peshkov/iStock via Getty Images Market Review Global economic conditions remained subdued in the fourth quarter, with inflation continuing to ease and labor markets showing signs of softening. Growth indicators pointed to widespread sub-trend expansion, while forward-looking measures suggested little near-term improvement. Central banks maintained a broadly accommodative stance: the US Federal Res...
peshkov/iStock via Getty Images Market Review Global economic conditions remained subdued in the fourth quarter, with inflation continuing to ease and labor markets showing signs of softening. Growth indicators pointed to widespread sub-trend expansion, while forward-looking measures suggested little near-term improvement. Central banks maintained a broadly accommodative stance: the US Federal Reserve (the “Fed”) cut rates twice, while the Bank of Canada and Bank of England also trimmed rates. The Reserve Bank of New Zealand surprised markets with a 50 basis point ( BP ) cut, whereas the Bank of Japan raised rates to its highest level in more than 30 years. Inflation remained well-behaved globally, with no major upside surprises. Politically, talks between the US and China produced agreements to ease tariffs, resume agricultural purchases, and pause rare-earth materials export restrictions, alongside pledges to cooperate on resolving the war in Ukraine. Efforts to broker peace in Ukraine gained momentum, though little obvious progress has been achieved. Geopolitical tensions escalated as the US seized a Venezuelan oil tanker, foreshadowing the removal of President Nicolás Maduro in early January. We believe global economic growth is stabilizing overall, as suggested by forward-looking indicators, on average. Developed market government bonds enjoyed varying fortunes during the fourth quarter. UK gilts fared well, seeing yields decline, while the increase in longer-term Japanese government bond yields accelerated, reaching highs not seen in more than 25 years. US Treasury yields were modestly lower at shorter maturities, with the two-year yield ending the period just below 3.5%. However, the 10-year Treasury yield moved sideways in a relatively narrow range down, ending 2bp higher at 4.17%. In Germany, 10-year government bond yields initially declined but then increased through November and December, ending 14bp higher at 2.85%. Meanwhile, 10-year UK gilt yields ende...
Colombia's Left-Wing President Says He Survived Assassination Attempt As Elections Near Colombia's democratic socialist president claimed Tuesday afternoon that he escaped an assassination attempt on Monday night, after years of warning about assassination plots against him. AFP News reports that Colombian President Gustavo Petro narrowly escaped an assassination attempt after his helicopter repor...
Colombia's Left-Wing President Says He Survived Assassination Attempt As Elections Near Colombia's democratic socialist president claimed Tuesday afternoon that he escaped an assassination attempt on Monday night, after years of warning about assassination plots against him. AFP News reports that Colombian President Gustavo Petro narrowly escaped an assassination attempt after his helicopter reportedly could not land at a location on the South American country's Caribbean coast because gunmen were allegedly ready to open fire upon landing. " We headed out to open sea for four hours, and I arrived somewhere we weren't supposed to go, escaping from being killed ," Petro stated in a cabinet meeting on live television. He warned that the incident is part of a longer-running assassination plot by drug traffickers that he says has targeted him since he took office in August 2022. Petro suggested in 2024 that the commander of the Estado Mayor Central rebel group had planned to assassinate him with snipers. For some context, EMC is a dissident group of the now-demobilized Revolutionary Armed Forces of Colombia (FARC) that rejected a 2016 peace deal with the government. Petro's latest assassination plot claim comes ahead of presidential elections, with Petro barred by the constitution from seeking a second term. According to Bloomberg, Colombia's two top presidential candidates - conservative lawyer Abelardo de la Espriella and leftist senator Iván Cepeda - are neck and neck in the latest poll data ahead of the election on May 31. De la Espriella has about 32.1% support, compared to Cepeda's 31.4%, in the AtlasIntel poll for Semana newspaper. Former Antioquia governor Sergio Fajardo trails with about 7.6%. Meanwhile, South American politics has shifted sharply in President Trump's second term, with right-wing movements gaining traction across the continent, from Argentina to Chile, after years of failed socialist and communist governments. The Maduro regime's fall last month...
