Podcasts about AUC

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 its all about the US and the sharp weakening of the greenback. It is now at its lowest level since early 2022. And a key part of the reason is worries about the Trump attack on the Fed's independence.Meanwhile, US initial jobless claims have stayed elevated although they fell from the prior week to +227,000 which is marginally above the same week a year ago. There are now 1.87 mln people on these benefits, +124,000 more than the 1.75 mln a year ago.US Q1-2025 PCE inflation was revised higher overnight to 3.7% in updated data - and that is up from 2.4% on Q4-2025. Early impacts of tariff-taxes are starting to show through here. Real consumer spending was revised down to just +0.5% growth from the initial estimate of +1.2% and well below the Q4-2024 rise of +4.0%. These revisions don't paint a very good picture about how American consumers fared in early 2025. Final GDP 'growth' fell -0.5% in the quarter, the first decline in three years.But there was a good rise in durable goods orders in May, up +17.5% from the same month a year ago. But non-defense capital goods orders rose only +2.4% suggesting board rooms remain hesitant, and see the tariff-related order rush as nothing more than temporary.Certainly the Chicago Fed's National Activity Index doesn't point to any upturn. Nor does the latest regional Fed survey, this one from the Kansas City Fed.The May US trade balance wasn't great either, coming in with a worse deficit than expected at -US$93.7 bln with exports dipping and imports rising from April. From a year ago the result was little-different.Globally, policy imbalances cause distortions as you would expect, and in the short term at least, they can juice up trade activity despite their intentions.Elsewhere in Singapore, industrial production slipped in May to be 'only' +3.9% higher than year-ago levels. In April the gain was +5.6% so a clear easing, even if it wasn't as much as was anticipated.More generally, we will need to be careful talking about commodity prices when the US dollar is on a downslide. Almost everything is quoted in USD so rising prices now largely reflect that depreciation.Freight rates are falling after the relatively brief 'Iran crisis' hot war. And they too are quoted in USD so the falls will be magnified in other currencies. Container freight rates were down -9% last week from the week before to be -38% lower than year-ago levels - but a year-ago they were in their own Suez crisis stress. Bulk cargo rates are falling too.The UST 10yr yield is now at 4.25%, and down -4 bps from this time yesterday.The price of gold will start today at US$3,334/oz, and up +US$12 from yesterday.American oil prices are unchanged from yesterday at just on US$65.50/bbl while the international Brent price is still just on US$68/bbl. Meanwhile Shell confirmed it isn't currently bidding for the underperforming BP, and that it is required to wait six month under UK law to take another look.The Kiwi dollar is now just on 60.7 USc, up +40 bps from yesterday and that's an eight-month high. However, against the Aussie we are -20 bps softer at 92.5 AUc. Against the euro we are unchanged at 51.8 euro cents. That all means our TWI-5 starts today at 68.1 and +10 bps firmer than yesterday.The bitcoin price starts today at US$107,338 and up +0.3% from this time yesterday. Volatility over the past 24 hours has been low at just on +/-0.7%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again 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 tariff-tax cost threats to inflation are being joined by seasonal climate threats in the US.First, it is hot in large parts of the US, including the heavily populated North-East. Air-conditioners are working overtime. And that means electricity grids are overloaded. Retail electricity prices have spiked to nearly US$2,400/MWhr (NZ$4000/MWhr) during peak evening demand last night. Wholesale prices on Long Island topped US$7,000/MWh. Just for context, New Zealand prices this morning are about $60/MWhr. It's a crisis here they reach NZ$1000/MWhr.Meanwhile, US mortgage applications rose last week slightly from the week before, but only because refinance activity rose. Applications to buy a new home were down sharply from the prior week although up from the same week a year ago. Interest rates were little changed.But May sales of new single-family homes dropped sharply by almost -14% from the prior month to an annualised rate of 623,000 units and far below the expected 700,000 units rate and the sharpest decline since mid 2022. May 2025 was -6.3% below year ago levels. Getting the blame was uncertain economic conditions that is causing potential buyers to wait before committing to a purchase. And things could get worse - there are now 10 month's supply of built but unsold homes at the current sales rate. We may start to see some aggressive discounting ahead - or more builders going bust.The big US Treasury 5yr bond tender earlier today was well supported even if not quite at the level of the last event. This event delivered a median yield of 3.82%, a bit less than the 4.01% at the prior equivalent event a month ago.And in Senate testimony, Fed boss Powell acknowledged that tariff-taxes could be a one-off threat to inflation, but he said that is not a law of nature, and they are worried they could also drive persistent rises in costs. He said they will stay on guard until they know the actual effect.In China, their central bank injected ¥300 bln into financial institutions through a one-year medium-term lending facility (MLF) into the country's banking system. This is what was expected.And in a first, President Xi will not attend the Brazilian-hosted BRICS meeting this year, the first time he has skipped that. The reasons why aren't clear, and that is fueling speculation.In Australia, their monthly inflation indicator fell to 2.1% in May, down from 2.4% in both March and April. That is a seven month low, and lower than the 2.3% rate expected. The main influence for the reduction were fruit & vegetable prices (from +6.1% to +2.8%), and travel & accommodation (from +5.3% to +0.6%).The UST 10yr yield is now at 4.29%, and down -1 bp from this time yesterday. The price of gold will start today at US$3,322/oz, and up an insignificant US$2 from yesterday.American oil prices are up +US$1 from yesterday at just on US$65.50/bbl while the international Brent price is now just over US$68/bbl.And we should probably note that the Wall Street Journal is reporting that Dutch oil company Shell is in talks to buy British rival BP. Currently, Shell is denying the report.The Kiwi dollar is now just on 60.3 USc, up +10 bps from yesterday. Against the Aussie we are +10 bps firmer at 92.7 AUc. Against the euro we are unchanged at 51.8 euro cents. That all means our TWI-5 starts today at 68 and +10 bps firmer than yesterday.The bitcoin price starts today at US$107,062 and up +0.9% 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.

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

Kia ora,Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the US dollar is falling, and the benchmark US 10 year treasury yield is down also, near a seven week low. These are the key reactions to the easing of Middle East hostilities.But first up today, we should note that the weekly Pulse dairy auction for the two main powder products brought lower prices yer again. The SMP price fell -2.6% from last week's full auction to US$2704/tonne, which the WMP price fell -1.9% tp US$4006/tonne. The represent yet another retreat which essentially cancel the April to May price gains.In the US, Fed boss Powell was at Congress today giving his semiannual Monetary Policy Report. He is back again tomorrow. He repeated that they are in no rush to cut rates, certainly not in July, and that their scenario of two more -25 bps reductions in 2025 remains their current outlook. Their focus is on inflation risks which they still have worries about, not economic growth, and that is helped by a stable labour market.Meanwhile, the weekly Redbook survey of the US retail impulse showed sales volume growth easing lower, the lowest since the April tariff-tax induced price spike in early April. And if you exclude the seasonal dips at the end of 2024/25, this growth is the lowest since March 2024 even with the tariff-tax push effect on retail pricing.The US Conference Board's survey of consumer sentiment weakened in June. And this time the weakness spread to 'present conditions'. They report consumers were more pessimistic about business conditions and job availability over the next six months, and optimism about future income prospects eroded. It is a trend they have been noting since the start of 2025.Also fading was the Richmond Fed's latest factory survey for June. Although new order intakes declined more slowly, it still declined and the order backlogs in the region are now falling faster. Unless they get an improvement in new orders, production cutbacks are looking. And the service sector survey in the same mid-Atlantic states region is no better. In this district too, reshoring is not in evidence.We should also note that credit stress for US commercial real estate is staying unusually high. This extended trouble will force an increasing number of lenders there to book losses, and because the worst losses are coming from the largest buildings, it could be destabilising for some mid-sized banks. There was a large well supported US Treasury bond auction earlier today for their 2 year Note. This delivered a median yield of 3.73%, down from the 3.90% at the prior equivalent event a month ago.In Canada, their May inflation rate was reported overnight, unchanged at 1.7%, which was the expected result.Taiwanese retail sales were weaker in May, down -1.6% from the same month a year ago and extending a weaker trend. They were expected to rise marginally. However Taiwanese industrial production was outstandingly strong, up more than +20% from the same month a year ago and extending the April surge.In South Korea, consumer sentiment has improved sharply since the election of a reform-minded new president. Apart from a brief post-pandemic spike, they haven't been this optimistic there since 2017.And in case we don't miss it, the German economy is rising again, gaining in confidence and extending the gains that started in mid 2024. The turnaround hasn't been dramatic, but it has built more than you might have thought.The UST 10yr yield is now at 4.30%, and down -3 bps from this time yesterday. The price of gold will start today at US$3,320/oz, and down -US$61 from yesterday.American oil prices are down another -US$4.50 from yesterday at just over US$64.50/bbl while the international Brent price is now just under US$67.50/bbl as Middle East security concerns seem to fade.The Kiwi dollar is now just on 60.2 USc, back up +½c from yesterday. Against the Aussie we are +10 bps firmer at 92.6 AUc. Against the euro we are up +20 bps at 51.8 euro cents. That all means our TWI-5 starts today at under 67.9 and +20 bps firmer than yesterday.The bitcoin price starts today at US$106,141 and up +3.7% from this time yesterday. Volatility over the past 24 hours has been modest at just on +1.9%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

