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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 that rather than understating US jobs growth - which got her fired - the stats agency reporting labour market data overstated Trump's jobs growth, and by some margin.But first up today, there was a dairy Pulse auction earlier today for both SMP and WMP, and while prices dipped as expected, they didn't dip as much as the derivatives markets had signaled. WMP was down just -0.2% from the full auction the prior week, SMP was down -0.6%. However the firming NZD resulted in about a -1.5% fall in NZD terms.In the US, small business NFIB sentiment survey for August reported stable conditions with some issues easing, some tightening.There was a US Treasury 3yr bond auction earlier today that was well supported but less well than the prior equivalent event a month ago. It resulted in a median yield of 3.45%, down sharply from the 3.61% at that prior equivalent event. The outsized shift down likely reflects bond investor risk aversion.Although it is just a statistical adjustment, updated data shows the US economy added -911,000 fewer jobs in the 12 months through March than initially reported - the largest downward revision since at least 2000. This is a -0.6% adjustment, far more that the average change of +0.2% in total nonfarm employment over the past decade. Nearly all sectors added fewer jobs than initially estimated.If the US Fed cuts rates next week to bolster their slowing economy, it will likely signal that their are changing their inflation goal from 2% to 3%, and prepared to accept stagflation over stagnation. The risk is they get both.Across the Pacific, Japanese machine tool orders were up +8.1% in August from a year ago, largely due to a +12% surge in export orders. Export orders made up almost three quarters of this industry's order book in August.And Taiwan kept up its amazing record of export growth in August. They jumped more than +34% from a year ago and outperforming market expectations of +22% growth.In Russia, their Federal Treasury reported another deep deficit in August, the second in a row and the first time ever of back-to-back deficits exceeding -1.9% of GDP.In Australia, ANZ Group's new broom CEO Nuno Matos has kicked off a change program at the four-pillar bank with plans to shed 3,500 Australian staff.The Westpac-MI consumer sentiment survey slipped on darker views about the economic outlook and less confidence about getting any more rate cuts from the RBA - because inflation is still 'too high'. Analysts had expected this survey to possibly break into net optimism in September, but it was not to be.Meanwhile the August NAB business confidence report shows it fell a minor 3 points, following four consecutive months of improving sentiment and leaves confidence also close to long run average levelsThe UST 10yr yield is now under 4.07%, up +2 bps from yesterday at this time. The price of gold will start today at a new high at US$3,641/oz, up +US$9 from yesterday.American oil prices are marginally firmer, at just over US$62.50/bbl with the international Brent price is +50 USc firmer at just on US$66.50/bbl.The Kiwi dollar is now at just over 59.3 USc and unchanged from yesterday. Against the Aussie we are down -10 bps at 90 AUc. Against the euro we are up +10 bps at 50.6 euro cents. That all means our TWI-5 starts today at just over 66.6, down -10 bps from yesterday.The bitcoin price starts today at US$111,080 and down -1.1% from this time yesterday. Volatility over the past 24 hours has been moderate, also at just under +/- 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 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 bond markets are increasingly worried about what will transpire from the US CPI data for August later this week, and the US Fed's reaction next week.First today, American inflation expectations seem to be rising. In August they came in at 3.2%, their highest in three months. While that is higher than year ago levels too, some of the detail is a bit of a worry. Those surveyed say rents are expected to rise 6.0%, food by 5.5% and petrol by 3.9%. Also of some note is that job finding expectations have now fallen to a record low in a data series that started in June 2013. More than 14% of those surveyed say they are likely to lose their job in the year ahead. There is a palpable sense of fear and squeeze in these survey results. The fast-tightening labour market has many on edge.Meanwhile, August data for American consumer debt shows it rising, up +3.8% from a year ago with revolving debt up a sharp +9.7% on the same basis. Debt levels at credit unions seem to be leading the rises. These are all three year highs and the sudden shift likely indicates rising debt stress.The USD is falling, heading towards a three year low. Benchmark bond yields are falling and the UST 10 year is near a one year low.Across the Pacific, Chinese exports grew by +4.4% in August from a year ago, a level many others would like to have but it is lower than the expected +5% and July's +7.2% growth. And it is the softest pace of outbound shipment growth since February. Meanwhile their imports were up +1.3% in August on the same basis, less than the expected +3% and July's +4.1% rise. But that meant that their trade balance swelled to +US$102 bln in August, better than the +US$99 expected and higher than July's +US$91 bln.While China's exports and imports to the US eased back in August, they still ran a +US$24.3 bln monthly surplus with this strategic rival and that isn't declining materially. It's the largest surplus they run with anyone, although the combined nations of the EU ran a larger deficit with China at US$28.9 bln in August.In Japan, Prime Minister Shigeru Ishiba resigned over the weekend and new candidates are lining up to replace him. Financial markets are buoyant there on the prospect that a new leaders may chase fiscal expansion.And in France, their prime minister has lost a confidence vote.In Germany, their exports came in slightly weaker than expected in August when a rise was anticipated. But it was still a good gain on a year ago, and helped them maintain a healthy trade surplus. Meanwhile German industrial production came in much better in July than expected, bouncing back from a weak June.The UST 10yr yield is now under 4.05%, down -4 bps from yesterday at this time. The price of gold will start today surging to a new high at US$3,633/oz, up +US$47 from yesterday.American oil prices are a bit firmer, up less than +50 USc at just under US$62.50/bbl with the international Brent price also firmer just on US$66/bbl.The Kiwi dollar is now at just over 59.3 USc and up +40 bps from yesterday. Against the Aussie we are up +20 bps at 91.1 AUc. Against the euro we are also up +20 bps at 50.5 euro cents. That all means our TWI-5 starts today at just under 66.7, up +30 bps from yesterday.The bitcoin price starts today at US$112,282 and up 1.1% from this time yesterday. Volatility over the past 24 hours has been low at just under +/- 1.0%.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 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 American right-wing swamp populism is driving the world's economy into a blind alley. Other countries are trying to figure out how to separate themselves from that.In the week ahead, financial markets will be assessing the risks of stagflation after the weaker labour market report in the US, and the growing expectation that inflation's new rise will pick up steam. In the US we will get August CPI and PPI data at the end of the week and their core CPI rate could well rise from its July 3.1% rate. That data will be put in context with the next University of Michigan consumer sentiment survey update.Inflation data from both China and India is also due, but little upward pressure is expected to be seen from either of them. In China, new initiatives on support measures to keep their economy from stuttering are expected this week largely to fend of deflationary pressures.The ECB will be reviewing its policy rates this week, but no change is expected. Inflation is no threat there, giving them options.Over the weekend we got a keenly anticipated American update on their labour market. It turned out that analysts were right to think the low forecast of a +75,000 rise in US non-farm jobs was optimistic. In fact they came in at +22,000 for August. June data was revised down by -27,000 and the change for July was revised up by +6,000. With these revisions, employment in June and July combined is 21K lower than previously reported. Trump's firing of the agency that reports this data isn't changing the sharp trend lower. Trump now has to own this trend.In fact, the total jobs added in May, June, July and August in 2025 is about the same as was added in August 2024 alone. For them its a concerning trajectory but it can all be traced to junk public policy.Worse, the data shows that manufacturing jobs fell -12,000 in August with clearly no sign of factory jobs reshoring.If we look at the unadjusted data for civilian employment - which accounts for more than just those on employer payrolls, the July to August change was a -511,000 reduction. It's a time when the self-employed are really struggling.All this downbeat data is reflected in the financial markets on Friday. Wall Street was down -0.3%, bond yields fell sharply again, and the USD weakened. The pall spread to Europe too where they are digesting the latest US strategic insult.The chance of a rate cut by the Fed has now become a certainty in financial market pricing as the central bank is scrambling to contain the growing fiscal mess which looks like it is going to be much larger than feared, and much sooner. A full -25 bps rate cut is priced in for the mid-September meeting, and another before the end of the year. Trump will get his rate cuts because of his actions to tank the US economy. But there are voting members who still insist that inflation should be contained before they cut. The next US CPI data is due in a week and the current +2.7% inflation rate is widely expected to rise to 2.9% and a core rate back over 3.0% which emphasises the risks stagflation's effects are hurting the world's largest economy.It was no better in Canada where payroll employment fell -65,500 in August from July largely due to a sharp fall in part-time employment (-59,700). The trade shock with the US is getting the blame here too.In Canada they watch the Ivey PMI closely and that shifted from a modest expansion in July to none in August. But at least it wasn't contracting. Consistent with their official jobs data, the employment sub-component of this PMI was contracting.A -25 bps rate cut there is also priced in before the end of 2025. Canadian August inflation is expected to come in little-changed at 1.7% on September 16, 2025.The Canadian government is taking an activist approach to protecting their economy with a major support announcement on Friday.Data out across the Pacific was far more encouraging. Singapore said its retail activity expanded far more than expected in July, and is now up +4.1% from June, up +4.8% from a year ago. It has been on a rising trend for almost all of 2025.And China said its fx reserves rose to US$3.32 tln in August, its highest since late 2015. And it purchased a bit more gold in the month, helped by the rise in the gold price of course, which adds another US$2.5 tln to to reserves which now total US$3.64 tln.In Australia, extended June quarter labour market data showed that the number of total jobs there increased +0.3% to 16.3 million. Filled jobs rose +0.2% to 16.0 million where secondary jobs decreased -1.2% to 1.0 million and multiple job-holders decreased -1.3% to 948,900. Hours worked increased +0.3% to 6.0 billion hours in the quarterThe FAO global food price monitoring shows that in August overall prices were stable and just marginally higher than where they ended 2024. Dairy prices look like they have peaked but meat prices are still rising driven by beef and sheep meats.The UST 10yr yield is now at 4.09%, unchanged from yesterday at this time. That makes the weekly backslide -14 bps and to a five month low. The price of gold will start today at US$3,585/oz, down -US$7 from Saturday and just off its record high. That is up almost +US$150 from a week ago and a sharp +4.4% risk aversion rise for the week.American oil prices are a bit softer at just under US$62/bbl on the struggling US domestic prospects with the international Brent price also softer just on US$65.50/bbl. A big new burst of crude production is on its way too.The Kiwi dollar is at just over 58.9 USc and little-changed from Saturday. Against the Aussie we are also unchanged at 89.9 AUc. Against the euro we are holding at 50.3 euro cents. That all means our TWI-5 starts today at just under 66.4, up +10 bps from Saturday.The bitcoin price starts today at US$111,046 and down a mere +0.1% from this time Saturday. 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 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 financial markets can now taste a US Fed rate cut.Today, all eye are on tomorrow's August non-farm payrolls report for the US. Analysts expect them to rise a minor +75,000 but overnight labour market data suggests that may be optimistic.First, US initial jobless claims rose last week to 197,000 when seasonal factors suggested it should have fallen. There are now more than 1.89 mln people on these benefits, +90,000 more than at the same time last year.Announced August job cuts came in at 86,000 in August, +40% more than in July. So far this year, companies have announced 892,000 job cuts, the highest year-to-date level since 2020 when 1,963,500 were announced. It is up +66% from the same period last year and is now +17% higher in 2025's eight months than all of the 2024 full calendar year total (of 761,500).Maintaining the weakening theme, the ADP Employment Report only reported a jobs gain of +54,000 in August, below the expected low +65,000 and well below July's +106,000. In August 2024 this data showed a +180,000 rise.US labour productivity is improving however, with faster rises in output while labour hours only show a modest increase. Year on year this productivity measure is up +1.1%.And there was better PMI data out for the US services sector with the widely-watched ISM version expanding slightly more than expected, while the S&P Global/Markit version expanded better even if it was adjusted lower than its earlier 'flash' version. Encouragingly, in both versions new order flows kept these metrics positive and they are at similar levels as a year ago.US exports were little-changed in July from a year ago, as were the level of imports. That resulted in a goods & services trade deficit almost identical to a year ago. Still, it is now at a four month high. Tariffs have yet to move the trade needle either way (other than collect much more tax from importers).Financial market reactions to this generally downbeat economic news - was upbeat, on the basis that it makes a Fed rate cut on September 18 (our time) more likely. Equities rose modestly, but bond yields fell quite hard.Meanwhile Canada also said its exports, imports and trade balance was little-different in July from June, although quite a bit worse than year-ago levels. But the deficit is still quite small (-C$4.9 bln) in relation to the Canadian economy, and their smallest deficit in four months.In China, they are rolling out a new policy to try and juice up consumption - State-subsidised personal loans. Like the rest of the world, but more so in China, "moire debt" is the answer to all economic problems.With headline inflation at just 1.4%, the Malaysian central bank kept its policy rate unchanged overnight at 2.75%.EU retail sales slipped in July from June, but remain +2.2% higher than year-ago levels. They report on a volume basis, so these gains are 'real'.In Australia, household spending is strong and rising. It was up +5.1% in July from the same month a year ago, up +0.5% in July from June which is an even faster rate. That's the third month in a row it has risen and it has risen in nine of the past ten months. In July, this spending was concentrated on services, especially health services, hotel accommodation, air travel, and dining out. But they actually cut back on spending on goods.Meanwhile, the Australian trade balance turned up after a series of declines. Markets expected a +AU$5 bln surplus in July after a +AU$5.4 bln surplus they got in June. But in fact the surplus came in as +AU$7.4 bln in July, helped by a +3.3% monthly rise in exports and a -1.3% monthly fall in imports. That means the surplus hit a 21 month high.Global container freight rates were virtually unchanged last week from the prior week, although still down massively from the Red Sea crisi affected year ago levels. Interestingly, outbound rates from China to the US rose a sharpish +8% or more last week, but that was balanced by large falls in the China-to-Europe trade. Bulk cargo rates are still in a narrow band, little-changed from last week.The UST 10yr yield is now at 4.17%, down another -5 bps from yesterday at this time.The price of gold will start today at US$3,543/oz, down -US$30 from yesterday.American oil prices are little-changed at just over US$63.50/bbl with the international Brent price -50 USc softer just on US$67/bbl.The Kiwi dollar is at just under 58.4 USc and down -40 bps from yesterday. Against the Aussie we are down -20 bps 89.6 AUc. Against the euro we are also down -20 bps at 50.2 euro cents. That all means our TWI-5 starts today at just over 66.1, down -20 bps from yesterday.The bitcoin price starts today at US$109,830 and down -2.3% from this time yesterday. Volatility over the past 24 hours has been modest at just on +/- 1.4%.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 world's largest economy is being hit today with a string of pessimistic data reports, despite one of the tech giants avoiding a breakup which saw its shares surge to a record high.American job openings fell by 176,000 to 7.18 mln in July and that was the lowest level since September 2024 and well below market expectations of 7.4 mln. Interestingly, there was wide regional variation with openings dropping most in the South, down -161,000, while they rose in the West, up by +113,000 openings.So it won't be a surprise to learn that mortgage applications fell again last week, the third consecutive weekly retreat. This happened even though mortgage interest rates were little-changed.And it also won't be too much of a surprise to learn that US factory orders declined also in July from June, down an outsized -1.3% - and the June data was revised lower to be down -4.3%. New durable goods orders were down -2.8% in July. These won't be welcome trends, especially as tariffs were supposed to bolster US manufacturing. Year-on-year the July levels are up +1.8% and well below what can be accounted for by inflation. But it will be the recent sharper trends lower that are most concerning.So the Fed's August Beige Book note of "flat to declining consumer spending because, for many households, wages were failing to keep up with rising prices. Contacts frequently cited economic uncertainty and tariffs as negative factors." will come as no surprise.In China, all the news is about its massive military parade in Tiananmen Square. This one follows similar shows of force that started in Pyongyang on April 15, followed in Tehran on April 20, then Moscow on May 9, and Washington DC on June 14. All organised by authoritarians. It's a militarisation trend that is very retrograde. And they are massive propaganda exercises, so it is disappointing that some of our politicians want to be seen at them. But like many others, they follow the money and incentives.Staying in China, the RatingDog (ex-Caixin) services PMI for August expanded faster than July and to a good level, better than expected and the fastest expansion in their services sector since May 2024. New orders grew at the strongest pace since May 2024, supported by a stronger rise in new export business, which increased at the fastest rate in six months. Like yesterday's RatingDog factory PMI, this survey as also better than the official services PMI.And South Korean officials now say they want to join the CPTPP, as insurance against US tariff moves against them. The path won't be easy for them, mainly because they have built up insulations and protections against Japanese investment making inroads into their economy.In Europe, producer prices were only up a modest +0.4% in July from a year ago, confirming they seem to have a good lid on inflation there. But the more recent indications are rises that are slightly above that (at a rate of +0.6%). At least the Europeans don't have the pressure of self-imposed tariff-taxes. Their cost competitive position vs the US is improving sharply.Australian economic activity grew +0.6% in Q2-2025, accelerating from an upwardly revised +0.3% in Q1 and better than analyst expectations of +0.5%. Year on year Australian GDP was up +1.8%, above forecasts of +1.6% and the fastest pace since Q3 2023.The UST 10yr yield is now at 4.22%, down -6 bps from yesterday at this time.The price of gold will start today at US$3,573/oz, up +US$47 from yesterday and surging to yet another new record high. Silver has moved higher too and now over US$41/oz.American oil prices are -US$2 lower at just over US$63.50/bbl with the international Brent price holding just under US$67.50/bbl.The Kiwi dollar is at just under 58.8 USc and up +10 bps from yesterday. Against the Aussie we are down -10 bps 89.8 AUc. Against the euro we are unchanged at 50.4 euro cents. That all means our TWI-5 starts today at just over 66.3, unchanged from yesterday.The bitcoin price starts today at US$112,443 and up +1.4% from this time yesterday. Volatility over the past 24 hours has been 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 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 that US financial markets are back from holiday and concluding that the tech sector is over-valued and that US public policy is heading into a blind alley. The bond market sentiment we noted in the past month has now spread into the equity markets.And you can see the rising risk aversion in the gold price, driving it sharply higher today into new territory.At the overnight dairy auction, prices slumped more than -4.3% in US dollar terms. The situation was 'saved' somewhat by the sharpish recent fall in the NZD, so in local currency terms it was 'only' down -3.5%. Both the milk powders retreated sharply, with SMP down -5.8% and WMP down -5.3%. Most other milk fat commodities fell too with the notable exception of cheddar cheese which was up +3.6%.Although its only one event, the dominant WMP price is now back to early 2025 levels, and with a bit of a thud. Analysts will be keeping an eye on this, unlikely to shift their farmgate price forecasts but wouldn't want these lower levels to repeat. But good global supply levels won't help future prices especially if demand turns soft and it seems to be doing in some key markets.In the US, the widely-watched ISM factory PMI was still contracting at a concerning rate in August. And that was despite a small rise in new orders. Both measures were lower than expected. The alternate S&P Global/Markit PMI told a different story however, rising on more production and inventory building. But it was the ISM one that markets took more notice of.US logistics LMI was little-changed. But the elements like inventory levels and inventory costs are rising at an increasing rate, and these are not good portends.And the RCM/TIPP consumer sentiment index was quite downbeat as well. In fact it fell when a rise was anticipated.In Canada, their factory PMI rose from the deepish contraction it has been in for most of 2025, but it is still not expanding. It too was based on rising production, but no rise in new orders.In Europe, they said their August inflation was running at 2.1%, up marginally from +2.0% in July. Interestingly, energy costs are still retreating but the impact on the overall price level is now much less with food and services prices rising at a much lesser rate now.A new global report is highlighting that electricity demand is on course to rise by +3.3% in 2025 and +3.7% in 2026, more than twice as fast as total energy demand growth over the same period. According to the report, renewables are expected to overtake coal as the world's largest source of electricity generation as early as 2025 or by 2026 at the latest, depending on weather and fuel price trends. At the same time, nuclear power output is expected to reach record highs. The steady increase in natural gas-fired power generation is set to continue displacing coal and oil in the power sector in many regions.The UST 10yr yield is now at 4.28%, up +3 bps from yesterday at this time. The key 2-10 yield curve is up at +63 bps. The last time it was this steep was in February 2022. Long dated yields are on the move higher. The UST 30 year yield is actually closing in on 2007 levels and almost at 5%.The price of gold will start today at US$3,526/oz, up +US$50 from yesterday and surging to a new record high. Silver has moved higher too but not as aggressively.American oil prices are +US$1 firmer at just over US$65.50/bbl with the international Brent price holding just over US$69/bbl.The Kiwi dollar is at just under 58.7 USc and down -30 bps from yesterday and its lowest level since mid-April. Against the Aussie we are down -10 bps 89.9 AUc. Against the euro we are unchanged at 50.4 euro cents. That all means our TWI-5 starts today at just over 66.3, down -10 bps from yesterday.The bitcoin price starts today at US$110,892 and up +1.8% from this time yesterday. Volatility over the past 24 hours has been modest at just on +/- 1.8%.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.

