IN THIS ISSUE

• Macro Strategy — No Two Oil Shocks Are Created Equal: Global growth has so far absorbed the Hormuz oil shock thanks to excess supply, rapid rerouting, and U.S. energy strength, but a prolonged conflict could turn a manageable disruption into a broader economic drag.
  
  
• Market View — The Next Frontier: China's Rise as a Pharma Superpower: China is rapidly emerging as a global biotech powerhouse by leveraging state support, regulatory reform, scale, and talent, while deepening ties with Western pharmaceutical leaders.
  
  
• Thought of the Week — Deal Activity Remains on Track in 2026: Global dealmaking started 2026 strongly, led by Artificial Intelligence-driven investment and resilient U.S. markets, though rising geopolitical risks, volatility, and shifting rate expectations could pose near-term challenges.​