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Good morning! Today’s top story focuses on a groundbreaking development in Alzheimer’s treatment. Eli Lilly has released trial results demonstrating that their new drug effectively slows down memory loss and cognitive decline. The results of their phase 3 clinical study of donanemab were presented at the Alzheimer’s Association International Conference in Amsterdam. The study revealed that the antibody treatment slowed down disease progression by approximately 35% in the early stages of Alzheimer’s. These findings, which have undergone peer review and were published in the Journal of the American Medical Association, are significant for the field of dementia research.
Similar phase 3 findings were announced last November by Biogen and Eisai for their drug lecanemab, which received full marketing approval in the US and will be sold under the brand name Leqembi. Eli Lilly has already submitted donanemab for FDA approval and expects a decision before the end of the year. Other global regulators are also reviewing submissions. Dementia experts have hailed the donanemab study as a watershed moment in Alzheimer’s research but emphasize the need to continue advancing drug development to ultimately stop the disease.
Here’s what else is making headlines today:
– Economic data: Canada will report June consumer price index inflation rate figures, the US will release retail sales and industrial production figures, and the UK will publish Kantar grocery market share figures and price inflation.
– Earnings results: Bank of America, BNY Mellon, Charles Schwab, Lockheed Martin, Morgan Stanley, PNC Financial Services, and Prologis will be announcing second-quarter earnings.
– Meetings: The G20 meeting of finance ministers and central bank governors in Gujarat, India will conclude. Japanese Prime Minister Fumio Kishida will also travel to Qatar as part of his Gulf tour.
In other news:
1. Russia has formally withdrawn from a UN-brokered deal to export Ukrainian grain across the Black Sea. This move could potentially disrupt tens of millions of tonnes of food exports worldwide. Moscow’s decision to withdraw from the grain deal is the second time they have done so, with growing indications that they were determined to obstruct the deal.
2. China’s foreign minister, Qin Gang, has been missing for over three weeks, raising speculation about his whereabouts. The Chinese foreign ministry has not provided any information regarding his return to his post.
3. Millions of US military emails have been misdirected to Mali due to a “typo leak,” exposing highly sensitive information. A spelling error is to blame for the misdirected messages, which contain valuable data such as diplomatic documents, tax returns, passwords, and travel details of top officers.
4. Taiwan’s vice-president and ruling party candidate for the upcoming presidential elections will make two stops in the US during his trip to South America. This move could further escalate tensions with China.
5. There is significant uncertainty among bank analysts regarding Goldman Sachs’ second-quarter earnings. The debate over what the company will report on Wednesday is more divided than usual, reflecting the unpredictable nature of the results.
The Big Read:
As China’s economic growth continues to lag post-Covid, there are calls for President Xi Jinping to implement a large-scale stimulus package to support traditional debt-fueled growth engines. However, Xi and his policymakers are committed to maintaining strategic focus, which raises the question of whether Beijing can sustain its course despite the stalled engines of growth.
We are also following:
– Thailand’s political deadlock, as the role of the Thai monarchy becomes a central issue in the struggle between liberal democracy and traditional conservative rule.
– Secret talks between Moscow and the US to convince Putin of their resolve, addressing Ukraine’s fears of being sold out.
– The changing definition of childhood due to the influence of technology, demography, and culture.
Chart of the day:
The number of female CEOs in the US and UK can only increase significantly if there is a substantial shift in recruitment practices. Financial Times analysis shows that the most common path to becoming a CEO is through finance and operational roles, which are predominantly occupied by men.
Take a break from the news:
Who do you consider the greatest chess player of all time? Join the debate following Magnus Carlsen’s recent success as the world’s No.1 player. And don’t forget to solve this week’s chess puzzle: White mates the king in three moves.
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