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 that while financial markets are quiet due to the US Labor Day holiday, the data being reported in the rest of the world is actually very encouraging, especially for the factory sectors.In China, the private Caixin PMI has a new sponsor - RatingDog. It is still produced by S&P Global. That August factory PMI showed manufacturing output returned to growth in August. Total new business expanded at quickest pace since March. But it also reported the fastest rise in average input prices in nine months. As has become the norm in 2025, this private PMI series is more bullish than the official PMI.While we are noting improved factory PMIs in Australia and China, we should also note that they improved in Japan, Korea, Taiwan and Indonesia as well. The Trump tariff-taxes aren't killing these countries. In fact, because it is the American importers who are paying these taxes (and ultimately the American consumer), the whole tariff journey just shows the American's are prepared to pay a lot more for what they import, and demand isn't flagging. Yet, anyway.Of special note is the regaining of momentum in India where their factory PMI turned notably higher on new orders and new-found momentum. This is now their fastest improvement in operating conditions in seventeen and a half years, with production growth accelerating to a nearly five-year high, supported by strong demand and better alignment of supply with orders. New orders rose at the fastest pace in nearly five years, and given they have been strong in the lead-up, this is really saying something.Even European factories are on the move up, returning to expansion with the sharpest rise in factory output since March 2022. Their factory PMI is now at its highest in 41 months.Australia's factory sector expansion accelerated again in August. Higher new order levels, supported by a rise in exports, led to a solid rise in production. Confidence rose to its highest level since February 2022. The survey showed that manufacturers hired more staff and raised their purchasing and inventory levels. Meanwhile price pressures remained little problem.And staying in Australia, their residential building consents fell -8.2% in July from June, almost double the market expectations of a -4.8% fall. This sharply ate into the upwardly revised +12.2% increase in June. The decline was largely due to a sharp fall in approvals for dwellings that weren't houses (apartments and townhouses). By state, approvals fell sharpest in New South Wales (-25%), while rising in Tasmania (+12%), Western Australia (+12%), in Queensland (+5.9%).Lower new homebuilding is juicing up their existing-home real estate markets. Cotality reported strong August gains from July, up +0.7% for the month nationally. It's back as a strong sellers market. The rises in Brisbane and Perth are notable, but the gains in Adelaide and Sydney were not far behind them in August. The consequences for affordability for most aspiring buyers look awful.We should probably also note that the forecast for Australia's wheat crop was raised sharply in an overnight update. Good rains recently is behind the revision.The UST 10yr yield is now at 4.25%, up +2 bps from yesterday at this time. The key 2-10 yield curve is up at +62 bps. The last time it was this steep was in February 2022. Long dated yields are on the move higher. The UST 30 year yield is actually closing in on 2007 levels. The price of gold will start today at US$3,477/oz, up +US$30 from yesterday and a new record high. Silver topped US$40/oz for the first time since 2011, also near a record high.American oil prices are +50 USc firmer at just over US$64.50/bbl with the international Brent price holding just over US$68/bbl.The Kiwi dollar is at just on 59 USc and unchanged from yesterday. Against the Aussie we are down -10 bps 90 AUc. Against the euro we are down -10 bps as well at 50.4 euro cents. That all means our TWI-5 starts today at just over 66.4, down -10 bps from yesterday.The bitcoin price starts today at US$108,918 and little-changed (down -0.1%) from this time yesterday. Volatility over the past 24 hours has been 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 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 there was an unexpected turn in the US tariff situation late last week.In a dramatic ruling, most of Trump's global tariffs were declared illegal by a US appeals court that found he exceeded his authority in imposing them. He will almost certainly appeal to his Supreme Court.Then, over the weekend we got the official Chinese PMIs for August and they extended the sluggish environment their manufacturing sector finds itself in. Despite the 90 'extension' before punitive tariffs kick in with the US, orders contracted for a fifth consecutive month. On the services side however, they maintained their small expansion in August, albeit marginally better.But early data suggests their housing slump is not ending, maybe even getting worse. Sale volumes in August are likely to be more than -17% lower than a year ago.Although it is a shortened week in the US, it ends with the August jobs data. Markets expect another weak result (just +78,000). You will recall the weak data last month saw Trump fire the agency head who compiled it. So there will be special attention this time on its believability under the BLS agency's deputy. Before that we will get lead-up jobs data, the ISM PMIs for the US.Canada will also release labour market data. The EU inflation data, and others will release GDP data for Q2-2025, including from Australia on Wednesday.At the end of last week, July data out in the US shows that disposable personal income was up +2.0% from a year ago, personal consumption expenditure was up +2.1% on the same basis. On a month-on-month basis, the income was up +0.4% and expenditure up +0.5%. These elements are not major but they do indicate a tightening in household financial budgets.Nested deep within this release was that core PCE index rose 2.9% year-on-year in July, its largest rise since February and above the Fed's target and comfort zone. Tariff costs are getting the blame. Financial markets noticed.And that is the same sort of tightening indicated by the widely-watched University of Michigan sentiment survey. Its final August version fell back markedly from its initial readings, a clear indication households are finding it tougher. It is now -14% lower than a year ago. The Biden boom is now just a memory.On the factory floor, the latest indicators are shifting down too. The August Chicago PMI headed south quite sharply to be -10% below year-ago levels.And the US seems to be losing the tariff war it started - and Americans are paying the tariff-taxes. The latest trade data for July shows that the US merchandise trade deficit jumped to -US$104 billion in the month, exactly the same as July a year ago, and far above expectations of -US$90 bln deficit. It is their largest in four months. Imports jumped +7.1% from a month earlier, led by industrial supplies, capital goods, food, and consumer goods. Meanwhile, exports slipped -0.1%.Certainly, American farmers are not happy. And they have a President who probably doesn't even know where Pakistan is, let alone most other simple facts.In Canada, they got a sharp dose of shock in their Q2-2025 GDP result from the sharp turn on them from their southern neighbour. Their GDP fell -0.4% in the quarter and cancelling out the +0.5% gain in their first quarter. Year-on-year their GDP is still up +0.9% however.Across the Pacific the economic data is generally much more positive. South Korea's retail sales surged +2.5% in July from June, a big jump from a revised +0.7% increase in June and marking the fastest growth in over two years. From a year ago it is up +2.4% and that too is the most since January 2022.South Korean industrial production grew solidly in July as well, up +5.0% from a year ago.After a good gain in June, Japan's industrial production fell -1.6% in July, reversing a +2.1% June gain and much more than the -1.0% decline anticipated.Japanese retail sales only rose by +0.3% in July from a year ago, slowing sharply from a downwardly revised +1.9% gain in June and falling well short of market expectations for a +1.8% increase.But Japanese consumer confidence actually rose in August to its best level of the year with gains across all surveyed questions.We should also note that protests in Jakarta on Friday that turned deadly have put Indonesia on edge. They have spread over the weekend. Canberra will be watching nervously.In Europe, the ECB's survey found that consumer inflation expectations were stable ("well anchored") in July at 2.6% for the year ahead.Globally, air passenger demand was up +4.0% in July, driven by the Asia/Pacific +5.7% rise and held back by the North American +1.9% rise. Most of this is due to international travel. Meanwhile, air cargo traffic was even stronger in July, up +5.5% from a year ago, up +6.0% for international trade. Asia/Pacific was the strongest region here too, up +11.0% for international cargoes. But North American international cargo volumes only rose +1.5%, the weakest global region.The UST 10yr yield is now at 4.23%, unchanged from Saturday, but down -3 bps from a week ago. The price of gold will start today at US$3,447/oz, up another +US$5 from Saturday, and close to a new record high, but basically a measure of the USD markdown. A week ago it was at US$3,371/oz so a net +US$76 gainAmerican oil prices are again little-changed at US$64/bbl with the international Brent price holding just under US$67.50/bbl.The Kiwi dollar is at just under 59 USc and unchanged from Saturday at this time, up +30 bps for the week. Against the Aussie we are holding at 90.1 AUc. Against the euro we are unchanged as well at 50.5 euro cents. That all means our TWI-5 starts today at just under 66.5, and unchanged from Saturday, up +20 bps for the week.The bitcoin price starts today at US$109,022 and up +0.5% from this time Saturday. But is down -6.7% for the week. 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.

