AstraZeneca (LSE:AZN) and HUTCHMED reported results from the SANOVO Phase III trial in China evaluating Tagrisso in combination with Orpathys as a first-line treatment for certain patients with non-small cell lung cancer.

The trial showed a statistically significant and clinically meaningful improvement in progression-free survival for the combination compared with Tagrisso alone in treatment-naïve patients with EGFR-mutated, MET-overexpressing non-small cell lung cancer.

The companies also reported trends in overall survival and said the safety profile of the all-oral combination was consistent with previously reported data.

SANOVO evaluates combination in first-line setting

The SANOVO study assessed the Tagrisso-Orpathys combination in patients who had not previously received treatment for EGFR-mutated, MET-overexpressing non-small cell lung cancer.

The results extend the clinical evaluation of the combination into the first-line setting following the Phase III SAFFRON and SACHI trials, which studied the regimen in previously treated patients.

The companies did not provide information in the supplied material regarding regulatory submissions or approvals resulting from the SANOVO findings.

AstraZeneca develops targeted lung cancer therapies

AstraZeneca is a global biopharmaceutical company with operations across oncology and other disease areas, including the development of treatments for lung cancer.

Its lung cancer portfolio includes targeted therapies such as Tagrisso and Orpathys, alongside immunotherapies and other agents being developed for different stages of non-small cell lung cancer.

Bitcoin (COIN:BTCUSD) could reach $300,000 by the end of 2029 as mounting sovereign debt and the prospect of currency debasement increase the appeal of scarce assets, according to Bernstein analyst Gautam Chhugani.

The forecast assumes Bitcoin broadly maintains the four-year market cycle that has characterised its historical price movements. Before reaching the projected 2029 peak, Bernstein expects the cryptocurrency to recover to a fresh record of $150,000 by mid-2027.

“Following our price-to-marginal cost framework, we would expect the next market peak to be $300K by CY2029E and the market recovering to new all-time high of $150,000 by mid-2027E,” Chhugani wrote in a note to clients.

Higher borrowing costs shape Bernstein’s Bitcoin outlook

A central part of Bernstein’s argument is that the prolonged period of falling interest rates that characterised the previous 40 years has ended.

With sovereign debt already at unprecedented levels, governments now face the prospect of substantially higher debt-servicing costs. Bernstein believes rising yields can create a feedback loop in which larger interest expenses widen budget deficits, leading governments to issue additional debt.

“Faced with the choice between fiscal stress and currency debasement, we believe the policymakers will ultimately favor the latter, as it is politically less disruptive,” the firm said.

If policymakers ultimately tolerate greater currency debasement to manage fiscal pressures, Bernstein believes investors could increasingly seek assets with structurally limited supply.

Bernstein sees Bitcoin leading the debasement trade

Bitcoin stands out as the leading hard asset within this thesis, according to the firm.

Bernstein estimates that approximately 60% of Bitcoin is held by investors who have demonstrated limited sensitivity to price fluctuations, maintaining their positions even through drawdowns exceeding 50%.

That relatively stable ownership base is being accompanied by expanding access for institutional and retail investors, potentially providing additional sources of demand during future market cycles.

Bernstein believes this combination of limited supply, established long-term holders and broader investor access supports its longer-term price projections.

Strategy target lowered despite Outperform rating

Alongside its Bitcoin forecast, Bernstein lowered its price target for Strategy (NASDAQ: MSTR) to $350 from $450.

The firm nevertheless maintained its Outperform rating, noting that Strategy remains the largest corporate Bitcoin holder globally.

The company owns approximately 4% of the world’s Bitcoin supply, maintaining significant exposure to future movements in the cryptocurrency’s price.

More than 43% of global oil supply originates from countries affected by conflict in 2026, according to Reuters calculations, illustrating the unusually high geopolitical exposure currently facing the energy market.

The situation comes six months after U.S. and Israeli attacks on Iran set off what has developed into the largest recorded oil supply crisis, with uncertainty remaining over how long the disruption will continue.

