China Biotech's Stunning Advance Is Changing the World's Drug Pipeline
The number of novel drugs in China — for cancer, weight-loss and more — entering into development ballooned to over 1,250 last year, far surpassing the European Union and nearly catching up to the US's count of about 1,440, an exclusive Bloomberg News analysis showed.
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Australian and Chinese leaders seek to boost trade despite differences on other issues
BEIJING — The leaders of Australia and China sought to deepen trade ties despite their differences over regional security and human rights at talks Tuesday in the Chinese capital. Chinese leader Xi Jinping told Australian Prime Minister Anthony Albanese that seeking common ground while setting aside differences is in line with 'the fundamental interests of our two countries and our two peoples.'
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Gold ticks higher with focus on US inflation data
Gold inched higher on Tuesday, ahead of the release of U.S. inflation data later in the day that could shed more light on the Federal Reserve's interest rate path. Spot gold was up 0.1% at $3,346.94 per ounce, as of 0151 GMT. U.S. gold futures were flat at $3,355.60. "Gold has shown in the past that it is an asset of choice when tariff tensions are ratcheted up, and the precious metal's move towards $3,350 is evidence of this pattern playing out again," KCM Trade Chief Market Analyst Tim Waterer said. "However, higher treasury yields and USD appreciation have created gold to make further progress towards $3,400 a pullback in the USD or treasury yields may be required in the absence of heightened geopolitical events." U.S. President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a trade deal. Traders' focus now shifts to U.S. consumer price data for June, due at 1230 GMT on Tuesday. Economists polled by Reuters expect headline inflation to increase to 2.7% on an annual basis, up from 2.4% in the prior month. Core inflation is expected to rise to 3.0%, from 2.8%. Trump on Monday renewed his attacks on Fed Chair Jerome Powell, saying interest rates should be at 1% or lower. Markets are pricing in 50 basis points of rate cuts by year-end, with the first reduction expected in September. Gold, often considered as a safe-haven asset during times of economic uncertainties, tends to do well in a low-interest-rate environment. Elsewhere, spot silver gained 0.3% to $38.24 per ounce, after hitting its highest level since September 2011 on Monday. "Silver is benefitting from supply concerns and growing industrial demand. Also, gold's rise over the past 18 months has had investors looking elsewhere for value and silver has been one of the metals to rise as a result," Waterer said. Platinum rose 0.3% to $1,368.30 and palladium edged 0.1% higher to $1,194.52.
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Oil edges down as market contemplates potential sanctions, tariffs
Oil prices edged down on Tuesday as the market digested U.S. President Donald Trump's 50-day deadline for Russia to end the Ukraine war and avoid sanctions on buyers of its oil, while worries continued to linger over Trump's trade tariffs. Brent crude futures fell 5 cents to $69.16 a barrel by 0000 GMT, while U.S. West Texas Intermediate crude futures fell to $66.89, down 9 cents. Both contracts settled more than $1 lower in the previous session. Trump announced new weapons for Ukraine on Monday, and threatened sanctions on buyers of Russian exports unless Moscow agrees to a peace deal in 50 days. Oil prices had climbed at the news of potential sanctions, but later gave up these gains as the 50-day deadline raised hopes that sanctions could be avoided, and traders dwelled on whether the U.S. would actually impose steep tariffs on countries continuing to trade with Russia. "The pause eased concerns that direct sanctions on Russia could disrupt crude oil flows. Sentiment was also weighed down by rising trade tensions," ANZ senior commodity strategist Daniel Hynes wrote in a note to clients. Trump said on Saturday he would impose a 30% tariff on most imports from the European Union and Mexico from August 1, adding to similar warnings for other countries and leaving them less than three weeks to hammer out framework deals that could lower the threatened tariff rates. Tariffs risk slowing down economic growth, which could sap global fuel demand and drag oil prices lower. Elsewhere, oil demand is set to stay "very strong" through the third quarter, keeping the market snugly balanced in the near term, the Organization of Petroleum Exporting Countries' secretary general said, according to a Russian media report. Goldman Sachs on Monday raised its oil price outlook for the second half of 2025, pointing to potential supply disruptions, shrinking oil inventories in Organization for Economic Co-operation and Development countries, and production constraints in Russia.
