Category: 3. Business

LAS VEGAS, Nov. 2, 2025 /PRNewswire/ — The VIVA Foundation, a not-for-profit organization dedicated to advancing the field of vascular medicine through education and research, today announced results from the Late-Breaking Clinical Trials presented at The VEINS 2025 conference, held at Wynn Las Vegas.

Late-Breaking Clinical Trial results were unveiled during sessions on Saturday and Sunday, November 1 and 2, showcasing new data that advance the understanding and treatment of venous disease.

The VEINS (Venous Endovascular INterventional Strategies) is a leading venous education symposium that brings together an international, multispecialty faculty to share the latest research, clinical data, and techniques in venous intervention. The program features expert presentations, interactive discussions, and data-driven sessions that inform best practices and foster collaboration across the venous community.

Results of the GORE^® VIABAHN^® FORTEGRA Venous Stent Clinical Trial for the Treatment of Symptomatic Inferior Vena Cava Obstruction With or Without Combined Iliofemoral Obstruction
Presented by Stephen Black, MD

The presentation entitled “Results of the GORE^® VIABAHN^® FORTEGRA Venous Stent Clinical Trial for the Treatment of Symptomatic Inferior Vena Cava Obstruction With or Without Combined Iliofemoral Obstruction” exhibits promising results from the GORE^® VIAFORT Vascular Stent Trial, evaluating the newly renamed GORE^® VIABAHN^® FORTEGRA Venous Stent for the treatment of deep venous obstruction.

Presented by Co-Primary Investigator Dr. Stephen Black, MD, at the VEINS Conference in Las Vegas on November 2, the trial evaluates the device’s safety and effectiveness in patients with symptomatic deep venous disease. The trial met its primary endpoint, demonstrating strong 12-month performance and reliability, reinforcing Gore’s commitment to advancing innovative solutions for complex venous conditions.

The VIAFORT Trial is the first prospective study to include the inferior vena cava (IVC), iliac, and femoral veins. Conducted across multiple international centers, the single-arm, non-randomized trial enrolled 89 patients with thrombotic disease—acute, subacute, or chronic/post-thrombotic syndrome. Notably, 94.3% of patients had lesions spanning three vessel regions, and 68.5% required stents extending below the inguinal ligament into the common femoral vein.

Despite the severity of disease, the trial achieved a 12-month primary patency rate of 83.4%. Vessel-specific patency rates were 96.5% in the IVC, 88.9% in the left iliofemoral, and 89.8% in the right iliofemoral regions. No stent migrations, fractures, vascular injuries, or clinically significant pulmonary embolisms were reported through 12 months. Additionally, there were no device-related deaths or major bleeding events within 30 days.

These results mark a significant milestone in venous stent innovation and patient care, positioning the GORE^® VIABAHN^® FORTEGRA Venous Stent as a reliable option for treating deep venous obstruction.

Randomized Comparison of Cyanoacrylate Closure and Endothermal Ablation: Spectrum Secondary Outcomes Through 12 Months
Presented by Manj Gohel, MD

This randomized trial was part of the Spectrum program and compared cyano­acrylate closure (CAC) with the VenaSeal system (Medtronic) to endothermal abla­tion (ETA) for saphenous reflux. Conducted at 17 sites across eight countries, the study enrolled participants with CEAP (clinical, etiology, anatomy, pathophysiology) C2 to C5 disease beginning in February 2020. Outcomes at 12 months included anatomic vein closure, patient and physician assess­ments of quality of life (QOL), safety, time to return to work, and reintervention rates.

Differences in QOL changes from base­line to follow-up visits were tested using Wilcoxon two-sample tests. Anatomic closure at 12 months was calculated with Kaplan-Meier estimates, and reintervention rates were estimated using the number of reinterventions over the target vein follow-up years. No adjustments for multiple com­parisons were made for the QOL outcome tests comparing ETA and CAC, and statistical significance was not claimed for any P values.

At 7 days, improvement in the revised Venous Clinical Severity Score trended in favor of CAC (−2.2 ± 2.76) over ETA (−1.4 ± 2.51; P = .0037), and scores were compa­rable at 12 months (−3.9 ± 2.70 vs −3.8 ± 2.93; P = .8421). The Aberdeen Varicose Vein Questionnaire also trended in favor of CAC at 30 days (−5.4 ± 7.88 vs −2.5 ± 8.19; P = .0072) and was similar at 12 months (−8.0 ± 7.68 vs −6.6 ± 10.37; P = .0641). Vein occlusion rates through 12 months were similar between CAC (86.6%) and ETA (89.3%). No new device- or procedure-relat­ed safety events were recorded between 6 and 12 months. Hypersensitivity to CAC occurred in 5.9% (8/136) of participants, mostly self-limiting. Exit site granuloma occurred in 0.7% (one patient in the CAC group, with full resolution), and phlebitis occurred in 8.8% (CAC) versus 2.9% (ETA) patients. Ablation-related thrombus exten­sion occurred in 0.7% (CAC) and 3.6% (ETA). Serious adverse events were rare, with none related to CAC.