Pays démocratique et républicain, la France nourrit un paradoxe : dans la mémoire collective des Français, la figure de l'homme providentiel a une place de choix. Parmi ces hommes et femmes surgissant dans des circonstances souvent exceptionnelles, se trouve Charles De Gaulle. Incarnation de la France libre pendant la Seconde Guerre mondiale, instigateur de la Ve République en 1958, le Général de Gaulle a, par deux fois, fait figure de sauveur dans notre pays. Comment s'est construit le mythe gaullien de l'homme providentiel ? Pour répondre à cette question, Virginie Girod reçoit l'historien Jean Garrigues. Fin connaisseur de l'histoire de nos institutions, il est président de la commission internationale d'histoire des assemblées, et auteur, notamment, des livres "A la plage avec Charles de Gaulle, l'homme providentiel dans un transat" (Dunod) et "Les Hommes providentiels: Histoire d'une fascination française" (Payot).Au Cœur de l'Histoire est un podcast Europe 1.Présentation : Virginie GirodProduction : Armelle ThibergeRéalisation : Clément IbrahimDiffusion : Estelle LafontComposition du générique : Julien TharaudVisuel : Sidonie ManginHébergé 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 markets have brushed off the Nvidia result and chosen to extend their risk appetite. The S&P500 is at another new record high. But bond markets aren't so sure this is justified.In the real world, US initial jobless claims were little-changed last week from the prior week, both in actual terms and from what seasonal factors would have suggested. There are now 1,945,000 people on these benefits, +101,500 more than at the same time last year.The American GDP Q2-2025 GDP was revised slightly higher in its second estimate than the first mainly due to a slightly smaller decline in investment.Pending home sales fell -0.4% in July from June, extending the -0.8% drop in the prior month to mark the first back-to-back contraction since January. They were down -0.7% from a year ago as the American housing market seems in a long-term slow decline having never really recovering from the pandemic period.The Kansas City Fed factory survey was stable overall but that was despite a fall in export orders and elevated cost pressures. survey. There was a modest rise in August from July, but most metrics are still lower than a year ago.Earlier today there was a much less supported US Treasury seven year bond auction (-11% less bid value) but the median yield fell to 3.87% from 4.06% at the prior equivalent event a month ago.In Canada they reported that average weekly earnings were up +3.7% to C$1,302 in June, following a +3.3% increase in May.In India, industrial production rose in July and the pace picked up by more than expected. The expansion was +3.5% when +2.1% was anticipated, and more than double the pace of June's +1.5%.In Europe, despite their inflation pressures being modest and on target, settling it at 2.0%, the overnight release of the ECB minutes revealed a split among policy makers on how to assess future risk. They left their policy rate unchanged despite some thinking rates need to go lower to support growth and counter US tariffs, while others thinking the risk of future inflation is rising. Despite that split review, in the end the decision to hold rates unchanged was unanimous.Global container shipping freight rates fell -6% last week from the week before to be -60% lower than year-ago levels, although that year-ago base reflected unusual stress in the Red Sea shipping lanes. Once again, the recent falls are all to do with outbound trade from China. Interestingly, Chinese shippers are now targeting Australia and New Zealand, along with the Middle East because of the higher rates they can get in these alternative trades. Bulk cargo rates are little changed week-on-week but are up nearly +20% from a year ago.The UST 10yr yield is now at 4.21%, down -3 bps from yesterday at this time.The price of gold will start today at US$3,415/oz, up +US$20 from yesterday.American oil prices are little-changed at US$64/bbl with the international Brent price is still just under US$68/bbl.The Kiwi dollar is at just on 58.9 USc and up +30 bps from yesterday at this time. Against the Aussie we are up +10 bps at 90.1 AUc. Against the euro we are unchanged at 50.4 euro cents. That all means our TWI-5 starts today at just on 66.4, and up a net +10 bps from yesterday.The bitcoin price starts today at US$112,596 and up +0.2% from this time yesterday. Volatility over the past 24 hours has been modest at just under +/- 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.

