October 28 2024

1. It’s not just obesity. Drugs like Ozempic will change the world
2. Israel Launches Major Strikes on Iranian Military Targets
3. Elon Musk Has Been in Contact With Putin Since 2022
4. TSMC’s Arizona Facility Outperforms Taiwan in Chip Yields
5. Election Round-up: WaPo non-endorsement, markets position for Trump win, Trump to rally in Blue New Mexico
6. Dodgers Lead Yankees 2-0 in World Series
October 28, 1886: Statue of Liberty dedicated

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1. It’s not just obesity. Drugs like Ozempic will change the world

Every day seems to bring more exciting news. First the drugs tackled diabetes. Then, with just an injection a week, they took on obesity. Now they are being found to treat cardiovascular and kidney disease, and are being tested for Alzheimer’s and addiction. It is early days yet, but glp-1 receptor agonists have all the makings of one of the most successful classes of drugs in history. As they become cheaper and easier to use, they promise to dramatically improve the lives of more than a billion people—with profound consequences for industry, the economy and society. Curbing obesity would be consequential. Yet glp-1 drugs promise to do much more. Overweight patients on semaglutide have been found to suffer fewer heart attacks and strokes; the benefits, astonishingly, seem to be largely independent of how much weight is lost. Tirzepatide improves sleep apnoea. Trials show that glp-1 agonists reduce chronic kidney disease in diabetics; and there are signs they may lessen brain shrinkage and cognitive decline in Alzheimer’s. Studies of health records suggest that they may help with addictions, too; people already on glp-1 drugs in America were less likely to overdose on opioids or abuse cannabis or alcohol. Researchers are even talking, in hushed tones, of their anti-ageing effects. 

Editors note: the development of birth control was one of the most significant events of the 20th century - with huge economic, political, and social consequences. Will GLP-1s be similarly impactful?

Article Source: Economist

2. Israel Launches Major Strikes on Iranian Military Targets

A. Israel carried out a wave of strikes on military targets in Iran early Saturday, the Israel Defense Forces said, in an attack that lasted about four hours and which Israel characterized as a response to “continuous attacks” from Iran. About 20 targets were hit, according to an Israeli official who spoke on the condition of anonymity to discuss classified matters. Iranian state media said two soldiers were killed as a result of the strikes as the government and air defense corps sought to downplay the impact of the strikes, saying “limited damage” had been inflicted. President Joe Biden told reporters on Saturday that he hopes “this is the end” of Israeli strikes on Iran.  

B. Israel designed its strike with the intention of minimizing casualties and keeping the impact to a level that would allow Iran to deny major damage and contain the situation, according to a person briefed on Israel’s plans, who spoke on the condition of anonymity to discuss classified matters. It was a larger-scale version of the response Israel launched in April, the official said, when Israel carried out a strike in central Iran that Iranian officials said did not cause any damage, after Iran fired a barrage of missiles and drones at Israel.  

C. Oil prices are on track for their biggest one-day fall since 2022, as concerns about supply disruptions in the Middle East ease following Israel's strikes on Iranian military facilities. "The market was concerned that the [Iranian] oil and nuclear facilities could have been hit. That didn't happen, so the market is pricing out that risk for now," said Giovanni Staunovo, commodity analyst at UBS. Futures for Brent crude, the international benchmark, fell more than 5%, to below $71.50 a barrel. If losses hold through Monday, this will be the biggest intraday decline since September 2022

Article Source: WaPo, WSJ

3. Elon Musk Has Been in Contact With Putin Since 2022

Elon Musk, the world’s richest man and a linchpin of U.S. space efforts, has been in regular contact with Russian President Vladimir Putin since late 2022. The discussions, confirmed by several current and former U.S., European and Russian officials, touch on personal topics, business and geopolitical tensions. At one point, Putin asked the billionaire to avoid activating his Starlink satellite internet service over Taiwan as a favor to Chinese leader Xi Jinping, said two people briefed on the request. Musk has emerged this year as a crucial supporter of Donald Trump’s election campaign, and could find a role in a Trump administration should he win. While the U.S. and its allies have isolated Putin in recent years, Musk’s dialogue could signal re-engagement with the Russian leader, and reinforce Trump’s expressed desire to cut a deal over major fault lines such as the war in Ukraine.  At the same time, the contacts also raise potential national-security concerns among some in the current administration, given Putin’s role as one of America’s chief adversaries.