Participants treated with CAC showed similar improvements in QOL to ETA. Most CAC-related safety events happen in the first 6 months after intervention. CAC is a suitable alternative to the standard of care for patients with superficial venous insufficiency.

Clinical Feasibility and Safety Study of the Use of a Novel Device for the Treatment of Chronic Venous Insufficiency of the Lower Limb
Presented by Steve Elias, MD

A nonrandomized, prospective, single-center study (Salus Spitali in Tirana, Albania) enrolled 28 patients with varicose disease of the lower limbs who underwent great saphenous vein (GSV) occlusion using a novel percutaneous device deployed under ultrasound and ablation using polidocanol foam.

The primary endpoint assessed the feasibility and safety of the GSV occlusion procedure with the device, in combina­tion with ultrasound-guided foam sclero­therapy. Safety was determined by moni­toring serious adverse events related to the device within 30 days postprocedure. Feasibility was determined by completion of GSV occlusion at the end of the pro­cedure, documented with intraoperative duplex ultrasound showing absence of any flow inside the vessel.

Secondary endpoints included GSV occlusion rates at 6 and 12 months; pro­cedural complication rates assessed at dis­charge, 1 week, and 1, 6, and 12 months; assessment of pain (visual analog scale) at discharge and at 1 week; change in dis­ease-specific quality of life (QOL) at 6 and 12 months; and change in CEAP (clinical, etiology, anatomy, pathophysiology) class at 6 and 12 months.

Results demonstrated a 100% technical success rate for deployment under ultra­sound guidance, with all treated vessels occluded at the end of the procedure. The procedure was well tolerated, with no device-related adverse events. One patient experienced subfascial calf venous throm­bosis at 1 week, which resolved after 10 days of heparin therapy. Preliminary follow-up data showed durable occlusion rates: GSV/small saphenous vein occlu­sion was achieved in 92.3% of cases at 6 months and 94.1% at 12 months; perfo­rator occlusion was 84% at 6 months and 90% at 12 months. Patients also reported significant improvement in QOL.

Impact of Junctional Reflux on the Effectiveness of Endovenous Ablation in Patients With Great Saphenous Vein Insufficiency (JURY-2 Study) 
Presented by: Yana Etkin, MD

Isolated great saphenous vein (GSV) reflux without saphenofemoral junction (SFJ) involvement produces symptom sever­ity comparable to limbs with combined SFJ plus GSV reflux, and yet many insurers still require documented SFJ reflux before approving ablation. The JURY-2 trial was designed to evaluate whether symptomatic improvement after endovenous ablation is equivalent in patients with isolated GSV reflux versus those with combined SFJ plus GSV reflux.

This prospective, multicenter cohort study enrolled adults with symptomatic CEAP (clinical, etiology, anatomy, patho­physiology) C2 to C3 venous disease and ≥ 0.5 seconds of reflux in at least two con­tiguous, above-knee GSV segments (with or without SFJ reflux). Patients underwent thermal or nonthermal GSV ablation with adjunct phlebectomy or sclerotherapy as needed. Symptom severity was measured by Venous Clinical Severity Score (VCSS) at baseline and 3 months postprocedure. The primary endpoint was change in VCSS, compared between groups using Welch two-sample t-tests and multivariable linear regression, adjusting for baseline VCSS and demographic/clinical covariates. Treatment outcomes were considered equivalent if the VCSS change difference was within ± 1.4 points (minimum detectable change).

Nine United States centers enrolled 252 patients (207 SFJ + GSV, 45 isolated GSV). Most were female (75%) and White (78.6%). Patients with isolated reflux were older (aged 59 vs 53 years; P = .006) and more frequently Hispanic (13.3% vs 6.3%; P < .01). Thermal ablation was used in 73% overall, more often in the combined group (77.8% vs 57.8%; P = .01). GSV closure exceeded 99% without complications. Baseline VCSS was 6.98 ± 2.24 (isolated) compared to 6.00 ± 2.16 (com­bined) (P = .01). At 3 months, VCSS improved to 2.58 ± 2.60 and 1.71 ± 1.87, respectively. Adjusted VCSS change scores were equivalent (–0.54 [90% CI, –1.36 to 0.27]; P = .12).

Endovenous ablation yields equivalent short-term symptom relief in limbs with iso­lated GSV reflux and those with combined SFJ + GSV reflux. These findings challenge reimbursement policies mandating SFJ involvement and support basing treatment eligibility based on clinical need rather than junctional anatomy.

Short-Term Cost Effectiveness of Large-Bore Mechanical Thrombectomy vs Catheter-Directed Thrombolysis for Intermediate-Risk Pulmonary Embolism From the PEERLESS Randomized Controlled Trial 
Presented by: Samuel Horr, MD

The PEERLESS randomized controlled trial (RCT) provided clinical data through 30-day follow-up comparing large-bore mechanical thrombectomy (LBMT) and catheter-directed thrombolysis (CDT) for intermediate-risk pulmonary embolism (PE), but the economic implications of these outcomes remain unquantified. This study leverages findings from the PEERLESS RCT and other published lit­erature to evaluate the short-term cost-effectiveness of LBMT versus CDT within the United States health care system.

