Chinese numbers unable to manufacture a rebound

January is in the books and for most people in markets it was a difficult month. Economic sentiment and data does not respect calendar barriers and although today is the first day of a new month the stories governing the ebb and flow of the world of currencies are still the same.

As always, we start the month with a look at the global manufacturing sector, with PMIs released regularly through the day. China’s numbers were always going to be the most closely watched overnight, with both the official and unofficial Caixin number showing that the Chinese manufacturing once again contracted. That deterioration is the sixth month in a row – the worst on record.

We have to ask if there is any surprise to these numbers and the reaction has been relatively muted; the yuan has been guided lower this morning with AUD and CAD also drifting weaker through the Asian session.

http://www.worldfirst.com/uk/blog/economic-updates/16338/

Canada Wants To Cut Price Of ‘World’s Most Expensive Drug’; US Manufacturer Sues To Stop It

The Turing Pharma case has received widespread coverage, but as Techdirt readers know, it’s hardly a unique example of the pharmaceutical industry taking advantage of a flawed system. In fact, over in Canada, there’s another interesting example of the industry’s sense of entitlement, reported here by CBC News:

A U.S. drug company is taking the Canadian government to court for its attempt to lower the price of what has been called the world’s most expensive drug.

Alexion Pharmaceuticals has filed a motion in Federal Court, arguing that Canada’s drug price watchdog has no authority to force the company to lower its price for Soliris.

According to the article, a 12-month course of Soliris costs about $520,000 in Canada at today’s exchange rates, and a mere $500,000 in the US.

While Soliris is not a cure, it can stop the assault [by two rare blood diseases] on the body’s tissues and organs. Since patients typically need to take the medication indefinitely, it can cost tens of millions of dollars over a lifetime.

https://www.techdirt.com/articles/20150929/09350032390/canada-wants-to-cut-price-worlds-most-expensive-drug-us-manufacturer-sues-to-stop-it.shtml

CANADA WANTS TO CUT PRICE OF ‘WORLD’S MOST EXPENSIVE DRUG’; US MANUFACTURER SUES TO STOP IT

 That means that Alexion had to spend less than usual to develop and bring the drug to market. It also means that, once more, a pharma company gets to build on the work funded by the public, but without any sense of obligation to pay that back in the form of lower prices — on the contrary. Perhaps most damagingly, the lawsuit brought by Alexion to defend its exorbitant pricing could have very serious negative consequences for everyone in Canada:

http://www.infowars.com/canada-wants-to-cut-price-of-worlds-most-expensive-drug-us-manufacturer-sues-to-stop-it/