  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   Des heures et des heures d'Au Coeur 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 Coeur 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     Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

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 we need to brace for an end to the US Fed's independence. It may not be at risk right now, but the signs aren't promising. And politicians everywhere will seize on the mood to pull that level, to ease their own policies that don't deliver. The juice of monetary stimulus is just too enticing, the risks be damned.First in the US, investors are expecting Nvidia's earnings to be reported after the NYSE closing at 8am NZT, seen as a key test for the AI boom driving markets. The S&P 500 and Nasdaq are marginally higher in advance of that, while Nvidia shares are little-changed. But the derivatives market in the stock is set for a -6% swing and if that happens, that will be a -NZ$500 bln fall - probably the biggest movement of any economic metric today anywhere in the world. We will know soon enough.Some think we should also watch the share price in Costco and Walmart. They both have lofty valuations that raise the risk of serious correction. These three are all enormous companies - Nvidia has a market cap of an eye-watering US$4.4 tln, Costco US$420 bln, and Walmart is US$770 bln. In each case that is way more than New Zealand's GDP. Walmart plus Costco is approaching Australia's GDP.Staying in the US there was little data out overnight. The volume of mortgage applications softened by -0.5% last week from the previous week, extending the -1.4% trim from the prior month. Applications to refinance an existing mortgage fell by -3.5% offsetting the +2.2% increase in applications for a mortgage to buy a new home.Separately, American officials are decrying the intelligence efforts by the Chinese Ministry of State Security and their 'Salt Typhoon' operation. But they have been caught running covert operations in Greenland. The Dames are unimpressed. Trump's America is no-one's friend. Even at home, his militarisation of local policing, grabbing shares in companies without paying, are worrying developments. His efforts to subvert the Fed are just part of an effective quiet rolling coup with a much broader agenda. These are stand-over tactics that will undermine the US reputation for generations.In Taiwan, their industry may be going at full tilt, but consumer sentiment is actually weakening. An August survey there shows it at its weakest level since April 2023, as five of six key indicators deteriorated.Chinese industrial profits fell again in July, down -1.7% from a year ago in July. They fell -7.5% for SOE's but were up +1.8% for private businesses.Yesterday, there was a big surprise in data released today in Australia on inflation. Their monthly indicator had fallen consistently to 1.9% in June. The RBA was relieved. But the July level came in at 2.8%, an unexpectedly large jump. There will be head-scratching. Higher electricity prices (+13.1%) are getting the blame.The UST 10yr yield is now at 4.24%, down -1 bp from yesterday at this time. Long bond yields, especially the 30 year, are rising more quickly now. The price of gold will start today at US$3,395/oz, up +US$14 from yesterday.American oil prices have risen +50 USc to US$64/bbl with the international Brent price now just under US$68/bbl.The Kiwi dollar is at just on 58.6 USc and little-changed from yesterday at this time. Against the Aussie we are down -30 bps at 90.3 AUc. Against the euro we are up +10 bps at 50.4 euro cents. That all means our TWI-5 starts today at just under 66.3, and little-changed from yesterday.The bitcoin price starts today at US$112,400 and up +2.4% 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.

Virginie Girod raconte Condorcet (1743-1794), homme du XVIIIe siècle et figure oubliée des Lumières sacrifiée par la Révolution. Dans le premier épisode de ce double récit inédit d'Au coeur de l'Histoire, Nicolas de Caritat, marquis de Condorcet, porte les idées des Lumières. Formé à Paris, proche des encyclopédistes, il prend fait et cause pour les droits de l'homme, défendant des idées modernes telles la fin de l'escalavage et l'émancipation des femmes. En 1789, Condorcet prend part à la Révolution française. Au Cœur de l'Histoire est un podcast Europe 1.Présentation et écriture : Virginie GirodProduction : Armelle ThibergeRéalisation : Nicolas GaspardDiffusion : Estelle LafontComposition du générique : Julien TharaudVisuel : Sidonie ManginHébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