A decision tree model simulated the clinical pathways and associated costs for a hypothetical cohort of 300,000 intermediate-risk PE patients over a 30-day period. Clinical event prob­abilities and resource utilization were derived from the PEERLESS RCT, while costs and quality-of-life utilities were sourced from existing literature. The primary outcomes included total costs, quality-adjusted life-years (QALYs), and net monetary benefit (NMB).

The base-case analysis demonstrated that LBMT was economically dominant, being both more effective and less costly than CDT. On a per-patient basis, treat­ment with LBMT was associated with an average cost savings of $4,755 and a gain of 0.009 QALYs. These savings were pri­marily driven by substantial reductions in intensive care unit utilization (–$6,454), the avoidance of thrombolytic drugs (–$4,068), shorter overall hospital stays (–$2,217), and fewer readmissions (–$1,134). These dif­ferences in cost and effectiveness result in an NMB of $5,211 at a willingness-to-pay threshold of $50,000/QALY. Probabilistic sensitivity analysis confirmed the robust­ness of this conclusion, with LBMT remain­ing the economically dominant strategy in 87.8% of simulations.

This economic analysis makes a strong case that for patients with intermediate-risk PE undergoing intervention, the selection of LBMT over CDT represents high economic value, resulting in both improved patient outcomes and lower total 30-day health care costs.

Comparison of Real-World Outcomes in Pulmonary Embolism Patients Undergoing Large Bore Mechanical Thrombectomy or Receiving Anticoagulation  Alone: Insights From the Premier Healthcare Database
Presented by: Jay Giri, MD, MPH

Although anticoagulation (AC) is the cor­nerstone of pulmonary embolism (PE) treat­ment, large-bore mechanical thrombectomy (LBMT) may confer additional benefits via rapid thrombus removal. Large-scale ran­domized evidence comparing LBMT treat­ment to AC alone is currently lacking. This observational study aims to address this evi­dence gap by comparing patient characteris­tics and short-term outcomes of PE patients who received either LBMT or AC alone from a large, real-world health care database.

This analysis utilized the Premier Healthcare Database, which captures approximately 25% of all inpatient dis­charges in the United States. We identified patients presenting with PE or with prima­ry diagnosis of PE who underwent LBMT with the FlowTriever system (Inari Medical, now part of Stryker) (n = 5,613) or received AC alone (n = 202,199) between January 2019 and December 2023. Outcomes were statistically adjusted for demographic information, signs of acute PE severity, and standard comorbidities.

Before adjustment, LBMT patients showed signs of greater PE severity while patients receiving AC alone had a higher prevalence of chronic comorbidities. Following adjustment, LBMT was asso­ciated with significantly lower odds of in-hospital all-cause mortality (odds ratio [OR], 0.37; CI, 0.30-0.47; P < .001) and 30-day all-cause readmission (OR, 0.64; CI, 0.57-0.72; P < .001). Although associ­ated intensive care unit (ICU) admission was more frequent in the LBMT group (OR, 5.87; CI, 5.54-6.22; P < .001), LBMT patients had a briefer associated ICU length of stay (estimate, –0.48 days; CI, –0.59 to –0.37; P < .001) among those with admissions.

This large real-world analysis indi­cates that acute PE patients selected for treatment with LBMT may experience improved short-term outcomes compared with those treated with AC alone. These findings justify the critical importance of actively enrolling randomized trials of acute PE intervention, including PEERLESS II.

Two-Year Clinical Outcomes From the Single-Arm Arteriovenous Graft Cohort of the WAVE Trial 
Presented by: Mahmood Razavi, MD

The WAVE study is a prospective, mul­ticenter, international trial conducted across 43 centers in the United States, South America, and the United Kingdom. This abstract focuses on the nonrandom­ized arm of the trial that included a single cohort of patients with an arteriovenous graft (AVG) who experienced venous outflow obstructions in their periph­eral venous outflow circuit. All patients were treated with the Wrapsody Cell- Impermeable Endoprosthesis (CIE; Merit Medical Systems, Inc.). Treatment efficacy was based on the proportion of patients with target lesion primary patency (TLPP), defined as freedom from clinically driven target lesion revascularization or target lesion thrombosis. Access circuit primary patency (ACPP) was an additional efficacy measure of interest. The safety profile of the CIE was determined based on the proportion of patients without any local­ized or systemic safety events. Efficacy and safety results were reported throughout the 24-month follow-up period. At key time points, the efficacy and safety profiles of the CIE were compared to performance goals (6-month TLPP benchmark, 60%; 30-day safety benchmark, 89%).

A total of 112 AVG patients were enrolled. The 6-month TLPP was sig­nificantly higher than the efficacy perfor­mance goal (81.4% vs 60%; P < .0001). The proportion of patients in the AVG cohort without a safety event was significantly higher than the safety performance goal (95.4% vs 89%; P = .016). At 12 months, the TLPP was 60.2%, based on Kaplan- Meier estimate. The 6- and 12-month ACPP were 69.2% and 36.2%, respectively.

