Trade Isn't Supposed to Be Emotional. It Is Now
Singapore figured it had done a lot right in handling commercial ties with the US. Leaders emphasized America's surplus and put huge store in the nations' two-decade-old free trade accord. When President Donald Trump hit the city-state with a 10% levy, it was small comfort that the penalty was so much lower than that imposed on neighbors. How can longtime partners put a traditionally strong relationship back on track?
So when former Australian Prime Minister Malcolm Turnbull was asked a similar question at a Nomura conference in Singapore this month, the hotel ballroom was all ears.
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Miami Herald
27 minutes ago
- Miami Herald
Legendary fund manager makes bold S&P 500 prediction as stocks near all-time highs
It's been a remarkable ride since President Donald Trump announced widespread tariffs on April 2. Trump's so-called "Liberation Day" announcement included harsher tariff rates than hoped, forcing investors to rethink their expectations for the U.S. economy. There's evidence that a U.S. economic slowdown is underway, and despite tariff negotiations, tariffs could still push the economy into stagflation or recession. The economic risk raises questions over what's likely to happen to stocks, which usually perform best when a humming economy fattens wallets, allowing households and businesses to ramp up spending. The post-Liberation Day stock market drop lopped 19% and 24% off the S&P 500 and Nasdaq Composite, respectively, from all-time highs in February. Related: Wall Street veteran analyst who predicted stock market rally resets forecast The decline was concerning, but "buy the dip" investors took advantage, boosting buys into extremely negative sentiment with most measures flashing "oversold." Since April 9, when President Trump paused most reciprocal tariffs that had been announced on April 2, the S&P 500 and Nasdaq 100 have rocketed higher, gaining 22% and 30%. The returns have been so significant that major market indexes, including the benchmark S&P 500, are flirting with all-time highs again, prompting veteran Wall Street bond manager Bill Gross to chime in with an updated outlook. Gross has been navigating good and bad markets since 1971. He is the co-founder of Pacific Investment Management Co., or PIMCO, a Goliath money manager with $2 trillion under management. His former role atop the $270 billion PIMCO Total Return Fund earned him the "Bond King" moniker before he left to join Janus Henderson Investors from 2014 to 2019. Given his long track record, investors may want to pay attention to what he's thinking happens next. Many are debating what may happen to the economy next. Some believe that tariffs will tax already cash-strapped consumers later this year, slowing economic activity, as businesses also crimp spending awaiting trade deal insight. Others think tariff risks are fleeting and overblown. The jobs market remains healthy, given that unemployment is relatively low at 4.2%. However, the unemployment rate was 3.4% in 2023, and companies have announced over 696,000 layoffs this year, including 93,816 job cuts in May, up 47% year over year, according to Challenger, Grey, & Christmas. Related: Analyst sends blunt 8-word message ahead of trade deal deadline The weakening jobs market prompted the Federal Reserve to cut interest rates by 1% last year; however, it has since gone to the sidelines, pausing further cuts, over fear that more reductions could fuel inflation, particularly given that the tariff impact is only beginning to be felt by consumers and businesses. The dilly-dallying on monetary policy has prompted sharp criticism, though, including from the White House. Ostensibly, recognizing that tariffs may slow GDP and worsen unemployment, President Trump has threatened to fire Fed Chair Jerome Powell, and his Director of the Federal Housing Finance Agency, William (Bill) Pulte, has called for his resignation. If the economy cools and the Fed is unwilling to budge on interest rates, Congress may not be able to help, given that the country's huge deficit and mountain of debt are impacting fiscal policy. America's deficit exceeds $1.8 trillion, accounting for 6.4% of gross domestic product. At the same time, total public debt outstanding is roughly 122% of GDP, far higher than its 75% level in 2008 during the Great Recession. The economic backdrop threatens earnings growth, but the stock market has so far looked beyond the risks, assuming that trade negotiations will bear fruit, inflation expectations will