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  

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 markets seemed relieved that the Iranians responded in a localised and 'measured' way to the US attack. They took this as a sign the conflict will stay regional. Even the oil price eased back. To financial markets, 'normal' doesn't look like it is being threatened.But that is not to say 'normal' is great. And it looks like markets are stubbornly refusing to price in geopolitical risks, even when they are obviously high. If they have this collective judgement wrong, then the correction could be sharp.Meanwhile, the S&P Global/Markit PMIs for the US report that the factory sector held at a small expansion, one underpinned by a small rise in new orders, even if new export orders fell rather notably. More notable was the sharpish rise in costs and prices. This sector is losing its international competitiveness. Their service sector is expanding but the modest pace slowed in June.US existing home sales however brought a surprise surge in May from April to a sales rate exceeding 4 mln/year. However that is still lower than year-ago levels, and listings surged even more. Still, the average price rose to US$422,800, although to be fair that is only back to about the level it first achieved in June 2022.The US heatwave, which we noted yesterday may affect 200 mln people there, is worrying their electricity grid operators. They anticipate a 14 year high for electricity demand in the US north east. So it will be no surprise to know that they have issued warnings about supply interruptions.In China, Bloomberg is reporting that Beijing regulators are instructing state-owned developers to avoid defaulting on publicly issued debt. It is the latest attempt by authorities to keep a lid on their property crisis that just won't end or get properly resolved. There are about 20 SOE developers, all large, and all troubled. Clearly credit risk is still worryingly high.In Japan, although new order growth wasn't flash, their manufacturing sector expanded on a stock-build. And that was their first expansion in over a year. Meanwhile their services expansion extended, now for more than 12 months consecutively, and that was driven by new orders. These conclusions come from the early June PMI released by S&P Global/Markit.In India, their advance June PMIs show gains in both their factory and service sectors from already very good levels of expansion.In Europe, the same June PMIs show new order declines have basically ended, and in Germany in particular they rose for the first time in more than three years. Cost inflation is down, and now no longer an issue. Business sentiment rose. Their factory sector is expanding while their services sector stopped contracting in June. While none of this is vigorous, if it is a turning point, it is turning in the right way for themMeanwhile the modest expansion the S&P Global/Markit PMIs report in Australia extends this modesty to six straight months there. They haven't had a run like this since late 2022. While an expansion will be hard to notice on the ground, it is encouraging that both the factory sector and the service sector are moving in the same upward direction.The UST 10yr yield is now at 4.33%, and down -5 bps from this time yesterday.The price of gold will start today at US$3,381/oz, and up +US$14 from yesterday.American oil prices are down -US$4 from yesterday at just under US$74/bbl while the international Brent price is now just over US$72.50/bbl and down a bit more.The Kiwi dollar is still just on 59.7 USc, little-changed from yesterday. Against the Aussie we are holding at 92.5 AUc. Against the euro we are down -20 bps at 51.6 euro cents. That all means our TWI-5 starts today at under 67.7 and just marginally softer than yesterday.The bitcoin price starts today at US$102,349 and back up 2.8% from this time yesterday. Volatility over the past 24 hours has been moderate at just under +/-2.0%. There was a general recovery yesterday across most cryptos, but they are still down sharply from a week ago.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 the world's two largest economies are showing outsized vulnerabilities - geopolitical, economic, and environmental.First in China, the eye-catching retreat of foreign direct investment in April (a net outflow -US$4.8 bln) was arrested in May, positive by +US$17.8 bln for the month even if it was off the unusually declining base in April. Still, year to date, foreign direct investment into China remains unusually low, barely +US$50 bln in those five months and well below the almost US$70 bln in the same five months of 2024. For either year, these are not large amounts for a country the size of China. In 2023 the five month inflow was +US$84 bln, in 2022 it was +US$88 bln. It is a negative track that is sensitive for them.Separately, excessively hot weather and unusually heavy rain are affecting large parts of central and southern China.In Japan, May CPI inflation edged lower to 3.5%, the lowest annual rate of the year. Energy costs remained elevated, but dipped in the month. Also elevated and also dipping were food prices, now running at a +6.5% rate. However within that rice prices are almost double year ago levels, a very high profile marker that worries everyone.In the US, weekend data shows the Philly Fed's factory index booked another retreat, the third in a row although only a small one. They aren't yet benefiting from reshoring. New order levels fell. And price increases reported continued at a high level although the pace eased somewhat in this latest update.That data was just a part of the Conference Board's leading economic indicator series. And this slipped yet again in May, with the April index being revised sharply lower. They say this is "triggering the recession signal." Industrial production was the weakest contributor to the index in May. Readers may not be surprised that a Trump tariff-tax recession is on the way for the US, but we probably should brace for global consequences in 2025. It could be tougher than anticipated.At least one influential Fed governor thinks the FOMC will have to start cutting interest rates soon to lean against the recession threat. A July cut is what he suggested, saying “I think we've got room to bring it down, and then we can kind of see what happens with inflation.” Recession threats trump inflation threats for him.But inflation threats may just be starting. Until now, importers have been paying some of the tariff-taxes. But that can't last.And inflation isn't the only thing heating up in the US. Forecasters warn that dangerously hot and humid weather will blanket nearly 200 million people this coming week as a phenomenon known as a heat dome trap builds.Elsewhere, the weekend brought a raft of other central bank rate review decisions. In Turkey, their central bank left its policy rate unchanged at 46%, as expected. You may recall they raised it +350 bps at their May review.Meanwhile, at the Bank of England their governors voted 6-3 to keep their policy rate steady at 4.25% at its June meeting. Although this was the result expected, the three dissenters wanted a -25 bps cut and that was one more dissenter than was expected.In Norway however, they cut their policy rate by -25 bps to 4.25%. That was their first cut in five years.Taiwan held its official rate steady at 2%.The Philippines cut theirs by -25 bps to 5.25%.In China, their central bank left its Loan Prime Rates unchanged at their record low levels after the -10 bps dip last month.Meanwhile, Aussie miners are looking at some surprisingly weak May data for steel production in China. May and June are usually their peak months for production, but not this year. The May data shows it -6.9% lower than the same month in 2024, at 86.5 mln tonnes. That represents a very large fall away in looming iron ore requirements if it holds in June, a more than -6 mln tonne shortfall per month. (Steel production data can be seen here.)In the week ahead, we are watching for what a raft of early June PMIs tell us about the global economy. In Australia, the focus will be on the monthly CPI Indicator on Wednesday although little change at 2.4% is anticipated. Here, there will be key updates for the mortgage market activity on Friday. And in the US, Fed boss Powell will be testifying before Congress, and Trump is sure to have his attack dogs primed for that. Data on American durable goods orders are due (recovering from the sharp April drop expected), along with the May trade deficit update (no improvement expected).The UST 10yr yield is now at 4.38%, and unchanged from Saturday.The price of gold will start today at US$3,367/oz, and up +US$2 from Saturday.American oil prices are little-changed from Saturday at just on US$74/bbl while the international Brent price is now just over US$77/bbl.The Kiwi dollar is now just on 59.7 USc, little-changed from Saturday. Against the Aussie we are holding at 92.5 AUc. Against the euro we are still at 51.8 euro cents. That all means our TWI-5 starts today at on 67.7 and unchanged from Saturday.The bitcoin price starts today at US$99,713 down -3.5% from Saturday, its lowest since early May. Volatility over the past 24 hours has been moderate at just over +/-2.2%. The fall in the bitcoin price is the least of what other crypto prices are shifting. Generally stablecoins are holding with only very minor losses, but Binance is down -5.8% from a week ago, Bitcoin Cash is down -1.8% on the same basis, the official Trump coin is down -14.8%, and Ether is down -14.0%.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 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 Fed governors are clearly worried about the inflation threat from the new tariff taxes.The US Fed has kept rates unchanged in their decision earlier today, holding their core policy rate at 4.25%. The projection dot plot suggested that they have two more -25 bps rate cuts pencilled in for 2025 and one more for 2026. They also downgraded their expectations on growth in the US economy, dropping the 2025 estimate from +1.7% to +1.4%, and trimming their forecast for 2026 to +1.6%. Fed boss Powell said these growth downgrades will come as higher tariffs hinder the US economy and put upward pressure on US inflation.Meanwhile US initial jobless claims eased lower to 236,000 but the reduction is all accounted for by seasonal effects. There are now 1.82 mln people on these benefits, almost +100,000 more than this time last year.US mortgage applications fell last week despite the benchmark mortgage interest rate easing lower at the same time.Also falling and rather sharply, were new housing starts in May. They fell almost -10% from April to be -1% lower than the same month a year ago.Across the Pacific, Japanese machinery orders fell more than -9% in April, a sharp reversal from March's +13% surge. This was the weakest reading since April 2020, but about what was expected. Still, they remain +6.6% higher than year-ago levels. Meanwhile Japanese exports fell in May after seven consecutive months of expansion. A retreat was expected and what they got wasn't a sharp as those expectations. However, imports slumped -7.7% from a year ago and more than expected.Meanwhile, Japanese car exports to the US fell in volume terms by almost -4% in May, but in value terms they were down almost -25%, suggesting that at the moment, Japanese carmakers are absorbing some of the new US tariffs to maintain their market share.The iron ore price is under pressure, unable to get out of its new lower range, and confirming the overall slowdown in the global economy.Meanwhile, the silver price has pushed up to a new all-time high.The UST 10yr yield is now at 4.40%, and up +1 bp from yesterday, clawing back earlier falls after the Fed commentary. The price of gold will start today at US$3,386/oz, and down -US$3 from yesterday.American oil prices are still in the higher zone, unchanged from yesterday at just on US$74.50/bbl while the international Brent price is now just over US$76/bbl.The Kiwi dollar is now just over 60.2 USc, unchanged from yesterday. The USD firmed slightly after the Fed decision. Against the Aussie we are down -30 bps at 92.7 AUc. Against the euro we are up +10 bps at 52.5 euro cents. That all means our TWI-5 starts today at on 68.2 and unchanged from yesterday.The bitcoin price starts today at US$104,247 and up +0.3% from yesterday. Volatility over the past 24 hours has been low at just under +/-0.9%.Tomorrow is a public holiday in New Zealand, Matariki, and this briefing will take a break. And remember, it is a holiday in the US tomorrow, Juneteenth. 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 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 we are seeing signs of the US economy losing steam just as the US Fed meets.First up today, the overnight full dairy auction brought slightly lower prices, down nearly -1% overall. This was a smaller decline than the futures market expected. In NZD terms the dip was marginally more, down -1.2%. In the end the dip in the WMP price was only -2.1% and far less than expected. The SMP price dipped -1.3%. The volumes sold were at seasonal lows. All-in-all an auction event that will change little.Also uninspiring were US retail sales in May. It slowed to a +3.3% expansion year-on-year from a downwardly revised +5.0% in the previous month. Given that US CPI inflation is being recorded at 2.4%, the volume steam has gone right out of the American retail impulse. It is surprising many analysts. Month on month, retail sales actually fell. Overall, this was the weakest result since November 2024.US industrial production in May fell too, down -0.2% from the prior month, to be +0.6% higher than a year ago. These are 'real' volume numbers and signal what the Beige Book has been suggesting - a factory sector that is losing ground.It is no better in their housebuilding sector. The NAHB/Wells Fargo Housing Market Index fell in June to its lowest since December 2022. Expectations were that it would improve, so another economic drag is building. Builders aren't happy facing higher tariff-tax costs when demand is leaking away.But these may be just the start. The tough new policies toward immigrants are being felt in ways some foresaw and will have a long term impact on American demographics. Suddenly the outflow of people from the US exceeds the inflow. And it is younger workers leaving which is making costs for servicing an expanding older population rise and much more suddenly that was expected. The speed of these changes is quite corrosive, the first time in 50 years they have had to face the fact that the US is no longer a magnet for the aspirational.And the big all-in-one US budget bill from the Trump Administration, which is struggling to get Congressional approval, is already having a depressive impact. International investors, including the giant sovereign wealth funds, face sharp new American taxes on their US investments. Most have now halted assigning funds to US opportunities. If the bill passes, there could be a rather sharp outflow of existing investments, one that would impact the USD and their current account.The US Fed FOMC is currently meeting and will report is decisions tomorrow. No change to their 4.5% policy interest rate is expected, but they will be watching the stagflation pressures of higher inflation and lower growth with some alarm, you would imagine.Across the Pacific, the Bank of Japan also held its key interest rate steady following a two-day policy meeting, keeping its rate at 0.5% amid economic uncertainty stemming from US trade policies. This marks the third consecutive meeting after which the central bank has maintained the rate; the last increase came in January.In China, new data forecasts out from the IEA shows that China's oil demand is set to peak in 2027, a trend that it calls a "fundamental transformation" in the global energy market. China has accounted for 60% of the growth in global oil demand in the past decade and slowing demand in the world's second largest economy is set to contribute to a significant surplus in oil by the end of this one.It is not all gloom. In Germany, the ZEW Indicator of Economic Sentiment surged in June to its highest level since March's three-year peak and far exceeding market expectations. That sudden sentiment boost helped propel the wider EU survey results too.The UST 10yr yield is now at 4.39%, and down -7 bps from yesterday. The price of gold will start today at US$3,387/oz, and down -US$4 from yesterday.American oil prices are still in the higher zone, up +US$2.50 from yesterday at just on US$74.50/bbl while the international Brent price is now just under US$76/bbl.The Kiwi dollar is now just under 60.2 USc, back down -½c from yesterday. Against the Aussie we are up +20 bps at 93 AUc. Against the euro we are down -10 bps at 52.4 euro cents. That all means our TWI-5 starts today at on 68.2 and down -20 bps from yesterday.The bitcoin price starts today at US$103,962 and down -3.7% from yesterday. Volatility over the past 24 hours has been moderate at just on +/-2.4%.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.

