The Point for North America

This report provides daily market highlights, covering key pharmaceutical clinical trial results, equity positioning updates, and commodity price shifts in gold and lithium.

Key Takeaways

• 1.Lilly's Foundayo phase 3 results for type 2 diabetes demonstrate head-to-head superiority over competitors and position it as a major 2027 earnings driver.
• 2.Gilead's Trodelvy faced a setback as the KEYNOTE-D46/EVOKE-03 study for lung cancer was discontinued, emphasizing the differentiation of TROP2 ADCs.
• 3.Gold prices closed below their 200-day moving average, a negative technical signal prompting a lowered price target to $4,000/oz.

Table of Contents

• Morning Call Highlights
• Company
• Economics & Strategy
• Commodities
• Fixed Income & FX
• Key Rating and Target Price Changes