At the same time, the Russia-Ukraine war has reduced both production and refining activity, with neighbouring Kazakhstan also experiencing cuts during the year.

Persistent instability in Libya and U.S. restrictions on Venezuelan oil exports introduced earlier in 2026 have placed additional pressure on available global supplies.

Around 45 million barrels per day exposed to conflict

Countries affected by these conflicts collectively produced approximately 45 million barrels per day in 2025, according to Reuters calculations based on International Energy Agency data.

That volume represents more than 43% of worldwide supply, highlighting the extent to which current oil production is concentrated in regions facing geopolitical disruption.

The situation has increased the importance of U.S. production to the global market. However, American oil supplies have not been entirely immune from disruption, with severe weather occasionally affecting output.

The overall impact has also been moderated by the fact that the various supply interruptions experienced this year have not all occurred simultaneously.

Gulf oil flows remain under pressure

In the Gulf, producers have taken steps to maintain exports despite the disruption. Saudi Arabia has redirected oil towards the Red Sea, while other exporters have continued moving supplies through the Strait of Hormuz.

Even with those measures, analysts estimate that the current disruption to Gulf oil flows amounts to roughly 5 million to 7 million barrels per day.

The threat to major shipping routes remains significant. Attacks in the Red Sea and close to Egypt’s Suez Canal during July demonstrated how further escalation could affect important corridors for international oil and fuel shipments.

The Gulf and Ukraine conflicts have also had a significant effect downstream, reducing global refining capacity by approximately one-tenth.

Ukraine has repeatedly targeted Russia’s refining infrastructure, including facilities as far away as Omsk, around 2,700 kilometres (1,680 miles) from Ukrainian-held territory.

Refining disruptions tighten fuel markets

Russia is now dealing with fuel shortages at home and has banned gasoline and diesel exports, adding further tightness to international refined-product markets.

Higher fuel prices have increasingly contributed to inflationary pressures, pushing up borrowing costs and helping drive U.S. government debt to a record $40 trillion.

U.S. diesel prices have reached record highs despite domestic refiners operating at maximum capacity.

The International Energy Agency has attempted to soften the impact of the supply crisis through record releases from emergency oil stockpiles.

Most of those releases have now been completed. With global inventories continuing to decline, the market has less of an emergency cushion available if geopolitical disruptions intensify further.

Needham & Company believes the digital asset recovery is showing signs of durability, prompting the firm to raise its crypto volume forecasts across the trading exchanges and platforms included in its coverage.

“How sustainable is the crypto rebound? We believe it has legs,” analyst John Todaro wrote, pointing to three developments that could support further improvement in the market.

Rotation from AI and commodities could benefit crypto

One potential catalyst is a change in where retail investors are directing their capital.

Needham said enthusiasm around artificial intelligence stocks has moderated as the sector faces increased regulatory pressure ahead of the midterm elections. Retail participation in commodities such as oil and metals has also cooled.

With some competing trades attracting less attention, the firm believes crypto could once again stand out as a comparatively appealing destination for speculative capital.

Record selling could reduce future supply pressure

Needham’s second argument is that the market may already have absorbed a substantial amount of selling.

In addition to outflows from ETFs and retail investors, public companies have reduced their bitcoin positions. Digital asset treasury businesses and bitcoin miners collectively sold a record 57,000 bitcoin, valued at roughly $4.2 billion, during the first six months of 2026.

Total disposals by publicly traded bitcoin companies have reached approximately 69,500 bitcoin since the fourth quarter of 2025 began.

If much of that selling has already occurred, Needham’s analysis suggests that one source of supply pressure could become less significant as the market attempts to recover.

Crypto sentiment returns to 2022 levels

Needham’s final argument comes from investor sentiment, which has fallen to levels last recorded during the previous major crypto downturn.

The firm’s Crypto Euphoria Needham Diagram currently stands at 13, which Needham categorises as “max disinterest.” It is the lowest reading since the 2022 bear market, and the firm said such extreme levels have historically been associated with market bottoms.

