Category: 3. Business

(Bloomberg) — US stock futures retreated Friday as American trade partners pushed for concessions ahead of a July 9 deadline to finalize trade deals with the Trump administration.

Contracts for the US benchmark fell 0.6% after the gauge ended the trading week at a fresh all-time high. US President Donald Trump dialed up trade tensions after Thursday’s close, warning partners he may start setting levies of as much as 70% unilaterally as soon as today.

With less than a week to go before the deadline, European Union carmakers and capitals were pushing for an agreement that would allow for tariff relief in return for increasing US investments, Bloomberg News reported. Meanwhile, a draft US-Swiss trade accord contained assurances about tariffs on pharma exports, according to people familiar with the matter.

Europe’s Stoxx 600 closed 0.5% lower, recovering from a steeper intraday decline. Gold rose 0.3% as investors sought havens. The dollar dipped. US stock and Treasury markets were closed for the July 4 holiday.

Equity markets have rallied sharply since April’s tariff-driven volatility, partly fueled by the ongoing strength of the US economy. Still, some investor caution lingers as the trade war continues to cloud the outlook for inflation and corporate profitability.

“There’s a little bit of doubt creeping in, especially after the bump up this week,” said Neil Wilson, investor strategist at Saxo UK. “Today’s a good day to take a little bit of risk off. But I don’t think there’s a fundamental shift, it’s all on the margins at the moment.”

What Markets Live Strategists Say:

“It would take a shocking set of trade outcomes to overwhelm the slew of good news we’ve recently had. All the more so, given that the bullishness of institutional investors has been tempered by constant threats, leaving them relatively underexposed to a market at record highs.”

— Mark Cudmore, Markets Live Executive Editor

The S&P 500’s surge has put it on the verge of triggering a sell signal, according to Michael Hartnett of Bank of America Corp.

The strategist advised that investors consider trimming their holdings once the index climbs beyond 6,300, a level just 0.3% above where it closed on Thursday. He also reiterated that bubble risks are mounting into the summer, especially following the House’s approval of a $3.4 trillion fiscal package featuring tax cuts.

“Overbought markets can stay overbought as greed is harder to conquer than fear,” Hartnett wrote in a note.

UK gilts resumed their slide after a selloff on Wednesday that was driven by fiscal concerns. The yield on 10-year UK government debt advanced two basis points to 4.56%, compared with 4.45% at the close on Tuesday. The pound was flat.

In signs of diplomatic and trade tensions escalating between China and the EU, Beijing said it intends to cancel part of a two-day summit with EU leaders planned for later this month. China also imposed anti-dumping duties on European brandy for five years, while exempting major cognac makers that meet a price commitment.

In commodities, oil dropped in the lead-up to an OPEC+ meeting that’s set to deliver another oversized production hike, threatening to swell a glut forecast for later this year.

Corporate Highlights:

• President Donald Trump’s administration plans to restrict shipments of AI chips from the likes of Nvidia Corp. to Malaysia and Thailand, part of an effort to crack down on suspected semiconductor smuggling into China.
• India’s regulator has temporarily barred Jane Street Group LLC from accessing the local securities market, dealing a severe hit to the US firm that allegedly made $4.3 billion in trading gains in the South Asian nation in less than two years.
• French train maker Alstom SA has won a €2 billion ($2.4 billion) order from New York’s Metropolitan Transportation Authority, which is in the process of modernizing its fleet.
• Frasers Group Plc warned Hugo Boss AG it will vote against any dividends, as the British retailer owned by billionaire Mike Ashley exerts its influence after years of building a stake in the German fashion house.
• Airlines across Europe have canceled hundreds of flights on the second day of an air traffic controllers’ strike in France that’s causing chaos just as the busiest travel season of the year gets underway.
• Banco Sabadell SA has called two shareholders meetings as it seeks to approve an extraordinary dividend after agreeing to sell it’s UK unit — part of its broader attempt to block a takeover by larger rival BBVA SA.
• Country Garden Holdings Co.’s sales slid again in June, with the developer faring worse than peers, as a lack of policy support dampened demand.

