism fueled by the newly elected government and expectations for economic stimulus.Taiwanese industrial production continues to expand aggressively, up another +18% in June from a year ago, no surprise given the strong order inflows we reported earlier this week. But Taiwanese retail sales are nowhere near as positive, actually.In Europe, there is growing optimism some sort of tariff deal with the US is imminent. The US-Japan deal is being seen as a benchmark, and the optimism is fuel by the early judgement that Japan will come out on top in that one.In Australia, economic growth momentum is leaking away. At least, that is what the Westpac-Melbourne Institute leading indicator data shows. For them, the main drag coming from commodity prices, consumer and business sentiment, and total hours worked.The UST 10yr yield is now at 4.39%, up +5 bps from yesterday at this time. The price of gold will start today at US$3,387/oz, down -US$40 from yesterday.American oil prices are holding at just over US$65/bbl but the international Brent price is still at just under US$68.50/bbl.The Kiwi dollar is now at 60.4 USc and up +40 bps from yesterday. Against the Aussie we are unchanged at 91.6 AUc. Against the euro we are up +25 bps at 51.3 euro cents. That all means our TWI-5 starts today at just on 67.7, up +20 bps from yesterday.The bitcoin price starts today at US$117,867 and down -1.1% from this time yesterday. Volatility over the past 24 hours has remained modest, at just under +/-1.2%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news precious metals prices are having a moment - in US dollars at least, largely because the US dollar is extending its retreat. The same impact is affecting commodities like copper. Prices are rising in the US as a consequence of tariff-taxes which are pushing down the value of the greenback.But first, the dairy Pulse auction for SMP and WMP brought better results than the futures markets expected. SMP was up +1.7% and slightly better than the +1.5% expected. But the big mover was WMP which rose +1.5% when a -4% retreat was expected. The continuation of better prices will be something of a quiet relief in this industry.In the US. the retail impulse continued to expand last week, up +5.1% from a year ago. But the suspicion lingers that much of this is the inclusion of tariff taxes, despite what the CPI indicates.And those tariff taxes hurt the results in the latest Richmond Fed factory survey. This was their worst result in ten months and was led by a sharp retreat in new orders. Input cost growth stayed up.The cost of those tariff-taxes on US companies was on full display in US earnings reports. For Stellantis (Chrysler) it was US$300 mln, for GM US$1 bln. Both ate away at reported profits significantly. It is hard to see these type of companies absorbing costs like this for much longer.Across the Pacific, Taiwanese export orders continued their outstanding growth, up almost another +-25% in June from the same month in 2024 which itself led year-ago levels. It is hugely impressive and continues a very strong 2025 monthly set. It is their electronics industry leading the way.Sentiment in Japan bounced back yesterday as it became a clearer bet that Prime Minister Shigeru Ishiba is expected to remain in office despite the embarrassing performance of his party at the recent upper house elections. But holding on, he will be a damaged leader. The upstart ‘Japanese First' Sanseito party has emerged as powerful force after these elections, and that was despite a 'secret' Russian campaign to support them (and destabilise Japan) that was exposed before voting.In the Europe, the ECB's latest credit survey fund a twist towards housing lending there. While credit standards for company loans remained broadly unchanged, credit standards tightened slightly for housing loans and more markedly for consumer credit. But this was because housing loan demand continued to increase strongly, while demand for company loans remained weak.In Australia, the vultures are out targeting vulnerable borrowers who are debt stressed. It has ASIC worried and they have launched a review into the debt management and credit repair sector in an effort to protect those experiencing financial hardship. Expect the Commerce Commission here to assess whether it needs to do similar work.Staying in Australia, the RBA released the minutes of its July 8 meeting and they revealed little new. They left its cash rate steady at 3.85% at this meeting, defying market forecasts for a -25 bps cut. The move was passed by majority vote, six in favour and three against. These minutes were full of "wait and see" sentiment, "data dependent" notes. Part of the waiting-to-see is because they doubt Trump will actually do what he threatens. They buy the TACO view apparently.The UST 10yr yield is now at 4.34%, down -3 bps from yesterday at this time. The price of gold will start today at US$3,427/oz, up another +US$34 from yesterday. And that almost matched its record high on April 21.And the silver price has pushed on up over US$39/oz It isn't yet threatening its 2011 peaks (US$48) but the recent climb has some people quite excited.American oil prices are -US$2 softer at just on US$65/bbl but the international Brent price is only down -50 USc at just under US$68.50/bbl.The Kiwi dollar is now at 60 USc and up +25 bps from yesterday. Against the Aussie we are unchanged at 91.6 AUc. Against the euro we are also little-changed at 51.1 euro cents. That all means our TWI-5 starts today at just on 67.5, up +10 bps from yesterday.The bitcoin price starts today at US$119,198 and up +1.1% from this time yesterday. Volatility over the past 24 hours has remained modest, at just under +/-1.2%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to Tuesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news China is having second thoughts about how some industries are operating with their super-competitive impulses.But first, a widely followed American leading index tracker weakened in June. The US Conference Board's LEIcontinued its fall which started in mid 2022 and has picked up its pace of decline somewhat. The LEI fell by -2.8% over the first half of 2025, a substantially faster rate of decline than the -1.3% contraction over the second half of 2024. For a second month in a row, the stock price rally was the main support of the LEI. But this was not enough to offset still very low consumer expectations, weak new orders in manufacturing, and a third consecutive month of rising initial claims for unemployment insurance.And a new attack vector on the US Fed by their Treasury Secretary probably won't help.But investors are happy, pushing the S&P500 up to a new record high, emboldened by tariff protections that will bring short-term gains.North of the border. Canadian producer prices were expected to fall in June continuing an easing that started in February. However they rose moderately to be +1.7% higher than a year ago. But the rise seemed to be caused by a jump in the precious metals corner of this index rather than more generally. So the impact isn't significant.More generally in Canada's economy, a central bank survey shows that tariffs and related uncertainty, along with spillover effects on the Canadian and global economies, continue to have major impacts on businesses' outlooks. However, the worst-case scenarios that firms envisioned last quarter are now seen as less likely to occur.A parallel survey of Canadian consumers revealed a concerned public, one that saw a tough future. But the US copped almost all the blame, and Canadians said they are prioritising local purchases now at the expense of US sourced goods and services. Travel to the US is off their agenda.Across the Pacific, the People's Bank of China kept key Loan Prime Rates (LPR) at record lows during the July fixing yesterday, as was expected. The economic resilience in the Chinese economy means they are keeping their powder dry, even though American tariffs and threats remain a concern. But those resonate less at present.China seems to be taking quite broad central policy actions to transform its industrial policies. Using the excuse of the "trade-war crisis" as motivation, it has released a digital transformation plan for their auto industry alongside similar initiatives for machinery and power equipment. Within those they are moving to promote the "orderly exit of outdated production capacity" as part of its broader industrial strategy.Part of the motivation is to rein in the ultra-competitive nature of Chinese commerce at present, a nationwide race to the bottom in terms of pricing while satisfying rising consumer standards. The big fear is that, uncurbed, it will bankrupt whole industries. They already have enough problems with their property sector. They think they don't need the same in the automotive, and machinery manufacturing sectors as well.In Australia, forecasting conducted for car dealerships suggest vehicles manufactured in China will make up almost half of sales within a decade in a major market shift.The UST 10yr yield is now at 4.37%, down -6 bps from yesterday at this time.The price of gold will start today at US$3,393/oz, up +US$45 from yesterday.American oil prices are softer at just over US$67/bbl while the international Brent price is now just on US$69/bbl.The Kiwi dollar is now at 59.8 USc and up +15 bps from yesterday. Against the Aussie we are unchanged at 91.6 AUc. Against the euro we are down -20 bps at 51.1 euro cents. That all means our TWI-5 starts today at just on 67.4, down -10 bps from yesterday.The bitcoin price starts today at US$117,913 and down a minor -0.2% from this time yesterday. Volatility over the past 24 hours has been modest, at just on +/-1.2%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with US tariff news probably dominating this week as many countries get letters from Trump. That will likely include Australia and New Zealand.While the direct effect on us will probably be as expected, we will be more vulnerable to secondary impacts - although Canada, Japan, China and the EU all seem to be taking things in their stride, better than anticipated. It seems clear and confirmed tariff taxes are paid by the importing country companies, and the lasting damage will be to US companies and their competitiveness. The forced reassessments elsewhere may prove galvanising for resilience.But first, this week will be all about the New Zealand June quarter CPI result which will be released today at 10:45am. We will have full coverage. It is widely expected to come in higher at 2.8% and the RBNZ too has said it will be higher than what they expected in their May MPS review (2.4%).China will also review its Loan Prime rates today, but those are not expected to change from their record low levels.The ECB, Russia and Turkey will review policy rates this week and there will be a range of early July PMI data out for a number of countries. But nothing really major.But crucial will be the results of the Sunday Japanese upper house election. Those results are coming in now and it seems clear the current coalition government has lost significant support - and with it they are in for a period of less stable fiscal policy until things settle down.In the US, eyes will be on more corporate earnings, with more tech and industrial majors reporting this week including Google and Tesla.Eyes will also be on the will-he-won't-he question of whether Trump will try to fire Powell. (One irony in this saga is that Trump accuses Powell of overspending on a Fed building refurbishment - one initiated by Trump in his first term with the exhortation to 'don't be cheap' and to 'use more marble'.)Staying in the US, a surge in multi-unit house building in the Northeast propelled its overall June housing starts to a good rebound after the very weak May result. But starts for single family homes fell -4.6%, and the starts in the South fell -0.7%, in the West they fell -1.4% and in the Midwest the dropped -5.3%. It clearly remains a fragile sector.Stabilising was the sentiment survey from the University of Michigan for July. It ticked up slightly from June but is still almost -7% lower than year-ago levels. But it is off the canvas because it is now higher than any month since February. Inflation expectations eased back a bit too in July from June.Across the Pacific, Japan's annual inflation rate eased to 3.3% in June 2025 from 3.5% in the previous month, marking the lowest reading since last November. Most components eased, but not food, which rose 7.2%, the most since March, a surge due to the doubling of rice prices over the fast year.In Malaysia, their economy expanded by +4.5% year-on-year in Q2-2025, slightly up from +4.4% growth in the previous period. For them domestic demand was robust, but exports were a bit weaker than anticipated.In Australia, it will be a quiet week of economic data releases and there isn't much chance the release of the RBA minutes on Tuesday (tomorrow) will bring any surprises or special insights.The UST 10yr yield is now at 4.43%, up +1 bp from Saturday at this time and back where it was a week ago. The price of gold will start today at US$3,348/oz, down -US$3 from Saturday.American oil prices are unchanged at just under US$67.50/bbl while the international Brent price is now just over US$69/bbl.The Kiwi dollar is still at 59.6 USc and unchanged from Saturday - but down -50 bps from a week ago. Against the Aussie we are also unchanged at 91.6 AUc. Against the euro we are still at 51.3 euro cents. That all means our TWI-5 starts today at just on 67.5, unchanged from Saturday as well.The bitcoin price starts today at US$118,085 and up +0.3% from this time Saturday but essentially unchanged from a week ago. Volatility over the past 24 hours has been low, at just over +/-0.6%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to Friday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news Canada has conceded it has lost its dairy dispute with New Zealand.But first in the US, actual initial jobless claims in the US rose sharply to 261,000 from the previous week but that was less than seasonal factors would have suggested. There are now 2,017,000 people on these benefits, +4% more than year ago levels and the most in four months.After three down months, the Philly Fed factory survey recovered in July. New order intakes rose. But also rising was the prices firms paid for their inputs and what they charged their customers. 'Safe' behind a tariff wall, these firms are showing the expected reactions, ones that will make them internationally uncompetitive.Also rising were US retail sales in June. This also came after two retreating months, and was not expected. Year on year these sales are up +3.7% of which car sales rose +5.3%. Other than vehicles, the rise was +3.3% and still quite positive. However 2.7% of that can be accounted for by CPI inflation.US factory activity and retail sales may be rising but business inventories are not. And that is a resilient sign.One sector not showing any resilience is their house-building sector. The NAHB sentiment survey shows it remains at a low ebb, down near its 2022 lows. Affordability issues remain at the heart of the sector's woes, and they are hardly likely to improve as tariff-taxes flow through.In Canada, they have quietly conceded they have lost their dairy access dispute with New Zealand and will now honour the CPTPP treaty agreements. Although the US is not party to this dispute, the MFN clauses in its USMCA Agreement probably mean wider access for others to the Canadian dairy market.Across the Pacific and continuing its yoyo pattern, Singapore's June exports jumped. In fact they rose +14.3% from May to be +13% higher than year-ago levels.In Australia, their June labour market softened. They were expecting a jobs gain of +20,000 but only got +2,000. Their jobless rate ticked up to 4.3%. As a result, financial market pricing for an RBA rate cut on August 12 have risen.And inflation expectations in Australia are staying stubbornly high - although not as high in July as they were in June. The Melbourne Institute's Survey of Consumer Inflationary and Wage Expectations came in with inflation expectations at 4.7% which was down from June's 5.0% but apart from that still its highest since mid 2023. Expected wage growth fell slightly in July and remains relatively weak.A softening labour market but very high inflation expectations (and a frothy real estate market), will all make the RBA's assessments very difficult.More globally, container freight rates fell -2.6% last week from the prior week to be -55% lower than year-ago levels. But those year-ago levels were unusually boosted by Red Sea tensions. Currently, outbound rates from China are the weak spots in this market. Bulk cargo rates rose a sharp +34% last week to be back to year-ago levels. To be fair these current overall levels are basically 'average' over the past 35 years (so in inflation-adjusted terms they are very low).The UST 10yr yield is now at 4.47%, little-changed from yesterday at this time. Wall Street is firmer today with the S&P500 up +0.6%, enough to claim a new record high. Good corporate earnings are driving the mood.The price of gold will start today at US$3,336/oz, down -US$18 from yesterday at this time.American oil prices are up +US$1 at US$67.50/bbl while the international Brent price is now just under US$69.50/bbl.The Kiwi dollar is now at 59.3 USc and down -25 bps from this time yesterday. Against the Aussie we are up +30 bps at 91.4 AUc. Against the euro we are also up +10 bps at 51.2 euro cents. That all means our TWI-5 starts today at just on 67.2, and unchanged.The bitcoin price starts today at US$119,100 and essentially unchanged from this time yesterday. Volatility over the past 24 hours has remained modest, at just on +/-1.1%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again on Monday.

