Sanitation

Morning Bid Europe

A look at the day ahead in European and global markets

By Rae Wee, Correspondent

Data refreshes every time you open this email. For more European market news, click here. Please send any feedback to morningbid@thomsonreuters.com.

Markets were in a dour mood on Friday, with Iran flaunting its grip over the Strait of Hormuz serving as a stark reminder that the war in the Middle East is far from over.

Iranian state television broadcast on Thursday a video of commandos in a speedboat storming a container ship, after the collapse of peace talks that Washington had hoped would reopen one of the world's most important shipping routes.

Then... just days after saying he would indefinitely extend what had been a two-week ceasefire with Tehran, U.S. President Donald Trump announced he had ordered the Navy to "shoot and kill" Iranian boats laying mines in the strait, and step up demining activity.

Today's Market News

Hope and fear

A screen capture from a video said to show the seizure of the container ships MSC Francesca and Epaminondas in the Strait of Hormuz, broadcasted on Iranian State TV, and released April 22, 2026, shows soldiers taking part in the operation. IRIB/Handout via REUTERS

The war's now been going on for about eight weeks and the U.S. and Iran remain in deadlock.

Investors have swung between hope for an imminent end to the conflict and fear that it might not come soon at all, and oil prices continue to push past $100 a barrel while the Strait of Hormuz stays effectively shut.

While corporate earnings have so far held up reasonably well, the fragile situation in the Middle East and the oil price surge present risks, keeping executives on their toes.

UK retail sales data for March is due later in the day, which will provide a sense of the strength of consumer spending amid the war.

A survey released on Thursday showed British consumer morale slid this month to its lowest since October 2023, as households ramped up their expectations for price rises.

British manufacturers have also turned their most pessimistic since the start of the COVID-19 pandemic and a measure of expectations for inflation has surged.

Graphics are produced by Reuters

Yen for AI

Elsewhere in markets, focus was on the yen as it remained a whisker away from the key 160 per dollar level widely seen as a trigger for intervention.

Japanese Finance Minister Satsuki Katayama renewed warnings of currency intervention on Friday, stressing "decisive action" in close coordination with the United States.

And in a show of the continued artificial intelligence frenzy, Chinese AI startup DeepSeek started previewing a major upgrade for its hit AI model on Friday.

Key developments that could influence markets on Friday:

UK March retail sales
University of Michigan April Consumer Sentiment Index

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Health Rounds

By Nancy Lapid, Health Science Editor

Hello Health Rounds readers! As more and more people use new weight-loss drugs, there is increasing concern about what happens when they stop taking the medicine. Today we feature a study that may have found one way to keep most of that weight off. We also report on the longer-term safety of methods used to replace artificial heart valves, and a novel attempt to reduce human consumption of microplastics.

In breaking news stories: Deadly meningitis spreads as Sudanese refugees pack Chad camps, MSF says; delay in Medicare pilot for obesity drugs may not hurt near-term demand, analysts say; a fast-spreading measles outbreak has killed at least 30 in Bangladesh, WHO says; US CDC will not publish report showing COVID vaccine effectiveness and DOJ reclassifies certain marijuana products as a less-dangerous drug.

Also: US Health Secretary Kennedy to share David Geier's HHS contract with senators by week's end; UK lawmakers approve lifetime smoking ban for today's under-18s; European health chief says EU is at 'a critical point' in ensuring new drug access and UK investigates after big health dataset listed for sale on China's Alibaba.

Industry Updates

Novo Nordisk's diabetes pill cuts blood sugar in key trial in children
Regeneron wins FDA approval for first gene therapy for genetic hearing loss
Merck, rivals eye Inhibrx experimental cancer drug tied to Keytruda, sources say
Europe risks falling further behind in medicine race, warns Roche CEO
Hims & Hers says it has steady estrogen patch supply amid US shortages
Sanofi's solid earnings set stage for new CEO after drug trial 'setbacks'
US Health Secretary Kennedy distances himself from FDA's Replimune cancer drug rejection
Roche sales down 5% as currency effects outweigh gains for haemophilia drug
Thermo Fisher posts quarterly results beat on lab products strength
Health insurer Elevance raises annual profit forecast on medical cost controls
West Pharma lifts 2026 profit forecast on strong demand for medical equipment

New CDC director will be allowed to make vaccine decisions, Kennedy tells panel

Kennedy gestures as he testifies before a Senate Health, Education, Labor, and Pensions Committee hearing. Washington, D.C. April 22, 2026. REUTERS/Annabelle Gordon

U.S. Health Secretary Robert F. Kennedy Jr. told senators that if Erica Schwartz is ‌confirmed as director of the Centers for Disease Control and Prevention, she will have the ability to make decisions on vaccines independently.

President Donald Trump said last week he would nominate Schwartz to be the next CDC director following multiple leadership shakeups at the health agency.