Some of the main moves in markets:

Stocks

• S&P 500 futures fell 0.6% as of 2:08 p.m. New York time
• Futures on the Dow Jones Industrial Average fell 0.6%
• The MSCI World Index was little changed
• The MSCI Asia Pacific Index fell 0.3%
• The MSCI Emerging Markets Index fell 0.5%
• Ibovespa rose 0.4% to a record high
• S&P/BMV IPC was little changed

Currencies

• The Bloomberg Dollar Spot Index fell 0.1%
• The euro rose 0.2% to $1.1775
• The British pound was little changed at $1.3649
• The Japanese yen rose 0.3% to 144.50 per dollar
• The offshore yuan was little changed at 7.1658 per dollar
• The Mexican peso was little changed at 18.6343

Cryptocurrencies

• Bitcoin slipped 1.9%, more than any closing loss since June 22
• Ether slipped 4.1%, more than any closing loss since June 22

Bonds

• The yield on 10-year Treasuries was little changed at 4.35%
• Germany’s 10-year yield was little changed at 2.61%
• Britain’s 10-year yield advanced one basis point to 4.55%

Commodities

• West Texas Intermediate crude fell 0.7%, more than any closing loss since June 24
• Spot gold rose 0.3% to $3,337.39 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Sebastian Boyd.

©2025 Bloomberg L.P.

Physicians’ preferences for third-line treatment options in metastatic colorectal cancer (mCRC) in the United Kingdom (UK) and Germany were primarily influenced by expected improvements in overall survival (OS), 3-month progression-free survival (PFS) rates, and the risk of grade 3 or higher neutropenia, according to findings from a survey shared during the 2025 ESMO Gastrointestinal Cancer Congress.¹ However, respondents indicated a willingness to place less emphasis on potential OS gains in favor of avoiding treatment-related toxicity risk or regimens with a higher treatment burden.

On average, physicians in Germany (n = 81) and the UK (n = 75) most frequently rated OS as the most important of the 8 attributes to improve (Germany, 1.8; UK, 2.0), followed by 3-month PFS rate (3.1; 3.2), grade 3 or higher neutropenia (3.7; 3.8), grade 3 or higher hand-foot syndrome (4.6; 5.5), all-grade diarrhea (4.6; 4.7), and all-grade fatigue (5.5; 5.0). Hypertension less than grade 3 (6.3; 6.2) or mode of administration (5.6; 6.5) were the lowest-ranked attributes in both countries, although mode of administration was ranked higher by UK vs German physicians.

Survey results also showed that a minimum additional OS benefit was required for physicians to accept a 10% increase in treatment-related risks or switch to a less desirable regimen. Physicians in Germany and the UK necessitated a 1.1-month and 1.3-month increase in OS, respectively, to accept treatment with a 10% increase in the risk of grade 3 or higher hand-foot syndrome. Similarly, to accept a twice-daily treatment regimen of 3 oral pills and an intravenous infusion every 2 weeks vs a regimen comprising 2 oral pills once daily, physicians in Germany and the UK required 1.1-month and 2.5-month increases in OS, respectively.

Regarding the management of adverse effects, most physicians in Germany and the UK reported being somewhat or very comfortable managing toxicities such as any-grade diarrhea (91.3%; 85.3%), grade 3 or higher neutropenia (91.4%; 78.7%), and less than grade 3 hypertension (93.8%; 82.7%). Additionally, approximately half of physicians were somewhat or very comfortable managing grade 3 or higher hand-foot disease (61.7%; 61.3%) and any-grade fatigue (48.2%; 60.0%).

“These findings indicate that physicians require survival gains to accept increased toxicity or more burdensome treatment regimens, such as those requiring IV administration” presenting author Ashley Geiger, PhD, associate director of Oncology Patient-Centered Outcomes at Takeda, and coauthors wrote in a poster presentation of the data.“[They also] highlight the importance of accounting for physicians’ preferences when developing new treatments, to support alignment with clinical decision-making and real-world treatment considerations.”

Survey Design and Physician Characteristics

The current third-line or later treatment options for metastatic colorectal cancer (mCRC) are associated with modest survival benefits, typically extending OS by approximately 2 to 3 months. However, the toxicity profiles of these regimens vary significantly, posing challenges in balancing survival gains with treatment-related risks and quality-of-life considerations during clinical decision-making.

To better characterize the factors influencing treatment selection, investigators conducted a survey to assess how specific treatment attributes affect physicians’ preferences for third-line mCRC therapies in Germany and the UK.