Kia ora,Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the US yield curve has steepened overnight on messy talk about the US Fed's independence, and arbitrary US tariff statements.In more direct economic news, US mortgage applications fell sharply last week, even after adjusting for the holiday weekend. There were -10% lower than the prior week. But they are still +18% higher than a year ago. To be fair, year-ago levels were unusually low. Rising interest rates are getting the blame for the recent fall-off in activityAmerican producer prices rose +2.3% in June which was much less than the May +2.7% rise and less than the expected +2.5%. A rather large and unusual monthly drop in logistics costs kept the overall index restrained.Meanwhile US industrial production inched higher, up +0.7% in June from a year ago. It was driven by a good rise in businesses equipment and mining but that masked a fall in the much larger sector manufacturing consumer goods. But to give better context, neither of those year-on-year gains showed up in June.And that flat recent trend is showing up in the Fed's July Beige Book surveys. Economic activity increased slightly from late May through early July. Five Districts reported slight or modest gains, five had flat activity, and the remaining two Districts noted modest declines in activity. There was nothing here indicating rising business or consumer sentiment and impending investment - pointedly, quite the opposite.Across the border, Canadian housing starts in June stayed high, and certainly higher than expected. They were expected to retreat somewhat after a strong May, but remained at those elevated levels.And staying in Canada, they have released data that shows the gap between the top earners and the bottom earners has reached a record divide. The bottom 40% of households now have less than 3% of all household wealth. The top 10% have almost half. It is a twist that foreshadows future social stresses.Later today we will get Japanese trade data for June, and that is expected to be positive.And as expected. the Indonesian central bank cut its policy rate late yesterday by-25 bps to 5.25%. They said the tariff-rate 'deal' with the US will be positive for them.Also later today we will be watching the June labour market report for Australia. Another good jobs gain is expected (+20,000), skewed sharply towards full-time positions. And we will get an update in Australian inflation expectations.The UST 10yr yield is now at 4.46%, down -3 bps from yesterday at this time. The price of gold will start today at US$3,354/oz, up +US$27 from yesterday at this time.American oil prices are little-changed at US$66.50/bbl while the international Brent price is still just over US$68.50/bbl.The Kiwi dollar is now at 59.5 USc and up +10 bps from this time yesterday. Against the Aussie we are down -20 bps at 91.1 AUc. Against the euro we are also down -20 bps at 51.1 euro cents. That all means our TWI-5 starts today at just on 67.2, and down -20 bps.The bitcoin price starts today at US$119,039 and up +1.4% from this time yesterday. And that takes it back to NZ$200,000. Volatility over the past 24 hours has been modest, at just on +/-1.5%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news US inflation is rising and tariffs are getting the blame.But first, the overnight dairy auction brought prices +1.1% higher in USD terms, +3.6% higher in NZD terms. It was the first rise we have had in these full auctions since yearly May. This time, the expected +2.5% rise in SMP was matched by an unexpected rise of +1.7% in WMP prices. Butter prices were unchanged but cheddar cheese prices fell a sharpish -5.6%.In the US they got the expected rise in CPI inflation for June, up 2.7% when it was rising 2.4% in May. The Fed will have noticed that "core inflation" rose 2.9%. Food prices rose 3.0% and rents up 3.8%. The overall level was restrained by an -8.3% drop in petrol prices. As those year-ago petrol prices normalise in future months, they won't be restraining anything. Just in time for the pass-through of the tariff-taxes. An independent Fed will be concerned about the upwad trajectory.A Fed factory survey in the New York state recorded a rise in July, their first since February. But they are seeing input cost pressure picking up. However they also report it is easier to pass on those costs and seemed relieved about that.Canada also reported its June CPI inflation rate, coming in at 1.9%, up from 1.7% in May.India reported declining merchandise exports in June, in fact their lowest level of the year and almost -8% lower than year-ago levels. Imports fell too. But strong services exports (outsourcing services) balanced things out. In contrast to China, India's rise is domestically-driven, not foreign trade driven, making them somewhat insulated from the tariff-wars.China reported that its Q2-2025 economy expanded +5.2% in inflation-adjusted terms from Q2-2024. This was bang on what Beijing had set as a target, and what observers were expecting them to announce. Strong exports and consumer subsidies helped a lot.China said its retail sales were up +4.8% in June from a year ago, its industrial production up +6.8%. So that suggests they had the best of both worlds - rising industry and rising internal consumption. That they seem to have done this all with only a modest rise in electricity production (+1.7%) would be impressive if it was believable. They are almost certainly making big strides in energy efficiency but it is unlikely as reported. Despite these cred issues however, it is clear that the Chinese economy is not going backward.But even if they aren't as steep as they have been over any of the past 15 months, new house prices in China are still falling. Only 12 of the 70 largest cities had prices that held basically unchanged however. But for resales, none were in that category. The lure of housing speculation in China is but a distant memory. For most developers that is trouble. But pockets like in Shenzhen may be seeing a bit of a shine.In the EU, industrial production surprised with a good +3.4% gain in May, far better than expected and continuing the 2025 expansion. The gains were even stronger in the euro areaSo it will be no surprise to learn that German ZEW sentiment seems to be in full recovery mode; this data for July, so those industrial production gains have likely continued.In Australia, the Westpac/Melbourne Institute consumer sentiment survey showed a third consecutive rise in July, although a small one. Despite the surprise no-cut by the RBA recently, most consumers still expect interest rates to move lower from here. But they remain uncertain about the outlook for the overall economy and jobs. Housing-related sentiment dipped slightly but price expectations remained high.And staying in Australia, the RBA has reached the preliminary view that it would be in the public interest to remove surcharging on eftpos, Mastercard and Visa cards. They also want to lower the cap on interchange fees paid by businesses, and require card networks and large acquirers to publish the fees they charge. They are now in the 'consultation' phase, which will no doubt involve fierce pushback. Here the Commerce Commission has been looking at the same issues, and will report on the New Zealand changes they want to see, very soon.The UST 10yr yield is now at 4.49%, up +6 bps from yesterday at this time.The price of gold will start today at US$3,327/oz, down -US$22 from yesterday at this time.American oil prices are down -50 USc to US$66.50/bbl while the international Brent price is just over US$68.50/bbl.The Kiwi dollar is now at 59.4 USc and down -30 bps from this time yesterday. Against the Aussie we are unchanged at 91.3 AUc. Against the euro we are also unchanged at 51.3 euro cents. That all means our TWI-5 starts today at just under 67.4, and down -10 bps.The bitcoin price starts today at US$117,421 and down -2.0% from this time yesterday. And that takes it back below NZ$200,000. Volatility over the past 24 hours has been modest, still just on +/-1.9%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to Tuesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news there may be trade policy chaos, and it may get worse, but you wouldn't know it from today's data, especially June data from China.But first, India said its CPI inflation is falling, and quite quickly now, taken lower by falling food prices. Their CPI fell for the eighth straight month, down to 2.1% in June, the lowest level since January 2019, down from 2.8% in May. Analysts had expected it to fall to 2.5% in June, so this is quite a sharper move lower. You may recall the recent 7.4% peak in October 2024, then also driven by food prices.The question now is, will the RBI cut its 5.5% policy rate. Many analysts don't think the Indian central bank is ready yet to do that. They next meet on August 7.In Singapore they said their economy was 4.3% higher in Q2-2025 than Q2-2024. Their GDP rose +1.4% s.a. in the three months through June. Analysts had expected the rise to be only +0.8% increase. Construction helped drive the June result, surging 4.4%. The Q1-2025 contract was revised to -0.5%. Apart from that Q1-2025 stumble, their expansion has been rising since early 2023.In Japan, machinery orders didn't fall as much in May as anticipated (after a big dip in April), so they ended +6.6% higher than year ago levels.In China, so far, the Trump tariffs or the uncertainty surrounding them have had no noticeable negative impact on their exports. They came in at US$325 bln in June, up +5.8% from a year ago and up +$9 bln from May. This was better than expected. Imports were also little-changed, up +1.1% from a year ago, slightly softer than expected. The main impact of the US tariff war against everyone is that China is benefiting as the US makes enemies everywhere. The details by country are here.China's trade surplus widened significantly to +US$115 bln in June, up from +US$99 bln in June 2024. China's trade surplus with the US widened to US$26.5 bln in June, up +47% from May.Meanwhile, new yuan loans rose in June, and by more than expected. Typically, we see a June rise as banks push to achieve quarterly targets. But this rise is far better than even for that, and better than the rise a year ago. Helping was a Beijing push to front-load bond sales being rolled out to support their economy during the tariff trade war. In the end they issued ¥2.24 tln in new loans in June, well above the expected ¥1.8 tln. (This data never shows how much is directed to SOE borrowing.)We should not forget the impact of the consumer subsidies being deployed to keep China's retail demand elevated. They seem quite effective, but clearly they cannot continue indefinitely. Some regions are already starting to turn them off due to cost reasons, so we won't have long to find the reaction to that.In the US all eyes are on what the June CPI inflation will come in at. It was 2.4% in May, and is widely expected to come in at 2.7% in June when it is reported tomorrow. Markets price no chance of a rate cut by the Fed at their next review at the end of the month.The UST 10yr yield is now at 4.43%, little-changed from yesterday at this time. The price of gold will start today at US$3,349/oz, down -US$6 from yesterday at this time.American oil prices are down -US$1.50 just on US$67/bbl while the international Brent price is just over US$69/bbl.The Kiwi dollar is now at 59.7 USc and down -40 bps from this time yesterday. Against the Aussie we are down -10 bps at 91.3 AUc. Against the euro we are down -20 bps at 51.3 euro cents. That all means our TWI-5 starts today at just on 67.4, and down -20 bps.The bitcoin price starts today at US$119,767 and up +0.8% from this time yesterday. And that takes it just on NZ$200,000. Volatility over the past 24 hours has been modest at just on +/-1.9%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news August 1 is the new deadline for tariff negotiations with the US. It's an endlessly moving 'deadline' bourne out of frustration at being unable to make any meaningful deals.This week will feature a first peek at June inflation components with the selected price data due out on Thursday. Maybe before that we will get the June REINZ data. In Australia, all eyes will be on their June labour market data due on Thursday too.Later today we will get China's June export and import data to be followed later in the week with China's big monthly data dump which will include their Q2-2025 GDP result. It will be a surprise if they have to admit a variance to their official target (5.2%?).In the US it will be all about tariff-setting, interspersed with June CPI data (also likely to match what their government wants - 2.5%). Canada will also release their June inflation result, with a more credible process, and markets expect (3.0%). Japan chimes in with its version, expected to be 3.3%.In the background there will be the start of Q2 earnings results from Wall Street majors, including some big banks.Over the weekend, Canada reported something of a surprise, because their labour market strengthened in June. Not only did they generate +83,000 new jobs in the month when no gains were expected, their jobless rate dipped when it was expected to rise. Even though +70,000 of those new jobs were part-time, the +13,000 new full-time jobs was much better than the -1,000 full-time job losses expected. Even wages rose +3.2% from a year ago, although they did slip slightly from May and have remained flat since January. Given the forces being applied by their bully neighbour, it is hard to know whether this overall June result is just an anomaly or an indication of resilience. Only time will tell.Canada also released May building consent data overnight and it was also unusually strong, up at a +12% pa rate from April. From a year ago the June consent values were up +5.1% on an inflation-adjusted basis. By any standard this is very good too.In the US, the level of tariff-taxes being imposed on Americans is becoming clearer. The latest US Government accounts show them hitting US$27 bln in June, US$113 bln for the nine months to June. Tariffs are paid by the importer and become a cost that will be embedded into how those products are sold. Treasury officials anticipate further growth in tariffs collected, expecting them to reach US$300 bln in the 2025 calendar year.Those added taxes allowed the US Federal Government to report a +US$27 bln surplus in June. In June 2024 they reported a -US$71 bln deficit. In the twelve months to June, they have accumulated a -US$1.9 tln deficit, more than the -US$1.8 tln in the 2024 fiscal year.The tariff boost for June got the benefit of some seasonal shifts, Treasury officials noted. Adjusting for those, June would have shown a -US$70 bln deficit instead of the +US$27 bln surplus actually reported, they said.The weekend brought new tariff threats to Mexico and the EU of 35%. They are moving to unilateral positions because they seem hopeless at negotiating, completely misunderstanding the process.Perhaps we should note that the US dollar has fallen -11% from the Trump II January inauguration to now. In the whole of the Trump I presidency it fell a net -10%. So the decline in the value of the greenback