retreat, and corporate earnings will continue growing, rather than ratchet lower. The fact that Bill Gross has been tracking Wall Street for over 50 years means he's seen plenty of stock market pops and drops, including the Nifty 50, skyrocketing inflation in the 1970s, the S&L crisis in the late 80s and early 90s, the Internet boom and bust, the Great Recession, Covid, and the 2002 bear market. More Experts Fed official sends strong message about interest-rate cutsBillionaire fund manager sends surprising message on trade deficitHedge-fund manager sees U.S. becoming Greece In short, Gross has been-there, done-that, so his take on markets is worth paying attention to. He doesn't see much reason to be a buyer of US Treasuries. Many turn to Treasuries as a safe haven amid economic or geopolitical worry. Given the economic risks listed above, the ongoing Russia/Ukraine War, and a dust-up in the Middle East, we certainly have that. Yet, Treasury yields haven't made much progress lower (remember yields fall when bond prices rise and vice versa). Gross doesn't think there's much incentive for them to fall much further. "Long-term research indicates US 10 year has traded at CPI plus 175," wrote Gross on X. "With inflation at 2.5% that puts a 10 year at 4.25% or so. That was history - but deficits/ensuing supply of bonds/and a weak dollar should keep CPI from falling below 2.5% and the 10-year from falling below 4.25%." The 10-year Treasury note yield is currently 4.29%. As a result, he predicts a "little bear market for bonds." With little incentive to shift portfolios towards Treasuries for gains, what does that mean for stocks? "Stocks are AI-dominated and continue to suggest 1-2% economic growth despite tariffs and geopolitical unrest," wrote Gross. "I suggest a "little bull market" for stocks." Undeniably, artificial intelligence stocks continue to win favor with investors as companies big and small look for ways to exploit it for profit growth. After a pause earlier this year, technology stocks have turned it on lately. The SPDR Technology ETF (XLK) is up about 8% in June alone, and unlike the S&P 500, it has already notched a new all-time high. That said, don't get too excited. Gross doesn't seem to expect much more upside than we've already witnessed. "Nothing dramatic either way for now," concluded Gross. Related: Veteran fund manager sends dire message on stocks The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
29 minutes ago
- Yahoo
CARsgen Therapeutics Announces NDA Acceptance of Satri-cel by China's NMPA
SHANGHAI, June 25, 2025 /PRNewswire/ -- CARsgen Therapeutics Holdings Limited (Stock Code: a company focused on developing innovative CAR T-cell therapies, announces that the National Medical Products Administration (NMPA) of China has accepted the New Drug Application (NDA) for satricabtagene autoleucel ("satri-cel", CT041) (an autologous CAR T-cell product candidate against protein Claudin18.2) for the treatment of Claudin18.2-positive advanced gastric/gastroesophageal junction adenocarcinoma (G/GEJA) in patients who have failed at least two prior lines of therapy. The NDA submission is mainly based on the results of an open-label, multicenter, randomized controlled confirmatory Phase II clinical trial (CT041-ST-01, NCT04581473) conducted in China. The data have been presented in The Lancet and at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting. In addition, the company is actively expanding satri-cel application in early-line treatment and perioperative treatment of cancer, including an ongoing Phase Ib registrational trial for pancreatic cancer adjuvant treatment and an ongoing investigator-initiated trial for consolidation treatment following adjuvant therapy in patients with resected G/GEJA. Professor Lin Shen from Beijing Cancer Hospital, the principal investigator of the CT041-ST-01 clinical trial, said, "Gastric cancer is a malignancy with a substantial global disease burden and significant treatment challenges. For patients with advanced gastric cancer, in particular, existing therapeutic options and their efficacy remain severely limited, resulting in extremely poor survival outcomes. Within the current treatment landscape for gastric cancer, a growing number of patients have experienced failure with immunotherapy and anti-angiogenic therapies. Treatment choices and potential benefits become even more constrained in the third-line setting and beyond. Consequently, there exists a significant unmet clinical need for advanced gastric cancer patients after second-line treatment failure. The confirmatory