Given the limited treatment options available to restore access circuit patency, particularly for patients with dysfunction­al AVG, the 24-month findings from the WAVE trial will be of interest to vascular access specialists.

About the VIVA Foundation
The VIVA Foundation, a not-for-profit organization dedicated to advancing the field of vascular medicine and intervention through education and research, strives to be the premier educator in the field. Our team of specialists in vascular medicine, interventional cardiology, interventional radiology, and vascular surgery is driven by the passion to advance the field and improve patient outcomes. Educational events presented by the VIVA Foundation have a distinct spirit of collegiality attained by synergizing collective talents to promote awareness and innovative therapeutic options for vascular disease worldwide.

To learn more about the VIVA Foundation, visit https://viva-foundation.org/.

SOURCE The VIVA Foundation

Australian Agricultural Projects Ltd (ASX:AAP) insiders who bought shares over the past year were rewarded handsomely last week. The stock rose 10%, resulting in a AU$1.8m rise in the company’s market capitalisation, translating to a gain of 26% on their initial investment. In other words, the original AU$2.00m purchase is now worth AU$2.52m.

While insider transactions are not the most important thing when it comes to long-term investing, logic dictates you should pay some attention to whether insiders are buying or selling shares.

AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part – they are all under $10bn in marketcap – there is still time to get in early.

The Non Executive Director Daniel Stefanetti made the biggest insider purchase in the last 12 months. That single transaction was for AU$2.0m worth of shares at a price of AU$0.042 each. Even though the purchase was made at a significantly lower price than the recent price (AU$0.053), we still think insider buying is a positive. Because it occurred at a lower valuation, it doesn’t tell us much about whether insiders might find today’s price attractive.

You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. If you want to know exactly who sold, for how much, and when, simply click on the graph below!

View our latest analysis for Australian Agricultural Projects

Australian Agricultural Projects is not the only stock that insiders are buying. For those who like to find small cap companies at attractive valuations, this free list of growing companies with recent insider purchasing, could be just the ticket.

I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders. I reckon it’s a good sign if insiders own a significant number of shares in the company. Australian Agricultural Projects insiders own about AU$10m worth of shares (which is 54% of the company). This kind of significant ownership by insiders does generally increase the chance that the company is run in the interest of all shareholders.

The fact that there have been no Australian Agricultural Projects insider transactions recently certainly doesn’t bother us. On a brighter note, the transactions over the last year are encouraging. Judging from their transactions, and high insider ownership, Australian Agricultural Projects insiders feel good about the company’s future. While it’s good to be aware of what’s going on with the insider’s ownership and transactions, we make sure to also consider what risks are facing a stock before making any investment decision. For example, Australian Agricultural Projects has 4 warning signs (and 1 which can’t be ignored) we think you should know about.

Of course Australian Agricultural Projects may not be the best stock to buy. So you may wish to see this free collection of high quality companies.

For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

By Stuart Condie

  SYDNEY--Westpac raised its final dividend despite a 1.0% drop in annual profit on higher operating costs and fierce competition for deposits and loans. 

  Australia's third-largest bank by market capitalization on Monday reported a net profit for the 12 months through September of 6.92 billion Australian dollars, equivalent to about US$4.53 billion. It raised its final dividend to A$0.77 from A$0.76. 

  Revenue rose by 3.7% to A$22.38 billion, but a contraction in net interest margin and a 9.0% rise in operating expenses hit the bottom line. Costs included those supporting a multiyear technology overhaul, and A$273 million related to what the bank called productivity initiatives. 

  Net interest margin--a key indicator of lending profitability--fell to 1.94% from 1.95% a year ago. However, it improved over the course of the fiscal year, to 1.95% in the second half from 1.92% in the first. 

  The average analyst forecast had been for net profit to fall to A$6.86 billion, according to data compiled by Visible Alpha. Consensus was for revenue of A$22.26 billion and a net interest margin of 1.93%. 

  Mortgage lending grew by 5.0% on-year, slower than the sector as a whole. Westpac said it had agreed to sell the A$21.4 billion home-loan portfolio from its Rams subsidiary to a consortium including U.S. private-equity giant KKR & Co. 

  However, business lending grew by 15% on-year as Westpac refocused under Chief Executive Anthony Miller, who formerly led Westpac's business and wealth division before taking the helm in December 2024. 

  Analysts have flagged a broad shift by lenders toward business banking, which is seen as more profitable and less saturated than consumer banking. Westpac's business deposits rose 5.5%. 

  Write to Stuart Condie at stuart.condie@wsj.com 

  (END) Dow Jones Newswires

  November 02, 2025 17:13 ET (22:13 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.

Rolls-Royce has signed a memorandum of understanding (MOU) with the State of Victoria, Australia that outlines a commitment to collaborate on developing Victoria’s defence industry skills, supply chain, and innovation eco-system, to support the AUKUS submarine program.

Developing nuclear skills will be a particular focus, with plans to establish Rolls-Royce-affiliated skills and training academies being explored. This would build on the success of the award-winning Rolls-Royce Nuclear Skills Academy which opened in Derby, UK, in 2022. It has seen up to 200 apprentices enrolled on apprenticeships each year, creating a pipeline of nuclear talent at the start of their careers to support the UK Royal Navy. 