is just getting started this time, it seems. Holding American assets by foreigners is going to involve sinking currency pressures. And it will become much more costly for American investors to buy foreign assets for the same reason. With fiscal mismanagement rife, it is hard to see this 'improving' in the next few years.And some of that uncertainty is leaking into company balance sheets. Credit rating downgrades now exceed upgrade in the listed US corporate scene, the first time that has happened since 2021. Company cash balances are shrinking - not fast yet, but that is a turn. More companies are losing investment grade status. All this goes to the heart of company valuation levels. The forward 12-month P/E ratio for the S&P 500 is 22.3, far higher than historic benchmarks.And in Japan, we should keep an eye on parliamentary elections that will be held on Sunday, July 20 for their upper house. Given the the national government of conservative Shigeru Ishiba relies on a tenuous coalition with a small religious party, this has become a referendum on Ishiba's stewardship.And China announced a +2% increase in their national state pension starting January 2025. Because we are more than six months into this year, presumably back-pay will be involved. This year's increase, the 21st in a row, comes as studies project the system is on track to run out of money in about a decade. Until 2015, the annual increases were +10% but have shrunk away sharply since as the demographic forces have turned tougher. Their pension system is expected to run out of funds in about 10 years.The UST 10yr yield is now at 4.42%, unchanged from Saturday, up +10 bps for the week.The price of gold will start today at US$3,355/oz, little-changed from Saturday, but up a net +US$18/oz from a week ago.American oil prices are still just over US$68.50/bbl while the international Brent price is just over US$70.50/bbl. That is up a net +US$2 in a week.The Kiwi dollar is now at 60.1 USc, unchanged from Saturday, but down -½c from this time last week. Against the Aussie we are up +10 bps at 91.4 AUc. Against the euro we are holding at 51.4 euro cents. That all means our TWI-5 starts today still at just on 67.6, but down -30 bps for the week.The bitcoin price starts today at US$118,763, a new record high and up +1.1% from this time Saturday. Volatility over the past 24 hours has been modest at just on +/-0.9%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to Friday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news commodity currencies are in favour at the end of the week as global commodity prices get a halo boost from the taxes Americans are prepared to pay for commodities. Risk is in favour; 'greed is good' and blindness to the downside possibilities seems wilful. It helps that heavyweight investors have gone on their summer vacations.But first, US initial jobless claims came in at 240,800 last week, an increase and a bit more than seasonal factors would have expected. There are now 1.91 mln people on these benefits, +111,000 or +6.2% or more than at this time last year. That is their highest level since 2021.There was a smaller US Treasury 30yr bond auction earlier today and if it wasn't for the SOMA activity from the New York Fed, demand would have been lighter than at the prior event. In the end, it delivered a median yield of 4.84%, little-changed from the 4.80% at the prior equivalent event.In Japan, their June producer prices were up +2.9% from a year ago, a notable easing from the +4.3% rise in March. In fact, from May, Japanese producer prices slipped marginally. From early 2022, there has been an overall trend of these price increases easing and they may be now heading into a bit of a deflationary period.China's vehicle sales grew by almost +14% in June from the same month a year ago following an +11% rise in May. Sales of new energy vehicles (NEVs) surged more than +26% in June, marking the fourth consecutive monthly increase. In the first half of 2025, total vehicle sales climbed +11%, while NEV sales jumped more than +40%. They are on target for NEV sales to exceed 16 mln units - which is more than all vehicle sales in the US. China is on track for sales of 33 mln for the full year, easily the world's largest vehicle market.The Korean central bank kept its policy rate unchanged at 2.5% as expected. It last cut its rate in May.Australian business turnover data has revealed that May activity was softish, recording a small slip from April. May was held back by a fall in their mining sector. But from a year ago, May 2025 was overall +5.9% higher on a current price basis.Container freight rates fell -5% last week from the prior week, almost all on outbound cargoes from China. Overall rates are now half year-ago levels, although to be fair those year-ago levels were juiced up by the Red Sea crisis. Bulk cargo rates were little changed this week but are -25% lower than year-ago levels.The UST 10yr yield is now at 4.35%, and up +1 bp from yesterday.The price of gold will start today at US$3,317/oz, and up +US$9 from yesterday.American oil prices are down -US$2 at US$66.50/bbl while the international Brent price is now just over US$68.50/bbl.The Kiwi dollar is now at 60.3 USc, up +25 bps from yesterday. Against the Aussie we are down -10 bps at 91.6 AUc. Against the euro we are up +30 bps at 51.5 euro cents. That all means our TWI-5 starts today at just on 67.7 and +20 bps firmer than yesterday at this time.The bitcoin price starts today at US$113,549, a record high and up +4.0% from this time yesterday. Volatility over the past 24 hours has been moderate at just on +/-2.0%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again on Monday.

Una empresa francesa es embargada por financiar a las AUC

Kia ora,Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news of more tariff threats, but markets are over that drama, shoving its impact to the background. If there is news on a US-EU deal, then that will likely change.First in the US, even though the benchmark 30 year home loan interest rate was little-changed, mortgage applications rose a sharpish +9.3% from the prior week, and that was a rise for a third week in a row, a relatively unusual streak. Both refinance and new home purchases had good gains this week.One reason they may be more active is that Americans are shunning international travel, kind of like in the pandemic emergency, perhaps fearful of the reception they will get in both Europe, South America and Asia. And the feeling is mutual. EU-US airfares are diving and services are being cut back. But Canada is now a hit, with other-than-the-US destinations much more popular, and Toronto especially is getting a surge. In the world of travel, the US is the only major market suffering declines in visitors.The US Federal reserve released the minutes of its June 19 (NZT) meeting. And that hinted at a developing divide among members between those who support the Trump view that the tariff-tax impact on inflation will be transitory, and those that think it will be 'persistent' and do long-term and lasting damage to American cost competitiveness. And that divergence affected their view of when to next cut rates. At this meeting at least those with the fear of embedded inflation won out and rates were left unchanged. But financial markets have priced in two more -25 bps rate cuts later this year.At least one of their number are in a broader Apprentice-style competition for Powell's job - Christopher Waller.There was another US Treasury bond auction overnight, for their 10 year maturity, and it was normally supported. It delivered an median yield of 4.31% compared to the 4.38% at the prior equivalent event a month ago.Across the Pacific, Japanese machine tool orders rose in June from May, maintaining their better level in a trend that started in March. And it was demand from domestic manufacturers that were especially strong. Even though in total they were just marginally less than a year ago, that year ago benchmark was unusually strong for a 2024 month.The heart of the northern hemisphere holiday season is underway and financial market activity is lighter than usual. This period will likely last until the end of August, culminating at the American Labor Day long weekend.The UST 10yr yield is now at 4.34%, and down -8 bps from yesterday.And we should note that Nvidia has become the first company to command an equity valuation of US$4 tln.The price of gold will start today at US$3,308/oz, and up a mere +US$2 from yesterday.American oil prices are unchanged at US$68.50/bbl while the international Brent price is still just under US$70.50/bbl.The Kiwi dollar is still just on 60 USc, essentially unchanged from yesterday. Against the Aussie we are down -20 bps at 91.7 AUc. Against the euro we are holding at 51.2 euro cents. That all means our TWI-5 starts today at just on 67.5 and -10 bps lower from yesterday at this time.The bitcoin price starts today at US$109,140 and virtually unchanged (+0.1%) from this time yesterday. Volatility over the past 24 hours has been low at just on +/-0.6%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news US tariff threats are shifting from being aimed at trading 'partners' to a focus on commodities, today especially copper. Protection of favoured US business interests is the goal, cloaked in the labels of 'national security'.But first up today, the overnight dairy Pulse auction delivered less change than expected, essentially holding on to the SMP and WMP prices at the prior week's full auction. But in the meantime the NZD has retreated so both delivered good gains in NZD, up +1.1% for SMP and up +3.1% for WMP.The US retail impulse as measured by the Redbook survey delivered a very good +5.9% gain over the same week a year ago, but it should be noted that earlier base week was an unusual down one.And the New York Fed's national survey of consumer inflation expectations returned to a 'normal' 3% in June, and a five month low. But some components remain a worry. Those surveyed thing food prices will rise 5.5%, rents will rise +9.1% and medical care by +9.3%Meanwhile the NFIB Small Business Optimism Index for June was little changed at it long run levelThe popular US Treasury three year bond auction delivered unchanged demand and little-change on the median yields achieved. Today that came in at 3.84%, whereas the equivalent event a month ago was at 3.92%.US consumer debt grew a very modest +US$5 bln in May, half the expansion in April and well below the average for the past year. The slowdown was very acute for revolving debt, like credit cards.In Canada, the widely-watched local PMI turned positive in June following two toughish months.In Germany, both exports and imports were expected to decline in May from April, and they did, but by slightly more than was expected. But both remain higher than year ago levels.In Australia, the widely watched NAB business sentiment survey picked up and that was a much better outcome than the contraction expected. In fact this June result for business conditions broke the mould of the long-running decline that started in June 2022.That survey didn't point to anything special in terms of cost pressures. But those cost pressures clearly worried the RBA when it surprised financial markets with its no-change decision yesterday. The widely-expected rate cut didn't happen and so household budgets will have to wait for more relief. The RBA did pick up the resilience in the overall economy, but judged it too early to respond to perceptions of economic weaknesses. In fact they saw the balance of risks from trade and labour market cost activity not requiring a boost from a cut in interest rates.We should note that US tariff uncertainty is screwing around with some key commodity prices, especially copper, which has soared over the past day or so to over US$12,000/tonne and easily a new record high. Some US futures contracts are now up over US$13,000/tonne. US products that use copper are going to get a cost jolt. Because it is a jolt directly related to a new US tariff-tax, it won't affect products made outside the US.The UST 10yr yield is now at 4.42%, and up another +3 bps from yesterday.The price of gold will start today at US$3,306/oz, and down -US$25 from yesterday.American oil prices are up another +US$1 at just under US$68.50/bbl while the international Brent price is now just under US$70.50/bbl.The Kiwi dollar is now just on 60 USc, little-changed from yesterday. Against the Aussie we are down -50 bps at 91.9 AUc. Against the euro we are down -10 bps at 51.2 euro cents. That all means our TWI-5 starts today at just on 67.6 and -10 bps lower from yesterday at this time.The bitcoin price starts today at US$109,015 and up +1.0% from this time yesterday. Volatility over the past 24 hours has been moderate at just on +/-2.3%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to Tuesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news financial markets have turned cautious, unsure of what to make of the set of 'tariff letters'.In Washington, because they couldn't complete tariff deals in the "90 deals in 90 days" to July 9, they have moved the 'deadline' to August 1. The shambles extends. And the capricious tariff letters are starting to be issued, first to Japan and South Korea at 25%, and then a bunch of developing countries including Malaysia (25%) and South Africa (30%).Essentially, the US is pushing countries into China's orbit, and creating conditions where many will shy away from buying US goods due to the bald insult. US businesses are likely to suffer, not only from financial market reactions, but also on the demand front. Other governments' trust in the US is in free-fall.Separately, we can also report that the NY Fed's Global Supply Chain Pressure index was neutral in June, back to its long run 'normal level'. That amounts to an easing of the May pressure as the rush to beat the tariff-taxes faded.Across the Pacific, China said its foreign exchange reserves rose by +US$32 bln to US$3.317 tln in June and that is the highest level they have had in nearly ten years (December 2015).Singapore's foreign exchange reserves stayed very high in June, even if they did dip marginally from their record high level in May.In the EU, they report retail sales by volume (inflation adjusted) and it slipped in May from April. But it stayed higher than year-ago levels although by less than +1%.Meanwhile, Germany reported its May industrial production turned up and by much more than expected. Although to be fair, it is in a bit of an overall yoyo pattern. Still, on a volume basis it too is +1.0% higher than year ago levels.So overall, even though some of it is over a month old, this set of second tier data, from the US, to Asia, to Europe isn't painting a picture of special stress.How the Australian central bank see it will be revealed later today when the RBA issues its decision on its cash rate target. Market pricing has only two-thirds of a -25 bps cut priced in although most economists think it will happen, and take their policy rate down from 3.85% to 3.60%. That will flow through to homeowner's household budgets quickly because most have variable rate deals.However it its far from certain this will give the Aussie domestic economy the boost a rate cut should deliver. It almost certainly will juice up house prices, which are already rising in anticipation. But existing borrowers seem to have decided en masse that the cash gains from lower rates will be used to pay down debt rather than be spent in generating more economic activity, which is why the RBA is cutting. To get that effect, the central bank may have to cut again later in the year. There are reviews in August, September, November and December yet to come, so plenty of opportunities for more cuts.The UST 10yr yield is now at 4.39%, and up +6 bps from yesterday.The price of gold will start today at US$3,332/oz, and down -US$4 from yesterday.American oil prices are up +US$1 at just under US$67.50/bbl while the international Brent price is now just over US$69/bbl.The Kiwi dollar is now just on 60 USc, down an outsized -60 bps from yesterday. Against the Aussie we are down -10 bps at 92.4 AUc. Against the euro we are down -20 bps at 51.3 euro cents. That all means our TWI-5 starts today at just under 67.7 and -30 bps lower from yesterday at this time.The bitcoin price starts today at US$107,923 and down -0.9% from this time yesterday. Volatility over the past 24 hours has remained low at just on +/-0.8%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Au Cœur de l'Histoire est un podcast Europe 1. - Présentation : Virginie Girod - Production : Armelle Thiberge - Réalisation : Clément Ibrahim - Diffusion : Estelle Lafont - Composition du générique : Julien Tharaud - Promotion et coordination des partenariats : Marie Corpet - Visuel : Sidonie Mangin Des heures et des heures d'Au Cœur de l'Histoire à écouter !  