EU HEALTHCARE: Pharma: US Sales %
Apr-09 10:35
• AbbVie and Bristol Myers have the largest US share of revenue.
• Sandoz is only 23% (incl Canada) but its equity is still down 15% MTD
| Ticker | US % *+Can |
| ABBV | 72 |
| BMY | 70 |
| LLY | 67 |
| NOVOB | 61 |
| PFE | 61 |
| JNJ | 57 |
| GSK | 52 |
| TMO | 52 |
| TACHEM | 51 |
| ROSW | 49* |
| SANFP | 45 |
| AZN | 43 |
| NOVNVX | 41 |
| BAYNGR | 35 |
| SDZSW | 23* |
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STIR: Partial Paring Of Post-Powell Hawkish Repricing
Mar-10 10:31
- Broader risk-off moves have seen Fed Funds implied rates pare some of Friday’s post-Powell push higher on being in no hurry to cut rates and comments on the ability to look through tariff-driven inflation, with the paring largest in the back end of the 2025.
- Combined with Friday’s payrolls report prior to Powell, which had some dovish details but avoided a sharp deterioration, and the June contract stands the highest relative to pre-NFP levels, with 28bp of cuts priced vs 33bp pre-NFP.
- Cumulative cuts from 4.33% effective: 0.5bp Mar, 10.5bp May, 28bp Jun, 41bp Jul and 76bp Dec.
- Today sees the NY Fed consumer survey including its inflation expectations results which are likely to receive closer than usual attention with growing focus in Fed communications on expectations.
- The FOMC is now in media blackout ahead of the Mar 18-19 meeting.
- See a wrap of last week’s macro events, including Powell’s remarks here.
LOOK AHEAD: US Inflation Expectations Before JOLTS Tomorrow
Mar-10 10:25
US Data/Speaker Calendar (prior, estimate). All times ET, but again, noting the US clock change.
- 10-Mar 1100 NY Fed 1-Yr Inflation Expectations (3.0%, --)
- 10-Mar 1130 US Tsy $76B 13W & $68B 26W bill auctions
- 11-Mar 0600 NFIB Small Business Optimism (102.8, 101.0)
- 11-Mar 1000 JOLTS Job Openings (7.6M, 7.665M), Rate (4.5%, --)
- 11-Mar 1000 JOLTS Quits Level (3.197M, --), Rate (2.0%, --)
- 11-Mar 1130 US Tsy $70B 6W bill auction
- 11-Mar 1300 US Tsy $58B 3Y Note Auction (91282CMS7)
US TSY FUTURES: CFTC CoT Shows Exposure Building
Mar-10 10:22
The latest CFTC CoT report revealed a deepening of existing exposure across the major investor groups that we track.
- Leveraged funds added to net shorts in all contracts outside of TU & UXY futures, where they trimmed net shorts. They added a net ~$22.4mln DV01 equivalent in fresh shorts across the curve, with 5s presenting the most meaningful positioning swing. They remain net short across the curve.
- Asset managers added to net longs in all contracts outside of WN futures, with a net $12.2mln DV01 equivalent of longs added across the curve. They remain net long across the curve.
- Non-commercial net positioning saw net shorts added across the curve, flipping the only net long position seen in the prior week (US futures). See table below for greater details.
Source: MNI - Market News/CFTC/Bloomberg