The study comprised oncologists and gastroenterologists who had self-reported treating 10 or more patients in the last year. Physicians were recruited through established panels. Of the 156 physicians who completed the survey, the majority were male (Germany, 80.2%; UK, 80.0%). Medical oncologists were the most represented medical specialty across both countries (86.4%; 82.7%) followed by gastroenterologists (22.2%; 20.0%) and radiation oncologists (3.7%; 16.0%). In Germany, 87.7% of physicians surveyed had treated 20 or more patients with mCRC in the last year, and 39.5% had 20 or more patients who mCRC who received third-line treatment in the past year. For UK physicians, these respective percentages were 90.7% and 46.7%.

Upon recruitment, physicians completed a survey of multidimensional thresholding exercises, including 2 attribute ranking exercises and a thresholding exercise consisting of 13 to 15 paired treatment comparison tasks. Treatment attributes were determined according to a targeted review of scientific literature and clinical data, patient engagement, and pilot interviews with both patients and physicians.

In the attribute-ranking exercise, physicians ranked each of the 8 identified attributes in order or most (1st place) to least (8th place) important to improve. In the thresholding exercise, which was constructed according to individual attribute rankings, physicians chose their preferred treatment through a series of paired comparison tasks. Preferences were examined through the ranking of attributes of importance and trade-offs they would be willing to make between these characteristics. These assessments were followed by sociodemographic and medical practice-related questions.

Data were subsequently analyzed using a Dirichlet regression model, and marginal rates of substitution were calculated to quantify physicians’ willingness to accept treatment-related risks in exchange for benefits.

“Future studies should explore how these treatment attributes influence patients’ preferences,” Geiger and colleagues wrote in their conclusion.

Disclosures: Geiger disclosed full or part-time employment; receiving institutional sponsorship/funding from; and having personal stock/shares in Takeda.

Reference

1. Geiger A, Michaels-Igbokwe C, Hernandez L, et al. Physicians’ preferences for later-line treatment of metastatic colorectal cancer in Germany and the UK. Presented at: 2025 ESMO Gastrointestinal Cancers Congress; July 2-5, 2025; Barcelona, Spain. Abstract 67P.

On June 19 2025, the Information Commissioner’s Office (ICO) published guidance on the Data (Use and Access) Act 2025 (DUAA), which received Royal Assent on the same day. The DUAA introduces significant changes to the UK data protection and data sharing regimes, including to the UK GDPR, the DPA 2018, and PECR. 

 

It is a rare sight for a corporation to act out of sheer benevolence, and rarer still when that corporation operates in the fiercely competitive, tightly regulated, and cash-strapped confines of Pakistan’s auto industry. 

In a market where margins are thin, customer bases are limited, and price sensitivity is razor-sharp, altruism tends to take a back seat to survival. So, when Sazgar Engineering proudly announced that it would keep prices unchanged for its Haval lineup despite the post-budget tax shock, it was marketed as a gesture of goodwill. However, beneath the surface of the PR glitter, it is clear as day that this was not charity—it was chess. With Hyundai undercutting the market through aggressive pricing on the new Tucson, and Kia forced to follow suit, Sazgar found itself on the defensive. The only move left was to hold ground—freeze prices not to pamper the consumer, but to preserve market relevance.

The chess of SUV-pricing

Earlier this year when the 2025 Haval H6 facelift was announced in all the three variants, namely the 1.5T, the 2.0T and the H6 HEV, the company did not give it a price bump over the previous price, despite the car boasting a redesigned grill, LEDs, 14.6″ touchscreen, upgraded steering wheel, hybrid engine etc. The market hailed this as a highly altruistic decision lauding Haval for being considerate unlike other companies. But when the bar has been in the gutter in an industry for so many years, anything can be spun off as a relief for the consumer.

But the question remains, why did Sazgar not raise the prices? Sazgar Engineering’s decision to maintain ex-factory prices for the facelifted Haval H6 wasn’t a gift—it was a calculated competitive move. 

Because at the time, rival Hyundai had just launched the new Tucson aggressively priced, undercutting competition with one clean sweep. 

This forced Kia to respond with a price cut. In this war, Haval couldn’t risk losing share therefore it had to keep its price the same and therefore somewhat competitive. Meanwhile Haval’s premium hybrid variant the Haval H6 HEV was already a price outlier, a car priced at Rs 11.7 million, higher than the competition, making relative positioning critical.

In fact, a lot of consumers believed that the Haval H6 2.0T, was also slightly overpriced at around Rs 10.5 million being a non-hybrid vehicle. Making only the Haval 1.5T, priced at just under Rs. 9.1 million, a competitive option.