The agreement will also look to support launching specific research and development initiatives, including the establishment of Rolls-Royce University Technology Centres and affiliated research clusters, in collaboration with Victorian universities.

Following similar agreements signed with Western and South Australian Governments in September 2025, this marks a significant step forward in Australia’s preparations for operating its first conventionally armed nuclear-powered submarines. It also highlights the unique nuclear expertise Rolls-Royce brings to the AUKUS agreement.

Victoria is at the forefront of research and innovation in Australia. The State hosts eight world-leading universities with advanced research and development capabilities. In December 2024, Victoria released its Economic Growth Statement, which backs its defence-oriented supply chain to win work, grow and support AUKUS. This includes increases in investment and trade facilitation, uplifts in small and medium-sized enterprises, workforce development initiatives, and bolstering innovation adoption.

To this aim, the collaboration agreement will also look to facilitate opportunities with Victorian small and medium enterprises, to strengthen the State’s defence supply chain and broader industrial capabilities.

Rolls-Royce has powered the UK Royal Navy’s nuclear submarines for over 65 years and is expanding its Derby site to support both UK and Australian defence programs. Rolls-Royce is the only private company in the world with the nuclear capability to manage reactor design, manufacture and decommissioning within one single entity. 

In March 2023, it was confirmed that Rolls-Royce Submarines would provide all the nuclear reactor plants that will power new attack submarines as part of the tri-lateral agreement between Australia, the UK and US. 

That’s because higher asset prices are spurring consumers to spend more freely than before, and consumption represents about 70% of GDP. In fact, this so-called wealth effect has become more potent in just the last 15 years.

Today, every 1% increase in stock wealth translates to a 0.05% uptick in consumer spending, according to a note last week from Oxford Economics lead U.S. economist Bernard Yaros.

In other words, a $1 increase in stock wealth leads to a $0.05 marginal propensity to consume, up from less than $0.02 in 2010. Meanwhile, every $1 increase in housing wealth leads to a $0.04 bump in consumption, up from $0.03.

“As households see their wealth rise, they turn more sanguine about their personal financial situation and are more inclined to loosen their purse strings,” Yaros wrote. “Increases in wealth will also propel spending by allowing homeowners to extract more equity from their houses or to liquidate appreciated stocks to fund their current consumption.”

He sees the wealth effect sending the marginal propensity to consume even higher in the coming years because retirees will comprise a bigger share of the population.

Given that they already enjoy a bigger net worth than younger generations do, retirees will rely more on their wealth to support consumption after they stop working and earning an income, Yaros explained.

On top of that, the ubiquity of digital media means consumer sentiment reacts even quicker to market news, reinforcing these wealth effects, he added.

This more powerful wealth effect could help explain why consumer spending has stayed resilient. Even as President Donald Trump’s trade war has kept inflation sticky and made businesses more nervous about adding workers in an uncertain landscape, AI is still propelling the stock market to new record high after record high.

At the same time, the stock market has grown more dependent on AI-related stocks, such as chip leader Nvidia along with so-called hyperscalers like Microsoft and Google.

Based on his wealth-to-spending math, Yaros estimated that stock market gains in the last 12 months from the tech sector alone will boost annual consumption by nearly $250 billion, which would account for more than 20% of the cumulative spending increase.

“While the stock market is not the economy, the latter risks greater whiplash from the ups and downs in the
former,” he wrote.

Analysts at JPMorgan also looked at the the link between the AI boom and consumers in a note last month. They estimated U.S. households gained more than $5 trillion wealth in the last year from 30 AI-linked stocks, raising their annualized level of spending by about $180 billion.

That represents just 0.9% of total consumption, but JPMorgan noted that it could go higher if AI spurs gains in a broader array of stocks or in other assets like real estate.

And stocks are not limited to wealthier Americans either. A survey released last month from the BlackRock Foundation and Commonwealth showed that over 54% of Americans earning $30,000-$79,999 a year are retail investors in the capital markets. And more than half of that cohort began investing in the past five years.

To be sure, the wealthiest still spend the most dollars, and the emerging K-shaped economy has magnified their impact. Research from Moody’s found that the top 10% of earners accounted for half of spending in the second quarter, a record high.

Michael Brown, senior research strategist at Pepperstone, attributed that to the wealth effect from stock and real estate gains as well as from income disparities.

“Tying all this together produces two things — an economy increasingly reliant on discretionary spending among higher earners, and higher earners whose discretionary spending is reliant on risk assets remaining buoyant,” he said in a note on Tuesday.

This dynamic means central bankers at the Fed who control monetary policy and lawmakers in Congress who control fiscal policy have a greater incentive to support the stock market, Brown added.

That’s because the wealth effect can work in the reverse direction, meaning falling assets prices will slow spending and the economy.