Study Rounds

Endoscopic procedure helps sustain GLP-1 weight loss

An outpatient endoscopic procedure used to treat type 2 diabetes can help prevent people from regaining weight after they discontinue taking GLP-1 drugs, interim results from a clinical trial suggest.

Patients in the trial had each lost at least 15% of their body weight (approximately 40 pounds, or 18 kilograms) using Eli Lilly's tirzepatide before they stopped taking the drug, sold as Zepbound for obesity and Mounjaro for diabetes.

Trial participants either underwent a procedure used to improve blood sugar control in type 2 diabetes called duodenal mucosal resurfacing, or a sham procedure.

Results from the first 45 people in the more than 300-patient trial found that those who had the sham procedure had regained 40% more weight than the treatment group at six months.

Patients who had the most tissue resurfaced maintained over 80% of their weight loss, regaining about 7 pounds (3.2 kg) on average - roughly half the weight regained by the control group, the researchers said.

Over time, high-fat, high-sugar diets can lead to changes in the lining of the duodenum - the upper part of the small intestine – ultimately rewiring how the gut responds to food. This affects hormone production, leading to insulin resistance and metabolic diseases, the researchers explained.

“As effective as GLP-1 medications are, many people stop taking them because of cost, side effects or simply not wanting to take a drug long-term,” study leader Dr. Shelby Sullivan of the Dartmouth Geisel School of Medicine said in a statement.

“Finding a treatment that allows patients to stop these medications without weight regain or loss of metabolic benefit is a huge unmet need,” she added.

Duodenal mucosal resurfacing uses heat to destroy the interior surface of the duodenum, allowing for regeneration of healthier tissue and "resetting" of individuals’ metabolism to their new post-GLP-1 weight.

The procedure is approved for patients with type 2 diabetes in Europe but is still considered experimental in the United States.

“These findings indicate that this minimally invasive procedure may provide lasting weight-loss maintenance,” Sullivan said.

The researchers plan to report their findings at the upcoming Digestive Disease Week meeting in Chicago.

Trial sponsor Fractyl Health has said it expects to release six-month data on the entire study population and apply for regulatory approval by the end of 2026.

Surgery may be best for replacing failed artificial valves

When an artificial mitral valve in the heart wears out, long-term survival is better when it can be replaced via open-heart surgery rather than in a minimally invasive procedure, according to a new study.

Over the years, medical advances have allowed doctors to repair or replace heart valves during catheter-based procedures without opening the chest, typically leading to shorter hospital stays and fewer complications.

In the study, patients who had their artificial valves replaced via open-heart surgery and those who underwent transcatheter mitral valve replacement through an artery in the arm showed similar safety and procedural success at 30 days.

However, key differences emerged over time, particularly beyond the first year, researchers reported in Annals of Thoracic Surgery.

Tracking 229 patients who underwent one or the other procedure to replace an artificial valve between 2004 and 2023, researchers found mortality rates at five years were roughly 20% in the surgery group versus 41% in the minimally invasive group.

The surgery group also had better valve performance at five years.

The choice between major chest-cracking surgery or the transcatheter option often depends on patients' health status.

“These findings support current guideline recommendations that favor surgical replacement in low-risk patients with longer life expectancy, while reserving transcatheter approaches for those at higher operative risk,” study leader Dr. S. Christopher Malaisrie of Northwestern Medicine in Chicago said in a statement.

Is it time for a low-plastic diet?

With tiny plastic particles finding their way into plants, animals and people, researchers in Australia tried to reduce exposure to the contaminants by adherence to a low-plastic diet.

They randomly assigned 60 volunteers to follow either their usual routine or the low-plastic diet for seven days, according to a report in Nature Medicine.

Diet participants received combinations of plastic-free kitchenware, low-plastic personal-care products and food sourced from producers that minimized all plastic touchpoints from paddock to plate.

The interventions maintained participants’ daily energy intake while decreasing their urinary levels of markers of plastics exposure, including bisphenol A by nearly 60%. Urinary levels of mono-n-butyl phthalate were reduced by 37.5% and monobenzyl phthalate by 53.5%, the researchers found.

Unexpectedly, in a separate group of volunteers observed as they followed their usual routines, the researchers found that each additional serving of fruits and vegetables was associated with a roughly 2% decrease in urinary mono-iso-butyl phthalate but a 7% increase in urinary bisphenol S, two other markers of plastics exposure.

“This leads to the question of whether these chemicals are in the food at the time it is harvested,” a separate team of researchers wrote in a commentary published with the study.

"Growing evidence now reveals that agricultural soils are a major long-term sink for plastic pollution," they said, particularly from plastic particulates in the sewage sludge used as fertilizer on agricultural lands.

“Recommendations for how individuals can minimize their personal exposure are numerous,” the commentary authors wrote. “However, this study also illustrates a more pervasive problem that will only be addressable through large-scale regulatory actions on behalf of public health.”