randomized controlled clinical trial of satri-cel has clearly demonstrated that, compared with existing standard therapies, satri-cel offers significant advantages and clinical value in extending both progression-free survival (PFS) and overall survival (OS). The trial results have garnered widespread international attention and recognition, providing a solid evidentiary foundation for satri-cel's New Drug Application (NDA) submission. We look forward to the approval and market launch of satri-cel, which will offer a new treatment option for the broader population of gastric cancer patients." Dr. Zonghai Li, Founder, Chairman of the Board, Chief Executive Officer, and Chief Scientific Officer of CARsgen Therapeutics, said, "We are delighted to announce that the NDA for our self-developed Claudin18.2-targeted CAR T-cell product satri-cel has been accepted for review by China's NMPA. This marks the world's first CAR T-cell therapy product for solid tumors to reach the NDA stage—a major milestone for the CAR-T field. I extend my sincere gratitude to all clinical investigators, trial coordinators, and patients involved in this program. We are hopeful for its timely approval to provide gastric cancer patients with a new treatment option." About Satri-cel Satri-cel is an autologous CAR T-cell product candidate against the protein Claudin18.2 that has the potential to be the first-in-class globally. Satri-cel targets the treatment of Claudin18.2-positive solid tumors with a primary focus on G/GEJA and pancreatic cancer (PC). Initiated trials include investigator-initiated trials (CT041-CG4006, NCT03874897), a confirmatory Phase II clinical trial for advanced G/GEJA in China (CT041-ST-01, NCT04581473), a Phase Ib registrational trial for PC adjuvant therapy in China (CT041-ST-05, NCT05911217), an investigator-initiated trial for satri-cel be used as consolidation treatment following adjuvant therapy in patients with resected G/GEJA (CT041-CG4010, NCT06857786), and a Phase 1b/2 clinical trial for advanced gastric or pancreatic adenocarcinoma in North America (CT041-ST-02, NCT04404595). Satri-cel has been granted Priority Review by the Center for Drug Evaluation (CDE) of China's NMPA for the treatment of Claudin18.2-positive advanced G/GEJA in patients who have failed at least two prior lines of therapy in May 2025. Satri-cel has been granted Breakthrough Therapy Designation by the CDE of China's NMPA for the treatment of Claudin18.2-positive advanced G/GEJA in patients who have failed at least two prior lines of therapy in March 2025. Satri-cel was granted Regenerative Medicine Advanced Therapy designation by U.S. FDA for the treatment of advanced G/GEJA with Claudin18.2-positive tumors in January 2022. Satri-cel received Orphan Drug designation from the U.S. FDA for the treatment of G/GEJA in September 2020. About CARsgen Therapeutics Holdings Limited CARsgen is a biopharmaceutical company focusing on developing innovative CAR T-cell therapies to address the unmet clinical needs including but not limited to hematologic malignancies, solid tumors and autoimmune diseases. CARsgen has established end-to-end capabilities for CAR T-cell research and development covering target discovery, preclinical research, product clinical development, and commercial-scale production. CARsgen has developed novel in-house technologies and a product pipeline with global rights to address challenges faced by existing CAR T-cell therapies. Efforts include improving safety profile, enhancing the efficacy in treating solid tumors, and reducing treatment costs, etc. CARsgen's mission is to be a global biopharmaceutical leader that provides innovative and differentiated cell therapies for patients worldwide and makes cancer and other diseases curable. Forward-looking Statements All statements in this press release that are not historical fact or that do not relate to present facts or current conditions are forward-looking statements. Such forward-looking statements express the Group's current views, projections, beliefs and expectations with respect to future events as of the date of this press release. Such forward-looking statements are based on a number of assumptions and factors beyond the Group's control. As a result, they are subject to significant risks and uncertainties, and actual events or results may differ materially from these forward-looking statements and the forward-looking events discussed in this press release might not occur. Such risks and uncertainties include, but are not limited to, those detailed under the heading "Principal Risks and Uncertainties" in our most recent annual report and interim report and other announcements and reports made available on our corporate website, No representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, targets, estimates or forecasts contained in this press release. Contact CARsgenFor more information, please visit View original content to download multimedia: SOURCE CARsgen Therapeutics