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

Kia ora,Welcome to Tuesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news there are hopes, early ones at this stage, that Iran is looking for an off-ramp in its fight with Israel, or at least, so says Trump. That was enough to bolster equity markets today. But the USD is falling and bond yields are rising.But it is shaky with the G7 summit talks starting in Banff, Canada, and all participants having starkly different viewpoints from the US which seems to be trying to get Putin's Russia back into the group. Included in those sidebar meetings is one between Trump and Australian prime minister Albanese. It's going to be a weird experience, but weird is what the US does these days on public policy.Back focusing on economic data, so far there are few signs of manufacturing reshoring in the New York region. Business activity continued to decline in New York State in June, according to firms responding to the Empire State Manufacturing Survey. The headline general business conditions index fell seven points to a deeper contraction. New orders and shipments both declined. However, the outlook of firms surveyed brightened to 'less negative'.There was another long bond auction of US Treasuries earlier today, for the 20 year bond. This drew -13% less demand so the recent investor appetite pullback is extending. It delivered a median yield of 4.88% which was actually lower than the 4.97% at the prior equivalent event a month ago.A recent review by the New York Fed of "who is paying the tariffs" found about 90% of manufacturers and about three-quarters of service firms import some goods, with the average imported input share among all firms at around 30%. And so far most businesses are passing on most of these additional costs to their customers. And relatively quickly. So it is a bit of a puzzle why the tariff taxes haven't yet shown up in consumer price indexes.In Canada, housing starts stayed very high again in May after the unusual jump in April, coming it at almost +280,000 annualised rate when only +248,000 were expected. This was almost the best month since September 2022 and the best two month gain ever. Canadian new house building is on a roll, especially in Montreal (+11%) and Vancouver (+10%). It would be interesting to know how much this is being driven by political refugees from the US, but we have no indications on that.Bolstering the rise in housing starts is that home sales rose in May, their first rise since November.India released its May trade data overnight and its exports delivered an unremarkable result, reinforcing that the rise of Indian manufacturing is not being export-led. Its imports actually eased lower in the month.There was important Chinese released yesterday showing electricity production was only up +0.5% in May from the same month a year ago, maintaining the weak gains that started in November 2024. This is hard to square with their data claim that industrial production was up +5.8% on the same basis.China also reported that its May retail sales rose a very healthy +6.4% from a year ago, well above the +5.0% expected and the +5.1% gain in April. It is a 15 month high. At face value this is a surprisingly strong gain.In their housing markets, China reported that new house prices fell -3.5% but the least year-on-year fall in a year. Month on month they say more gains are now showing. Prices for resales were down more year-on-year, and there are no major cities where they are rising.And recent remarks by Chinese Premier Li seem to confirm that their residential property development market is not improving, and perhaps at a new dangerous stage. Beijing is facing a new round of bailouts to prevent collapse in the sector, once a star of the Chinese economy.In the EU, they reported that wage growth in Q1-2025 was up +4.1%, less in the euro area. This was a slowing from the recent peak of +5.7% in Q1-2024. These is a rather fast cooling-off in Germany, Italy and the Netherlands, whereas wages are rising faster in Spain and France.Off to a very strong start, Airbus has announced huge orders at the Paris air show. The troubles at Boeing have meant that their CEO is a notable no-show. Also of interest is that France has shut down the Israeli presence at the trade event.The UST 10yr yield is now at 4.46%, and up +5 bps from yesterday. The price of gold will start today at US$3,392/oz, and down -US$38 from yesterday.American oil prices are still in a higher zone, although down -US$1 from yesterday at just on US$72/bbl while the international Brent price is now just over US$73/bbl.The Kiwi dollar is now just under 60.7 USc, up +½c from yesterday. Against the Aussie we are uup +10 bps at 92.8 AUc. Against the euro we are up +40 bps at 52.5 euro cents. That all means our TWI-5 starts today at on 68.4 and up +50 bps from yesterday.The bitcoin price starts today at US$107,915 and up +2.0% from yesterday. Volatility over the past 24 hours has been modest at just on +/-1.6%.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 Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the hot-war tensions in the Middle East from Israel's attack on Iran has generated substantial financial market reaction. And a 'hot' war between Israel and Iran could go on for a very long time. The first three days may only be the startThe gold price has jumped. The oil price has soared. Equity prices are falling, although the futures market suggests Wall Street may open tomorrow unchanged. Bond yields are up after an earlier risk-aversion fall. The US dollar has been falling but is now in a wavering phase.Coming up this shortened week locally are a first look at May inflation with the selected price indexes, and on Thursday, Q1-2025 GDP. Expect a +0.7% expansion from Q4-2024. And there will be a full dairy auction on Wednesday.Geopolitical tensions in the Middle East will remain in focus next week following Israel's strike on Iran's nuclear facilities, heightening fears of a broader regional conflict. Markets will also be closely watching any progress on trade negotiations between the US and its key partners.Meanwhile, attention shifts to the G7 Summit in Canada, where leaders of the world's largest economies will meet to discuss major global challenges. But one not on the formal agenda is the US's trade war with these allies. Of course it will be a hot topic in non-official discussions. Of special interest will be the meeting between Australia's Albanese and Trump.It's also a busy week for monetary policy decisions. The US Federal Reserve (4.50%), People's Bank of China (LPR 3.0%), Bank of Japan (0.5%), and Bank of England (4.25%) are all expected to keep interest rates unchanged. Decisions are also due from central banks in Switzerland, Sweden, Norway, Turkey, Brazil, Indonesia, the Philippines, and Taiwan. On the data front, we get China's industrial production and retail sales, and Japan's trade data.Australia's May labour market data will be updated on Thursday. So a lot to absorb this week irrespective of the uncertainties swirling over the hot wars.Bur first in China, their banks extended ¥620 biln in new yuan loans in May, up from ¥280 bln in April, but that was the lowest level for that month since 2005. Despite the monthly rebound, the May new loan figure was way less than the expected ¥850 bln, and even lower than the ¥950 bln in May 2024. Low interest rates are not encouraging lending. The average rate in May was little-changed at 1.55%.Japanese industrial production also fell in April from March, down -1.1%, but remained +0.5% higher than a year ago.Malaysian retail sales were up +4.7% in April from a year ago, but as good as that sounds it is the weakest year-on-year rise since May 2023. And these gains are before inflation, which is running in Malaysia at only +1.4%.In the US was news American consumer sentiment improved in early June from May in the widely-followed University of Michigan survey which was taken June 2-7, 2025. Although this is the first improvement in the past six months, it is off a record low and is still -11% lower than year-ago levels. This survey pre-dates the current crises. And it predates the widespread (2000+) series of well-attended protest rallies in the US (attended by up to 5 mln people), even in the face of an assassination of one Democrat lawmaker and the attempted assassination of another. Given the Proud Boys Telegram chatter, this isn't so surprising.On the US West Coast, container traffic at the large Los Angeles shipping terminals fell in May. Import traffic was down -19% from April, down -9% from a year ago. Export loadings were down -5% from a year ago. (The Long Beach May data isn't available yet but it is likely to be similar.)North of the border, and perhaps somewhat surprisingly, Canadian vehicle purchases rose in April to 195,700, the highest level since June 2019. Perhaps this is boosted by buyers wanting to avoid tariff-related price hikes. The jump was country-wide and was +11% above the year-ago level.Meanwhile Canadian manufacturing sales fell -2.8% in April, with the tariff impacts starting to be felt. It was down -2.7% from a year ago. Recession risks are rising in Canada.EU industrial production sagged in April from March after a strong March gain, but managed to stay marginally higher than year-ago levels. The EU publishes this data on a volume basis, so this is a 'real' gain.Finally we should probably note that the price of lithium carbonate has now crashed -90% from its giddy height in 2022. It is now back to late 2020 levels before the frenzy.The UST 10yr yield is now at 4.41%, and unchanged from Saturday.The price of gold will start today at US$3,430/oz, and down -US$3 from Saturday but up +US$115 from a week ago. In contrast the silver price at US$36.17/oz is little-changed from a week ago.American oil prices are holding higher, although down -50 USc from Saturday at just on US$73/bbl while the international Brent price is now just under US$74.50/bbl. These are large jumps from a week ago on the war risks. And the full assessment of supply risks are not yet understood, so this price could be volatile this week.The Kiwi dollar is now just under 60.2 USc, down -10 bps from Saturday. Against the Aussie we are unchanged at 92.7 AUc. Against the euro we are down -10 bps at 52.1 euro cents. That all means our TWI-5 starts today at over 67.9 and down -20 bps from Saturday (shifted a bit by a fall against the British pound).The bitcoin price starts today at US$105,794 and up +0.6% from Saturday. Volatility over the past 24 hours has been low at just on +/-0.8%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