“What we have, then, is an economy that’s tied increasingly closely to the fortunes of the equity market, and an equity market that’s increasingly tied to overall consumer spending, which coupled together result in stronger ‘put’ structure to backstop risk assets, with fiscal stimulus continuing, and monetary backdrops becoming looser,” he said.

Looking ahead, the US-Korea trade agreement reached on 29 October is expected to alleviate pressure on auto exports. Furthermore, easing trade tensions between the US and China would likely have a positive impact on Korean exports. Chipmakers have provided robust forward guidance for their 2026 performance, with major firms having already filled their order books for that year and anticipating sustained strength in memory prices. Vessel exports are expected to remain robust based on the high volume of orders taken over the past 2–3 years. Thus, we believe exports will rise modestly in 2026 despite an anticipated slowdown in US demand.

Including October trade outcomes, recent data suggest another solid quarter of growth. Despite reduced government cash handouts, positive consumer sentiment and strong equities are expected to support private consumption, while exports and equipment investment are expected to remain steady. Thus, we maintain a 0.6% quarter-on-quarter, seasonally-adjusted, growth outlook for the fourth quarter 1.2% YoY for 2025. As such, we have raised our 2026 GDP outlook from 1.8% to 2.0% based on a more optimistic outlook for exports and domestic demand.

With growth conditions improving and inflation staying around 2%, the Bank of Korea’s focus should remain on financial market instability. Housing prices are expected to stabilise for a couple of quarters while the negative GDP gap still persists. Thus, this could justify the BoK’s 25 bp cut in the first half of 2026. However, 2.25% should be the terminal rate for this easing cycle. Lower interest rates could have implications for the housing market, which should be a major concern for the BoK. Additionally, the BoK considers 2.25% to be the lower bound of the neutral interest rate. Additionally, normalisation of growth in the second half of 2026 could support the conclusion of the easing cycle.

Detalimogene voraplasmid (formerly EG-70) in an investigational non-viral gene therapy for patients with high-risk, non-muscle invasive bladder cancer (NMIBC). The agent is currently being assessed in the phase 2 LEGEND trial (NCT04752722), which includes a pivotal cohort in patients with BCG-unresponsive NMIBC with carcinoma in situ (CIS), with or without concomitant papillary disease.

As new agents such as nadofaragene firadenovec (Adstiladrin), nogapendekin alfa inbakicept-pmln (Anktiva), and the gemcitabine intravesical system (Inlexzo; formerly TAR-200) have joined the treatment landscape, options for patients with BCG-unresponsive disease have expanded considerably. There are even more agents in development, including detalimogene, which are poised to further reshape management in this space. Yet questions remain around how to best select and sequence these therapies as well as the long-term implications of bladder-sparing approaches, according to Yair Lotan, MD.

In a recent interview with Urology Times®, Lotan discussed how new agents such as detalimogene may fit into this evolving treatment landscape and highlighted the ongoing need for longer-term data and biomarkers to guide treatment selection. He also emphasized the importance of cost considerations, in addition to safety and efficacy, as these new agents come to market.

Lotan is the chief of urologic oncology and a professor of urology at UT Southwestern Medical Center in Dallas, Texas.

Urology Times: Detalimogene voraplasmid is currently being explored in the LEGEND trial. How is this trial designed? What have interim data from the study shown so far?

Lotan: This trial includes various cohorts. There is the pivotal cohort, which [includes] patients with BCG-unresponsive non–muscle invasive bladder cancer with CIS with or without papillary disease. They have some additional cohorts in patients who are BCG-naïve or BCG-exposed.

The pivotal cohort is similar to many of the other drugs that have used the single-arm pathway that the FDA has provided for approval of these agents in patients with CIS. The benefit from a development standpoint is that, since there is no gold standard for patients with BCG-unresponsive disease, drugs can be evaluated for their complete response and durability of response without being randomized to several different agents. Placebo doesn’t make sense in this setting [because] these patients have aggressive disease. So, the cohort is just including patients with unresponsive CIS, and [patients are] monitored every 3 months to look for response.

The cohort so far has included 21 patients. [This is] a fairly typical population, with a median age of 74 [years] and mostly men. [Overall,] 71% of the patients had CIS alone, and about a third had Ta or T1 with CIS. The CR rate at 3 months is 67%, and any time CR rate is 71%,¹ so quite favorable. There were very few treatment-related adverse events, and no grade 3 toxicity so far. The cohort has already accrued 100 patients, so hopefully sometime next year we’ll have more mature data for the entire cohort of patients.

Urology Times: This study includes the pivotal cohort, as you mentioned, in high-risk BCG-unresponsive NMIBC, a disease space that’s seen rapid growth over the past couple of years. How do you see this agent fitting into the current treatment landscape, if approved?

Lotan: There are several aspects that people are looking for. There’s obviously efficacy. If it maintains somewhere around 70% CR any time, it would be certainly comparable to many of the other approved treatments. There is some benefit in the sense that it’s easy to administer; it’s only 4 treatments that are intravesical. The drug is well-tolerated. There are no grade 3 toxicities. From that standpoint, it has a very favorable profile, and it’s relatively convenient. It’s also easy to store, so it’s not something that would be challenging for urologists to obtain and administer.