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 of mixed and confusing economic signals from the world's largest economy where scoring own-goals is becoming an embedded feature of their economic management.But first, there was an overnight Pulse dairy auction for both SMP and WMP and that delivered lower prices with the SMP price dropping -2.0% from the prior week's full dairy auction, and the WMP price down -1.1%In the US, financial markets are quite hesitant because Trump is attempting to fire a non-loyal Fed governor for made-up 'integrity' reasons (pot-kettle-black). Because she in Black, and a woman, Trump's vengeance is particularly pointed.in this case and contrasts starkly with how he treats Powell (which is also personal and isn't good either.) She hasn't been charged with anything let alone convicted, and legal action over the Presidential 'letter' will now follow. She is resisting the bullying. The USD slipped and long dated UST bonds posted losses as market unease spread.Overnight releases of American economic data was quite mixed. First, durable goods orders fell in July from June, down -2.8% and on top of the -9.4% fall in the June result. That takes the year-on-year July result to just a +3.5% rise, about what current inflation can account for. Non-defense, non-aircraft capital goods orders rose a little more than that, up +4.5% from a year ago, so that was positive. But they fell -8.0% in July from June.The Richmond Fed factory survey in the mid-Atlantic states remained negative in August, although not as much as the outsized July retreat. Factories in this region have been doing it tough since March 2025. Cost inflation is hitting them hard as a result of having to pay the tariff taxes. The average growth rate of prices paid increased notably, while growth in prices received was nearly unchanged in August.Yesterday we noted the negative Dallas Fed factory survey for Texas. Today the services survey for the same region was released and it reported a better expansion. But they reported the improvement as 'slight'.There was also only a slight change in consumer sentiment reported by the Conference Board for August. Rising worries about jobs and income were offset by more optimistic views of current and future business conditions, they said. Overall, consumer confidence dipped slightly in August but remained at a level similar to those of the past three months. Tariff-taxes are a key reason there is no improvement in this survey. Consumers' average 12-month inflation expectations picked up after three consecutive months of easing and reached 6.2% in August, up from 5.7% in July.Once rare seven-year car loans are fast becoming the norm in the US. They're often the only way buyers can afford new vehicles, with the average vehicle sale prices surging +28% in five years to approach NZ$85,000. And tariffs will make than much worse. Bloomberg is reporting that in Q2-2025, seven-year vehicle loans represented 21% of all new-vehicle financing. Six-year loans, at one time considered the upper end of the range, are now the most common, accounting for 36%. Some buyers are even now going for eight-year loans.There was a large and well supported two year US Treasury bond auction overnight, resulting in a median yield of 3.60%, down from 3.87% at the prior equivalent event a month ago.North of the border, Canada released some business activity data for July, and both metrics rose and by more than expected. Their wholesale trade was up +1.3% from +0.7% in June, driven by stronger vehicle sales. They manufacturing sales rose +1.8% in July, an improvement from +0.3% in June. Transportation equipment, and the energy sector, provided the key boosts.Across the Pacific in South Korea, you may recall the huge jump in consumer sentiment in July after the peaceful resolution of the attempted executive coup there earlier in the year. The rule of law won. In August, that confidence level dropped sharply as things returned to normal. But to be fair is is still far higher than at any time in the past ten years - despite their ugly treatment by the Trump Administration.In Australia, Australia Post has temporarily partially suspended postal services to the US. All such deliveries now require full customs duties and declarations making the trade impractical for small value items and substantial jeopardy for the shipper. The disruption to such courier services is spreading to most Asian countries now.The UST 10yr yield is now at 4.25%, down -3 bps from yesterday at this time. The price of gold will start today at US$3,381/oz, up +US$10 from yesterday.American oil prices have fallen -US$1.50 to US$63.50/bbl with the international Brent price now just under US$67.50/bbl.The Kiwi dollar is at just on 58.6 USc and little-changed from yesterday at this time. Against the Aussie we are up +10 bps at 90.3 AUc. Against the euro we are unchanged at 50.3 euro cents. That all means our TWI-5 starts today at just on 66.3, and also little-changed from yesterday.The bitcoin price starts today at US$109,747 and down another -2.4% from this time yesterday. 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 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 that while much of the northern hemisphere is enjoying the last of their summer holidays, Chinese investors have returned in a bullish mood, and in contrast to the now-jaded US equity markets.But first in the US, consumer credit bureau VantageScore is reporting that consumers with the best credit scores (superprime) are showing meaningful signs of credit stress. Among this group late payments have more than doubled in a year. For the group below that ('prime') this metric of delinquency rose almost +50%. (VantageScore is a partnership of Equifax, Experian and TransUnion, and competes with the dominant FICO.)Meanwhile, the widely followed Chicago Fed National Activity Index retreated. This tracking suggested overall American economic growth decreased in July.The Dalla Fed said that in its region factory activity is still expanding but at a slower pace. Although new orders rose (and for the first time in 2025), production activity eased back noticeably. Price and wage pressures rose faster.New house sales in the US stayed at an essentially unchanged pace in July, although marginally softer than in June. Prices dipped, likely because they have a continuing glut of new homes for sale, exceeding nine months' worth at the current sales rate.The latest estimate from the Atlanta Fed's GDPNow live tracking is due tomorrow and is likely to reflect the overall slowdown reported in these other indicators.Across the Pacific, Singapore said it basically doesn't have any inflation. Its July survey came in even lower than was anticipated - even food inflation there is very low.Yesterday, we noticed that the Chinese central bank set its Yuan exchange rate with an outsized shift, now at 7.116 to the USD, a 160 bps strengthening from the prior fix. That makes it its strongest against the greenback since October 2024. It is unclear why this happened because the US dollar index was little-changed in this period. Maybe some of this is related to the recent equities euphoria in the Shanghai stock market - its starting to show the frothy signs that Hong Kong has long displayed.The UST 10yr yield is now at 4.28%, up +2 bps from yesterday at this time. Wall Street has started its week hesitantly, with the S&P500 down -0.3% in Monday trade. Overnight, European markets opened their week mixed with London up +0.1% but Paris down -1.6%. Yesterday Tokyo started its week up +0.4%. Hong King rose a strong +1.9% and Shanghai mirrored that, up +1.5%. Singapore was up a minor +0.1%. That was matched by the ASX200. The NZX50 rose +0.3% in its Monday trade.The price of gold will start today at US$3,371/oz, little-changed (+US$1) from yesterday.American oil prices have risen +US$1 to US$65/bbl with the international Brent price now just under US$69/bbl. And we should also note that China has imported no natural gas from the US since March and no crude oil since June. But the US keeps importing from China, despite the border tariff taxes, which the US importers seem to be paying.The Kiwi dollar is at just on 58.6 USc and down -10 bps from yesterday at this time. Against the Aussie we are down -20 bps at 90.2 AUc. Against the euro we are up +20 bps at 50.3 euro cents. That all means our TWI-5 starts today at just under 66.3, little-changed from yesterday.The bitcoin price starts today at US$112,427 and down -1.7% from this time yesterday. Volatility over the past 24 hours has been modest also at just on +/- 1.7%.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 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 Fed boss Powell gave a hint at Jackson Hole that weaker American labour market conditions may trump inflation risks when they next meet in three weeks - and a rate cut is a live possibility.Before that, Thursday NZT, the market darling Nvidia is set to report its results, and any variation from what is expected to be a stellar result, or any slackening of their outlook indications, could very well have ripple impacts on how investors judge their overall current sky-high valuations across the whole equities landscape. It's a huge immediate risk-point.But this coming week, we will be focusing on the New Zealand employment indicators for July to be released later in the week. And later today, the RBNZ will updated it Dashboard to June, so we can see the market winners (and losers) in the banking sector.Across the ditch, all eyes will be on July's monthly CPI data to be released on Wednesday.China will be releasing its August PMIs this week. India will updated its Q2-GDP, and its July industrial production data. And Canada will also have a Q2-GDP update too.But we shouldn't forget that the northern hemisphere has been getting in the last of its summer vacations recently. This is the final week before the US Labor Day national holiday on September 1, 2025, the traditional end of their summer holiday period and when their financial markets build back up to full strength.They will be coming back after digesting the Fed's latest indicators from Powell's Jackson Hole speech. He noted the core US economy has weathered the "sweeping changes in [US] economic policy" well, but now says "the balance of risks appears to be shifting" - to the negative side. Markets have taken this as a hint a rate cut could come as early as their mid September meeting.The US equity markets roared back to post a record high in Friday. The USD fell. Benchmark bond yields retreated.However, in the euphoria of the possibility of a rate cut markets seem to be ignoring this part: "inflation expectations could move up, dragging actual inflation with them. Inflation has been above our target for more than four years and remains a prominent concern for households and businesses". But they are betting on the 'transitory' inflation story again. Inflation embedded for four years, and juiced by tariffs, will be ignored at their peril.Across the border, Canadian retail sales in June were +6.5% higher than a year ago, the best rise since the pandemic recovery period in 2022. But some of this is just higher prices flowing through from their tariff dispute with the US, and a small correction dip is expected in the July data. And the Canadians are not ignoring the inflation risks of tariffs. To keep a lid on these inflationary effects of that dispute, Canada said it will roll back some of its retaliatory tariffs on the US. The US isn't doing the same, so their consumers will still pay the extra on imports.Across the Pacific, China reported more ugly foreign direct investment data over the weekend. While it didn't actually shrink like it did in April and June, it is running -13.4% below year ago levels, and it is still less than half the July ytd levels of 2022 or 2023, and down -7.3% from last year. The June to July gain this year, while welcome, isn't anything more than a statistical blip in the context of the fall away over the last four years.So it is no surprise that Beijing is reorienting to a focus on internal consumption - something they have a chance of still controlling. The international trade environment isn't moving in their favour and even where they do still get gains, they are not enough to move their needle.There was a surprising dip in Japanese inflation in July. It eased to 3.1% from 3.3% in the previous month, the lowest reading since November 2024. Helping was that electricity prices fell for the first time since April 2024. But food prices jumped +7.6%, the most since February. Again, rice was the big culprit.New data out from the Australian statistics bureau shows their R&D investment grew by +18% to AU$24 bln in 2023-24. The strongest growth was in IT including spending on Artificial Intelligence, which grew by +142% since 2021-2022.The UST 10yr yield is now at 4.26%, essentially unchanged from Saturday at this time, down -6 bps for the week.Wall Street roared back in Friday trade with the S&P500 up +1.5% after the Powell hint of a rate cut next month. That means it is able to claim a +0.4% advance for the week which pushed it to a new record high.The price of gold will start today at US$3,370/oz, down -US$1 from Saturday, up +US$36 for the week.American oil prices have held at just under US$64/bbl with the international Brent price now just under US$68/bbl. These levels are more than +US$1 higher than a week agoThe Kiwi dollar is at just on 58.7 USc and unchanged from Saturday at this time. Against the Aussie we also holding at 90.4 AUc. Against the euro we are unchanged too at 50.1 euro cents. That all means our TWI-5 starts today at just under 66.3, little-changed from Saturday but down -60 bps for the week.The bitcoin price starts today at US$114,366 and down -2.2% from this time Saturday. Volatility over the past 24 hours has been very low at just under +/- 0.6%.And finally, in Australia, AML regulator Austrac has directed Binance to appoint an external auditor after identifying serious concerns with the crypto exchange's anti-money laundering and counter terrorism financing controls.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.