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 incoherent trade policies have driven the US dollar to its lowest level since 2022 as markets don't see any easing of geopolitical risks driven out of Washington. The US said it will set unilateral tariff rates on most trading partners at the end of the month.Meanwhile, US initial jobless claims came in at 245,000 last week, little-changed from the prior week. This embeds the recent higher level and extends the 2025 rising trend. We haven't seen two consecutive high-claims weeks since mid 2023. There are now 1.8 mln people on these benefits, +7.1 more than year-ago levels.The immigration crackdown on undocumented farm and hospitality workers is having ripple impacts on corporate America, with some major brands reporting stuttering sales.And the Congressional Budget Office has set out how the Trump Budget Bill will hurt middle and poor Americans, and enrich wealthy ones. It is a report sure to annoy the President.And he is already annoyed by the Fed not cutting interest rates.Separately, as analysts expected, US producer prices came in +2.6% higher in May than a year ago.The UST 30yr bond auction today saw a -7.5% fall in investor demand, mirroring the -10% drop in support we noted yesterday in the UST 10yr auction. The median yield came in at 4.80%, up from the 4.75% at the prior equivalent event a month ago.Elsewhere, India's CPI inflation fell to 2.8% in May from 3.2% in April and dipping below analyst expectations of 3%. This is their lowest reading since February 2019, so a six year low. It is also getting closer to the bottom of their central bank's inflation target range of 2%-6%. Food price rises fell to the lowest level since October 2021, and drove the easing.In Australia, the Melbourne Institute survey for June shows inflation expectations there rising to 5.0%, the highest level since July 2023 and up sharply from the 4.1% in May.International container freight rates were unchanged last week from the prior week to now be -26% lower than year-ago levels. A year ago rates were in a strong rising trend which lasted until July, then they eased steadily until May 2025. Bulk freight rates rose +6.8% last week from the week before to their highest level since early November. They are now -5.2% lower than year ago levels.The UST 10yr yield is now at 4.36%, and down -6 bps from this time yesterday.The price of gold will start today at US$3,383/oz, and up +US$60 from yesterday.American oil prices are up another +US$1.50 at just over US$68.50/bbl while the international Brent price is now just over US$69.50/bbl.The Kiwi dollar is now just over 60.6 USc, up +20 bps from yesterday. Against the Aussie we are also up +20 bps at 92.9 AUc. Against the euro we are down -20 bps at 52.4 euro cents. That all means our TWI-5 starts today at under 68.3 and essentially unchanged from yesterday.The bitcoin price starts today at US$108,419 and down -0.6% from yesterday. Volatility over the past 24 hours has been modest at just on +/-1.1%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again on Monday.

Kia ora,Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news China and the US seem to have agreed some sort of trade deal although the details are still quite fuzzy. However a key part seem to be that the US will only get access to the rare earth minerals on a 180 day rolling basis. That means Beijing will retain key leverage over these negotiations as they develop.From data out in the US, CPI inflation was recorded at 2.4% in May, up marginally from 2.3% in April but coming in lower than the +2.5% expected. Food prices however were up +2.9%, rents up +3.9% in this survey. The only reason the overall level was modest is that petrol prices fell -3.5% from a year ago.Interestingly, US crude oil prices were near a one-year high a year ago at US$78/bbl. Today they are at US$67/bbl. But they have fallen steadily from there so after August it seems likely that US petrol prices will generate upward pressure on their CPI, just about at the time tariff-tax flow throughs start to bite. Could get "interesting" in about 90 days.Meanwhile US mortgage applications jumped more than +12% last week from the prior weak three weeks. It is a pattern we have observed since September - three weeks of declines followed by a single week of recovery, usually because those holding off refinancing while waiting for rates to fall can't wait any longer. The benchmark 30 year fixed rate was unchanged last week at 6.93% plus points.There was another US Treasury 10 year bond tender earlier today, and this one featured an outsized fall in demand. There were more than -10% less bids than at the prior equivalent event. The median yield achieved was 4.38% today, up from 4.28% at that prior equivalent event.This is the first time we have seen a big fall-off in demand in these official tenders, so it will be worth keeping an eye on it going forward to see if this is a one-off, or the feared pullback in investor appetite for Trump-debt.At the same time, the US Budget Statement for May showed a monthly deficit of -US$316 bln, only marginally less than the -US$346 bln for the same month a year ago. Higher tariff collections at the border are getting the credit, of US$23 bln in the month. That would mean the DOGE has had zero impact on the budget. They have booked a -US$2 tln deficit in the twelve months to May, and on track for more than that for their fiscal year to September. If the current Budget Bill passes with its tax cuts for the rich, and suspension of the debt ceiling, you can see why investors would want sharply higher risk premiums for holding US federal debt when the mismanagement is so rife.In Canada, April building consents came in -6.6% below March levels to be -16% lower than year ago levels (which featured a strong April 2024 surge).In China, May vehicle sales came in at almost 2.7 mln units in the month with almost half of them NEVs. That puts sales for the past year at a remarkable 32.7 mln, and more than double the level in the US (15.6 mln units in the past year). One key reason is the Beijing-backed trade-in incentives that are designed to support their manufacturing activity through the tariff-war and their drive to build and rely more on internal consumption. It seems to be working with this incentive in place, but can they wean themselves off it?The UST 10yr yield is now at 4.42%, and down -5 bps from this time yesterday. The price of gold will start today at US$3,323/oz, and virtually unchanged from yesterday.American oil prices are up +US$2 at just over US$67/bbl while the international Brent price is now just under US$69/bbl.The Kiwi dollar is now just over 60.4 USc, basically holding from yesterday. Against the Aussie we are also holding at 92.7 AUc. Against the euro we are down -30 bps at 52.6 euro cents. That all means our TWI-5 starts today at under 68.3 and down about -10 bps from yesterday.The bitcoin price starts today at US$109,115 and up +0.4% from yesterday. Volatility over the past 24 hours has remained low at just on +/-0.8%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

