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Biden targets Big Pharma and California Republicans By Reuters

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© Reuters. FILE PHOTO: US President Joe Biden delivers remarks about the Build Better Act and its impact on the cost of prescription drugs during a speech in the East Room of the White House in Washington, US, on December 6, 2021. REUTERS/Lea Mehlis

Written by Jeff Mason and Trevor Honeycutt

IRVIN, California (Reuters) – President Joe Biden lashed out at Republicans and drug companies during his layover at a California community college while campaigning for fellow Democrats in the November midterm elections as his party tries to maintain slim margins in Congress.

The trip includes stops in California on Friday and Oregon on Saturday as Biden positions his party as a champion of consumers and cuts health care costs at a time when inflation is a top priority for voters. The midterm elections will be held on November 8.

“We got the big pharma and beat them, in the end,” Biden said, referring to provisions of the recently passed inflation-reduction law that allows Medicare to negotiate lower drug prices; Determine the costs that seniors will pay for prescriptions; And it cuts insulin prescriptions to $35 for Medicare beneficiaries.

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Biden has promised to cap the price of insulin at $35 for all Americans if Democrats retain the House and Senate. Most forecasts show that Democrats have a slight advantage in the Senate and Republicans a greater advantage in the House.

Biden claimed that Republicans would eliminate caps on prescription drug prices and withdraw Medicare’s ability to negotiate drug prices if they controlled them.

Biden was introduced by Representative Katie Porter, who has questioned bank and drug company executives about their earnings in widely viewed congressional hearings.

“Here’s the cold truth. Corporate greed is exacerbating health outcomes, ripping off taxpayers and threatening our capitalist economy,” Porter said, claiming that the pharmaceutical industry crushes competition and price transparency.

Biden signed an order Friday asking the US Department of Health and Human Services (HHS) to determine within 90 days how it will use new models of care and payment to lower drug costs.

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Data on Thursday showed that US consumer prices jumped 8.2% in the 12 months to September, after peaking above 9% in the summer and growing at their fastest pace since 1981. Health care costs were partly to blame in the last month, along with Food and drinks. Leasing.

“Americans are caught up in the cost of living — that has been true for years and is a major reason why the president is running,” the White House said in a fact sheet blaming drug companies for raising prices. “Health care costs in particular drive inflation.”

HHS has been given the ability to promote new approaches to lower costs and expand care through the Center for Innovation, which was created under the 2010 Health Care Reform Act known as Obamacare and is based at the Centers for Medicare and Medicaid Services.

In August, Biden signed the $430 billion Inflation Reduction Act.

About 65 million Americans are enrolled in Medicare, which has been repeatedly criticized for its cost to taxpayers.

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Dollar falls as easing of restrictions in China boosts risk sentiment By Reuters

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© Reuters. FILE PHOTO: One hundred US dollar banknotes are seen in this illustration taken in Seoul on February 7, 2011. REUTERS/Lee Jae-won/File Photo

SINGAPORE (Reuters) – The dollar fell broadly on Monday after a rough week, weakening below 7 yuan as sentiment towards riskier non-dollar assets improved after signs of China easing some coronavirus-related restrictions.

More Chinese cities, including financial hub Shanghai and Urumqi in the far west, announced easing coronavirus restrictions over the weekend as China tries to soften its stance on COVID-19 restrictions in the wake of unprecedented protests against the policy.

“They may seem like small steps, but nonetheless they are a strong sign that China is taking measured steps toward reopening,” said Christopher Wong, currency analyst at OCBC.

China is preparing to announce soon easing nationwide testing requirements, as well as allowing positive cases and close contacts to isolate at home under certain conditions, people familiar with the matter told Reuters last week.

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The dollar fell below 7.0 yuan in foreign trade, while it jumped about 1.4% to 6.9507 on Monday morning, the strongest level since Sept. 13.

The euro, which measures the currency against six major peers including the yen and the euro, fell 0.18% to 104.28, its lowest since June 28.

The index fell 1.4% last week, capping a 5% decline for November, its worst month since 2010, on mounting expectations that the Federal Reserve is ready to scale back interest rate hikes after four consecutive 75-bps. Points increase.

Investors’ focus will be on US consumer price inflation data due on December 13, a day before the Federal Reserve wraps up its two-day policy meeting.

The US central bank is expected to raise interest rates by an additional 50 basis points at the meeting. Fed fund futures traders are now pricing the Fed’s benchmark rate to a peak of 4.92% in May.

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OCBC’s Wong said some degree of caution is still warranted because the Fed is not done tightening. “They’re still tightening up, it’s just that it’s going to be in baby steps.”

Traders appeared to be looking beyond the stronger-than-expected US jobs report for November on Friday after some Federal Reserve speakers calmed market concerns.

“We’ve blown past the US payrolls with a temporary jolt to risk markets,” said Chris Weston, head of research at Pepperstone, noting that the data supports the “soft landing” argument and is unlikely to change the Fed’s course.

Meanwhile, the Japanese yen was down 0.04% against the dollar at 134.37 per dollar, after rising 3.5% last week, off October’s low of 151.94.

The euro rose 0.38% to $1.0578, after rising 1.3% last week. It had earlier touched its highest level in more than five months at $1.05835.

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The pound rose to $1.23450, the highest level since June 17, and was last trading at $1.2339, up 0.42%.

The Australian dollar rose 0.75% to $0.684, while it rose 0.31% to $0.643.

================================================== == ======

The currency bid prices are at 0520 GMT

Description RIC Last US Close Pct Change YTD Pct High Bid Low Bid

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previous change

session

EUR/USD 1.0580 $1.0541 +0.37% -6.94% +1.0584 +1.0512

USD/JPY 134.3800 134.2950 +0.00% +16.75% +134.7600 +134.2800

EUR/JPY 142.18 141.53 +0.46% +9.10% +142.2200 +141.5700

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USD/CHF 0.9349 0.9368 -0.19% +2.51% +0.9393 +0.9344

GBP/USD 1.2337 1.2293 +0.37% -8.76% +1.2343 +1.2251

USD/CAD 1.3401 1.3474 -0.54% +5.99% +1.3473 +1.3386

AUD/USD 0.6841 0.6794 +0.63% -5.94% +0.6851 +0.6764

NZ 0.6429 0.6413 +0.27% -6.06% +0.6442 +0.6367

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Tokyo forex market information from Bank of Japan

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The Dow shines as tech stocks squeeze higher on the Nasdaq

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The Dow Jones Industrial Average is outperforming the broader S&P 500 to an extent not seen in nearly a century.

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Saudi Crown Prince invests in Credit Suisse unit, Wall Street Journal reports

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(Bloomberg) — Saudi Crown Prince Mohammed bin Salman is preparing to invest in the investment bank of Credit Suisse Group AG, The Wall Street Journal reported.

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The newspaper said, citing people familiar with the matter, that Prince Mohammed may invest about $500 million in the lender’s CS First Boston. Other investors could include former Barclays plc CEO Bob Diamond Atlas Merchant Capital, according to the report.

Credit Suisse Chairman Axel Lehmann said last week that the bank had received several additional commitments from investors regarding First Boston’s investment bank plan.

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Prince Mohammed is encouraging Saudi Arabia’s largest companies to expand globally, raising the country’s image as a serious investor and diversifying its economy. The kingdom is already backing Credit Suisse, with the National Bank of Saudi Arabia taking a 9.9% stake in the troubled Swiss bank.

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