Another reason why Sazgar did not reduce its prices was that reducing a car’s price often comes with the added weight of perception and future expectation. Perception, while not such a big motivator for globally established brands like KIA, is the trump card for a novel brand like Haval. Had Sazgar reduced its price at the time, not only would it have harmed its perception but also the trust of its existing costumers.

A price decrease means an even higher fall in value in the secondary market, i.e; the used car market. In a country like Pakistan where a car is often times (though fallaciously) bought as a store of value, a fall in a car’s “resale value” creates a domino affect for that company’s brand value. So in introducing the newer model in the same price, Sazgar essentially cashed the opportunity to decrease its price without effectively having to decrease its prices at all.

The move worked, in May 2025, right after the facelift launch, the company’s four-wheeler sales went up by 67%, to 919 units and in June, the company saw yet another 47% increase taking its monthly sales to over 1300 units. 

Why no hike now?

But after absorbing the shock once, one would believe that the company would increase the prices now, as the government rolls out the NEV (New Energy Vehicle) Adoption Levy Act, 2025—effectively introducing fresh taxes on vehicles. Yet this is where the game of chess really starts for Sazgar. 

As the tax was announced Kia was the first to react, promptly raising prices and passing the burden directly onto consumers, since it had already been too reactive to Tuscon’s price in April. Hyundai, though still silent, is widely expected to follow suit given the mounting cost pressures and thinning margins in an already saturated and competitive C-SUV segment.

Haval, however, has chosen the same unorthodox route. Rather than hike prices, Sazgar—the local assembler of Haval vehicles—has strategically held prices steady, employing, once again, the same strategy it did when introducing the facelift.

In doing so, it has seized this unique moment to reposition its lineup. The move gives the hybrid and 2.0T variants a newfound price advantage relative to the competition, while turning the facelifted 1.5T into perhaps the most value-packed budget C-segment SUV in the market.

With a single, calculated step, Sazgar has effectively turned the tables—forcing pricing teams at Hyundai Nishat and Kia Lucky to return to the drawing board. For now, the pricing war has a new frontrunner.

It also reinforces one’s belief that in auto‑retail, maintaining prices amid rising costs isn’t benevolence—it’s business warfare disguised as consumer kindness and anyone who lags behind, might possibly stay behind for a while.

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Singapore’s sovereign wealth fund GIC has partnered with private equity to take a minority stake in Klick Health, valuing the healthcare marketing agency that worked on this year’s Super Bowl commercial for Aspirin at almost $2.5bn.

Under the terms of the deal, GIC, one of the world’s biggest institutional investors, and healthcare-focused private equity group Linden Capital Partners will buy out a minority stake owned by rival firm GTCR, two people briefed on the matter said. Klick’s two Canadian co-founders will retain a controlling shareholding in the company.

The agreement is the latest in a string of private equity-backed healthcare deals, which has proven to be a busy sector for mergers and acquisition activity this year despite a wider slowdown in mid-market private equity transactions.

GIC and Chicago-based Linden’s deal values the Toronto-based business at nearly $2.5bn, or around 18 times earnings, which amount to more than $130mn a year, the people said. Klick confirmed the minority stake sale to the Financial Times after being approached for comment.

Founded in 1997, Klick has helped a large roster of drugmakers including pharmaceutical group Bayer and biotech Biohaven develop launch strategies and marketing campaigns for new medicines. Most recently, Klick worked on Bayer’s Super Bowl TV commercial for aspirin, which aimed to address denial among Gen Xers and millennials over heart disease. 

Despite the top US health official Robert F Kennedy Jr’s expressed desire to ban pharmaceutical advertising and the chaos he has created within the Food and Drug Administration, the US medicines regulator, private equity-backed companies serving the pharmaceutical industry have been a popular target for deals. 

Earlier this year, Siemens bought research and development software maker Dotmatics from private equity group Insight Partners for $5.1bn. Private equity group New Mountain Capital in April struck a $3.1bn change of control deal for Real Chemistry, another healthcare marketing group, which brought in Coller Capital as the largest shareholder. 

GIC, which has about $800bn of assets under management, and Linden, which has $12.5bn of assets under management, are among the investors that have continued to be aggressive in the healthcare sector. The exit also marks yet another win for GTCR, which earlier this year agreed to sell its majority stake in Worldpay to Global Payments after owning it for less than two years.

In the first half of this year, there were a total of $67bn of healthcare deals in the Americas region, up from $58bn worth of deals in the second half of 2024. That is down, though, on the $99bn of deals in the first half of that year, according to a PwC analysis of LSEG data.