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

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

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 we are still waiting for indications of the China-US trade talks in London.Meanwhile, the World Bank said global trade expansion is now at its weakest since 2008 as the tariff tit-for-tat undermines it. They say without a swift course correction, "the harm to living standards could be deep". But they still see a global expansion of +2.3%, largely driven by China, Indonesia, Thailand and India. The retreat of growth in the US will be sharp they say halving in 2025 (+1.4%) from 2024 (+2.8%). The EU will be largely unaffected and maintain their low growth. Japan's low growth is expected to rise in the next three years. They don't review Australia or New Zealand.Elsewhere, the overnight dairy Pulse auction brought downbeat results. The key WMP price fell -1.1% in a retreat expected by the derivatives market. But even at this level it remains in the rising trend that started in mid-2024. However, the SMP price fell a hard -4.8% and much more than expected. In fact, SMP prices have now broken through their weak rising trend, and look quite vulnerable.Also showing signs of running out of steam were US retail sales growth as measured by their Redbook survey. They were up +4.6% from the same week a year ago, the weakest rise since March 2024. After inflation, this isn't any better.The the US NFIB small business optimism survey turned up in May, the first time it has done that in 2025.There was a US Treasury 3 year bond auction earlier today and that showed a small fall-off in support, something worth watching. The winning investors got a median yield of 3.92%, up from the 3.77% at the prior equivalent event a month ago.Across the Pacific, Japanese machine tool orders came in at a similar level in May as April, but that is only a +3.4% gain from the same month a year ago. It was kept positive by export orders, although domestic orders, which had been strong earlier in the year, are now cooling.In China, concerns persist about overproduction in their car manufacturing sector even though local new-vehicle sales overall, including exports, rose almost +10% in April. Those concerns are rippling through commodities that supply this juggernaut industry. Rubber prices, for example, are being hit hard as buyers lose confidence the China car industry can avoid a crash like the property sector. There are signs the government there is worried too, with Beijing telling carmakers to make sensible commercial decisions.In Australia, the Westpac-Melbourne Institute consumer sentiment survey wasn't particularly upbeat, coming in little-changed in June from May. But at least it isn't going backwards. Aussie consumers remain relatively averse to real estate as an investment option and to risk in general. Indeed, responses to a question on the ‘wisest place for savings' suggest that the tariff-related turmoil this year has seen what was already a high level of risk aversion intensify even further.And staying in Australia, the closely-watched NAB business sentiment survey has improved marginally in May, recording its first positive reading in four months. But, business conditions weakened in this survey and it will be hard for sentiment to improve if business conditions get weaker. Those weaker conditions came from ongoing profitability pressures and soft demand, with signs of a further softening in labour demand.The UST 10yr yield is now at 4.47%, and down -2 bps from this time yesterday.The price of gold will start today at US$3,323/oz, and down -US$10 from yesterday.American oil prices are little-changed at just on US$65/bbl while the international Brent price is now just on US$67/bbl.The Kiwi dollar is now at 60.4 USc, and dipping -10 bps from yesterday at this time. Against the Aussie we are also down -10 bps at 92.7 AUc. Against the euro we are down -10 bps at 52.9 euro cents. That all means our TWI-5 starts today at under 68.4 and down a bit less than -10 bps from yesterday.The bitcoin price starts today at US$108,723 and up +0.4% from 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 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 the US and China are meeting in London to discuss China's block on exports of rare earth minerals that the US manufacturing sector needs. The hope is that the settlement will have the US pull back from its tariff-tax war. More likely, it will be a trade of US AI chips for Chinese rare earth minerals.In the background, the dismantling of civil society and the rule of law continues in the US, but you will have to get news of those overnight events elsewhere - even though they will have a corrosive impact on commerce.Our first item in the US is that consumer inflation expectations fell back in June to 3.2% for the year ahead, which wasn't what was expected. But a look at the components explains why. It was driven by the expectation that petrol prices will drop - on a weakening economy. On the other hand those surveyed expected food prices to rise to 5.5% which is a two year high, rents by 8.4%. The expectation that their jobless rate will rise remained high.And we should probably point out that analysts are noting that the UST 10 year yield (4.5%) is now well above the US nominal GDP growth rate (3.8%) for the fits time since 2011, and that is seen as a signal that corporate insolvencies will now rise noticeably after a long period of relative stability.China said its CPI price change held at -0.1% of deflation. That is the third month in a rose it has reported that, the fourth recording deflation. It does seem odd, and a tad unlikely, that Chinese consumer prices are consistently deflating at such a low level. Anecdotal observations talk of 'raging price wars'. According to the official data these are having zero impact. Year-on-year they say beef prices are down -0.1%, lamb prices are down -2.8% and milk prices are -1.5% lower. But beef prices did rise in May from April, according to this data.Meanwhile Chinese producer prices deflated more, down -3.3% from a year ago to their fastest rate of decline since July 2023.And China booked another bumper trade surplus in May. Exports rose +4.8% (about what was expected but historically low), while imports fell -3.4% and far more than expected. They benefited from the TACO trade in May. Their surplus with the US was +US$18 bln for the month although they did export less and import more. To New Zealand, they exported -3% less but imported +11% more, so our surplus rose. To Australia, their exports were little-changed but they imported almost -19% less in May.In Taiwan, they far outshone their neighbour and rival with a huge rise in exports (a new record high) and a large rise in imports from the same month a year ago. That contributed to a trade surplus of +US$12.6 bln in the month, now one eighth that of China even though their economy is only one twentieth as large.The UST 10yr yield is now at 4.49%, and down -2 bps from this time yesterday. The price of gold will start today at US$3,334/oz, and up +US$26 from yesterday.American oil prices are firmish, up +50 USc at just on US$65/bbl while the international Brent price is just under US$67/bbl.The Kiwi dollar is now at 60.5 USc, and up +30 bps from yesterday at this time. Against the Aussie we are up +10 bps at 92.8 AUc. Against the euro we are up +20 bps at 53 euro cents. That all means our TWI-5 starts today at over 68.4 and up +20 bps from yesterday.The bitcoin price starts today at US$108,312 and up +1.9% from 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 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 that despite the Trump-generated spectacle of intimidation and violence in Los Angeles against immigrant communities, the economic news has been contained.This coming week is not a big one for local data releases, but in Australia we will get updated surveys of both consumer (Westpac/MI), and business (NAB) sentiment surveys. Not a lot of change is expected in either.There will be a June update of American consumer sentiment from the widely watched University of Michigan. And we will get CPI updates for May from both the US (expect a small rise to 2.5% (and China (expect slightly deeper deflation at -.2%). India will also release May CPI data (expect little change).The Chinese will also release export and import data. Japan will update its machine tool order data. And Germany will release some wholesale price data too.Over the weekend, and in something of a relief, the US May non-farm payrolls growth came in at +139,000, little different to the expected +130,000 and only a minor retreat from the +147,000 growth in April. But that is a bit below the average for 2024 and well below the average for 2023, and the lowest expansion for a May since 2020. In data not seasonally adjusted, it was the lowest since 2016. The US labour market seems to be plateauing after a rather strong recovery in the prior four years.Average US weekly earnings rose +3.9% in May from the same month a year ago, similar to earlier 2025 months and the same as the average for a May over the past ten years. The jobless rate was unchanged at 4.2%.But hiring freezes and production cutbacks seem to be the themes coming out of corporate America. The landscape for reshoring isn't good, apparently.And the data is becoming clearer that foreigners are avoiding the US as a travel destination, and not just Canadians, with anti-American sentiment on the rise in Europe too. Companies like Airbnb, Booking.com and Expedia all said that their financial results will be weaker than expected because of the softening demand.Total US consumer credit rose by +US$18 bln in April or +4.3%, up from a +$10 bln increase in March and better than expected. So this expansion, while modest, is back to a 'normal' pace. Revolving credit (credit cards) increased at an annual rate of +7%, while nonrevolving credit (car loans and similar) rose at a letter 3.3% rate.There was May Canadian labour market data out over the weekend too. Somewhat surprisingly, that delivered an expansion of +8,800 jobs when a -15,000 reduction was anticipated. Even better, +57,700 new full-time jobs were added in May balanced by a reduction of -48,800 part-time jobs. So, overall a rather surprising net gain.However, their jobless rate rose to 7%, the first time it has hit that level since 2016 (apart from the pandemic), so that probably raises the chance of a rate cut at their next review at the end of July.In Japan, the level of central bank bond buying tapering continues to raise concerns and undermine demand by other potential investors. It is also raising questions about the value of the yen. There is elevated debate about the right level from here and the central bank may have to slow its tapering operation. The void their tapering is leaving is not being filled by the private sector. And that could seriously twist Japanese interest rates.Late on Friday, the Indian central bank cut its policy rate again, with an outsized -50 bps cut to 5.5% when a -25 bps trim was expected. That makes it a full -100 bps reduction since February. They say the outsized move was required by the combination of fast- easing inflation and ongoing uncertainty surrounding global trade tensions.The Russian central bank also surprised with a rate cut when one wasn't expected. It cut -100 bps to 20% under Kremlin pressure, and claiming that "inflation is under control".EU retail sales for April came in surprisingly strong. They report these on a volume basis and were +2.8% higher than in April 2024. Only a +1.4% expansion was expected, and the March expansion was +1.9%. So a great result for them. Most other countries are not getting inflation-adjusted retail growth anything like this.Today is a public holiday in Australia, so our markets will be quiet.Meanwhile, both sides seem to be gearing up for trade talks between China and the US - in London.The UST 10yr yield is now at 4.51%, and unchanged from Saturday, up +9 bps for the week. The price of gold will start today at US$3,308/oz, and down -US$10 from Saturday. That is up +US$24 from US$3294/oz a week ago.American oil prices are holding at just on US$64.50/bbl while the international Brent price is still the same at just on US$66.50/bbl.The Kiwi dollar is now at 60.2 USc, and unchanged from Saturday at this time. Against the Aussie we are also unchanged at 92.7 AUc. Against the euro we are still at 52.8 euro cents. That all means our TWI-5 starts today at just on 68.2 and unchanged from Saturday.The bitcoin price starts today at US$106,270 and up +1.5% from Saturday. Volatility over the past 24 hours has been low at just under +/-0.6%.You can get more news affecting the economy in New Zealand from interest.co.nz.