Découvrez  Au Coeur de l'Histoire +, une nouvelle offre pour accéder en avant-première aux nouveaux épisodes et en exclusivité à nos meilleures archives sur Versailles ou Napoléon par exemple. L'abonnement Au Cœur de l'Histoire + est disponible sur Apple Podcasts en cliquant ici                    Comment s'abonner ? Où écouter ? Quels sont les avantages d'Au Cœur de l'Histoire + ? Le mode d'emploi est disponible ici. Vous voulez écouter les autres épisodes d'Au Cœur de l'Histoire ? >> Retrouvez-les sur notre site Europe1.fr et sur Apple Podcasts, Spotify, Deezer, Amazon Music, Dailymotion et YouTube, ou vos plateformes habituelles d'écoute. >> Retrouvez ici le mode d'emploi pour écouter tous les podcasts d'Europe 1   Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Kia ora,Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the world is working out how live with a capricious America.First though, the week ahead will feature Wednesday afternoon's OCR review from the RBNZ, preceded Tuesday by the RBA's cash rate review. The Aussies are expected to cut their rate by -25 bps to 3.60% but the RBNZ is expected to hold at 3.25%. We will be covering the outcomes and implications of both reviews.Both Malaysia and South Korea will also be reviewing their official rates. The Malaysian will likely leave their rate unchanged at 3.00%, and the South Koreans are expected to cut theirs by -25 bps to 2.25%.In the US, apparently negotiating trade deals is complicated (who knew?) so Trump is dispensing with all that and just "sending letters" unilaterally. "90 deals in 90 days" is too hard for him. He might have got one over the line with Vietnam (he claims but the Vietnamese haven't confirmed). He sort of got one with the UK but before the 90 day clock started. And the China one he claims leaves the US in a worse position. His Treasury Secretary is promising "a few more" over the next few days and weeks. "Best deal maker of all time".And we should probably note that the integrity of official US data, from the Census Bureau, the BLS and the BEA, all now under Trump control (in the Lutnick Commerce Department), is getting increasingly questioned. Sharp budget cutbacks is resulting in fewer actual surveys, more 'estimates by officials'. Even Fed boss Powell expressed concern over the issue in questioning at the recent Congressional testimony. The data reporters are moving to a "Make Trump Look Good" approach.Suspicion is rising because there are widespread indications tariff-tax price increases are being pushed through but the BLS data isn't reflecting that.In China we will get CPI and PPI updates for June later this week. It would be supremely ironic if users came to view Chinese economic data was more trustworthy than American. It no longer seems far-fetched.Across the Pacific in Japan, household spending jumped +4.7% in May from a year ago, reversing a -0.1% fall in April and far exceeding an expected +1.2% rise. It was their fastest growth since August 2022, and that August 2022 was only good because it was off the very weak pandemic-affected base a year earlier.Singaporean retail sales rose by +1.4% in May from a year ago, accelerating from a downwardly revised +0.2% rise in April. This was the third straight month of growth and the fastest annual increase since January. But to be fair, most of the increase was driven by car sales, a very expensive and exclusive corner of their retail sector.Next, halfway around the world, EU producer prices eased again in May so that it is only +0.4% higher than year ago levels, less in the euro area. The past three months have delivered producer prices lower than in each of the prior months.German factory orders dropped by -1.4% in May from April and that was weaker than expected, but the April gain was revised higher. The May weakness however came after some very large-scale computer, electronic and optical orders in April. From a year ago, these factory orders were up +5.3%.And we should probably note that EU house prices are rising, up +5.7% from a year ago led by 10%-plus gains in Portugal (+16%), Bulgaria (+15%), Croatia (+13%), Slovakia (+12%), Hungary (+12%), and Spain (+12%).In Australia, household spending rose in May and by more than expected with a good recovery from a weak month in April. This spending was up +4.2% from May a year ago. It was their best gain in 7 months.The FAO food price index was little-changed in June from May, holding its gains from a year ago. Within that, both meat and dairy prices rose.The UST 10yr yield is now at 4.33%, and unchanged from yesterday. The price of gold will start today at US$3,336/oz, and unchanged from Saturday.American oil prices are unchanged at just under US$66.50/bbl while the international Brent price is also little-changed at just under US$68.50/bbl.The Kiwi dollar is now just on 60.6 USc, unchanged from Saturday. For the week it is up +20 bps. Against the Aussie we are up +10 bps at 92.5 AUc. Against the euro we are up +10 bps at 51.5 euro cents. That all means our TWI-5 starts today at just under 68 and up +10 bps from yesterday, and unchanged for the week.The bitcoin price starts today at US$108,921 and up +1.0% from this time yesterday. Volatility over the past 24 hours has been low at just on +/-0.5%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Au Cœur de l'Histoire est un podcast Europe 1. - Présentation : Virginie Girod - Production : Armelle Thiberge - Réalisation : Christophe Daviaud - Diffusion : Estelle Lafont - Composition du générique : Julien Tharaud - Promotion et coordination des partenariats : Marie Corpet - Visuel : Sidonie Mangin   Des heures et des heures d'Au Cœur de l'Histoire à écouter !  Découvrez  Au Coeur de l'Histoire +, une nouvelle offre pour accéder en avant-première aux nouveaux épisodes et en exclusivité à nos meilleures archives sur Versailles ou Napoléon par exemple. L'abonnement Au Cœur de l'Histoire + est disponible sur Apple Podcasts en cliquant ici                    Comment s'abonner ? Où écouter ? Quels sont les avantages d'Au Cœur de l'Histoire + ? Le mode d'emploi est disponible ici. Vous voulez écouter les autres épisodes d'Au Cœur de l'Histoire ? >> Retrouvez-les sur notre site Europe1.fr et sur Apple Podcasts, Spotify, Deezer, Amazon Music, Dailymotion et YouTube, ou vos plateformes habituelles d'écoute. >> Retrouvez ici le mode d'emploi pour écouter tous les podcasts d'Europe 1   Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Au Cœur de l'Histoire est un podcast Europe 1. - Présentation et écriture : Virginie Girod - Production : Armelle Thiberge - Réalisation : Nicolas Gaspard - Diffusion : Estelle Lafont - Composition du générique : Julien Tharaud - Promotion et coordination des partenariats : Marie Corpet - Visuel : Sidonie Mangin Ressources en ligne Geneviève Zaepfell, Mon combat psychique Geneviève Zaepfell, Arrangez-vous là-haut ! "Légendes et fantômes de l'Ouest. Un manoir régi par l'occultisme en Ille-et-Vilaine" - Ouest France Geneviève Zaepffel - Encyclopédie de Brocéliande Philippe Baudouin et Gaspard Laurent, « Bureaumancie », Terrain, Hors-série | 2021 Des heures et des heures d'Au Cœur de l'Histoire à écouter !  Découvrez  Au Coeur de l'Histoire +, une nouvelle offre pour accéder en avant-première aux nouveaux épisodes et en exclusivité à nos meilleures archives sur Versailles ou Napoléon par exemple. L'abonnement Au Cœur de l'Histoire + est disponible sur Apple Podcasts en cliquant ici                    Comment s'abonner ? Où écouter ? Quels sont les avantages d'Au Cœur de l'Histoire + ? Le mode d'emploi est disponible ici. Vous voulez écouter les autres épisodes d'Au Cœur de l'Histoire ? >> Retrouvez-les sur notre site Europe1.fr et sur Apple Podcasts, Spotify, Deezer, Amazon Music, Dailymotion et YouTube, ou vos plateformes habituelles d'écoute. >> Retrouvez ici le mode d'emploi pour écouter tous les podcasts d'Europe 1 Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Au Cœur de l'Histoire est un podcast Europe 1. - Présentation : Virginie Girod - Production : Armelle Thiberge - Réalisation : Clément Ibrahim - Diffusion : Estelle Lafont - Composition du générique : Julien Tharaud - Promotion et coordination des partenariats : Marie Corpet - Visuel : Sidonie Mangin Des heures et des heures d'Au Cœur de l'Histoire à écouter !  Découvrez  Au Coeur de l'Histoire +, une nouvelle offre pour accéder en avant-première aux nouveaux épisodes et en exclusivité à nos meilleures archives sur Versailles ou Napoléon par exemple. L'abonnement Au Cœur de l'Histoire + est disponible sur Apple Podcasts en cliquant ici                    Comment s'abonner ? Où écouter ? Quels sont les avantages d'Au Cœur de l'Histoire + ? Le mode d'emploi est disponible ici Vous voulez écouter les autres épisodes d'Au Cœur de l'Histoire ? >> Retrouvez-les sur notre site Europe1.fr et sur Apple Podcasts, Spotify, Deezer, Amazon Music, Dailymotion et YouTube, ou vos plateformes habituelles d'écoute. >> Retrouvez ici le mode d'emploi pour écouter tous les podcasts d'Europe 1   Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Kia ora,Welcome to Friday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the US budget bill has now been approved by Congress setting up a big shift in fortunes for big business at the expense of those on low incomes - and handing their future generations a substantially larger deficit headache. In fact, one so large, it will impact the global economy.In the US, they are about to have another national public holiday, Independence Day, so there has been an early data dump there in advance.US non-farm payrolls expanded +147,000 in June, very similar to the May expansion and better than the expected +110,000. The variance from yesterday's ADP Employment Report will raise a few questions. Average weekly earnings went down in June from May, but were up +3.4% from a year ago. In May that annual gain was +3.8% so this metric is tightening. Month on month decreases have happened before but they are relatively infrequent and usually indicate overtime earnings are drying up.US initial jobless claims came in a 231,500 has week and similar to what was expected, taking the continuing claims level to 1.91 mln, +90,000 higher than year ago levels.These two labour market reports probably take pressure off the Fed to cut their policy rate at their next review at the very end of this month.US exports fell -4.0% in May whereas imports dipped a minor -0.1%. That saw their trade deficit rise from the prior month but stay considerably lower than the same month a year ago.US services exports dipped in the month. But locally the June ISM service sector PMI improved from its tiny May decline to a small June expansion. The S&P Global/Markit services PMI told a similar story. But both noted the rising cost worries.May American factory order levels were up sharply in May from April, to be +3.2% higher than year-ago levels. But aircraft orders drove the rise and without that the year-on-year gain was just +0.2% and far less than can be accounted for by inflation. Even the month-on-month gain without aircraft wasn't significant, but at least it was a gain.And Trump's boast he will do "90 deals in 90 days" resulting from his tariff pressure looks like it will fall completely flat. The US has announced one, with Vietnam, but the Vietnamese will only say they are still working through the details. The talks on all the others are dragging on inconclusively.In Canada, their export and import data for May was little-changed overall. But in fact that hides some pretty significant shifts. Their trade with the US fell a lot, and they how have the smallest share going to the US since 1997, twenty eight years ago. In short order, Canadians have managed to reorient their trade to others successfully.Across the Pacific, analysts had expected the Caixin services PMI for China to maintain its small but steady expansion. But it weakened. Not a lot, and it is still expanding, but it will be disconcerting all the same. And it is now at a nine month low.Surprising analysts who expected a +AU$5 bln monthly trade surplus, the actual Australian trade surplus for May came in at half that level, to its lowest level in five years. May exports fell faster, down -2.7% from April while May imports rose faster, up +3.8% from April. Interestingly, exports of gold are down -3.4% in May from a year ago - and that is in AU$ terms, not volume.Container freight rates fell -5.7% last week from the prior week to be -45% lower than year ago levels. Trans-Pacific rates fell -15% as the trade war crimps these supply chains. Bulk freight rates fell -13% in the past week and are now -33% lower than year-ago levels.The UST 10yr yield is now at 4.34%, and up +5 bps from yesterday at this time.The price of gold will start today at US$3,326/oz, and down -US$20 from yesterday.American oil prices are little-changed at just under US$67/bbl while the international Brent price is down -50 USc at just over US$68.50/bbl. Last week's North American rig counts took an unusually sharp dip. There is certainly no evidence yet that investors are piling in to drill more aggressively.The Kiwi dollar is now just under 60.7 USc, down -10 bps from yesterday. Against the Aussie we are down -20 bps at 92.3 AUc. Against the euro we are unchanged at 51.6 euro cents. That all means our TWI-5 starts today at just over 68 and down -10 bps from yesterday.The bitcoin price starts today at US$109,173 and up +0.5% from this time yesterday. Volatility over the past 24 hours has been low at just over +/-0.8%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again on Monday.

