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On October 17, shares of Eli Lilly (LLY.N) and Novo Nordisk (NVO.N) fell in after-hours trading after President Trump said the price of the weight-loss drug Ozempic (semaglutide) could drop to just $150 per month. Ozempic, which is priced at approximately $1,000 per month in the United States, is manufactured by Novo Nordisk. Trump told reporters that the price of the drug, manufactured by Novo Nordisk, "will be coming down significantly very soon." Similar Eli Lilly drugs include Wegovy (Novowin) and Zepbound (Tepoxetine). Trump stated, "The out-of-pocket price for those drugs will be $150." However, Mehmet Oz, the head of the Centers for Medicare and Medicaid Services, quickly clarified that price negotiations for the drugs are still ongoing.Joint Statement: The United States and Brazil agree to work together to arrange a meeting between U.S. President Trump and Brazilian President Lula as soon as possible.1. All three major US stock indices closed lower, with the Dow Jones Industrial Average down 0.65%, the S&P 500 down 0.63%, and the Nasdaq down 0.47%. Visa fell over 3%, and Travelers Group fell nearly 3%, leading the Dow lower. The Wind US Tech 7 Index fell 0.19%, with Tesla down over 1% and Apple down 0.76%. Most Chinese concept stocks fell, with China Construction Bank down nearly 9% and CenturyLink down over 5%. 2. All three major European stock indices closed higher, with Germanys DAX up 0.38%, Frances CAC 40 up 1.38%, and the UKs FTSE 100 up 0.12%. Strong earnings reports from some major companies boosted market sentiment. Coupled with easing inflation risks, investors are optimistic about the year-end outlook, driving the overall stock market upward. 3. U.S. Treasury yields fell across the board. The 2-year Treasury yield fell 8.14 basis points to 3.418%, the 3-year Treasury yield fell 8.02 basis points to 3.422%, the 5-year Treasury yield fell 7.63 basis points to 3.543%, the 10-year Treasury yield fell 5.94 basis points to 3.973%, and the 30-year Treasury yield fell 4.76 basis points to 4.581%. The 10-year Treasury yield fell below 4% for the first time since mid-September. Treasury yields have recently declined due to growing concerns about the health of the economy, increasing bets that the Federal Reserve will cut interest rates in the coming months. 4. International precious metals futures generally closed higher. COMEX gold futures rose 3.40% to $4,344.3 per ounce, and COMEX silver futures rose 3.99% to $53.43 per ounce. 5. U.S. Energy Information Administration (EIA) data showed that U.S. crude oil inventories increased by 3.524 million barrels last week. The main contract for WTI crude oil was quoted at $56.95 per barrel, while the main contract for Brent crude oil fell 1.37% to $61.06 per barrel. 6. Most base metals rose in London. LME aluminum futures rose 1.82% to $2,796.00/ton, LME tin futures rose 0.94% to $35,725.00/ton, LME zinc futures rose 0.68% to $2,968.00/ton, LME nickel futures rose 0.24% to $15,230.00/ton, LME copper futures fell 0.20% to $10,620.00/ton, and LME lead futures fell 0.55% to $1,971.50/ton.On October 17, Hansoh Pharmaceutical (03692.HK) announced on the Hong Kong Stock Exchange that it had entered into a license agreement with Roche. Pursuant to the license agreement, the licensor (a wholly-owned subsidiary of the company) will grant the licensee (a Roche subsidiary) an exclusive, global license to develop, manufacture, and commercialize HS-20110. The licensor will receive an upfront payment of US$80 million and is eligible to receive up to US$1.45 billion in milestone payments based on the products development, regulatory approval, and commercialization progress, as well as tiered royalties on potential future product sales.Feds Kashkari: The longer the government shutdown lasts, the less certain we are that we are reading the economic situation correctly.