Lawrie Conway, Managing Director and CEO at Evolution Mining, discusses the company's business strategy and the outlook for gold prices. He speaks with Shery Ahn and Avril Hong on Bloomberg: The Asia Trade. (Source: Bloomberg)
Lawrie Conway, Managing Director and CEO at Evolution Mining, discusses the company's business strategy and the outlook for gold prices. He speaks with Shery Ahn and Avril Hong on Bloomberg: The Asia Trade. (Source: Bloomberg)
In Brief Ryan Beiermeister, who served as OpenAI’s vice president of product policy, was fired in January after a male colleague accused her of sex discrimination, the Wall Street Journal has reported. “The allegation that I discriminated against anyone is absolutely false,” Beiermeister told the Journal. TechCrunch reached out to OpenAI for comment and also contacted an email that appears to be a...
In Brief Ryan Beiermeister, who served as OpenAI’s vice president of product policy, was fired in January after a male colleague accused her of sex discrimination, the Wall Street Journal has reported. “The allegation that I discriminated against anyone is absolutely false,” Beiermeister told the Journal. TechCrunch reached out to OpenAI for comment and also contacted an email that appears to be associated with Beiermeister; neither had responded at the time of publication. Per the Journal’s report, Beiermeister’s termination came after she expressed criticism of a planned ChatGPT feature dubbed “adult mode.” The new mode would introduce erotica into the chatbot user experience. Fidji Simo, who serves as OpenAI’s CEO of Applications — a role overseeing the company’s consumer-facing products — has told reporters that the new feature is planned to launch during the first quarter of this year. Beiermeister and others at the company have raised concerns about how the new “adult” feature could potentially impact certain users, according to the report. OpenAI reportedly said that Beiermeister, who was fired following a leave of absence, had “made valuable contributions during her time at OpenAI, and her departure was not related to any issue she raised while working at the company.” Beiermeister’s LinkedIn profile says she previously worked for four years on Meta’s product team and spent more than seven years working for Palantir.
Earnings Call Insights: Gilead Sciences, Inc. (GILD) Q4 2025 Management View Daniel O'Day, Chairman & CEO, highlighted "another very strong set of results for Gilead, closing out a remarkable year for the company with clinical, commercial and operational achievements that set the stage for a very promising 2026." He stated the HIV business grew 6% year-over-year, with Biktarvy up 7% and the HIV pr...
Earnings Call Insights: Gilead Sciences, Inc. (GILD) Q4 2025 Management View Daniel O'Day, Chairman & CEO, highlighted "another very strong set of results for Gilead, closing out a remarkable year for the company with clinical, commercial and operational achievements that set the stage for a very promising 2026." He stated the HIV business grew 6% year-over-year, with Biktarvy up 7% and the HIV prevention portfolio up 47%. He noted, "Yeztugo, our twice yearly HIV prevention injectable has already exceeded our coverage goals and is rapidly gaining market share in addition to expanding the reach of HIV prevention to new users." O'Day emphasized up to 10 ongoing and potential new launches through 2027 and called the current clinical pipeline "the strongest pipeline in our almost 40-year history." He said, "With many of the policy-related uncertainties behind us and no major product LOEs until 2036, Gilead is entering 2026 in a position of strength." Andrew Dickinson, Chief Financial Officer, stated, "full year 2025 total product sales of $28.9 billion were up 1% from 2024 and above our $28.4 billion to $28.7 billion guidance range driven by demand-led HIV sales growth that more than offset the $1.1 billion headwind related to Part D redesign and $900 million lower Veklury revenue." Outlook The company expects 2026 total product sales between $29.6 billion and $30 billion. Dickinson said, "We expect base business sales between $29 million and $29.4 billion growth of 4% to 5% compared to 2025." HIV sales, including both treatment and prevention, are projected to grow approximately 6% in 2026. Full year 2026 Yeztugo revenue is expected to reach approximately $800 million compared to $150 million in 2025. Management noted, "absent these headwinds, our HIV business is expected to grow 8% in 2026." The company expects cell therapy revenues to decline approximately 10% in 2026 compared to 2025. Non-GAAP diluted EPS is guided to a range of $8.45 and $8.85 per share for 2026. F...