Kia ora,Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the financial markets are awaiting the reconciliation of the US budget bill between the Senate and House versions. And they are waiting for news of "the countries lining up to make a [tariff] deal". There only seems to be one, Vietnam, and the details of that 'deal' remain murky.Meanwhile, American home loan interest rates fell last week to a three month low and that brought a surge in refinancing, although applications for a new mortgage were basically unchanged at a low level. That resulted in the total volume of mortgage applications rising by +2.7% last week from the prior week.Monitored job cuts in June shows it a relatively quiet month with 47,000 layoffs recorded. So far in 2025, the retail sector has cut the most private-sector jobs this year with 80,000 lost, hit by tariffs, inflation, and uncertainty. The expected DOGE cuts aren't as prominent yet due to the ongoing legal action uncertainty.But in contract, the US ADP Employment Report recorded a shrinkage in private payrolls in June by -33,000 when a +95,000 gain was expected. That's a big miss. This is a precursor for tomorrow's non-farm payrolls report for June which is expected to show a low +110,000 jobs gain. And while the ADP Report has a spotty track record matching the official data, you would have to suspect there are downside risks to the non-farm payroll estimates.Whatever the actual data shows, it seems pretty clear the stuffing is being knocked out of the once-strong engine of the US economy. 2025 is shaping up to be their weakest jobs growth since at least 2015 (pandemic excepted).US vehicle sales are also easing, down to a 15.3 mln annual rate and well below the March rate of 17.8 mln. The pre-tariff surge has created a shadow. But few analysts think it will rise much, mainly because of the tariff taxes.We don't have the equivalent China vehicle sales data yet but it will be very much higher (32.7 mln in the year to May), However they have their own problems of very rapid innovation and obsolescence, and worrying viability of large parts of their industry. Xiaomi's sudden entry into this sector is causing an existential shock for its rivals.Singapore's manufacturing PMI inched up out of contraction in June from May, snapping a two-month retreat as firms likely front-loaded orders ahead of looming American tariff deadlines. The recovery was primarily driven by faster expansion in new orders, new exports, and input purchases.In Australia, retail sales rose marginally in May to be +3.3% higher than year-ago levels. For context, Australian CPI was up +2.4% in the year to March, up +2.1% in their monthly inflation indicator for the year to May. So they have been getting 'real' volume increases although that may have faded recently. And this recent fade may bolster the case for a July 8 RBA rate cut.Meanwhile Australian building consents stopped falling in May as they had done in April, and are now +6.5% higher than May 2024. Multi-unit buildings are back driving the increase. The RBA's May 21 rate cut is getting the credit.The UST 10yr yield is now at 4.29%, and up +4 bps from yesterday at this time.The price of gold will start today at US$3,347/oz, and up +US$10 from yesterday.American oil prices are much firmer from yesterday, up +US$1.50 at just over US$67/bbl while the international Brent price is up the same at just under US$69/bbl.The Kiwi dollar is now just on 60.8 USc, down -10 bps from yesterday. Against the Aussie we are down -10 bps at 92.5 AUc. Against the euro we are down the same at 51.6 euro cents. That all means our TWI-5 starts today at 68.1 and also down -10 bps from yesterday.The bitcoin price starts today at US$109,025 and up +2.6% from this time yesterday. Volatility over the past 24 hours has been modest at just over +/-1.9%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Bienvenue dans ce nouvel épisode d'«Au Cœur de l'Histoire» ! Ce matin, nous vous emmenons à la rencontre d'un personnage clé du XVIIe siècle français : Henri de La Tour d'Auvergne, plus connu sous le nom de maréchal de Turenne.Dès son plus jeune âge, Turenne baigne dans un environnement marqué par les conflits. Né dans une famille protestante, il grandit au cœur de la guerre de Trente Ans, un vaste conflit qui ravage l'Europe pendant trois décennies. Très jeune, il manifeste des qualités de stratège et d'organisateur qui ne tardent pas à être remarquées. Après avoir fait ses armes auprès de son oncle aux Pays-Bas, il rejoint l'armée française et gravit rapidement les échelons, devenant l'un des plus brillants généraux de son temps.Sous les règnes de Louis XIII et de Louis XIV, Turenne va jouer un rôle déterminant dans les conflits qui opposent la France à l'Espagne et à l'Autriche. Ses victoires décisives, notamment lors de la guerre de Hollande, lui valent une renommée sans égale. Tacticien hors pair, Turenne privilégie une approche indirecte, cherchant à désorganiser et à surprendre l'ennemi plutôt que de l'affronter de front.

Au Cœur de l'Histoire est un podcast Europe 1. - Présentation : Virginie Girod - Production : Armelle Thiberge - Réalisation : Christophe Daviaud - Diffusion : Estelle Lafont - Composition du générique : Julien Tharaud - Promotion et coordination des partenariats : Marie Corpet - Visuel : Sidonie Mangin Des heures et des heures d'Au Cœur de l'Histoire à écouter !  Découvrez  Au Coeur de l'Histoire +, une nouvelle offre pour accéder en avant-première aux nouveaux épisodes et en exclusivité à nos meilleures archives sur Versailles ou Napoléon par exemple. L'abonnement Au Cœur de l'Histoire + est disponible sur Apple Podcasts en cliquant ici                    Comment s'abonner ? Où écouter ? Quels sont les avantages d'Au Cœur de l'Histoire + ? Le mode d'emploi est disponible ici. Vous voulez écouter les autres épisodes d'Au Cœur de l'Histoire ? >> Retrouvez-les sur notre site Europe1.fr et sur Apple Podcasts, Spotify, Deezer, Amazon Music, Dailymotion et YouTube, ou vos plateformes habituelles d'écoute. >> Retrouvez ici le mode d'emploi pour écouter tous les podcasts d'Europe 1   Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Bienvenue dans ce nouvel épisode d'«Au Cœur de l'Histoire» ! Ce matin, nous vous emmenons à la rencontre d'un personnage clé du XVIIe siècle français : Henri de La Tour d'Auvergne, plus connu sous le nom de maréchal de Turenne.Dès son plus jeune âge, Turenne baigne dans un environnement marqué par les conflits. Né dans une famille protestante, il grandit au cœur de la guerre de Trente Ans, un vaste conflit qui ravage l'Europe pendant trois décennies. Très jeune, il manifeste des qualités de stratège et d'organisateur qui ne tardent pas à être remarquées. Après avoir fait ses armes auprès de son oncle aux Pays-Bas, il rejoint l'armée française et gravit rapidement les échelons, devenant l'un des plus brillants généraux de son temps.Sous les règnes de Louis XIII et de Louis XIV, Turenne va jouer un rôle déterminant dans les conflits qui opposent la France à l'Espagne et à l'Autriche. Ses victoires décisives, notamment lors de la guerre de Hollande, lui valent une renommée sans égale. Tacticien hors pair, Turenne privilégie une approche indirecte, cherchant à désorganiser et à surprendre l'ennemi plutôt que de l'affronter de front.

BUFFALO, NY – July 1, 2025 – A new #review was #published in Volume 16 of Oncotarget on June 17, 2025, titled “Optimizing enfortumab vedotin plus pembrolizumab therapy.” First authors Elias Antoine Karam of the Gustave Roussy and Saint-Joseph University of Beirut and Yaghi César Céline from the Saint-Joseph University of Beirut, along with their colleagues, reviewed recent developments about treating advanced urothelial carcinoma (aUC), an aggressive form of bladder cancer. Their review highlights how combining enfortumab vedotin and pembrolizumab as a first-line treatment offers a major improvement for patients with limited options and poor prognoses. Advanced urothelial cancer has traditionally been treated with platinum-based chemotherapy, which often causes serious side effects and offers limited long-term benefit. Many patients are even ineligible for it due to underlying health conditions. The new combination presents a more effective and better-tolerated alternative, as shown in recent clinical trials reviewed by the authors. Enfortumab vedotin targets Nectin-4, a protein present in most urothelial cancer cells, delivering a cancer-killing agent directly into tumors. Pembrolizumab helps the immune system detect and destroy cancer cells. Together, they have shown strong results in extending survival with fewer serious side effects than chemotherapy. These findings led to FDA approval in 2023 for use in a broad range of patients, including those unable to tolerate traditional treatments. “In the phase II KEYNOTE-052 study, pembrolizumab demonstrated significant efficacy as initial therapy in patients with aUC who were ineligible for a cisplatin-based regimen.” The review also compares this new approach with other evolving strategies, such as therapies using nivolumab and chemotherapy combinations. Among current first-line options, enfortumab vedotin and pembrolizumab have produced the most promising outcomes. However, the best course of action following disease progression remains unclear. Other important challenges raised in the review include the high cost of the new therapies, limited patient access to them, and the absence of reliable biomarkers to predict individual response. The authors call for further studies to refine treatment strategies and explore blood-based tools that could guide therapy decisions and minimize side effects. This review offers a clear summary of how recent clinical advances are reshaping the treatment of aUC. It reflects a shift away from traditional chemotherapy toward immunotherapy and targeted, personalized treatments that aim to extend survival and improve quality of life. DOI - https://doi.org/10.18632/oncotarget.28741 Correspondence to - Elias Antoine Karam - eliaskaram18@gmail.com Video short - https://www.youtube.com/watch?v=VrTXaF2qW2k Sign up for free Altmetric alerts about this article - https://oncotarget.altmetric.com/details/email_updates?id=10.18632%2Foncotarget.28741 Subscribe for free publication alerts from Oncotarget - https://www.oncotarget.com/subscribe/ Keywords - cancer, advanced urothelial carcinoma (aUC), enfortumab vedotin, pembrolizumab, treatment strategies, bladder cancer To learn more about Oncotarget, please visit https://www.oncotarget.com and connect with us: Facebook - https://www.facebook.com/Oncotarget/ X - https://twitter.com/oncotarget Instagram - https://www.instagram.com/oncotargetjrnl/ YouTube - https://www.youtube.com/@OncotargetJournal LinkedIn - https://www.linkedin.com/company/oncotarget Pinterest - https://www.pinterest.com/oncotarget/ Reddit - https://www.reddit.com/user/Oncotarget/ Spotify - https://open.spotify.com/show/0gRwT6BqYWJzxzmjPJwtVh MEDIA@IMPACTJOURNALS.COM

Pinky Selim is a banker by profession, a dancer by passion, and the founder of the AUC Alumni Folklore Group, a troupe dedicated to reviving Egyptian folkloric dance. While studying at the American University in Cairo, she was deeply involved in the university's folklore club, and after graduation, she couldn't imagine letting go of this art form. In 2013, with the support of AUC's Alumni Office, she launched AUC Alum Folk to preserve and celebrate Egyptian heritage through performance and education. Inspired by legends like Mahmoud Reda and Farida Fahmy, Pinky has choreographed and staged numerous shows that bring folklore to life for new generations. As a proud mother and twin sister, she leads a growing troupe of dancers of all ages, teaching workshops and organizing performances that honor the richness and diversity of Egyptian folk traditions.In this episode you will learn about:- How a simple alumni club became a full dance company- The deep influence of her father on Pinki's view of music and culture- The growing disconnection between young Egyptians and their own cultural heritage- Why teaching folklore felt urgent in a culture where kids mock their own language- What it takes to lead amateurs who dance like prosShow Notes to this episode:Find Pinky Selim on Instagram, and Instagram page of AUC Alumni Folklore.Visit Bellydance.com today: you'll always find something fresh, whether you're looking for costumes, practice wear, veils, hip scarves, jewelry, or music.Details and training materials for the BDE castings are available at www.JoinBDE.comFollow Iana on Instagram, FB, and Youtube . Check out her online classes and intensives at the Iana Dance Club.Find information on how you can support Ukraine and Ukrainian belly dancers HERE.Podcast: www.ianadance.com/podcast