The indicator provided a contrasting signal in January 2025, reaching euphoric territory as meme coins surged. That period subsequently proved to be the peak of the cycle, according to Needham.

There remains a potential source of bitcoin supply. Miners that are pivoting towards AI infrastructure still hold around 70,000 bitcoin on their balance sheets, although that has fallen considerably from a record level of approximately 100,000.

Political resistance to data center development is becoming an increasingly bipartisan issue in the US, potentially strengthening the case for SpaceX’s (NASDAQ:SPCX) proposed orbital computing strategy, according to Evercore ISI.

Analyst Kutgun Mural highlighted signs of growing regulatory scrutiny at the state and local level. Texas has reportedly paused as many as 1,800 projects while audits are carried out, while Pennsylvania is withholding permits until developers have obtained all required local approvals.

Public sentiment also appears to be shifting. Polling cited by the firm indicates that 75% of Americans would oppose having a data center built near them, compared with 42% a year ago.

Political debate creates headline risk for AI sector

With the US midterm elections approaching, Evercore characterised the situation primarily as a headline risk rather than one likely to immediately alter financial estimates.

“We expect both parties to be loud on the topic into November 3 and would not be surprised if the entire AI complex takes negative headlines along the way,” Mural wrote.

For its terrestrial operations, Evercore said SpaceX compares relatively well with some of the requirements states are beginning to introduce. The company generates power behind the meter and has committed to financing grid upgrades required by its facilities, reducing the potential for those costs to fall on households.

However, Evercore stressed that this represents a relative advantage rather than complete insulation from political or regulatory challenges. Issues in Southaven demonstrate that SpaceX can still encounter opposition involving permitting, emissions and environmental-justice concerns.

Orbital computing could offer a different route

Evercore believes growing resistance to conventional data centers could make orbital computing more strategically relevant if SpaceX can successfully commercialise the concept.

“If SPCX can make orbital compute a reality it could have a significant advantage in both cost and speed to market and avoid the political pressure around terrestrial compute altogether,” the firm wrote.

Evercore estimates that a successful orbital computing strategy could eliminate the need for additional terrestrial capacity beyond 2029.

Watkin Jones (LSE:WJG) expects adjusted operating profit for FY26 to be broadly in line with the level reported in the first half after indicating that some anticipated transactions are now likely to complete beyond the financial year-end.

The residential developer said it has continued to focus on cash management and operational delivery during the year against a backdrop of geopolitical uncertainty and reduced transactional liquidity.

Despite the expected timing shift for some transactions, Watkin Jones forecasts that year-end net cash will exceed the £61 million reported at the half-year stage.

Build-to-rent projects deliver 1,345 homes

Watkin Jones recently completed two build-to-rent developments in Belfast and Cardiff, delivering a combined 1,345 rental units.

The company said aggregate margins from the two schemes were in line with its previous guidance.

Investor engagement concerning a small number of additional transactions remains ongoing, although the Board now expects some of these deals to move beyond the FY26 year-end.

As a result, adjusted operating profit for the full year is expected to be at a similar level to that achieved during the first half.

Building safety work remains a priority

Building safety rectification continues to form part of the group’s operational programme, with four projects currently on site.

Watkin Jones expects work on two buildings to be completed during FY26.

The company said its provisions will continue to be reviewed as investigations progress and discussions with building owners and supply-chain partners continue.

Year-end net cash expected above £61 million

Watkin Jones expects to finish FY26 with net cash above the £61 million position reported at the half-year, despite the delay to certain transactions.

The group continues to develop its business model with the aim of diversifying revenue across its activities.

Management said it believes the company’s balance sheet leaves it positioned to respond to opportunities in its target rental housing markets as conditions develop, while citing the long-term fundamentals of those sectors.

Watkin Jones focuses on residential rental developments

Watkin Jones plc is a UK-based developer and manager of residential properties, with activities including large-scale build-to-rent schemes in urban locations.

The group is seeking to diversify its sources of revenue across development and management activities while maintaining a focus on cash and cost management.

Its operations also include building safety remediation work associated with residential properties in the UK.