Article Source: WSJ

4. TSMC’s Arizona Facility Outperforms Taiwan in Chip Yields

Taiwan Semiconductor Manufacturing Co. has achieved early production yields at its first plant in Arizona that surpass similar factories back home, a significant breakthrough for a US expansion project initially dogged by delays and worker strife. The share of chips manufactured at TSMC’s facility in Phoenix that are usable is about 4 percentage points higher than comparable facilities in Taiwan, Rick Cassidy, president of TSMC’s US division, told listeners on a webinar Wednesday, according to a person who participated. The success rate, or yield, is a critical measure in the semiconductor industry because it determines whether companies will be able to cover the enormous costs of a chip plant.

Article Source: Bloomberg

5. Election Round-up: WaPo non-endorsement, markets position for Trump win, Trump to rally in Blue New Mexico

A. The Washington Post said Friday that it will not endorse a candidate in the presidential election this year — or ever again — breaking decades of tradition and sparking immediate criticism of the decision. But the newspaper also published an article by two staff reporters revealing that editorial page staffers had drafted an endorsement of Democratic nominee Kamala Harris over GOP nominee Donald Trump in the election. “The decision not to publish was made by The Post’s owner — Amazon founder Jeff Bezos,” the article said, citing two sources briefed on the events. Trump, while president, had been critical of the billionaire Bezos and the Post, which he purchased in 2013.  

B. A sell-off in US Treasuries has sent ripples through markets from gold to currencies, as investors warn that volatility is “locked in” ahead of next month’s presidential election. US government bonds are on track for one of their worst months in recent years, with 10-year yields moving up almost 0.4 percentage points to 4.2 per cent after strong economic data and an emerging “Trump trade” sent traders scrambling to redraw their expectations of the path of interest rates.   

C. IT'S OFFICIAL!  President Trump is coming to New Mexico!!!  When: Thu, October 31, 2024 12:00 pm (US/Mountain) Doors Open: 08:00 am  Where: Albuquerque—TBD  

Editors note: Clinton won NM by 8.3% in 2016 and Biden won NM by 10.8% in 2020. If the Trump campaign thinks they’re competitive there, that’s a big shift which bodes ill for Harris.

Article Source: CNBC, FT, Republican Party of New Mexico

6. Dodgers Lead Yankees 2-0 in World Series

The Yankees are trailing, two games to none, after a 4-2 loss to Yoshinobu Yamamoto and the Dodgers in Game 2 on Saturday. The Dodgers are halfway home — as Joe Davis says on every broadcast after the top of the fifth inning — but their history in these spots works against them. In the 1956 World Series, the Dodgers took the first two games from the Yankees in Brooklyn but lost in seven. In 1978, they beat the Yankees twice in Los Angeles, then lost four in a row.

Article Source: NYT

October 28, 1886: Statue of Liberty dedicated

Sources

1. https://www.economist.com/leaders/2024/10/24/its-not-just-obesity-drugs-like-ozempic-will-change-the-world

2. A https://www.washingtonpost.com/world/2024/10/25/israel-iran-tehran-war-news-gaza-hamas/
B https://www.washingtonpost.com/world/2024/10/25/israel-iran-tehran-war-news-gaza-hamas/
C https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-10-28-2024/card/oil-prices-eye-biggest-one-day-fall-in-over-two-years-67Ae2nF9c3Eqe83DUgmy

3. https://www.wsj.com/world/russia/musk-putin-secret-conversations-37e1c187

4. https://www.bloomberg.com/news/articles/2024-10-24/tsmc-s-arizona-chip-production-yields-surpass-taiwan-s-a-win-for-us-push

5. A https://www.cnbc.com/2024/10/25/jeff-bezos-killed-washington-post-endorsement-of-kamala-harris-.html
B https://on.ft.com/3YjCXU3
C. https://x.com/newmexicogop/status/1850600061925020049?s=46&t=nVb-5uC_WM3Cp0R0dGiqHQ

6. https://www.nytimes.com/athletic/5875694/2024/10/27/dodgers-yankees-world-series-aaron-judge-captain/?source=user_shared_article