Other aspects that we have to wait and see are going to be how favorable it is in terms of cost and some of the other logistical aspects. Overall, if it has good efficacy and very good tolerability, I think it should definitely be considered among the available treatments for patients with BCG-unresponsive CIS.

Urology Times: What role do you foresee for gene therapy in the treatment landscape moving forward?

Lotan: There are various ways of looking at gene therapy. If you look at a drug like Adstiladrin, that is a virus that’s been modified to stimulate interferon production, and so it’s a form of gene therapy. In general, having a plasmid or a viral delivery system makes sense. Looking at other drugs, Anktiva is an IL-15 stimulant, and detalimogene has IL-12 stimulation, plus RIG-1. Even a viral drug like cretostimogene stimulates the immune system and has an oncolytic component. So, a lot of these drugs are focused on simulating the immune system, but I think the real question is going to be, what pathways does it make sense to stimulate? Is there a better approach or is there another approach to stimulate the immune system?

Companies have become much more sophisticated in terms of how to stimulate the immune system. The question is what parts of the immune system would lead to the most efficacious results, especially considering the fact that BCG is also a very good immune treatment. We’re taking patients where BCG was insufficient to get the immune system to control the disease. So, what other pathways would make sense to stimulate in a patient where BCG, which is a non-specific immune stimulant, didn’t work?

Urology Times: How else do you see the therapeutic landscape for BCG-unresponsive NMIBC evolving over the next several years?

Lotan: We’ve had so many changes since pembrolizumab was approved about 3 to 4 years ago. Then we had Adstiladrin, then Anktiva, and very recently, TAR-200. [There are others coming,] such as cretostimogene and detalimogene. There are also several other drugs in development such as NDV-01, which is sustained release of gem/doce, and TARA-200. There are a lot of potential new agents.

One of the things that we need to consider is that we don’t really have biomarkers to personalize the treatments. How do we select among these drugs? How do we sequence these drugs? When is it too much? When we should do a cystectomy, when the risk of progression might increase? These are all challenges that we face, because patients will have a number of choices. We don’t have very good data, other than the efficacy and safety data right now, to personalize the treatment. I’m hopeful that we can develop some biomarkers, or maybe AI tools, that will help us select patients.

We also need better data on what the natural history might be in terms of how safe it is to continue to do bladder-sparing approaches. Ultimately, removing the bladder is the best way to prevent a cancer from recurring in the bladder. We do know that some patients do progress on these drugs, and that those patients will potentially have worse outcomes.

Urology Times: Is there anything else that you wanted to add?

Lotan: I think one of the big issues for patients is accessibility. There is going to be a cost component that is going to affect patients’ ability to get [these drugs.] Many of these drugs do have early access programs, which is great, but the costs are pretty significant. If patients have co-pays, they may not be able to afford these treatments.

We’ve made tremendous advances in being able to offer new drugs. Ten years ago, removal of bladder was the main option for patients who didn’t respond to BCG. The only other drug was valrubicin, which was not effective in most patients and had very poor durability. Now that we have a lot of drugs, being able to give them to the patients is going to be a high priority. Figuring out how to make it affordable for patients is going to be important.

REFERENCE

1. Taylor III JA, Joshi S, Satkunasivam R, et al. Preliminary results from LEGEND: A phase 2 study of detalimogene voraplasmid (EG-70), a novel, non-viral intravesical gene therapy for patients with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS). J Clin Oncol. 2025;43(suppl 5). doi.org/10.1200/JCO.2025.43.5_suppl.802. https://ascopubs.org/doi/10.1200/JCO.2025.43.5_suppl.802

The global AI market could reach $4.8 trillion by 2033, meaning companies like OpenAI and Microsoft stand to rake in hefty profits.

Some people are already cashing in on the increasingly ubiquitous tech, including 17-year-old Samik Sidhu of Virginia. While running two businesses — an Etsy apparel shop and a for-profit networking community — in 2024, he began investing the profits from those ventures in stocks of tech companies.

“Rather than having my money sit in an account, it was able to work for me,” Sidhu said.

Sidhu earned $37,400 by selling graphic T-shirts and other items through his Etsy shop, while the networking community amassed around $28,000. After investing around $53,100 across four companies — Nvidia, AMD, C3.ai, and SMCI — between February and May 2024, Sidhu managed to earn about $72,700. Business Insider verified the related documents.

Sidhu told Business Insider that he had a “good feeling” about investing in companies that were involved in the AI industry.

“I caught the AI wave at the perfect time,” Sidhu said.

Although Sidhu said he wasn’t “super big” into AI, incorporating the technology into his former e-commerce business operations helped boost efficiency.

“AI helped me with branding, naming my stores, logos, color themes, niches, demographics, all that stuff,” Sidhu said. “I had confidence that over time it would only get better and better. I have literally seen the progression of AI since 2020.”

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Demand for AI technology has increased over the years, but it received a significant boost during the COVID-19 pandemic, when businesses sought to streamline operations amid shrinking budgets and remote workforces. The general public became more familiar with AI through OpenAI’s ChatGPT, a chatbot powered by a large language model. Since then, Big Tech companies like Microsoft, Apple, and Google have been racing to lead the industry.