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

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

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 US Republicans are becoming more like the CPC than they probably realise.But first, there were 209,000 initial jobless claims in the US last week, a small decrease from the prior week but less of a decrease seasonal factors would have assumed. That resulted in the widely reported seasonally adjusted level to jump to its highest in eight months. There are now 1.757 mln people on these benefits, almost +100,000 more than at this time last year.That level may grow. The Challenger job cut report came in with another outsized count for May, and were up +47% over the same in 2024. They say layoff activity is now spreading to other sectors than just the Federal government.US exports rose slightly in April, enough to claim an all-time record high. And as expected, actually a bit more than expected, US imports fell sharply after the March pre-tariff splurge. The average of March and April was about the same level they recorded in each of January and February 2025. For April 2025, the US$350 bln in imports were little-different to the April 2024 level of US$340 bln. It only looks like a big drop because of all the front-loading generated by tariff-tax uncertainty.We should note that US data reliability may become more like Chinese data - heavily influenced by politics. In a random note, the BLS said it isn't going to survey prices as deeply anymore, which could mean "inflation" will be what the Administration says it is. They are also shifting that statistics agency to be under Howard Lutnick's control. And the Republicans have gone on the attack at the bipartisan Congressional Budget Office for saying their new Budget will swell their deficit by US$2.4 tln. The employees who released that are being laid off. They will be replaced with more compliant analysts.Meanwhile, there has been a phone call between China president Xi and US President Trump. But is seems to have achieved little other than agreement for more talks. However, mutual visits are a likely result, and the set-piece opportunities may give Xi an opportunity to get Trump to "chicken out".North of the border, Canadian exports fell more than -10% while their imports fell -3.5% in April. Again, the same trade and tariff-war factors are at play here, and that has resulted in a record trade deficit for them.In China, the Caixin China General Services PMI rose in May from April's seven-month low and in line with market forecasts of only a very modest expansion. This survey shows a small uptick in new business and activity, despite a renewed decline in new export orders. New export orders fell for the first time in 2025, dampened by Trump's tariffs. The official Chinese services PMI also showed a modest expansion, one weaker than this Caixin version.In Taiwan, their inflation rate eased to 1.6% in May from 2.0% in April, and that is its lowest rate since March 2021. They are back to about what it was running in the years prior to the pandemic.Singapore released April retail sales data and that showed virtually no expansion there. Over the past six months, their retail activity has been quite unstable in its ups and downs.As expected, the ECB cut its key interest rates by -25 bps at its overnight meeting, to 2.15%. Updated inflation and economic forecasts show eurozone inflation is near their 2% target, with projections showing 2.0% in 2025 (vs 2.3% previously), 1.6% in 2026 (vs 1.9% previously), and 2.0% in 2027. They say their expansion is being held back by global events but all the same they see their combined economy expanding slightly faster over the next three years.Australia's exports rose +2.1% in April from the same month a year ago. Their imports were up +3.5% on the same basis. The result was a sharp weakening in their merchandise trade surplus, as you might have expected. It would have been worse if their gold exports had not come in +48% higher than year ago levels in April. The longer term view of the year to April 2025 compared to the year to April 2024 saw exports down -5.2% and imports up +2.7% showing the balance is tightening over the longer term too.Household spending in Australia in April was flat. But spending on recreational and cultural activities, health, and dining out contributed to a +1.5% rise in services spending, while spending on goods fell by -1.1%, with households buying less clothing and footwear and new vehicles.Last week, container freight rates jumped an outsized +41% from the prior week, with capacity struggling to cope with the sudden Trump tariff-tax pause and a new rush to beat what might happen in 90 days. It was impossible for shipping lines to adjust capacity for this unexpected shift. The largest rises were trans-Pacific rises, up almost +60%. Despite that, these container freight rates are now -25% lower than year-ago levels, although those year ago levels were in a sharp upswing that ran to mid-July 2024. Bulk cargo rates are also on the move up, gaining +9.5% in the past week.The UST 10yr yield is now at 4.39%, and up +4 bps from yesterday. Wall Street is weaker with the S&P500 down -0.7% in Thursday trade as confidence in public policy fades in a sudden Trump/Musk slanging match. The price of gold will start today at US$3,352/oz, and down -US$28 from yesterday.American oil prices are up +50 USc at just over US$63/bbl while the international Brent price is up the same at just over US$65/bbl.The Kiwi dollar is still at 60.4 USc, essentially unchanged from yesterday at this time. Against the Aussie we are also unchanged at just under 92.8 AUc. Against the euro we are up +10 bps at 52.9 euro cents. That all means our TWI-5 starts today at just on 68.3 and up +10 bps from yesterday.The bitcoin price starts today at US$103,373 and down -1.6% from 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 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 that poor American data has seen risk aversion rise in financial markets with the USD falling, benchmark bond prices rising (yields falling), many key commodity prices either falling or showing weakness, and Wall Street underperforming global markets.The poor data was important and widespread.US mortgage applications fell last week for a third week in a row, this time by a solid -3.9% from the prior week but is +18% higher than year ago levels, even if year ago levels were quite weak. The benchmark 30 year mortgage interest rate dipped last week which makes the application levels look even weaker.Meanwhile there was weakness in the US labour market. We get the non-farm payrolls report on Saturday (NZT) but the pre-cursor ADP Employment Report was out today and it was expected to show a +117,000 jobs gain in May. But in fact it only reported a +37,000 gain - and April data was revised lower. There is no evidence in this data that factories are hiring to meet reshoring demand.And the widely watched ISM services PMI isn't showing much optimism either, slipping into a small contraction, its first since June 2024 with all the post-election hubris now evaporated. A feature of this report is the sharpness of the 'new business' component fall.And staying in the US, vehicle sales tumbled in May, falling to an annual rate of 15.65 million units. That was well short of analyst's cut-down expectations of 16.3 million and the steepest monthly decline in nearly five years. In April, sales ran at a 17.25 million rate and that was itself below the 17.8 mln rate in March when buyers rushed to get ahead of anticipated tariff-tax price hikes. Although sales at a 15.65 mln rate isn't nothing, it does indicate the margins of this market is quite price sensitive.So it will be no surprise to know that the US Fed Beige Book for May paints an uninspiring picture in most regions. Half of the Districts reported slight to moderate declines in activity, three Districts reported no change, and three Districts reported slight growth. All District reports indicated that higher tariff rates were putting upward pressure on costs and prices.Things may not improve for the American. Trump is now whining that XI won't take his call. (But he did call Putin who took his call.) And China seems to be on the verge of signing a massive aircraft deal with Airbus, at the direct expense of Boeing.Finally, the Congressional Budget Office has calculated the fiscal impact of the big Trump Budget Bill - saying it will add US$2.4 tln to US deficits, the largest expansion of these deficits ever through gigantic tax cuts for the wealthy. It may be no surprise that Trump can't do basic math, but that the whole Republican congressional party votes for this type of economic damage is quite astounding.In Canada, their central bank review of monetary policy settings left the policy interest rate unchanged at 2.75%, as was expected. They have inflation at 1.7% and an economic expansion of +2.2% in the March quarter, although that is not expected to last. They are watch for downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs.In Japan, the 2024 total number of births was 686,061, down -5.7% from the previous year. This was the first time annual births have fallen below 700,000 since record-keeping began in 1899.Australia released its Q1-2025 GDP growth data yesterday. Their economy grew +0.2% in Q1-2025 from Q4-2024, slowing from +0.6% in Q4 and falling short of the +0.4% expected by analysts. This marked the 14th quarter of expansion but the softest pace in three quarters. On an annual basis, the GDP expanded +1.3%, holding steady for the second straight quarter but missing the expected +1.5% rise.The UST 10yr yield is now at 4.36%, and down -10 bps from yesterday.The price of gold will start today at US$3,379/oz, and up +US$26 from yesterday.Oil prices are down -US$1 in the US at just over US$62.50/bbl while the international Brent price is down -US$1.50 at US$64.50/bbl.The Kiwi dollar is now at 60.4 USc, a +30 bps rise from yesterday at this time. Against the Aussie we are unchanged at just over 92.8 AUc. Against the euro we are up +10 bps at 52.8 euro cents. That all means our TWI-5 starts today at just on 68.2 and up +10 bps from yesterday.The bitcoin price starts today at US$105,010 and down -0.9% from yesterday. Volatility over the past 24 hours has been modest 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 Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the global economic expansion is losing pace, led by the US.But first up today, the overnight full dairy auction pulled back, and expected, but perhaps not be as much as the derivatives markets suggested. In the end prices were down -1.6% in USD terms and -3.0% in NZD terms on a rising Kiwi dollar. It was a mixed picture across the commodities offered.In the US, the weekly Redbook retail monitor pulled back last week to be 'only' +4.9% higher than the same week a year ago. That is a sharpish dip from the prior week's +6.1% and mid-April's +7.4%. Much of this may be attributable to tariff-tax increases, with sales volumes easing faster now.Meanwhile, April job openings were little-changed but they did come in slightly higher than expected at 7.4 mln. We get the May non-farm payrolls report this Saturday (NZT) and that is expected to show a modest +130,000 rise.Meanwhile April factory orders came in weak, down a sharp -3.7% following the boosted March gain of +3.4%. Between the two months, a slight easing that was setting in since November. From April 2024 these order levels are up +0.6% and that is before accounting for inflation.The US Logistics Managers Index rose, but because inventory costs, warehousing utilisation, and transportation prices all rose at a faster rate, probably not the indicators that help their economy.But the latest RCM/TIPP optimism survey did rise for 'positive' reasons, but only back to levels it was in November after retreating rather sharply from a February high. The tariff-tax staggers may be easing among investors and the surveyors say this indicates US "consumers are closer to optimism".In Canada, Canadians have so heavily altered their travel plans to the US that the duty-free stores at the border seem to be on their knees in what is being called a 'collapse'.In South Korea, the candidate of the more liberal Democratic Party seems to be the winner of Tuesday's snap presidential election. It is a clear break, with voters turning away from the conservative party, who's previous President triggered their constitutional crisis. It's a win for the rule of law. The other main candidate has conceded.In China, they have delivered something of a surprise. The May Caixin China factory PMI unexpectedly dropped to 48.3, down from April's expanding 50.4 and missing market forecasts of a faster expansion (50.6). This was the first contraction in the sector in eight months and the steepest since September 2022. Output shrank alongside a renewed drop in new orders, with foreign sales declining at a faster pace. The official factory PMI came in at 49.5, a small improvement (lesser decline).Eurozone consumer price inflation eased to 1.9% in May, down from 2.2% in April and below market expectations of 2.0%. With inflation under control, that gives the ECB some room to trim interest rates further at their Friday (NZT) review.Globally, the OECD has lowered its economic expansion forecasts as the Trump tariff-taxes bite, and the US an economy they see suffering as much as others from the impact.That is spurring free trade talks among other nations, especially between Australia and the EU.In Australia, their Fair Work Commission's Expert Panel announced the National Minimum Wage and award wages will increase by +3.5% from 1 July 2025, following the 2024-25 Annual Wage Review. That means their National Minimum Wage will increase by +AU$0.85 to AU$24.95 per hour. (NZ$26.90/hr) The New Zealand adult minimum wage is currently $23.50/hr.The UST 10yr yield is now at 4.46%, and unchanged from yesterday.The price of gold will start today at US$3,353/oz, and down -US$22 from yesterday.Oil prices are up +50 USc in the US at just over US$63.50/bbl and the international Brent price is up +US$1 at US$66/bbl.The Kiwi dollar is now at 60.1 USc, a -10 bps dip from yesterday at this time. Against the Aussie we are down -10 bps at just on 92.8 AUc. Against the euro we are unchanged at 52.7 euro cents. That all means our TWI-5 starts today at just on 68.1 and down -10 bps from yesterday.The bitcoin price starts today at US$105,965 and up +1.6% from yesterday. Volatility over the past 24 hours has been modest at just on +/-1.2%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to 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 the Americans seem to be making a concerted effort to adopt a stagflation policy. The USD is falling toward a three year low, gold is rising again, as are US benchmark interest rates.But first, the week ahead will feature central bank rate decisions from Canada (expect a hold at 2.75%), the ECB (-25 bps to 2.15%) and India (-25 bps to 5.75%). And the week will end with the US non-farm payrolls report (+130,000 and extending the ho-hum trend).But the week will be dominated by factory and service sector PMIs, closely watched for the consequences of trade war activity. More damage came from the US over the weekend with the doubling of steel tariffs, from 25% to 50%. These are certain to make the US steel industry even less competitive globally, embedding higher producer costs for American factories and higher prices for its customers.We can see that from the latest ISM factory PMI for May, where a small contraction is now taking place, and the cost pressures are still very high. The final S&P/Markit May factory PMI recorded the most cost pressure since 2022, but a tiny expansion in this one.China released its official PMIs over the weekend, with the factory version contracting much less, and their services little-changed in a tiny expansion. Inflation pressures aren't evident here. The US trade pressure may be preventing China's economy from growing much but it isn't pushing it into a contraction. And so far, Beijing has resisted Trump's request for a phone call with Xi.And there were May PMIs out for Japan (contracting less), Canada,(holding a sharp contraction) Taiwan (contracting less), Korea (small contraction, but stable) Singapore (stable small contraction) and Australia (stable but expanding a bit less) on Monday. So this set isn't yet showing much change, but the trade war does seem to be embedding stagnation. Inflation doesn't seem to be much of a problem here, it is only the US that is getting them both.Stagnation without inflation does allow central banks to try a rate cut remedy - a remedy not available to the Americans.In China they are applying both monetary (lower rates) and fiscal policies (more spending) to stabilise their situation. Beijing is spending big to counter the downward pressure on its economy. As a result, the country's broad fiscal deficit expanded at its quickest clip since 2023 in the first four months of 2025, reaching a -¥2.7 tln (-NZ$630 bln) deficit in the period, almost 60% more than in the same period in 2024.They need all of that because it is pretty clear their real estate sector slump isn't anywhere near over yet, despite all the official help for it.We should also note that it is a holiday in China today, for Dragon Boat Festival.India reported Q1-2025 GDP outcomes, claiming a heady expansion of +7.4% from a year earlier, far better than the +6.7% expected and the +6.4% expansion in Q4-2024. This expansion was led by both the construction sector, and consumer spending.And Canada also reported an expanding economy in Q1-2025, gaining +0.5% in the quarter to be +2.2% higher for the year. Both these indicators of economic activity are better than analysts had expected. Of course these are only of historical interest because they pre-date the tariff-war actions of the US that started in April.Back in the US, the final University of Michigan consumer sentiment survey recovered its early month drop in the second half of the month, ending similar to the April level. The pause in the tariff war and the hope this would ease inflation pressures during the survey period was said to be behind the mood change. Still, this level is very pessimistic, -24% lower than year-ago levels.In Australia, job ad growth has turned into a decline, with the number of job ads dropping -1.2% in May from April, when they fell a downwardly revised -0.3%. Year on year they are down -5.7% although they remained +14% higher than pre-pandemic levels.The UST 10yr yield is now at 4.46%, and up +6 bps from Friday. The price of gold will start today at US$3,375/oz, and up +US$86 from yesterday.Oil prices are up +US$2 in the US at just under US$63/bbl and the international Brent price is just under US$65/bbl.The Kiwi dollar is now at 60.2 USc, a +50 bps rise from yesterday at this time. Against the Aussie we are up +20 bps at just on 92.9 AUc. Against the euro we are up +10 bps at 52.7 euro cents. That all means our TWI-5 starts today at just on 68.2 and up +30 bps from yesterday.The bitcoin price starts today at US$104,272 and down -0.9% from yesterday. Volatility over the past 24 hours has been modest at just on +/-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.

