Podcasts about AUC

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

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

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

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

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

Una empresa francesa es embargada por financiar a las AUC

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 Senate has agreed the Trump budget, but only after the Vice President broke a deadlock with a casting vote. Financial markets are wondering about the wisdom in all this with equities hesitating, bond yields turning up, and the USD drifting lower. To be fair, none of these movements are large today. But the implications of massively higher US debt levels are as is the opening of the magic-money accounting they have adopted. It will be the bond market that makes the practical judgement.First however, the overnight dairy auction came in as weak as the futures market suggested it might. The SMP price fell -1.7%, but only to match the prior week's Pulse event. However the more important WMP price fell -5.1% and back to levels last seen at the beginning of the year. One local reason may have been the sharp increase in volumes offered, +10,000 tonnes more than at the prior event two weeks ago, and +6.7% more than the event in the same week a year ago. This volume offer jump came as milk production rose in all key producing regions (except Australia).Overall, prices were down -4.1% in USD terms at this even, down -5.2% in NZD as the greenback weakens further.The price downshift will have analysts reaching for their pencils although it might be too soon for them to backtrack on their 2025/26 payout forecasts. Fonterra's current season results are pretty much locked in and will be reported in late September. But their new year may be off to a soft start.Last week, the US Redbook index was +4.9% higher than year ago levels but still in the easing trend that started in early April.The May level of job openings rose unexpectedly to more than 7.7 mln largely on a surge for foodservice jobs. Analysts didn't see this coming but perhaps they should have given the sharp ICE immigration crackdowns underway. These roles at these volumes will be hard to fill.The latest factory PMI report from the ISM shows a sector still in contraction, being led by weak new order inflows. The internationally benchmarked S&P Global/Markit version reported an expansion and a moderate one at that, But both noted rising inflation pressures.It appears that the expected rise in June car sales didn't occur, dipping to its slowest pace of the year.Apparently its a good time to be in the logistics sector in the US with inventory levels rising and supply chains being stressed. The Logistics Managers Index is running at an unusually high level.The Dallas Fed regional services survey reported a continuing contraction, although not as steep in June as May.And the RCM/TIPP Economic Optimism Index was expected to bounce back in July but in fact it resumed the decline in a trend that started in December 2024.After falling to a recent low in April, Japanese consumer sentiment is on the rise again, back to where it was at the start of the year, but not yet back to 2024 levels. But at least it is rising.Yesterday we noted that the official factory PMI for China "improved" but was still showing a contraction. Today, the alternative Caixin factory PMI came in a little better than that, rising from May's tiney contraction to June's small expansion. These shifts don't mean a lot, but at least they are going in an improved direction. The Caixin survey noted "Higher new order inflows supported a renewed rise in production. That said, the rate at which new orders expanded was only marginal amid subdued exports." Trump's trade war may have kneecapped Chinese growth but it hasn't knocked them over.Overnight the ECB released the results of its May survey of consumer inflation expectations and they dipped to 2.8% when a small rise was expected. Consumers apparently thought inflation was running at 3.1% over the past 12 months. Separately the EU released its June CPI data and that shows it running at 2.0%, up from 1.9% in May.In Australia, large parts of the east cost is hunkering down for a lashing of strong winds and heavy rain. And that will include Sydney.The UST 10yr yield is now at 4.25%, and up +2 bps from yesterday at this time.The price of gold will start today at US$3,337/oz, and up +US$45 from yesterday.American oil prices are marginally firmer from yesterday, up +50 USc at just on US$65.50/bbl while the international Brent price is up the same at just over US$67/bbl.The Kiwi dollar is now just on 60.9 USc, unchanged from yesterday. Against the Aussie we are down -10 bps at 92.6 AUc. Against the euro we are down the same at 51.7 euro cents. That all means our TWI-5 starts today at 68.2 and unchanged from yesterday.The bitcoin price starts today at US$106,292 and down -1.3% from this time yesterday. Volatility over the past 24 hours has stayed low at just over +/-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 budget debate has financial markets on edge.But first up today, the Chicago PMI did not report the expected modest bounceback in June from the very weak May result. In fact is stayed in a severe contraction, disappointing everyone involved. It's been nearly three years since they have had any regular expansion and 2025 looks like it is shaping up the be the worst of the three.The Dallas Fed's factory survey for June was weak as well featuring shrinking new order levels. At least it was little-changed from May.As you read this, the US Senate is debating, and about to vote, on the big Trump budget bill. After years of complaining about US deficit spending and refusing to move the debt ceiling law, they are weighing whether to accede to Trump's demand to give him a free pass on both, including 'hiding' US$3.8 tln of tax cut costs. If they pass the budget, it is likely the bond market will deliver a thumbs down response, one that will affect global financial markets.On the US tariff trade bullying, there are few negotiations going well at present, for any of the parties involved.In Canada, they seem to have conceded the digital services tax issue to try and make progress on bigger issues. But the DST is still a live issue in the UK-US talks.Meanwhile, things are softening in India too. Their industrial production was up +1.2% in May from the same month in 2024, their weakest expansion in nine months and well weaker than expected.In China, there were no surprises and little movement in their official PMIs for June. Their factory sector contracted very marginally - again - and the services sector expanded marginally, also again. Basically they describe an economy marking time. But also one resilient to the trade shocks thrown at it which were designed to throw it off balance. That just hasn't happened, yet anyway.German inflation came in at 2.0% in June, a touch less than anticipated and little-different from April and May's 2.1% level. As small as it was, they weren't expecting a dip. Food prices there rose a modest +2.0% but keeping a lid on other rises was the -3.5% drop in energy prices.In Australia, Cotality/CoreLogic said its Home Value Index rose +0.6% in June from May, up marginally from the prior month but it is the strongest monthly gain since June 2024. Improved market sentiment in most major cities was behind the firming and active first home buyers are behind that. On a yearly basis, national home values climbed 2.7%. Meanwhile, rental growth continued to ease, with national rents up +3.4% over the past 12 months, the slowest annual increase since early 2021.Global air cargo demand rose +2.2% in May from a year ago, up +3.0% for international airfreight. The Asia/Pacific volumes were up a very healthy +8.2% on the same basis, no doubt related to the rush to beat US tariff deadlines. These overall volumes would have been better if the North American components hadn't been so weak (+-5.8%).Meanwhile, May air passenger travel rose +5.0%, up +6.7% for international travel and up +13.3% in the Asia/Pacific region. The only region to decline was North America (-0.5%) and mostly because of weak domestic travel.The UST 10yr yield is now at 4.23%, and down -4 bps from yesterday at this time.The price of gold will start today at US$3,2952/oz, and up +US$19 from yesterday.American oil prices are marginally softer from yesterday at just under US$65/bbl while the international Brent price is down -US$1, now just over US$66.50/bbl.The Kiwi dollar is now just on 60.9 USc, up +30 bps from yesterday. Against the Aussie we are unchanged at 92.7 AUc. Against the euro we are little-changed at 51.8 euro cents. That all means our TWI-5 starts today at 68.2 and +10 bps firmer than yesterday.The bitcoin price starts today at US$107,683 and up +0.2% from this time yesterday. Volatility over the past 24 hours has stayed low at just on +/-0.9%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news we are now halfway through 2025, closer to the next summer holiday break than the last one. We may need it more this time because economic 'progress' is hard to find.Looking ahead this week, the big end of month data dumps for May from the RBNZ will give us an updated look at mortgage and term deposit activity. The ANZ will also update us on their business sentiment survey for June. Then later in the week the June updates from the real estate industry will be released.In Australia it will also be about retail and trade updates for May.The week end with the US on another summer holiday break, this one for their Independence Day. Their June labour market report will come a day earlier this week (another low +129,000 is expected), preceded by PMI updates from all over. Markets also expect the US to announce tariff actions after the so-called 90 day pause. But Trump deadlines mean little in war and other diplomatic areas so don't be surprised if they mean little here too. He will go head if they don't hurt his own businesses, pull back if they do.Of more importance to us will be the results of both Chinese and Japanese data and surveys.In China, deflationary pressures not helped by the tariff war are keeping China's industrial profits in a low zone. They barely hit ¥600 bln in May and that was their lowest level for a May month since 2019 and -9.1% lower than May 2024. For the five months they were down -1.1% so the pace of decline is unfortunately building.Across the Pacific in the US, the squeeze on American household incomes shows up in the latest data for personal incomes and spending, this data for May. Incomes were only +1.7% higher than a year ago. Decreases in income support for struggling households is showing up in this data. And after inflation, they will be going backwards on the income front. On the consumption front, spending was up +2.2% from a year ago, also lower than the May 2.4% CPI inflation.This is a sure sign of rising economic stress that is spreading.The final reading of the University of Michigan survey of June consumer sentiment was out overnight and it confirmed the spreading household stress. This survey has been stuck at one of its worst readings on record for two months after plunging almost -30% in the first four months of 2025. Over the 80 years of the survey, a drop this large this fast has almost always predicted a recession. Sentiment readings improved slightly at the start of June but were -18% lower than at the start of the year to indicate Americans expect much higher prices and a much slower economy in the coming year. It should be no surprise this is the outcome of the changed US public policy direction - but the financial markets are ignoring this signal; willfully it seems.They seem to be overlooking these same survey results that show sentiment has fallen fastest this year for the most well-off consumers, whose post-pandemic spending spree helped insulate the American economy from recession then. They aren't there to do it this time, according to the UofM survey data.In Canada, they got weekend news that Trump is going to use tariffs to punish them for trying to tax US Big Tech companies via its Digital Services Tax initiative. The US wants free access to Canada and tax-free. Earlier the Canadians had confirmed the DST, which had been passed by their Parliament, would go into effect on June 30.Separately, Canada has ordered one of the world's largest video surveillance equipment manufacturers, State-owned Hikvision, to cease operations there on national security grounds. The order bars Hikvision from conducting business in Canada and prohibits government departments and agencies from purchasing its products. Existing installations of Hikvision equipment across government properties are under review to ensure their eventual removal. Hikvision cameras and monitoring systems are widely available in Australia and New Zealand.Economic sabotage may be spreading, but so are climate risks. It is early in the northern hemisphere summer season still, but both the US and Europe are struggling with dangerous heat dome conditions. China is not immune. These are sure to have economic implications if they extend through to September as expected.The UST 10yr yield is now at 4.27%, and unchanged from Saturday.The price of gold will start today at US$3,273/oz, and little-changed from Saturday. A week ago it was at US$3365/oz so a -2.8% fall from then.American oil prices are +50c softer from Saturday at just on US$65/bbl while the international Brent price is now just on US$67.50/bbl.The Kiwi dollar is now just on 60.6 USc, up +20 bps from Saturday. A week ago it was at 59.7 USc so a net +1.5% appreciation. Against the Aussie we are -10 bps softer at 92.7 AUc. Against the euro we are unchanged at 51.7 euro cents. That all means our TWI-5 starts today at 68.1 and +10 bps firmer than Saturday. A week ago it was at 67.7 so a net +40 bps gain.The bitcoin price starts today at US$107,509 and up +0.6% from this time Saturday. Volatility over the past 24 hours has stayed low at just on +/-0.6%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Kia ora,Welcome to Friday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news 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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.”

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.