Yahoo
33 minutes ago
- Yahoo
CIA director says Iran's nuclear sites 'severely damaged'
The head of the CIA has said US strikes "severely damaged" Iran's nuclear facilities and set them back years, diverging from a leaked intelligence report that angered President Donald Trump by downplaying the raid's impact. John Ratcliffe, the US spy agency's director, said key sites had been destroyed, though he stopped short of declaring that Iran's nuclear programme had been eliminated outright. It comes a day after a leaked preliminary assessment from a Pentagon intelligence agency suggested core components of Iran's nuclear programme remained intact after the US bombings. President Trump again maintained the raid had "obliterated" Iran's nuclear facilities. The Republican president took to social media on Wednesday to post that the "fake news" media had "lied and totally misrepresented the facts, none of which they had". He said Secretary of Defence Pete Hegseth and other military officials would hold an "interesting and irrefutable" news conference on Thursday at the Pentagon "in order to fight for the Dignity of our Great American Pilots". It came as Israel and Iran seemed to honour a fragile ceasefire that Trump helped negotiate this week on the 12th day of the war. Speaking at The Hague where he attended a Nato summit on Wednesday, Trump said of the strikes: "It was very severe. It was obliteration." He also said he would probably seek a commitment from Iran to end its nuclear ambitions at talks next week. Iran has not acknowledged any such negotiations. But US Middle East envoy Steve Witkoff told US network NBC there has been direct and indirect communication between the countries. Ratcliffe's statement said the CIA's information included "new intelligence from an historically reliable and accurate source/method that several key Iranian nuclear facilities were destroyed and would have to be rebuilt over the course of years". Director of National Intelligence Tulsi Gabbard has also come out in support of Trump's assessment on the damage to Iranian nuclear facilities. "If the Iranians chose to rebuild, they would have to rebuild all three facilities (Natanz, Fordo, Esfahan) entirely, which would likely take years to do," she wrote on X. The US operation involved 125 military aircraft, targeting the three main Iranian nuclear facilities on Saturday. New satellite images show six craters clustered around two entry points at Fordo, with similar craters spotted at Isfahan. But it is unclear if the nuclear facilities located deep underground were wiped out. A report from the Pentagon's Defense Intelligence Agency was leaked to US media on Tuesday, estimating that the US bombing had set back Iran's nuclear programme "only a few months". The US defence secretary said that assessment was made with "low confidence". How much does leaked US report on Iran's nuclear sites tell us? Satellite images reveal new signs of damage at Iranian nuclear sites Make Iran Great Again? 'Tehrangeles' community in LA reflects on US strikes Officials familiar with the evaluation cautioned it was an early assessment that could change as more information emerges. The US has 18 intelligence agencies, which sometimes produce conflicting reports based on their mission and area of expertise. UN nuclear watchdog chief Rafael Grossi said on Wednesday that there is a chance Tehran moved much of its highly enriched uranium elsewhere as it came under attack. But Iranian foreign ministry spokesman Esmail Baghaei told Al Jazeera on Wednesday: "Our nuclear installations have been badly damaged, that's for sure." He did not elaborate. A report by the Israeli Atomic Energy Commission said the strike on Fordo "destroyed the site's critical infrastructure". The damage across all the sites, the report said, has pushed Iran's timeline for nuclear weapons back by "many years". Yet Mehdi Mohammadi, an adviser to the chairman of the Iranian parliament, said shortly after the US strikes that "no irreversible damage was sustained" at Fordo. Iran has long maintained that its nuclear programme is peaceful. US intelligence agencies have previously said Tehran was not actively building atomic weapons.