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

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

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

Émission du 15/05/2025 Aujourd'hui, nous avons le plaisir de recevoir deux projets étudiants portés par des étudiants en BUT Techniques de Commercialisation. Plein phare sur Étoiles en scène, un concours de jeunes talents qui met en avant des étudiants artistes : musiciens, danseurs, performeurs, créateurs, cheerleaders. Le concours se déroulera le samedi 24 mai 2025 […] L'article Sortez! – Étoiles en scène / Au Cœur des Maux est apparu en premier sur Radio Campus Tours - 99.5 FM.

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

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

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

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

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

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

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

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

Highly skilled clinicians at RUSH MD Anderson Cancer Center diagnose, treat and prevent all types of skin cancer and other skin conditions. One treatment tool at their disposal is Mohs micrographic surgery, an advanced, minimally invasive and highly effective treatment for skin cancer. In this podcast, Miriam Mafee, MD, the division chief of Dermatological Surgery at Rush University Medical Center and a Mohs micrographic surgeon at RUSH MD Anderson, discusses how and when to use Mohs surgery, its advantages, as well as how this type of surgery continues to evolve. “We use appropriate use criteria (AUC), which helps separate less severe from more severe cases of skin cancer. This helps to maximize the utilization of Mohs surgery. We don't use Mohs surgery for every single skin cancer patient or every single skin cancer case. There are times where it really makes sense to be used and times where it doesn't. AUC, which you can find on an app, is a great help with this.”