Stéphane Bern raconte Jules Ferry, nommé ministre de l'Instruction publique en février 1879, qui a révolutionné l'école, en la rendant laïque, gratuite et obligatoire, et consolidé la République par ses lois historiques. Dans quel contexte les lois relatives à l'école portées par Jules Ferry sont-elles promulguées ? Quelles autres lois fondatrices de notre République lui doit-on ? Pourquoi cette figure de la IIIᵉ République suscite-t-elle la controverse ? Pour en parler, Stéphane Bern reçoit Paul Baquiast et Bertrand Sabot, historiens, auteurs de la biographie "Jules Ferry" (Editions Ellipses). Au Cœur de l'Histoire est réalisée par Guillaume Vasseau. Rédaction en chef : Benjamin Delsol. Auteur du récit : Simon Veille. Journaliste : Armelle Thiberge.Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte Jules Ferry, nommé ministre de l'Instruction publique en février 1879, qui a révolutionné l'école, en la rendant laïque, gratuite et obligatoire, et consolidé la République par ses lois historiques. Dans quel contexte les lois relatives à l'école portées par Jules Ferry sont-elles promulguées ? Quelles autres lois fondatrices de notre République lui doit-on ? Pourquoi cette figure de la IIIᵉ République suscite-t-elle la controverse ? Pour en parler, Stéphane Bern reçoit Paul Baquiast et Bertrand Sabot, historiens, auteurs de la biographie "Jules Ferry" (Editions Ellipses). Au Cœur de l'Histoire est réalisée par Guillaume Vasseau. Rédaction en chef : Benjamin Delsol. Auteur du récit : Simon Veille. Journaliste : Armelle Thiberge.Hébergé 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 financial world is waiting for Fed boss Powell's Jackson Hole scene setting speech.In the meantime, US initial jobless claims held steady last week from the prior week at +195,000. But in fact seasonal factors should have produced a good fall. So seasonally adjusted, they are reporting an unexpected rise. The number of people on these benefits held at 1.97 mln when they usually retreat at this time of year. Analysts are flagging concerns about the lack of progress. A year ago they fell to 1.86 mln, so they are +110,000 higher now than then.US existing home sales rose, and by more than expected in July and only the second month-on-month gain of 2025. They ran at the rate of 4 mln per year, the best level since February. However, the stock of unsold homes swelled (to 19 weeks of supply), and the latest sales came with the average selling price dropping, now at US$422,400.More generally, around their overnight earnings release, the Walmart CEO noted that tariff-tax price pressure is driving up prices on a weekly basis now. However, they reckon they will get a net benefit as shoppers turn to them from others forced into even higher increases.And the Conference Board's index of leading indicators fell in July, extending its 2025 retreat and at a faster pace in the past six months than the prior six months. Keeping the pressure on this index are the retreats in new orders, and weak consumer sentiment.The Philly Fed's factory survey certainly shows the new order problem which turned negative in August. And firms report that inflation is embedding at higher levels for their input costs. There is a sense that this heartland manufacturing region is starting to go backwards again. Those in this survey 'expect growth' in the future, but they have been signaling that for all of 2025 and if that aspect turns, things will possibly feel a bit grim there.But the early August S&P Global/Markit PMIs for the US are not downbeat. On the factory side, they report a good recovery from July. On the services side a slip from a still-expanding base. They also report faster input inflation as they paid the tariff-taxes.The Canadians also reported rising input costs in their PPI release overnight.Japanese business is on the rise. Business activity across Japan's private sector expanded at the fastest rate since February midway through the third quarter, according to the August PMI survey data. The upturn was supported by a fresh increase in factory production alongside a further solid rise in activity at service providers. Total new business also expanded at the quickest rate in six months, though this was driven solely by the service sector. New export business fell at a steeper rate, however.In China, it is becoming clearer that officials are increasingly worried about strained finances at central and local government agencies, and that both firms and employees are suffering from delayed payments. Apparently, the pressures are severe, warranting President's Xi's attention. Special bond issues are underway to juice up the necessary funding.In Europe, the flash PMI reports indicate an improving situation for both manufacturers, and in the service sector. New orders increased for first time in 15 months in August. The factory PMI rose to expansion and its best in more than three years. Its services sector expanded faster, although like everything in Europe the benchmarks are not high compared to the rest of the world.Overall EU consumer sentiment held at modest levels in August, although to be direct, they are still substantially negative and remain lower than their long-run average.In Australia, the S&P Global/Markit August PMIs are quite upbeat. They said Australia's business activity growth accelerated midway through the third quarter, with faster expansions across both the manufacturing and service sectors. This was supported by higher new work inflows, including a renewed expansion in exports. In turn, Australian private sector firms raised their staffing levels at a faster rate to cope with additional workloads. Business sentiment also improved slightly from July.Australian consumer inflation expectations fell to 3.9% in August from 4.7% in July, easing for the second straight month and marking the lowest level since March.And energy regulator AEMO says more wind, solar and storage capacity was added over the past year to the electricity grid in Queensland, NSW and Victoria than in any year before. The risk of blackouts and service disruptions is fading, they say.Globally, container shipping freight rates fell -4% last week from the prior week to be -60% lower than year-ago levels, although year-ago there was extensive stress from tensions in the Red Sea. All the weakness currently is in outbound cargoes from China. Bulk cargo freight rates fell -5% over the past week, but they are still +10% higher than year-ago levels.The UST 10yr yield is now at 4.33%, up +4 bps from yesterday at this time.The price of gold will start today at US$3,337/oz, down -US$10 from yesterday.American oil prices have risen +US$1 to just under US$63.50/bbl with the international Brent price up +US$1 to just over US$67.50/bbl.The Kiwi dollar is at just on 58.2 USc and down -10 bps from yesterday. Against the Aussie we have held at 90.6 AUc. Against the euro we are up +10 bps at 50.1 euro cents. That all means our TWI-5 starts today at just on 66.2, and up +10 bps helped by a gain against the yen.The bitcoin price starts today at US$114,270 and essentially unchanged from this time yesterday. Volatility over the past 24 hours has been modest at just under +/-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 Fed thinks inflation risks outweigh concerns about their labour market.But first. in its familiar yoyo pattern, US mortgage applications fell last week by -1.4% from the prior week, but that makes then +10% higher than the same week a year ago. The softness over the past week is all related to softer refinance activity, even though benchmark 30 year mortgage rates changed little.The US Fed released the minutes of its July meeting and that revealed the stances of the two Trump supporters on th nine-member voting panel. "Almost all" officials supported keeping rates unchanged at 4.25%, with those two dissenting in favour of a quarter-point cut to protect a weakening job market. It seems ironic that they should use that reason, because Trump fired the BLS chief for producing results that showed the American labour market weakening. One of the two, Christopher Waller, is considered the front-runner to replace Powell when his term ends. The two dissenters seem isolated in the group at this time.But that has not stopped Trump supporters making up 'fraud' claims against sitting Fed members in an effort to twist the voting panel.These minutes had no impact on financial markets.There was a well-supported US Treasury 20 year bond tender earlier today that delivered a median yield of 4.82%. That was lower than the 4.89% at the prior equivalent event a month ago.In Canada, a survey of small business owners turned more positive in July - even though their trade association claimed that 38% of them won't last a year without tariff changes.Across the Pacific, Taiwan turned in another very strong rise in export orders, up +15% in July from a year ago. After the +25% rise in June, this remains impressive but is what analysts have now come to expect.In Indonesia, they had a central bank review of their 5.25% policy interest rate yesterday and no change was anticipated. But in fact they cut by -25 bps to 5.00%, the fifth cut over the past year. They are confident inflation will remain contained and are moving to support "the need to stimulate economic growth in line with the economy's capacity".In the UK, their CPI inflation rate rose to 3.8% in July, its highest since January 2024. Driving the rise were cost increases from transport, holidays, food and fuel. These were offset by slower increases in rents (even if they are still rising fast). They have their own twist on the CPI called the CPIH which they emphasise, which adds in owner-occupier housing costs, and that rose 4.2%. That draws in imputed rents, stamp duties, and the cost of maintenance improvements. Either way, they have a sharpish inflation problem.In Australia, AUSTRAC said real estate agents are one of the key to tackling scams, drug trafficking and organised crime. Along with banks and lawyers, real estate agents are going to get more focus on fighting money laundering.The UST 10yr yield is now at 4.29%, down -1 bp from yesterday at this time.The price of gold will start today at US$3,347/oz, up +US$31 from yesterday.American oil prices have stabilised at just over US$62.50/bbl with the international Brent price up +US$1 to just over US$66.50/bbl.The Kiwi dollar is at just on 58.3 USc and down -70 bps from yesterday following the dovish RBNZ MPS. Against the Aussie we have fallen -80 bps to 90.6 AUc. Against the euro we are down -60 bps at 50 euro cents. That all means our TWI-5 starts today at just under 66.1, and down -80 bps.The bitcoin price starts today at US$114,270 and up +0.7% from this time yesterday. Volatility over the past 24 hours has been low at just under +/-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.

Send us a textIf our visual scoring is still based on gut feeling, how do we scale precision? In this week's DigiPath Digest, I explored four new AI-focused papers that could reshape how we diagnose prostate, bladder, gastroesophageal, and endocrine cancers.From automated IHC scoring to predicting urethral recurrence post-cystectomy, these studies highlight the growing value—and responsibility—of integrating AI into our pathology workflows.And yes, I also reveal where to get my histology-inspired earrings

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 commodity prices are taking a hit in global markets today as overall economic prospects are under scrutiny in both the US and China. And Wall Street is following them down, in their case led by tech firms.Prices for both hard and soft commodities are in retreat today, including oil, natural gas, steel, copper, aluminium, wheat, and soybeans. Even bitcoin is falling, down -8.5% over the past week when it hit a recent high note. But not everything.Today's full dairy auction revealed better demand from a wider range of markets than was expected so the declines anticipated were much less, in fact just -0.3% overall. Good buying of WMP and not only from China saw this rise slightly and that limited any overall downside. But there were lower prices for cheese, butter and SMP - lower, but about what was expected for these categories.In the US, housing starts rose a bit more than expected. But the gain was accentuated because July 2024 was unusually weak and that was because for some reason the 2024 bump came in August. Still it was encouraging because analysts had expected a small retreat in July. Still, the general level remains well below the general levels over the prior years. And new building permits were unusually low in July and are now running at their lowest level since June 2020. So the future isn't that bright in this sector.In the rural sector, American farmers are particularly worried about how the Trump Administration is upending their industry, and questions about survivability are arising. Many apparently face bankruptcy.Canadian CPI inflation fell, and by a bit more than expected. It came in at 1.9% in June in a small blip up. It was expected to slip back to a 1.8% rate but in fact came in at 1.7%, the same level it was in April and May. Fuel prices led the decline, but rents rose +3.0% and grocery prices were up +3.4% This will make it tricky for their central bank when they next meet on September 17.Across the Pacific, the top leaders in China have been on vacation and are now starting to return to active front-line duty.Meanwhile, Malaysian exports turned out to be much stronger in July than anticipated. They rose +6.8% in July from the same month a year ago, defying market expectations of a -5% drop. They also revised their June result to be a smaller dip than first reported. Malaysia imports were expected to fall sharply, but in fact held their own.In Australia, the Westpac-Melbourne Institute Consumer Sentiment Index surged 5.7% in August to its highest since February 2022, after a small rise in July. All components rose: family finances compared to a year ago rose +6.2%, while expectations for the next 12 months climbed +5.4%. Views on the economy improved, with the 12-month outlook up +7.6% and the 5-year outlook rose +5.4%, both above historical norms. The time to buy a major household item index gained +4.2%, while unemployment expectations fell -2.4%, still below the long-run level of 129. Their long spell of consumer pessimism may be ending, though sustaining momentum could require more easing. This survey underscores why the second-term Albanese government is riding ever higher in their polls, and the right-wing opposition parties are in disarray.The UST 10yr yield is now at 4.30%, down -4 bps from yesterday at this time.The price of gold will start today at US$3,316/oz, down -US$17 from yesterday.American oil prices have fallen -US$1 to be just under US$62.50/bbl with the international Brent price over US$65.50/bbl.The Kiwi dollar is at just on 59 USc and down -20 bps from yesterday. Against the Aussie we have firmed +20 bps to 91.4 AUc. Against the euro we are down -20 bps at 50.6 euro cents. That all means our TWI-5 starts today at just under 66.9, and down -10 bps.The bitcoin price starts today at US$113,512 and down -2.6% from this time yesterday. Volatility over the past 24 hours has been modest at just under +/-1.5%.Join us from 2pm NZT this afternoon for full overage of the RBNZ OCR decision and the following press conference.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.