Dr. Allison Zibelli and Dr. Rebecca Shatsky discuss advances in breast cancer research that were presented at the 2025 ASCO Annual Meeting, including a potential new standard of care for HER2+ breast cancer, the future of ER+ breast cancer management, and innovations in triple negative breast cancer therapy. Transcript Dr. Allison Zibelli: Hello and welcome to the ASCO Daily News Podcast. I'm Dr. Allison Zibelli, your guest host of the podcast today. I'm an associate professor of medicine and a breast medical oncologist at the Sidney Kimmel Comprehensive Cancer Center at Jefferson Health. There was a substantial amount of exciting breast cancer data presented at the 2025 ASCO Annual Meeting, and I'm delighted to be joined by Dr. Rebecca Shatsky today to discuss some of these key advancements. Dr. Shatsky is an associate professor of medicine at UC San Diego and the head of breast medical oncology at the UC San Diego Health Moores Cancer Center, where she also serves as the director of the Breast Cancer Clinical Trials Program and the Inflammatory and Triple-Negative Breast Cancer Program.  Our full disclosures are available in the transcript of this episode. Dr. Shatsky, it's great to have you on the podcast today. Dr. Rebecca Shatsky: Thanks, Dr. Zibelli. It's wonderful to be here. Dr. Allison Zibelli: So, we're starting with DESTINY-Breast09, which was trastuzumab deruxtecan and pertuzumab versus our more standard regimen of taxane, trastuzumab pertuzumab for first-line treatment of metastatic HER2-positive breast cancer. Could you tell us a little bit about the study? Dr. Rebecca Shatsky: Yeah, absolutely. So, this was a long-awaited study. When T-DXd, or trastuzumab deruxtecan, really hit the market, a lot of these DESTINY-Breast trials were started around the same time. Now, this was a global, randomized, phase 3 study presented by Dr. Sara Tolaney from the Dana-Farber Cancer Institute of Harvard in Boston. It was assessing essentially T-DXd in the first-line setting for metastatic HER2-positive breast cancer in addition to pertuzumab. And that was randomized against our standard-of-care regimen, which was established over a decade ago by the CLEOPATRA trial, and we've all been using that internationally for at least the past 10 years. So, this was a large trial, and it was one-to-one-to-one of patients getting T-DXd plus pertuzumab, T-DXd alone, or THP, which mostly is used as docetaxel and trastuzumab and pertuzumab every three weeks for six cycles. And this was in over 1,000 patients; it was 1,159 patients with metastatic HER2-positive breast cancer. This was a very interesting trial. It was looking at the use of trastuzumab deruxtecan, but patients were started on this treatment for their first-line metastatic HER2-positive breast cancer with no end date to their T-DXd. So, it was, you know, you were started on T-DXd every 3 weeks until progression. Now, CLEOPATRA is a little bit different than that, though, as we know. So, CLEOPATRA has a taxane plus trastuzumab and pertuzumab. But generally, patients drop the taxane after about six to seven cycles because, as we know, you can't be really on a taxane indefinitely. You get pretty substantial neuropathy as well as cytopenias, other things that end up happening. And so, in general, that regimen has sort of a limited time course for its chemotherapy portion, and the patients maintained after the taxane is dropped on their trastuzumab and their pertuzumab, plus or minus endocrine therapy if the investigator so desires. And the primary endpoint of the trial was progression-free survival by blinded, independent central review (BICR) in the intent-to-treat population. And then it had its other endpoints as overall survival, investigator-assessed progression-free survival, objective response rates, and duration of response, and of course, safety. As far as the results of this trial, so, I think that most of us key opinion leaders in breast oncology were expecting that this was going to be a positive trial. And it surely was. I mean, this is a really, really active drug, especially in HER2-positive disease, of course. So, the DESTINY-Breast03 data really established that, that this is a very effective treatment in HER2-positive metastatic breast cancer. And this trial really, again, showed that. So, there were 383 patients that ended up on the trastuzumab plus deruxtecan plus pertuzumab arm, and 387 got THP, the CLEOPATRA regimen. What was really interesting also to note of this before I go on to the results was that 52% of patients on this trial had de novo metastatic disease. And that's pretty unusual for any kind of metastatic breast cancer trial. It kind of shows you, though, just how aggressive this disease is, that a lot of patients, they present with de novo metastatic disease. It's also reflecting the global nature of this trial where maybe the screening efforts are a little bit less than maybe in the United States, and more patients are presenting as later stage because to have a metastatic breast cancer trial in the United States with 52% de novo metastatic disease doesn't usually happen. But regardless, the disease characteristics were pretty well matched between the two groups. 54% of the patients were triple positive, or you could say hormone-positive because whether they were PR positive or ER positive and PR negative doesn't really matter in this disease. And so, the interim data cutoff was February of this year, of 2025. So, the follow-up so far has been about 29 months, so the data is still really immature, only 38% mature for progression-free survival interim analysis. But what we saw is that T-DXd plus pertuzumab, it really improved progression-free survival. It had a hazard ratio that was pretty phenomenal at 0.56 with a confidence interval that was pretty narrow of 0.44 to 0.71. So, very highly statistically significant data here. The progression-free survival was consistent across all subgroups. Overall survival, very much immature at this time, but of course, the trend is towards an overall survival benefit for the T-DXd group. The median durable response with T-DXd plus pertuzumab exceeded 3 years. Now, importantly, though, I want to stress this, is grade 3 or above treatment-emergent adverse events occurred in both subgroups pretty equally. But there were 2 deaths in the T-DXd group due to interstitial lung disease. And there was a 12.1% adjudicated drug-induced interstitial lung disease/pneumonitis event rate in the T-DXd group and only 1%, and it was grade 1-2, in the THP group. So, that's really the caveat of this therapy, is we know that a percentage of patients are going to get interstitial lung disease, and that some may have very serious adverse events from it. So, that's always something I keep in the back of my mind when I treat patients with T-DXd. And so, overall, the conclusions of the trial were pretty much a slam dunk. T-DXd plus pertuzumab, it had a highly statistically significant and clinically meaningful improvement in progression-free survival versus the CLEOPATRA regimen. And that was across all subgroups for first-line metastatic HER2-positive breast cancer here. And so, yeah, the data was pretty impressive. Just to go into the overall response rate, because that's always super important as well, you had 85.1% of patients having a confirmed overall RECIST response rate in the T-DXd plus pertuzumab group and a 78.6 in the CLEOPATRA group. The complete CR rate, complete response was 15.1% in the T-DXd group and 8.5 in the CLEOPATRA regimen. And it was really an effective regimen in this group, of course. Dr. Allison Zibelli: So, the investigators say at the end of their abstract that this is the new standard of care. Would you agree with that statement? Dr. Rebecca Shatsky: Yeah, that was a bold statement to make because I would say in the United States, not necessarily at the moment because the quality of life here, you have to think really hard about. Because one thing that's really important about the DESTINY-Breast09 data is that this was very much an international trial, and in many of the countries where patients enrolled on this, they were not able to access T-DXd off trial. And so, for them, this means T-DXd now or potentially never. And so, that is a really big difference whereas internationally, that may mean standard of care. However, in the US, patients have no issues accessing T-DXd in the second- or third-line settings. And right now, it's the standard of care in the second line in the United States, with all patients basically getting this second-line therapy except for some unique patients where they may be doing a PATINA trial regimen, which we saw at San Antonio Breast Cancer in 2024 of the triple-positive patients getting hormonal therapy plus palbociclib, which had a really great durable response. That was super impressive as well. Or there is the patient that the investigator can pick KADCYLA because the patient really wants to preserve their hair or maybe it's more indolent disease. But the quality of life on T-DXd indefinitely in the first-line setting is a big deal because, again, that CLEOPATRA regimen allows patients to drop their chemotherapy component about five to six months in. And with this, you're on a drug that feels very chemo-heavy indefinitely. And so, I think there's a lot more to investigate as far as what we're going to do with this data in the United States because it's a lot to commit a patient in the first-line metastatic setting. These de novo metastatic patients, some of them may be cured, honestly, on the HER2-targeting regimen. That's something we see these days. Dr. Allison Zibelli: So, very interesting trial. I'm sure we'll be talking about this for a long time.  So, let's move on to SERENA-6, which was, I thought, a very interesting trial. This trial took patients with ER positive, advanced breast cancer after six months on an AI (aromatase inhibitor) and a CDK4/6 inhibitor. They did ctDNA every two to three months, and when they saw an ESR1 mutation emerge, they changed half of the patients to camizestrant plus CDK4/6 and kept the other half on the AI plus CDK4/6. Can you talk about that trial a little bit, please? Dr. Rebecca Shatsky: Yeah, so this was a big trial at ASCO25. This was presented as a Plenary Session. So, this was camizestrant plus a CDK4/6 inhibitor, and it could have been any of the three, so palbo, ribo, or abemaciclib in the first-line metastatic hormone-positive population, and patients were on an AI with that. They were, interestingly, tested by ctDNA at baseline to see if they had an ESR1 mutation. So, that was an interesting feature of this trial. But patients had to have already been on their CDK4/6 inhibitor plus AI for at least 6 months to enroll. And then, as you mentioned, they got ctDNA testing every 2 to 3 months. This was also a phase 3, double-blind, international trial. And I do want to highlight again, international here, because that's important when we're considering some of this data in the U.S. because it influences some of the results. So, this was presented by Dr. Nick Turner of the Royal Marsden in the UK. So, just a little bit of background for our listeners on ESR1 mutations and why they're important. This is the most common, basically, acquired resistance mutation to patients being treated with aromatase inhibitors. We know that treatment with aromatase inhibitors can induce this. It makes a conformational change in the estrogen receptor that makes the estrogen receptor constitutively active, which allows the cell to signal despite the influence of the aromatase inhibitor to decrease the estrogen production so that the ligand binding doesn't matter as much as far as the cell signaling and transcription is concerned. And camizestrant, you know, as an oral SERD, just to explain that a little bit too; these are estrogen receptor degraders. The first-in-class of a selective estrogen receptor degrader to make it to market was fulvestrant. And that's really been our standard-of-care estrogen degrader for the past 25 years, almost 25 years. And so, a lot of us are just looking for some of these oral SERDs to replace that. But regardless, they do tend to work in the ESR1-mutated population. And we know that patients on aromatase inhibitors, the estimates of patients developing an ESR1 mutation, depending on which study you look at, somewhere between 30% to 50% overall, patients will develop this mutation with hormone-positive metastatic breast cancer. There is a small percentage of patients that have these at baseline without even treatment of an aromatase inhibitor. The estimates of that are somewhere between 0.5 and up to 5%, depending on the trial you look at and the population. But regardless, there is a chance someone on their CDK4/6 inhibitor plus AI at 6 months' time course could have had an ESR1 mutation at that time. But anyway, so they got this ctDNA every 2 to 3 months, and once they were found to develop an ESR1 mutation, the patients were then switched to the oral SERD. AstraZeneca's version of the oral SERD is camizestrant, 75 mg daily. And then their type of CDK4/6 inhibitor was maintained, so they didn't switch the brand of their CDK4/6 inhibitor, importantly. And that was looked at then for progression-free survival, but these were patients with measurable disease by RECIST version 1.1. And the data cut off here was November of 2024. This was a big trial, you know, and I think that that's influential here because this was 3,256 patients, and that's a lot of patients. So, they were all eligible. And then 315 patients ended up being randomized to switch to camizestrant upon presence of that ESR1 mutation. So, that was 157 patients. And then the other half, so they were randomized 1:1, they continued on their AI without switching to an oral SERD. That was 158 patients. They were matched pretty well. And so, their baseline characteristics, you know, the two subgroups was good. But this was highly statistically significant data. I'm not going to diminish that in any way. Your hazard ratio was 0.44. Highly statistically significant confidence intervals. And you had a median progression-free survival in those that switched to camizestrant of 16 months, and then the non-switchers was 9.2 months. So, the progression-free survival benefit there was also consistent across the subgroups. And so, you had at 12 months, the PFS rate was 60.7% for the non-treatment group and 33.4% in the treatment group. What's interesting, though, is we don't have overall survival data. This is really immature, only 12% mature as far as overall survival. And again, because this was an international trial and patients in other countries right now do not have the access to oral SERDs that the United States does, the crossover rate, they were not allowed to crossover, and so, a very few patients, when we look at progression-free survival 2 and ultimately overall survival, were able to access an oral SERD