Wake up! The long bond's up two points!

A look at the day ahead in European and global markets

Morning Bid Europe Morning Bid Europe A look at the day ahead in European and global markets By Wayne Cole, Senior Asia Finance & Markets Correspondent   Data refreshes every time you open this email. For more European market news, click here. Please send any feedback to morningbid@thomsonreuters.com. It's not every day you wake up to see the US long bond up 2 full points in price, but that's what happened overnight. Ten-year yields dived 19 basis points in the biggest daily move since early 2023, when Silicon Valley Bank collapsed. Fed funds futures ‌rallied as much as 22 ticks, essentially taking an entire hike off the table for next year, while a December move is no longer fully priced in. Old-fashioned safe harbours were in demand as the yen and Swiss franc climbed, leaving the dollar looking a little less exceptional. Today's Market News Putin says talks must focus on security for Russia, Ukraine and Europe overall Data centres fail as AI pick-and-shovel trade Hacking attempts surge as companies, governments rush to patch PHP flaws French bond pain puts euro zone's weak links on notice UK consumer confidence tumbles ahead of Healey's budget, GfK reports AI bubble fears  The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 22, 2026. REUTERS/Staff The proximate cause this time was the sound of air escaping from the AI bubble as investors grappled with the sheer scale of funding needed for all this compute power. Some estimates put it at 1.6 times the ⁠cost of laying America's railways. Seems Meta's mention of needing "hundreds of billions of dollars" for capex spooked the horses, with its shares sliding almost 7%. And not everyone was happy about the dilution from having to establish a whole new class of stock with no voting rights to raise the money. CoreWeave, the data center group that started much of this scare, shed another 10% of its value to hit lows last seen in May 2025, while credit spreads blew out across the entire sector. Treasuries benefited from the resulting scramble for safety, though that "safety" is relative these days. There is also the risk the investment boom in data centres will sputter, stalling a major driver of economic growth. Voter opposition to the energy-hungry sites has also been a notable feature of the midterm campaigns, adding politics ‌to the ⁠mix. Graphics are produced by Reuters Fed conundrum The surge in Treasuries might bring back memories of the Greenspan put, but it'll be much harder for the Fed to ride to the rescue this time. Brent futures are atop $113 a barrel, and over $100 right out to March, while crude for actual delivery is far higher. Easing monetary policy during an inflationary oil shock is going to be a hard sell. Neither is there any end in sight to the conflict in the ⁠Gulf. The press is full of reports of the White House considering fresh attacks on Iran after the midterms. The USS Theodore Roosevelt carrier group just departed Japan this week for Exercise Keen Sword 27, after which it will head for the Middle East. Ever since the war started in ⁠February, analysts have always assumed it would be done within a month or maybe two. Next week will mark the eighth month of the war, and it's not even clear whether Washington and Tehran are talking to each other. That will ensure inflation is ⁠front and centre when the Fed meets next week, relegating Wall Street's woes to a footnote.     Key developments that could influence markets on Friday: October global PMIs for Europe, UK and US. UK and Canada retail sales Appearance by ECB board member Piero Cipollone   Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.   Sponsors are not involved in the creation of newsletters or other Reuters news content. Advertise in this newsletter or on Reuters' website   Morning Bid is sent every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. Want to stop receiving this email? Unsubscribe here. To manage which newsletters you're signed up for, click here. This email includes limited tracking for Reuters to understand whether you’ve engaged with its contents. For more information on how we process your personal information and your rights, please see our Privacy Statement. Terms & Conditions   © 2026 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036

Many HBV-exposed babies are unprotected

And, semaglutide use in pregnancy not cause for alarm.