Stéphane Bern nous convie à un voyage... en bateau, à bord du France, le plus grand paquebot jamais construit lors de sa mise à l'eau, il y a 65 ans presque jour pour jour, un "bateau gigantesque" comme le chantait Michel Sardou, qui a tristement fini en cale sèche… Qu'incarne le paquebot France dans notre imaginaire collectif ? Quels sont les enjeux de sa construction ? En quoi est-il l'ambassadeur de la France sur les mers ? Pour en parler, Stéphane Bern reçoit Gabriel Courgeon, chargé des collections du Musée national de la Marine de Paris. Au Cœur de l'Histoire est réalisée par Guillaume Vasseau. Rédaction en chef : Benjamin Delsol. Auteur du récit : Jean-Christophe Piot. Journaliste : Clara Leger.Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern nous convie à un voyage... en bateau, à bord du France, le plus grand paquebot jamais construit lors de sa mise à l'eau, il y a 65 ans presque jour pour jour, un "bateau gigantesque" comme le chantait Michel Sardou, qui a tristement fini en cale sèche… Qu'incarne le paquebot France dans notre imaginaire collectif ? Quels sont les enjeux de sa construction ? En quoi est-il l'ambassadeur de la France sur les mers ? Pour en parler, Stéphane Bern reçoit Gabriel Courgeon, chargé des collections du Musée national de la Marine de Paris. Au Cœur de l'Histoire est réalisée par Guillaume Vasseau. Rédaction en chef : Benjamin Delsol. Auteur du récit : Jean-Christophe Piot. Journaliste : Clara Leger.Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

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 that attention will now turn to the annual Fed meeting in Jackson Hole, WO. This year Fed boss Powell is not only trying to balance US monetary policy settings between rising inflation pressures and a basically stable (and good) labour market, he also has to contend with a unstable fiscal policies and political pressure, with two and soon to be three voting members who want to appease the "low rate" President. He is earning his keep at present, and this summer forum will be a way for him to make his case.Special attention will be on his comments about rate cut prospects, something markets have mostly priced in for the September 18 meetings. Currently, analysts expect Powell to be coy about his signals for a rate cut.But on the current data front in the US, their housebuilding industry remains quite glum. The NAHB index of sentiment in the sector is near a record low, only worse during one month in the pandemic. And the July retreat was not expected. Builder sentiment has now been in negative territory for 16 consecutive months and their key problem is costs, induced recently by tariff taxes, and keeping new housing basically unaffordable for new buyers.But north of the border, its quite a different situation. Canadian housing starts hit a three year high in July, up +3.7% from June which was also a very strong month. The Canadians are tackling their housing affordability issue with a strong push for more supply. The key gains are with multi-unit housing in Montreal and the Prairie Provinces.It is not something we have reported on before, but India is now releasing monthly unemployment data. Previously it was quarterly and the latest release shows this key metric at 4.2% in July, which is a record low since records started in 1995. Nothing like an expanding economy to pull down the jobless rates.Singapore's non-oil domestic exports (NODX) fell -4.6% year-on-year in July, reversing a downwardly revised +12.9% surge in June and establishing a yoyo pattern. This marked the third decline so far this year and the steepest contraction since October 2024, due to a fall in non-electronic exports, especially to the US (-48%) but also China -12%). Perhaps more worrying, near neighbours Thailand, Malaysia and Indonesia all bought significantly less in July.In China, the $2 bln trade in dairy products from the EU to China is under investigation by political authorities as part of pressures China is exerting as countermeasures for EU restrictions on China. Now the Chinese are drawing out the pressure with another extension to the probe, due to "complexity" in the case.The UST 10yr yield is now at 4.34%, up +2 bps from yesterday at this time.The price of gold will start today at US$3,333/oz, essentially unchanged from yesterday.American oil prices have firmed slightly to be just under US$63.50/bbl with the international Brent price under US$66.50/bbl.The Kiwi dollar is at just on 59.2 USc and unchanged from yesterday. Against the Aussie we have firmed +20 bps to 91.2 AUc. Against the euro we are also up +20 bps at 50.8 euro cents. That all means our TWI-5 starts today at just on 67, and up +20 bps.The bitcoin price starts today at US$116,576 and down -1.2% from this time yesterday. Volatility over the past 24 hours has been modest at just under +/-1.4%.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 consumer hesitations are showing up the world's largest economies.But first, our week ahead will be dominated by Wednesday's RBNZ OCR rate review, one that is widely expected, by both analysts and financial markets, to deliver a -25 bps cut. That will flow though to floating mortgage and savings rates, but it is far less clear it will affect fixed home loan rates given we have had a full range of cuts last week.In Australia this week it will be all about consumer inflation expectations and consumer sentiment.Elsewhere, in the shadow of northern hemisphere vacations, Canada and Japan will release updated CPI data, and there will be a focus on the US Fed, who with guests, will be huddling in Jackson Hole, WY, again. This time the comments from the two Trump-aligned board members will no doubt hog the limelight.All the while, PMI releases will ground us in the real economy.And in the real economy, Chinese retail sales rose +3.7% in July from a year ago, slowing from a +4.8% expansion in June. Markets were expecting a +4.6% gain in July, so this is a disappointment. This latest result is their weakest growth since December 2024.Meanwhile, China's industrial production expanded by +5.7% in July from a year ago, slowing from June's three-month high of +6.8%. Expectations were for a 5.9% gain so this miss is small. But it is the softest increase in industrial production since last November. That comes after capacity curbs caused by unusually high temperatures and heavy rainfall in some regions.The more important metric of Chinese electricity production saw it rise +3.1% in July from a year ago, a faster expansion than in June. Hydro power was down -9.8% on the same basis, coal power up +4.3%, and nuclear power up +8.3%. The smaller renewals sector's rise was much faster than all of these.And China's new home prices in the 70 major reference cities dropped by -2.8% in July from a year ago, easing from a -3.2% decline in the previous month. It was the 25th consecutive month of contraction, the softest pace since March 2024. Only five of those 70 cities had any increase, and those were all marginal at best. But then again, so were the dips. For resales, there were no cities showing any year-on-year gains and only one (Taiyuan, in Shanxi province) with a monthly gain.Overall, it's a picture of a slightly slowing Chinese economy across all sectors and that will tell Beijing that its stimulus efforts so far are insufficient to keep up with the forces that are dragging it slower. But Beijing is calling the economy 'steady'.And staying in Asia, Malaysia's economy expanded by +4.4% year-on-year in the June quarter, matching the pace in Q1 and slightly below the initial estimate of +4.5%.In the US economy, retail sales rose +0.5% in July from June, as expected and following an upwardly revised 0.9% rise in June. This was largely due to car buying. They are up +3.9% from a year ago but that gain has been falling from the recent +5.1% peak in March. Although tariff-taxes account for most of the gain, overall there is a small real gain here. However without cars, this would look quite negative.In the New York region, they saw a modest rise in business activity in their factories in July based on rising new orders.And that is supported by national industrial output data. While American industrial production edged down -0.1% in July, missing forecasts of a flat reading and following an upwardly revised +0.4% rise in June, the decline was only because the mining sector was weak. Factory output, which makes up about 78% of total industrial production, edged up +0.1% in July, after increasing +0.3% in June. From year-ago levels it is up +1.4%, similar to most of 2025.Not so positive is American consumer sentiment and they don't like what they see ahead. The University of Michigan consumer sentiment August survey fell sharply from July and well below what was expected. It was the first fall in four months, mainly due to growing inflation concerns and sharply worse buying conditions for durable goods. Those surveyed anticipate worsening inflation and unemployment ahead. Overall this survey is more than -13% worse than year ago levels.And in Europe, data released over the weekend shows that Ireland's exports to the US dropped by almost a quarter in June compared to a year ago. Tariffs got the blame. (But they were able to reorient about half of that drop to the UK.)More globally, we should note that international shipping costs are starting to be roiled by the new Trump rule of tariff-extras/extra port fees for Chinese-made ships that dock there that comes into effect in five weeks. That will raise freight costs for Americans, and with extra capacity in other trades, probably bringing lower costs elsewhere.The UST 10yr yield is now at 4.33%, up +1 bp from Saturday at this time, up +4 bps for the week.The price of gold will start today at US$3,334/oz, unchanged from Saturday, but down -US$61 for the week.American oil prices have firmed slightly to be just over US$63/bbl with the international Brent price over US$66/bbl.The Kiwi dollar is at just over 59.2 USc and unchanged from Saturday. But it is down -40 bps from a week ago. Against the Aussie we have dipped -10 bps to 91 AUc. Against the euro we are holding at 50.6 euro cents. That all means our TWI-5 starts today at just on 66.8, down -10 bps from Saturday and down -½c for the week.The bitcoin price starts today at US$117,422 and down -0.3% from this time yesterday. But up +0.5% from a week ago. Volatility over the past 24 hours has been low at just under +/-1.0%.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 tomorrow.

En este episodio de Paredro Podcast conversamos con Alfredo Garzón y Verónica Ochoa, autores de Garzón. El duelo imposible, una novela gráfica profundamente conmovedora que parte del duelo personal y termina siendo un retrato colectivo del país.A 26 años del asesinato de Jaime Garzón —y en medio de un nuevo clima de violencia política en Colombia— este libro nos recuerda por qué la palabra, el humor y la memoria siguen siendo herramientas de resistencia.Jaime Garzón Forero fue abogado, periodista, humorista y mediador humanitario. Usó la sátira para denunciar los abusos del poder y trabajó incansablemente por la paz. Fue asesinado el 13 de agosto de 1999 por sicarios de las AUC, con complicidad de sectores del Estado. Tenía 38 años.Este episodio es una invitación a recordarlo desde el arte, la conversación y la esperanza.