in the off-trial here and in the non-treatment group. And so, that's really important as far as we look at these results. Adverse events were pretty minimal. These are very safe drugs, camizestrant and all the other oral SERDs. They have some mild toxicities. Camizestrant is known for something weird, which is called photopsia, which is some flashing lights in the periphery of the eye, but it doesn't seem to have any serious clinical significance that we know of. It has a little bit of bradycardia, but it's otherwise really well tolerated. You know, I hate to say that because that's very subjective, right? I'm not the one taking the drug. But it doesn't have any serious adverse events that would cause discontinuation. And that's really what we saw in the trial. The discontinuation rates were really low. But overall, I mean, this was a positive trial. SERENA-6 showed that switching to camizestrant at the first sign of an ESR1 mutation on CDK4/6 inhibitor plus AI improved progression-free survival. That's all we can really say from it right now. Dr. Allison Zibelli: So, let's move on to ASCENT-04, which was a bit more straightforward. Sacituzumab govitecan plus pembrolizumab versus chemotherapy plus pembrolizumab in PD-L1-positive, triple-negative breast cancer. Could you talk about that study? Dr. Rebecca Shatsky: Yeah, so this was also presented by the lovely Sara Tolaney from Dana-Farber. And this study made me really excited. And maybe that's because I'm a triple-negative breast cancer person. I mean, not to say that I don't treat hundreds of patients with hormone- positive, but our unmet needs in triple negative are huge because this is a disease where you have got to throw your best available therapy at it as soon as you can to improve survival because survival is so poor in this disease. The average survival with metastatic triple-negative breast cancer in the United States is still 13-18 months, and that's terrible. And so, for full disclosure, I did have this trial open at my site. I was one of the site PIs. I'm not the global PI of the study, obviously. So, what this study was was for patients who had had at least a progression-free survival of 6 months after their curative intent therapy or de novo metastatic disease. They were PD-L1 positive as assessed by the Dako 22C3 assay of greater than or equal to a CPS score of 10. So, that's what the KEYNOTE-355 trial was based on as well. So, standard definition of PD-L1 positive in breast cancer here. And basically, these patients were randomized 1:1 to either their sacituzumab govitecan plus pembrolizumab, day 1 they got both therapies, and then day 8 just the saci, as is standard for sacituzumab. And then the other group got the KEYNOTE-355 regimen. So, that is pembrolizumab with – your options are carbogem there, paclitaxel or nab-paclitaxel. And it's up to investigator's decision which upon those they decided. They followed these patients for disease progression or unacceptable toxicity. It was really an impressive trial in my opinion because we know already that this didn't just improve progression-free survival, because survival is so poor in this disease, of course, we know that it improved overall survival. It's trending towards that very much, and I think that's going to be shown immediately. And then the objective response rates were better, which is key in this disease because in the first-line setting, you've got a lot of people who, especially your relapsed TNBC that don't respond to anything. And you lose a ton of patients even in the first-line setting in this disease. And so, this was 222 patients to chemotherapy and pembro and 221 to sacituzumab plus pembro. Median follow-up has only been 14 months, so it's still super early here. Hazard ratio so far of progression-free survival is 0.65, highly statistically significant, narrow confidence intervals. And so, the median duration of response here for the saci group was 16.5 months versus 9.2 months. So, you're getting a 7-month progression-free survival benefit here, which in triple negative is pretty fantastic. I mean, this reminds me of when we saw the ASCENT data originally come out for sacituzumab, and we were all just so happy that we had this tool now that doubled progression-free and overall survival and made such a difference in this really horrible disease where patients do poorly. So, OS is technically immature here, but it's really trending very heavily towards improvement in overall survival. Importantly, the treatment-related adverse events in this, I mean, we know sacituzumab causes neutropenia, people who are experienced with this drug know how to manage it at this point. There wasn't any really unexpected treatment-related adverse events. You get some people with sacituzumab who have diarrhea. It's usually pretty manageable with some Imodium. So, it was cytopenias predominantly in this disease in this population that were highlighted as far as adverse events. But I'm going to be honest, like I was surprised that this wasn't the plenary over the SERENA-6 data because this, in my mind, there we have a practice-changing trial. I will immediately be trying to use this in my PD-L1 population because, to be honest, as a triple-negative breast cancer clinical specialist, when I get a patient with metastatic triple-negative breast cancer who's PD-L1 positive, I think, "Oh, thank God," because we know that part of the disease just does better in general. But now I have something that really could give them a durable response for much longer than I ever thought possible when I started really heavily treating this disease. And so, this was immediately practice-changing for me. Dr. Allison Zibelli: I think that it's pretty clear that this is at least an option, if not the option, for this group of patients. Dr. Rebecca Shatsky: Yeah, the duration of responses here was – it's just really important because, I mean, I do think this will make people live longer. Dr. Allison Zibelli: So, moving on to the final study that we're going to discuss today, neoCARHP (LBA500), which was neoadjuvant taxane plus trastuzumab, pertuzumab, plus or minus carbo(platin) in HER2-positive early breast cancer. I think this is a study a lot of us have been waiting for. What was the design and the results of this trial? Dr. Rebecca Shatsky: I was really excited about this as well because I'm one of those people that was waiting for this. This is a Chinese trial, so that is something to take note of. It wasn't an international trial, but it was a de-escalation trial which had become really popular in HER2-positive therapy because we know that we're overtreating HER2-positive breast cancer in a lot of patients. A lot of patients we're throwing the kitchen sink at it when maybe that is not necessary, and we can really de-escalate and try to personalize therapy a little bit better because these patients tend to do well. So, the standard of care, of course, in HER2-positive curative intent breast cancer with tumors that are greater than 2 cm is to give them the TCHP regimen, which is docetaxel, carboplatin, trastuzumab, and pertuzumab. And that was sort of established by several trials in the NeoSphere trial, and now it's been repeated in a lot of different studies as well. And so, that's really the standard of care that most people in the United States use for HER2-positive curative intent breast cancer. This was a trial to de-escalate the carboplatin, which I was super excited about because many of us who treat this disease a lot think carbo is the least important part of the therapy you're giving there. We don't really know that it's necessary. We've just been doing it for a long time, and we know that it adds a significant amount of toxicity. It causes thrombocytopenia, it causes severe nausea, really bad cytopenias that can be difficult in the last few cycles of this to manage. So, this trial was created. It randomized patients one to one with stage 2 and 3 HER2-positive breast cancer to either get THP, a taxane, pertuzumab, trastuzumab, similar to the what we do in first-line metastatic HER2-positive versus the whole TCHP with a carboplatin AUC of 6, which is what's pretty standard. And it was a non-inferiority trial, so important there. It wasn't to establish superiority of this regimen, which none of us, I think, were looking for it to. And it was a modified intent-to-treat population. And so, all patients got at least one cycle of this to be assessed as a standard for an intent-to-treat trial. And so, they assumed a pCR rate of about 62.8% for both groups. And, of course, it included both HER2-positive triple positives and ER negatives, which are, you know, a bit different diseases, to be honest, but we all kind of categorize them and treat them the same. And so, this trial was powered appropriately to detect a non-inferiority difference. And so, we had about 380 patients treated on both arms, and there was an absolute difference of only 1.8% of those treated with carbo versus those without. Which was fantastic because you really realized that de-escalation here may be something we can really do. And so, the patients who got, of course, the taxane regimen had fewer adverse events. They had way fewer grade 3 and 4 adverse events than the THP group. No treatment-associated deaths occur, which is pretty standard for- this is a pretty safe regimen, but it causes a lot of hospitalizations due to diarrhea, due to cytopenias, and neutropenic fever, of course. And so, I thought that this was something that I could potentially enact, you know, and be practice-changing. It's hard to say that when it's a trial that was only done in China, so it's not necessarily the United States population always. But I think for patients moving forward, especially those with, say, a 2.5 cm tumor, you know, node negative, those, I'd feel pretty comfortable not giving them the carboplatin here. Notes that I want to make about this population is that the majority were stage 2 and not stage 3. They weren't necessarily your inflammatory HER2-positive breast cancer patients. And that the taxane that was utilized in the trial is a little different than what we use in the United States. The patients were allowed to get nab-paclitaxel, which we don't have FDA approval for in the first-line curative intent setting for HER2-positive breast cancer in the United States. So, a lot of them got abraxane, and then they also got paclitaxel. We tend to use docetaxel every 3 weeks in the United States. So, just to point out that difference. We don't really know if that's important or not, but it's just a little bit different to the population we standardly treat. Dr. Allison Zibelli: So, are there patients that you would still give TCHP to? Dr. Rebecca Shatsky: Yeah, great question. I've been asked that a lot in the past like week since ASCO. I'd say in my inflammatory breast cancer patients, that's a group I do tend to sometimes throw the kitchen sink at. Now, I don't actually use AC in those because I know that that was the concern, but I think the TRAIN-2 trial really showed us you don't need to use Adriamycin in HER2-positive disease unless it's like refractory. So, I don't know that I would throw this on my stage 3C or inflammatory breast cancer patients yet because the majority of this were not stage 3. So, in your really highly lymph node positive patients, I'm a little bit hesitant to de-escalate them from the start. This is more of a like, if there's serious toxicity concerns, dropping carbo is absolutely fine here. Dr. Allison Zibelli: All right, great.  Thank you, Dr. Shatsky, for sharing your valuable insights with us on the ASCO Daily News Podcast today. Dr. Rebecca Shatsky: Thanks so much, Dr. Zibelli and ASCO Daily News. I really want to thank you for inviting me to talk about this today. It was really fun, and I hope you find my opinions on some of this valuable. And so, I just want to thank everybody and my listeners as well. Dr. Allison Zibelli: And thank you to our listeners for joining us today. You'll find the links to all the abstracts discussed today in the transcript of this episode. Finally, if you like this podcast and you learn things from it, please take a moment to rate, review, and describe because it helps other people find us wherever you get your podcasts. Thank you again. Disclaimer: The purpose of this podcast is to educate and to inform. This is not a substitute for professional medical care and is not intended for use in the diagnosis or treatment of individual conditions. Guests on this podcast express their own opinions, experience, and conclusions. Guest statements on the podcast do not express the opinions of ASCO. The mention of any product, service, organization, activity, or therapy should not be construed as an ASCO endorsement. More on today's speakers Dr. Allison Zibelli Dr. Rebecca Shatsky @Dr_RShatsky Follow ASCO on social media:  @ASCO on Twitter  @ASCO on Bluesky  ASCO on Facebook  ASCO on LinkedIn   Disclosures: Dr. Allison Zibelli: No relationships to disclose Dr. Rebecca Shatsky: Consulting or Advisory Role: Stemline, Astra Zeneca, Endeavor BioMedicines, Lilly, Novartis, TEMPUS, Guardant Health, Daiichi Sankyo/Astra Zeneca, Pfizer Research Funding (Inst.): OBI Pharma, Astra Zeneca, Greenwich LifeSciences, Briacell, Gilead, OnKure, QuantumLeap Health, Stemline Therapeutics, Regor Therapeutics, Greenwich LifeSciences, Alterome Therapeutics  

Dhineli Perera talks to pharmacists Amy Legg and Tony Lai about their paper on the safe and effective use of vancomycin. They discuss the evolution of vancomycin therapeutic drug monitoring, including trough concentrations, and demystify AUC monitoring. They cover current recommendations, including targets for drug efficacy and safety, and priority patient groups. Read the full article by Amy, Tony, and their co-authors, in Australian Prescriber.