Health Rounds Health Rounds By Nancy Lapid, Health Science Editor Hello Health Rounds readers! Today we shine a light on a study that suggests just how misguided and potentially dangerous new US hepatitis B vaccination guidelines may be for many infants. We also report on an analysis that should ease some concerns for pregnant women taking popular GLP-1 drugs. Among our breaking news stories: US to tighten Ebola screening with new air passenger declarations; Florida attorney general proposes limits on social media, AI for teens; Supreme Court won't allow Trump administration restrictions on transgender inmates; Kennedy says Trump administration aims for regulated market for peptides; beauty giants target 'Ozempic face' as boom in obesity drugs opens new market; and UNICEF and Gavi agree to cut malaria vaccine price by 40%. Also: First human case of livestock virus Shamonda unlikely to lead to wider spread (and, what is Shamonda virus and what are the risks to humans and animals?); late detection in Nigeria raises alarm as Ebola spreads across Africa; New Zealand court strikes down puberty blocker ban; and cheap Chinese antibiotics threaten Europe's last major penicillin plant. Industry Updates Gilead to buy PepStar's inflammation drug program. Moderna cancer vaccine data triggers 'sell-the-news' retreat. Merck/Moderna cancer vaccine cuts melanoma death or recurrence risk by 42%. AbbVie skin disease drug reduces lesions in trial. Quest reports cyber breach affecting patient records. Roche beats revenue estimates, but copycats eat into Xolair sales. FDA approves AstraZeneca drug for rare kidney disease in adults and GSK hepatitis B drug that offers patients chance to stop long-term treatment. Danaher says it has 'building blocks' for AI drug discovery growth. Cencora to buy American Oncology Network in $2.4 billion deal Abbott cuts 2026 view, plans to spin off nutrition business. Intuitive tightens 2026 robotic-surgery procedure growth forecast.   Can Texas high school football handle the heat? REUTERS/Callaghan O'Hare High school football is a revered US tradition but it is under sharp pressure as the world suffers from intensifying heat waves, the consequences of which can be fatal. In Texas, heat storms are transforming what football looks like. Read more here. Study Rounds HBV vaccine guidelines leave exposed infants unprotected   A new study hints at the extent to which basing hepatitis B virus vaccination recommendations for infants only on their mother's infection status leaves them vulnerable to the virus from other close contacts. For decades, the US Centers for Disease Control and Prevention recommended that all infants be vaccinated at birth against HBV. In a controversial new guideline, part of the vaccine overhaul agenda of Health Secretary Robert F. Kennedy Jr., the agency now recommends that only children of mothers with HBV infections or unknown HBV status be vaccinated at birth. “A child can be exposed to hepatitis B from anyone with an active infection, not just their mother,” study leader Dr. Karen Jacobson of Kaiser Permanente said in a statement. In the new study of 158,000 children in northern California, researchers identified more than 2,000 whose household included at least one person with active hepatitis B. In roughly 58% of those, the infected household member was not the child's mother, the researchers reported at the IDWeek meeting in Washington, a large annual gathering of infectious diseases specialists. HBV, the leading cause of liver cancer worldwide, can be transmitted through contact with body fluids including blood, tears and saliva, and it can live on surfaces for up to a week. The infection often resolves on its own. But it becomes chronic in more than 90% of infants and in up to 50% of young children who become infected. “No one knows the status of everyone a child may come into contact with, and vaccinating infants at birth protects against known and unknown potential sources of transmission,” Jacobson said. Read more about HBV vaccination on Reuters.com Explainer: Why are hepatitis B vaccines given to newborns? Inside RFK Jr.’s push to dismantle decades of US vaccine policy Semaglutide use in pregnancy may not be cause for alarm Women taking GLP-1 drugs for weight loss and diabetes are advised to stop before becoming pregnant, but new data adds to an earlier report suggesting use in pregnancy might not be a cause for alarm. In June, researchers at the Harvard T.H. Chan School of Public Health had reported on 3,572 pregnancies in women who were taking GLP-1 drugs prior to conception. The risk for non-live birth was 29.7% with medication continuation into the first trimester, versus 27.1% with non-continuation, a difference that was not deemed statistically significant. In a smaller new study that has not yet undergone peer review, researchers at Cambridge, Massachusetts-based data analytics firm nference analyzed outcomes of 572 pregnancies in women with a prescription for semaglutide within 90 days before the last menstrual period. Of those, 246 of the women continued to use the drug while pregnant. Semaglutide is sold by Eli Lilly in the US as Wegovy for obesity and Zepbound for diabetes. The researchers also analyzed 101,159 similar pregnancies without GLP-1 use. Similar percentages of pregnancies reached the second trimester, third trimester, and delivery, they found. Most patients who continued semaglutide use into pregnancy discontinued it after the first trimester. But the drug was prescribed to 54 women in the second trimester and 45 in the third trimester. Pregnancy complications, such as preeclampsia and gestational diabetes, and rates of preterm birth, stillbirth or neonatal death did not differ between those who continued using the drug and those who stopped taking it. Mean Apgar scores — a quick health evaluation test performed on a newborn — were also indistinguishable between the semaglutide-continued and the semaglutide-discontinued groups. Women in the study who continued to use semaglutide had pregnancy-appropriate weight gains, the study also found. “These observations motivate the need for larger retrospective and prospective studies to rigorously establish the safety of semaglutide exposure during pregnancies,” the researchers concluded. In case you missed it... Health Rounds: Researchers find a possible trigger of some preterm births Glucose monitoring devices for type 2 diabetes benefit even those not on insulin This newsletter was edited by Bill Berkrot.   Sponsors are not involved in the creation of newsletters or other Reuters news content. Advertise in this newsletter or on Reuters' website   Reuters Health Rounds is sent twice a week. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. Want to stop receiving this email? Unsubscribe here. To manage which newsletters you're signed up for, click here. This email includes limited tracking for Reuters to understand whether you’ve engaged with its contents. For more information on how we process your personal information and your rights, please see our Privacy Statement. Terms & Conditions   © 2026 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036