Stéphane Bern raconte, en ce vendredi, non pas le dernier repas du Christ avec ses apôtres, mais la célébrissime peinture que le génie Léonard de Vinci, aussi imprévisible qu'insaisissable, en a fait : la Cène, l'immense chef-d'œuvre de la Renaissance et l'une des œuvres d'art les plus mythiques – et mystiques – de tous les temps… En quoi la vision de La Cène de Léonard de Vinci est-elle complètement nouvelle ? Comment a-t-il réussi à rendre “vivante” son œuvre ? Comment expliquer qu'autant d'énigmes continuent de l'entourer ? Pour en parler, Stéphane Bern reçoit Vincent Delieuvin, conservateur en chef chargé de la peinture italienne du 16ᵉ siècle au Musée du Louvre. Au Cœur de l'Histoire est réalisée par Pierre Cazalot. Rédaction en chef : Benjamin Delsol. Auteur du récit : Eloi Audoin-Rouzeau. Journaliste : Clara Leger.Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte, en ce vendredi, non pas le dernier repas du Christ avec ses apôtres, mais la célébrissime peinture que le génie Léonard de Vinci, aussi imprévisible qu'insaisissable, en a fait : la Cène, l'immense chef-d'œuvre de la Renaissance et l'une des œuvres d'art les plus mythiques – et mystiques – de tous les temps… En quoi la vision de La Cène de Léonard de Vinci est-elle complètement nouvelle ? Comment a-t-il réussi à rendre “vivante” son œuvre ? Comment expliquer qu'autant d'énigmes continuent de l'entourer ? Pour en parler, Stéphane Bern reçoit Vincent Delieuvin, conservateur en chef chargé de la peinture italienne du 16ᵉ siècle au Musée du Louvre. Au Cœur de l'Histoire est réalisée par Pierre Cazalot. Rédaction en chef : Benjamin Delsol. Auteur du récit : Eloi Audoin-Rouzeau. Journaliste : Clara Leger.Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte, suite à la disparition du Pape François, le destin de la basilique Saint-Pierre de Rome où son corps est exposé. Une basilique qui est le cœur spirituel du monde chrétien et l'un des plus grands monuments religieux à l'histoire jonchée de secrets... Mais qui était Saint Pierre ? Comment Saint Pierre est-il devenu une figure essentielle dans la chrétienté ? Quels mystères continuent d'entourer cette basilique ? Pour en parler, Stéphane Bern reçoit Christophe Dickès, historien du Vatican et spécialiste de Saint-Pierre. Au Cœur de l'Histoire est réalisée par Guillaume Vasseau. Rédaction en chef : Benjamin Delsol. Auteur du récit : Eloi Audoin-Rouzeau. Journaliste : Clara Leger.Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte, suite à la disparition du Pape François, le destin de la basilique Saint-Pierre de Rome où son corps est exposé. Une basilique qui est le cœur spirituel du monde chrétien et l'un des plus grands monuments religieux à l'histoire jonchée de secrets... Mais qui était Saint Pierre ? Comment Saint Pierre est-il devenu une figure essentielle dans la chrétienté ? Quels mystères continuent d'entourer cette basilique ? Pour en parler, Stéphane Bern reçoit Christophe Dickès, historien du Vatican et spécialiste de Saint-Pierre. Au Cœur de l'Histoire est réalisée par Guillaume Vasseau. Rédaction en chef : Benjamin Delsol. Auteur du récit : Eloi Audoin-Rouzeau. Journaliste : Clara Leger.Hébergé 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 tariff-costs seem to be having much more impact on US prices than on global trade.But first, US initial jobless claims rose slightly last week to 199,000 but that was slightly lower than seasonal factors would have accounted for. There are now just over 2 mln people on these benefits, +100,000 more than at the same time last year.However, rising much more were producer prices. They are up +3.3% in July from a year ago, a jump from June's +2.4% and much higher than the expected +2.5%. This ends a period where these costs eased since February with a notable reversal. The month-on-month rise was outsized and we make that the largest non-pandemic jump since 2012. This data is having traders re-think their bets on the September 18 US Fed rate review. Currently they expect a -25 bps cut, despite White House pressures. They have two more -25 bps cuts priced in through to january 2026, so maybe some of those could get reassessed. Today's PPI data may signal the tariff-induced inflation is only just starting.In China, they are wrestling - endlessly it seems - with how to staunch the property development sector's bleeding. The latest idea is that Beijing's SOEs but up the unsold housing overhang.India's exports rose in July, but their imports jumped much more so their trade deficit worsened and is much more negative than it was a year ago for the same month.Meanwhile, S&P have upgraded the Indian sovereign credit rating to 'BBB' from 'BBB-' and changed the outlook to stable from positive. It said the upgrade was based on economic resilience and sustained fiscal consolidation. They noted the strong growth momentum, said monetary policy was credible, and added that the impact of Trump's tariffs should be manageableIn Australia, one of their largest superannuation funds failed to tell regulator ASIC about investigations into serious member services issues, including incorrect insurance premium refunds for dead members. This is part of what ASIC is alleging in an Australian Federal Court suit launched yesterday.And staying in Australia, their jobless rate eased to 4.2% in July, down from the four year high of 4.3% in June. The decline was driven by a drop of 10,200 in the number of unemployed, bringing the total to 649,600. Meanwhile, employment rose by +24,500 to a record high of 14.6 mln following a downwardly revised gain of +1,000 in June. Full-time employment rose by +60,500 while part-time positions fell by -35,900. Female participation hit a record high of 63.5%.Global container freight rates fell in a broad shift lower to be down -3% last week from the prior week and down -59% from year ago levels. Those year ago levels were an unusually high benchmark due to Red Sea security factors back then. Bulk freight rates were little-changed over the past week, but are +20% above year ago levels.The UST 10yr yield is now at 4.28%, up +5 bps from yesterday at this time. The price of gold will start today at US$3,335/oz, down -US$17 from yesterday.American oil prices have risen +US$1.50 to be just under US$64/bbl with the international Brent price up a bit less at US$66.50/bbl.The Kiwi dollar is at just under 59.1 USc and down -60 bps from yesterday. Against the Aussie we are down -20 bps at 91.1 AUc. Against the euro we are down -20 bps at 50.8 euro cents. That all means our TWI-5 starts today at just on 66.9, down -40 bps from yesterday.The bitcoin price starts today at US$117,741 and down -3.1% from this time yesterday. Volatility over the past 24 hours has been moderate at +/-2.6%.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 on Monday.

Stéphane Bern raconte René Lalique, créateur de bijoux à la Belle Epoque qui a laissé son nom gravé sur des objets d'exception, et dans l'Histoire de l'art français… en devenant un véritable maître verrier ! En quoi René Lalique a-t-il inventé le bijou moderne ? Comment est-il passé maître dans l'art de la verrerie ? Comment a-t-il participé à la révolution industrielle ? Pour en parler, Stéphane Bern reçoit Véronique Brumm Schaich, directrice du musée Lalique et auteure du livre “René Lalique, le génie de la lumière” (Gallimard). Au Cœur de l'Histoire est réalisée par Loïc Vimard. Rédaction en chef : Benjamin Delsol. Auteure du récit : Albane Le Conte. Journaliste : Clara Léger.Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte René Lalique, créateur de bijoux à la Belle Epoque qui a laissé son nom gravé sur des objets d'exception, et dans l'Histoire de l'art français… en devenant un véritable maître verrier ! En quoi René Lalique a-t-il inventé le bijou moderne ? Comment est-il passé maître dans l'art de la verrerie ? Comment a-t-il participé à la révolution industrielle ? Pour en parler, Stéphane Bern reçoit Véronique Brumm Schaich, directrice du musée Lalique et auteure du livre “René Lalique, le génie de la lumière” (Gallimard). Au Cœur de l'Histoire est réalisée par Loïc Vimard. Rédaction en chef : Benjamin Delsol. Auteure du récit : Albane Le Conte. Journaliste : Clara Léger.Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte le destin - lié - de deux frères : Auguste et Louis Lumière qui, il y a 130 ans aujourd'hui, ont tourné le premier film de l'histoire du cinéma. Un très très court métrage rendu possible grâce à leur invention : le cinémascope, à la fois une caméra et un appareil pour projeter les images capturées, qui a fait leur succès… Qu'est-ce qui distingue l'invention des frères Lumière de toutes les autres ? Que voulait raconter le cinéma Lumière ? En quoi ont-ils inventé non seulement un objet, le cinématographe, mais aussi un nouveau monde ? Pour en parler, Stéphane Bern reçoit Thierry Frémaux, directeur de l'Institut Lumière de Lyon, délégué général du Festival de Cannes et réalisateur du film Lumière ! L'aventure continue. Au Cœur de l'Histoire est réalisée par Guillaume Vasseau. Rédaction en chef : Benjamin Delsol. Auteur du récit : Jean-Christophe Piot. Journaliste : Clara Leger.Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte le destin - lié - de deux frères : Auguste et Louis Lumière qui, il y a 130 ans aujourd'hui, ont tourné le premier film de l'histoire du cinéma. Un très très court métrage rendu possible grâce à leur invention : le cinémascope, à la fois une caméra et un appareil pour projeter les images capturées, qui a fait leur succès… Qu'est-ce qui distingue l'invention des frères Lumière de toutes les autres ? Que voulait raconter le cinéma Lumière ? En quoi ont-ils inventé non seulement un objet, le cinématographe, mais aussi un nouveau monde ? Pour en parler, Stéphane Bern reçoit Thierry Frémaux, directeur de l'Institut Lumière de Lyon, délégué général du Festival de Cannes et réalisateur du film Lumière ! L'aventure continue. Au Cœur de l'Histoire est réalisée par Guillaume Vasseau. Rédaction en chef : Benjamin Delsol. Auteur du récit : Jean-Christophe Piot. Journaliste : Clara Leger.Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

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

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.

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.

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.

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  

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.