Stéphane Bern dévoile l'histoire d'un ouvrage pas comme les autres, un manuscrit rare qui se dévoile lui-même au musée Condé du Château de Chantilly : "Les Très Riches Heures du duc de Berry", considéré comme la « Joconde » des manuscrits, le « roi des livres d'heures » qui, en plus d'être un livre de prières, est aussi un livre… d'Histoire ! Ce manuscrit a-t-il participé à la légende autour du duc de Berry ? En quoi "Les Très Riches Heures du Duc de Berry" est-il l'une des œuvres fondatrices de l'histoire de l'art occidental ? Comment expliquer l'engouement qui existe toujours aujourd'hui autour de cet ouvrage hors du commun ? Pour en parler, Stéphane Bern reçoit Mathieu Deldicque, conservateur en chef du patrimoine et directeur du musée Condé au Château de Chantilly qui propose l'exposition "Les Très Riches Heures du Duc de Berry" jusqu'au 5 octobre 2025. Au Cœur de l'Histoire est réalisée par Loïc Vimard. Rédaction en chef : Benjamin Delsol. Auteure du récit : Marine Guiffray. Journaliste : Clara Leger. Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern dévoile l'histoire d'un ouvrage pas comme les autres, un manuscrit rare qui se dévoile lui-même au musée Condé du Château de Chantilly : "Les Très Riches Heures du duc de Berry", considéré comme la « Joconde » des manuscrits, le « roi des livres d'heures » qui, en plus d'être un livre de prières, est aussi un livre… d'Histoire ! Ce manuscrit a-t-il participé à la légende autour du duc de Berry ? En quoi "Les Très Riches Heures du Duc de Berry" est-il l'une des œuvres fondatrices de l'histoire de l'art occidental ? Comment expliquer l'engouement qui existe toujours aujourd'hui autour de cet ouvrage hors du commun ? Pour en parler, Stéphane Bern reçoit Mathieu Deldicque, conservateur en chef du patrimoine et directeur du musée Condé au Château de Chantilly qui propose l'exposition "Les Très Riches Heures du Duc de Berry" jusqu'au 5 octobre 2025. Au Cœur de l'Histoire est réalisée par Loïc Vimard. Rédaction en chef : Benjamin Delsol. Auteure du récit : Marine Guiffray. Journaliste : Clara Leger. Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte, à la veille de la visite d'État du président Macron sur le rocher, la crise diplomatique qui, en 1962, a opposé le Prince Rainier III au général De Gaulle dans un bras de fer qui a failli bien remettre en cause les liens historiques entre la France et la principauté… À quand remontent les toutes premières tensions qui opposent la France à Monaco ? Quelles ont été les conséquences de ce conflit ? Pourquoi la principauté de Monaco n'est-elle jamais devenue totalement indépendante ? Pour en parler, Stéphane Bern reçoit Pierre Fabry, historien et auteur de "Histoire de Monaco" (Passés Composés). Au Cœur de l'Histoire est réalisée par Guillaume Vassseau. Rédaction en chef : Benjamin Delsol. Auteur du récit : Eloi Audoin-Rouzeau. Journaliste : Clara Leger.Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte, à la veille de la visite d'État du président Macron sur le rocher, la crise diplomatique qui, en 1962, a opposé le Prince Rainier III au général De Gaulle dans un bras de fer qui a failli bien remettre en cause les liens historiques entre la France et la principauté… À quand remontent les toutes premières tensions qui opposent la France à Monaco ? Quelles ont été les conséquences de ce conflit ? Pourquoi la principauté de Monaco n'est-elle jamais devenue totalement indépendante ? Pour en parler, Stéphane Bern reçoit Pierre Fabry, historien et auteur de "Histoire de Monaco" (Passés Composés). Au Cœur de l'Histoire est réalisée par Guillaume Vassseau. Rédaction en chef : Benjamin Delsol. Auteur du récit : Eloi Audoin-Rouzeau. Journaliste : Clara Leger.Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Virginie Girod vous transporte Au Cœur de l'Histoire, à la découverte des poèmes de Phillis Wheatley (1753-1784). Arrachée à ses terres natales et réduite en esclavage dans l'Amérique coloniale du XVIIIe siècle, Phillis Wheatley parvient à sortir de sa condition et marque bientôt l'Histoire de la littérature afro-américaine, devenant une poétesse majeure. Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Toute cette semaine, Au Cœur de l'Histoire spéciale "Ils ont choisi la France !" Ou les destins de personnages qui se sont fait un – grand – nom dans notre pays. Pour le 3e épisode, Stéphane Bern raconte Fryderyk Franciszek Chopin, dit Frédéric Chopin, jeune pianiste célèbre en son pays qui a décidé de quitter sa Pologne natale pour Vienne avant tenter sa chance dans l'autre capitale musicale de l'Europe : Paris... Et bien lui en a pris ! Pourquoi la musique de Chopin parle-t-elle à tout le monde ? Comment a-t-il inventé le piano moderne ? Comment sa musique a-t-elle traversé les siècles sans perdre de sa splendeur ? Pour en parler, Stéphane Bern reçoit Jean-Yves Clément, écrivain, auteur de "Chopin et Liszt, la magnificence des contraires" (Passés Composés, collection Alpha). Au Cœur de l'Histoire est réalisée par Pierre Cazalot. Rédaction en chef : Benjamin Delsol. Auteur du récit : Pïerre-Vincent Letourneau. Journaliste : Clara Leger. Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Toute cette semaine, Au Cœur de l'Histoire spéciale "Ils ont choisi la France !" Ou les destins de personnages qui se sont fait un – grand – nom dans notre pays. Pour le 3e épisode, Stéphane Bern raconte Fryderyk Franciszek Chopin, dit Frédéric Chopin, jeune pianiste célèbre en son pays qui a décidé de quitter sa Pologne natale pour Vienne avant tenter sa chance dans l'autre capitale musicale de l'Europe : Paris... Et bien lui en a pris ! Pourquoi la musique de Chopin parle-t-elle à tout le monde ? Comment a-t-il inventé le piano moderne ? Comment sa musique a-t-elle traversé les siècles sans perdre de sa splendeur ? Pour en parler, Stéphane Bern reçoit Jean-Yves Clément, écrivain, auteur de "Chopin et Liszt, la magnificence des contraires" (Passés Composés, collection Alpha). Au Cœur de l'Histoire est réalisée par Pierre Cazalot. Rédaction en chef : Benjamin Delsol. Auteur du récit : Pïerre-Vincent Letourneau. Journaliste : Clara Leger. Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Aujourd'hui et demain, Au Cœur de l'Histoire nous offre un dyptique spécial consacré à un couple royal : Marie de Médicis et Henri IV. Pour le premier épisode, avant de découvrir le destin du roi assassiné, Stéphane Bern raconte celui de la richissime héritière des grands ducs de Toscane devenue reine, qui fut couronnée en la basilique Saint-Denis, le 13 mai 1610, il y a 415 ans jour pour jour, juste avant ce terrible événement, justement… Quels étaient les enjeux d'une telle cérémonie ? Quel est le rôle d'une reine ? Pourquoi Marie de Médicis souffre-t-elle, aujourd'hui encore, d'une image négative ? Pour en parler, Stéphane Bern reçoit Jean-Christian Petitfils, historien, spécialiste des rois Bourbon, et auteur de la biographie ""Henri IV"" (Perrin). Au Coeur de l'Histoire est réalisée par Pierre Cazalot. Rédaction en chef : Benjamin Delsol. Auteur du récit : Pierre-Vincent Letourneau. Journaliste : Armelle Thiberge. "Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Aujourd'hui et demain, Au Cœur de l'Histoire nous offre un dyptique spécial consacré à un couple royal : Marie de Médicis et Henri IV. Pour le premier épisode, avant de découvrir le destin du roi assassiné, Stéphane Bern raconte celui de la richissime héritière des grands ducs de Toscane devenue reine, qui fut couronnée en la basilique Saint-Denis, le 13 mai 1610, il y a 415 ans jour pour jour, juste avant ce terrible événement, justement… Quels étaient les enjeux d'une telle cérémonie ? Quel est le rôle d'une reine ? Pourquoi Marie de Médicis souffre-t-elle, aujourd'hui encore, d'une image négative ? Pour en parler, Stéphane Bern reçoit Jean-Christian Petitfils, historien, spécialiste des rois Bourbon, et auteur de la biographie ""Henri IV"" (Perrin). Au Coeur de l'Histoire est réalisée par Pierre Cazalot. Rédaction en chef : Benjamin Delsol. Auteur du récit : Pierre-Vincent Letourneau. Journaliste : Armelle Thiberge. "Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Aujourd'hui et demain, Au Cœur de l'Histoire nous offre un dyptique spécial consacré à un couple royal : Marie de Médicis et Henri IV. Pour le premier épisode, avant de découvrir le destin du roi assassiné, Stéphane Bern raconte celui de la richissime héritière des grands ducs de Toscane devenue reine, qui fut couronnée en la basilique Saint-Denis, le 13 mai 1610, il y a 415 ans jour pour jour, juste avant ce terrible événement, justement… Quels étaient les enjeux d'une telle cérémonie ? Quel est le rôle d'une reine ? Pourquoi Marie de Médicis souffre-t-elle, aujourd'hui encore, d'une image négative ? Pour en parler, Stéphane Bern reçoit Jean-Christian Petitfils, historien, spécialiste des rois Bourbon, et auteur de la biographie ""Henri IV"" (Perrin). Au Coeur de l'Histoire est réalisée par Pierre Cazalot. Rédaction en chef : Benjamin Delsol. Auteur du récit : Pierre-Vincent Letourneau. Journaliste : Armelle Thiberge. "Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Aujourd'hui et demain, Au Cœur de l'Histoire nous offre un dyptique spécial consacré à un couple royal : Marie de Médicis et Henri IV. Pour le premier épisode, avant de découvrir le destin du roi assassiné, Stéphane Bern raconte celui de la richissime héritière des grands ducs de Toscane devenue reine, qui fut couronnée en la basilique Saint-Denis, le 13 mai 1610, il y a 415 ans jour pour jour, juste avant ce terrible événement, justement… Quels étaient les enjeux d'une telle cérémonie ? Quel est le rôle d'une reine ? Pourquoi Marie de Médicis souffre-t-elle, aujourd'hui encore, d'une image négative ? Pour en parler, Stéphane Bern reçoit Jean-Christian Petitfils, historien, spécialiste des rois Bourbon, et auteur de la biographie ""Henri IV"" (Perrin). Au Coeur de l'Histoire est réalisée par Pierre Cazalot. Rédaction en chef : Benjamin Delsol. Auteur du récit : Pierre-Vincent Letourneau. Journaliste : Armelle Thiberge. "Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte, 75 ans, jour pour jour, après son discours entré dans l'Histoire qui donna le coup d'envoi de la construction européenne, le destin de Robert Schuman, homme politique de premier plan, premier artisan de la réconciliation franco-allemande devenu le “père de l'Europe”… Quelle était sa définition de la politique ? Comment la Communauté européenne du charbon et de l'acier, dont Robert Schuman est à l'initiative, a-t-elle abouti à notre Union européenne ? Quelles traces reste-t-il encore de Schuman en Europe aujourd'hui ? Pour en parler, Stéphane Bern reçoit Jean-Dominique Giuliani, Président de la Fondation Robert Schuman. Au Cœur de l'Histoire est réalisée par Guillaume Vasseau. Rédaction en chef : Benjamin Delsol. Auteur du récit : Jean-Pierre Vrignaud. Journaliste : Clara Leger.Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte, 75 ans, jour pour jour, après son discours entré dans l'Histoire qui donna le coup d'envoi de la construction européenne, le destin de Robert Schuman, homme politique de premier plan, premier artisan de la réconciliation franco-allemande devenu le “père de l'Europe”… Quelle était sa définition de la politique ? Comment la Communauté européenne du charbon et de l'acier, dont Robert Schuman est à l'initiative, a-t-elle abouti à notre Union européenne ? Quelles traces reste-t-il encore de Schuman en Europe aujourd'hui ? Pour en parler, Stéphane Bern reçoit Jean-Dominique Giuliani, Président de la Fondation Robert Schuman. Au Cœur de l'Histoire est réalisée par Guillaume Vasseau. Rédaction en chef : Benjamin Delsol. Auteur du récit : Jean-Pierre Vrignaud. Journaliste : Clara Leger.Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte le destin tourmenté de celle qui fut héroïne de sa propre vie, entre création, ennui et folie, la véritable histoire d'Adèle H., pour reprendre le titre du film de François Truffaut, la fille de Victor Hugo. Comment Adèle Hugo a-t-elle repris son destin en main pour retrouver sa liberté ? Quelles traces a-t-elle laissées avec ses écrits ? Pourquoi a-t-elle toujours été réduite à sa folie ? Pour en parler, Stéphane Bern reçoit Laura El Makki, journaliste et auteure de "Adèle Hugo, ses écrits, son histoire" (Seghers). Au Cœur de l'Histoire est réalisée par Loïc Vimard. Rédaction en chef : Benjamin Delsol. Auteur du récit : Jean-Christophe Piot. Journaliste : Clara Leger. Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte le destin tourmenté de celle qui fut héroïne de sa propre vie, entre création, ennui et folie, la véritable histoire d'Adèle H., pour reprendre le titre du film de François Truffaut, la fille de Victor Hugo. Comment Adèle Hugo a-t-elle repris son destin en main pour retrouver sa liberté ? Quelles traces a-t-elle laissées avec ses écrits ? Pourquoi a-t-elle toujours été réduite à sa folie ? Pour en parler, Stéphane Bern reçoit Laura El Makki, journaliste et auteure de "Adèle Hugo, ses écrits, son histoire" (Seghers). Au Cœur de l'Histoire est réalisée par Loïc Vimard. Rédaction en chef : Benjamin Delsol. Auteur du récit : Jean-Christophe Piot. Journaliste : Clara Leger. Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte le destin de Jean-François Lesueur, grand compositeur qui a connu le succès à l'opéra avant de devenir l'un des musiciens préférés de Napoléon 1er, pour qui il a tout spécialement composé des airs accompagnant la grandiose cérémonie du sacre de l'Empereur… Comment Napoléon s'est-il intéressé au musicien Jean-François Lesueur ? Comment Le Sueur a-t-il mis sa créativité au service de l'Empereur des Français ? La production intellectuelle et artistique a-t-elle toujours été attachée au service de l'image, de la politique et de la gloire française ? Pour en parler, Stéphane Bern reçoit Maryvonne de Saint-Pulgent, haute fonctionnaire, musicienne et auteure de "Les musiciens et le pouvoir en France, de Lully à Boulez" (Gallimard). Au Cœur de l'Histoire est réalisée par Loïc Vimard. Rédaction en chef : Benjamin Delsol. Auteur du récit : Pierre-Vincent Letourneau. Journaliste : Clara Leger. Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.