Sidhu said he has since expanded his portfolio to include companies featured in the S&P 500, such as Apple, Microsoft, and Google.

Finding the right niche

Sidhu told Business Insider that seeing other young folks find success through e-commerce businesses sparked his entrepreneurial spirit. Since 2022, he said he has pursued various ventures, including dropshipping, flipping clothes, social media theme pages, and a print-on-demand service.

Obstacles, such as low sales or high fulfillment costs, prompted him to shutter those businesses, forcing him to reassess his approach.

“I went from business model to business model and had doubts like, ‘Oh, am I just too optimistic?’ But then again, I told myself I’ll get learning experience out of it,” Sidhu said. “I might not make money right now, but with the skills that I’m building up over my first few business ventures, one day I guarantee they’ll come in use.”

That turned out to be true in early 2024, when he set his sights on Etsy. Unlike social media, where algorithms can be tricky to read and attracting customers may feel unpredictable, Sidhu believed Etsy held promise.

“I saw it as a platform with built-in traffic and potential organic traffic, so I started uploading listings slowly,” he said.

Sidhu launched his apparel shop in January, but closed it down in May.

“Most of my customers were happy, but the occasional customer would not receive their order or experience delayed shipping,” he said. “I didn’t really want to deal with that.”

Around that same time, in March 2024, Sidhu decided to try digital products. He said he used Signal, the encrypted messaging app, to create a networking community.

“I built a private paid Signal community where I taught teens and young adults how to get started with e-commerce,” Sidhu said. “The main focus of the community was print on demand, and how to research niches, set up stores, learn from competitors, design, and fulfill products on platforms like Shopify.”

For example, people could purchase an e-book with advice and tips for $50, or enlist Sidhu’s help in developing their company’s branding for $150. Sales for his digital products peaked in April before slowing down in May, prompting him to close the group soon after.

Always stay consistent

Being a young entrepreneur comes with its own set of challenges, such as juggling school and business or not being old enough to access certain accounts. Sidhu said the key to success is finding stability within those challenges.

“The biggest tip I would say is to pick one thing and stay consistent with it. Stay dedicated, stay disciplined, and have a schedule for it,” Sidhu said. “If you’re diving into a new business venture, know exactly what you need to get done. Know your timelines. Be strict with yourself about those timelines.”

Being persistent is also key.

“You’re going to have to adapt to a lot of different challenges that come up, and there’s always competition out there,” Sidhu said.”There’s always someone who has 10 times the amount of experience you do, who’s double your age, and has been doing it for most of their life. You need to stay consistent. Otherwise, you don’t stand a chance.”

• Vertiv recently announced its gigawatt-scale reference architectures for the NVIDIA Omniverse DSX Blueprint, enabling faster and more flexible AI factory deployments across platforms such as NVIDIA Vera Rubin, and offering solutions like prefabricated, hybrid, and traditional data center builds.

• This collaboration features extensive integration of Vertiv’s advanced liquid cooling, power management, and digital twin capabilities, establishing the company as a core enabler of next-generation generative AI infrastructure expansion.

• We’ll now examine how Vertiv’s AI infrastructure partnership and innovation could reshape its growth and competitive outlook going forward.

Find companies with promising cash flow potential yet trading below their fair value.

Owning Vertiv Holdings Co means believing in sustained demand for AI-optimized data centers and the company’s ability to deliver integrated power and cooling solutions at scale. The latest NVIDIA-related product launch reinforces Vertiv’s role as an AI infrastructure enabler, likely supporting near-term demand momentum, the main catalyst for the stock, while direct competition and margin pressures from supply chain disruptions remain the primary short-term risks to watch; the overall impact of this announcement on those risks appears limited.

The recent Q3 2025 earnings report stands out, underscoring the same strong AI-driven demand seen in the NVIDIA partnership update. The company’s robust 29% revenue growth and raised full-year sales guidance tie directly into expectations for rapid AI data center expansion, providing useful context for how product innovation and execution remain critical for converting demand into financial results.

However, it is just as important to recognize that, in contrast, margin expansion is still at risk if supply chain and cost inefficiencies persist…

Read the full narrative on Vertiv Holdings Co (it’s free!)

Vertiv Holdings Co’s narrative projects $13.9 billion revenue and $2.3 billion earnings by 2028. This requires 15.2% yearly revenue growth and an increase in earnings of approximately $1.5 billion from the current $812.3 million.

Uncover how Vertiv Holdings Co’s forecasts yield a $173.11 fair value, a 10% downside to its current price.

Simply Wall St Community members estimate Vertiv’s fair value between US$123.78 and US$177.94, with 12 individual views represented. This diversity comes as global demand for AI data centers accelerates, but execution and competitive pressure could shape very different outcomes, review their opinions to see every angle.

Explore 12 other fair value estimates on Vertiv Holdings Co – why the stock might be worth 36% less than the current price!

Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

Right now could be the best entry point. These picks are fresh from our daily scans. Don’t delay:

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include VRT.

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