Dans ce nouveau numéro de “Au Cœur de l'actu”, actualité oblige, le sujet du racisme et de l'Islamophobie sera le fil rouge de cette émission après le meurtre d'Aboubakar Cissé.▶ Soutenez Le Média :

Bonjour, nous sommes Pierre, Arnaud et... pas Pascal, qui prépare plein de belles choses (il ne faut surtout pas rater ses spectacles incroyables !) et qui a décidé de nous confier les clés du podcast "Au Cœur des Hommes".Avec Pierre, on a bien réfléchi... et on vous présente dans cet épisode notre nouveau compère "en-couple-tout-ça", qui n'est pas vraiment un inconnu.Ensemble, on reçoit Romain, venu nous parler des compromis. Avec lui, nous discutons de célibat choisi, de ne pas avoir de temps pour ses relations amoureuses, de sacrifier ses passions et ses projets à l'amour...« Au Coeur des Hommes », ce sont 3 amis (Pierre, Pascal et Arnaud) qui ont décidé de poser à des copains des questions concernant les rapports amoureux. Depuis le départ de Pascal pour de nouveaux projets incroyables, Thomas a rejoint Pierre et Arnaud pour continuer cette belle aventure.À chaque épisode, nous recevons un nouvel invité et nous abordons un nouveau thème avec bienveillance.Avertissement : Il se peut qu'on dise des choses qui ne plairont pas à tout le monde… mais on va les dire quand-même.Un jeudi sur deux, écoutez nous sur Apple Podcasts - Spotify - Deezer - Podcast addict - Google podcasts - YouTube (sur le compte de Compagnie Club) - AcastMerci de nous écouter, abonnez-vous, commentez-nous et partagez-nous !Vous pouvez nous rejoindre sur instagram : @aucoeurdeshommespodcastou par mail : aucoeurdeshommespodcast@gmail.com« Au Coeur des Hommes » est un podcast de Compagnie Club. Cet épisode a été enregistré dans les studios de rstlss.com.Questions subsidiaires : Et toi, qu'est-ce que tu es prêt(e) à lâcher, par amour ? Réponds sur instagram @aucoeurdeshommespodcastPour découvrir le podcast de notre invité @romain_venture :https://dzr.page.link/RYAgPQhVCm75mFhN7Voir Acast.com/privacy pour les informations sur la vie privée et l'opt-out.Au Coeur des Hommes est un podcast Compagnie Club. Enregistré à Rstlss studio Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

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

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

Toute cette semaine, Au Cœur de l'Histoire met "des soeurs à l'honneur", ces soeurs qui sont entrées dans l'Histoire à plusieurs. Pour le cinquième - et dernier - épisode, et clôturer cette série en beauté, Stéphane Bern raconte le destin de Maria et Rosy Carita, 2 sœurs qui ont révolutionné le monde de la beauté justement : la coiffure, le maquillage ou le bien-être, qu'elles ont transformé en… art ! Quelle place ont occupé les sœurs Carita dans l'univers de la mode et de l'élégance à la française ? Alors que la haute coiffure a longtemps été un métier masculin avec les célèbres figaros, en quoi ces deux sœurs ont été révolutionnaires ? Être deux a-t-il été une des clés de leur succès ? Pour en parler, Stéphane Bern reçoit Laurence Benaim, journaliste, auteure de "Carita, 11 Faubourg Saint Honoré" (Editions Assouline)Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Toute cette semaine, Au Cœur de l'Histoire met "des soeurs à l'honneur", ces soeurs qui sont entrées dans l'Histoire à plusieurs. Pour le cinquième - et dernier - épisode, et clôturer cette série en beauté, Stéphane Bern raconte le destin de Maria et Rosy Carita, 2 sœurs qui ont révolutionné le monde de la beauté justement : la coiffure, le maquillage ou le bien-être, qu'elles ont transformé en… art ! Quelle place ont occupé les sœurs Carita dans l'univers de la mode et de l'élégance à la française ? Alors que la haute coiffure a longtemps été un métier masculin avec les célèbres figaros, en quoi ces deux sœurs ont été révolutionnaires ? Être deux a-t-il été une des clés de leur succès ? Pour en parler, Stéphane Bern reçoit Laurence Benaim, journaliste, auteure de "Carita, 11 Faubourg Saint Honoré" (Editions Assouline)Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

From the spark of curiosity ignited in Detroit to the cultural epicenter of Atlanta, Darralynn Hutson has been scripting stories since “my first article was written in 1990 in the 1900s,” she jokes, weaving words with love and purpose across decades. “I've been writing for over 25 years on Black culture. I love it.” And that passion first bloomed when a young Darralynn immersed herself in magazines like The Source, saying, “How else can you find out about who's the king of New York hip hop?” Her storytelling foundation was deeply personal too—growing up as an only child, “my joy, my passion, my excitement came from outside my house,” and writing became a tool to explore, escape, and express. She fondly recalls imagining “Twilight Zone episodes from a Black perspective,” like one where a family's rat takes over household responsibilities, embodying her early creative genius. That creative fire took her from Cass Tech to Spelman, where “Detroit demanded respect” and the AUC campus became its own cultural ecosystem. “We were developing it,” she says of Atlanta's evolution into a Black cultural mecca, remembering moments like OutKast performing in “hole in the wall concerts” and Spike Lee recruiting students for School Daze. Post-college, it was another Spelman sister, Sheila Brown of Upscale Magazine, who turned Darralynn's passion into profession, teaching her how “to use a mouse, how to interview, how to research,” and most importantly, how to trust her voice. Now an international journalist and TV/film writer, she honors that journey by capturing not only celebrity stories but also deeply personal ones, like writing obituaries for over 27 family members—a responsibility she holds sacred. “Everybody has a role to play,” she says, “I'm the writer of the family.” Whether it's penning features for Essence, profiling unsung icons, or celebrating Detroit's soul, Darralynn's pen remains her passport and purpose. “Writing was always something I did for fun. It was a passion. I didn't know it could be a profession.” Lucky for us, she found a way to turn her passion into pages that speak to our culture, our past, and our power. Detroit is Different is a podcast hosted by Khary Frazier covering people adding to the culture of an American Classic city. Visit www.detroitisdifferent.com to hear, see and experience more of what makes Detroit different. Follow, like, share, and subscribe to the Podcast on iTunes, Google Play, and Sticher. Comment, suggest and connect with the podcast by emailing info@detroitisdifferent.com

Stéphane Bern raconte, alors qu'on célèbre, en cette année 2025, le centenaire de sa naissance, avec de nombreux événements musicaux partout en France, le destin de Pierre Boulez, le compositeur qui s'est entièrement consacré à la musique contemporaine, mais aussi le chef d'orchestre qui a mené le monde de la musique à la baguette… Pourquoi la figure de Pierre Boulez reste-t-elle toujours aussi questionnée ? Comment décrire et qualifier sa musique ? En quoi son approche est-elle devenue une source d'inspiration ? Pour en parler, Stéphane Bern reçoit Laurent Bayle, commissaire général de l'année Boulez et auteur de "Pierre Boulez, aujourd'hui" (Odile Jacob). Au Cœur de l'Histoire est réalisée par Guillaume Vasseau. Rédaction en chef : Benjamin Delsol. Auteur du récit : Pierre-Vincent Letourneau. Journaliste : Clara Leger. Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte, alors qu'on célèbre, en cette année 2025, le centenaire de sa naissance, avec de nombreux événements musicaux partout en France, le destin de Pierre Boulez, le compositeur qui s'est entièrement consacré à la musique contemporaine, mais aussi le chef d'orchestre qui a mené le monde de la musique à la baguette… Pourquoi la figure de Pierre Boulez reste-t-elle toujours aussi questionnée ? Comment décrire et qualifier sa musique ? En quoi son approche est-elle devenue une source d'inspiration ? Pour en parler, Stéphane Bern reçoit Laurent Bayle, commissaire général de l'année Boulez et auteur de "Pierre Boulez, aujourd'hui" (Odile Jacob). Au Cœur de l'Histoire est réalisée par Guillaume Vasseau. Rédaction en chef : Benjamin Delsol. Auteur du récit : Pierre-Vincent Letourneau. Journaliste : Clara Leger. Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte le – court – destin d'un Valois éphémère : François II propulsé roi à l'âge de 15 ans, à la mort de son père Henri II. Le fils de Catherine de Médicis est monté sur le trône dans un royaume meurtri par les prémices des guerres de religions, et il n'était visiblement pas prêt… Pourquoi François II est-il le plus méconnu des Valois ? Qui a véritablement tenu les rênes du royaume durant ses 17 mois de règne ? Qu'est-ce que la conjuration d'Amboise, qui le marqua ? Pour en parler, Stéphane Bern reçoit Jean-Michel Delacomptée, écrivain, auteur d'un portrait de François II dans "Grandeur de l'esprit français. Dix portraits d'Ambroise Paré à Saint-Simon" (Cherche-Midi). Au Cœur de l'Histoire est réalisée par Pierre Cazalot. Rédaction en chef : Benjamin Delsol. Auteur du récit : Simon Veille. Journaliste : Armelle Thiberge. Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Stéphane Bern raconte un écrivain qui a lui-même raconté le destin du Roi-Soleil comme personne : Racine, le célèbre dramaturge, l'auteur de Phèdre ou d'Andromaque, devenu historiographe officiel de Louis XIV, chargé d'établir la chronique officielle du règne et d'offrir une histoire tout à la gloire du monarque... Pourquoi Racine a-t-il été choisi par Louis XIV pour devenir son historiographe ? Pourquoi Louis XIV a-t-il montré un lien aussi indéfectible envers Racine ? Comment Racine a-t-il permis au Roi-Soleil de briller plus encore ? Pour en parler, Stéphane Bern reçoit Claire L'Hoër, agrégée d'Histoire, conférencière et auteure de "La Galaxie Louis XIV" (Fayard). Au Cœur de l'Histoire est réalisée par Mathieu Fret. Rédaction en chef : Benjamin Delsol. Auteure du récit : Albane Le Conte. Journaliste : Clara Leger.