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By Alun John, Danilo Masoni, Dimitri Rhodes and Maggie Fick LONDON (Reuters) -European and U.S. healthcare stocks surged on Wednesday, propelled by a deal between Pfizer and President Donald Trump to lower prescription drug prices in the Medicaid programme in exchange for tariff relief. The agreement, seen as less punishing than some within the industry had feared, gives hard-hit global drugmakers a degree of clarity after a volatile year during which Trump has taken aim at the sector over high U.S. medicine prices. The Pfizer deal is expected to break the seal for other agreements as companies look to hand Trump pricing wins in return for lower tariffs on their drugs to enter the huge U.S. market, investors, company insiders and lobbyists said. "We expect EU pharma to follow suit and negotiate with the Trump administration for exemptions," said Lucy Coutts, investment director at wealth managers JM Finn, which holds shares in GSK, AstraZeneca, Roche and Novo Nordisk. She said this would likely be in the form of investment in U.S. manufacturing and participation in TrumpRX, a website being launched by Trump for Americans to buy drugs at a discount. SHOT IN THE ARM FOR PHARMACEUTICAL SHARES Trump sent letters to 17 leading drug companies in July telling them to slash prices to match those paid overseas. He asked them to respond with binding commitments by September 29. Pfizer is the first drugmaker to announce a deal.  U.S. patients currently pay far more for prescription medicines, often nearly three times more than in other developed nations, and Trump has been pressuring drugmakers to lower their prices to what patients pay elsewhere. On Wednesday, Europe's healthcare sector index cheered the Pfizer deal, closing 5.3% higher, logging its biggest one-day jump since November 2008. Among the stocks of pharmaceutical companies and their suppliers, Ambu, Sartorius, and Merck, Roche and AstraZeneca rose between 8% and 12% at close. Novo Nordisk and Novartis closed 6.4% and 3.9% higher, respectively. U.S. pharma stocks also extended the previous session's gains on Wednesday, lifting the broader healthcare sector up about 2% to an over five-month high. Eli Lilly, Pfizer, Merck, AbbVie and Bristol Myers Squibb were among the top performers on the benchmark index, with their shares gaining between 5% and 8%. Shore Capital analyst Sean Conroy said clarity was beginning to emerge on the potential impact of the Trump administration's "most-favoured-nation" drug pricing proposal and things looked "far less draconian than feared". "The announcement yesterday offers some relief to the market," HSBC analyst Rajesh Kumar said. "(It) may suggest that the deals are now being closed with the U.S. administration offering a path for resolution of the overhang." COMPANIES IN 'CONSTRUCTIVE' TALKS WITH US ADMINISTRATION Britain's GSK, maker of HIV drugs and vaccines, said it was having constructive conversations with the Trump administration over drug pricing. Germany's Merck KGaA, which makes cancer drugs, said similar. Roche said that it and its U.S. unit Genentech remained committed to working with the Trump administration towards strengthening U.S. manufacturing and making medicines more affordable for patients there. Novo Nordisk, the Danish firm that makes the Wegovy weight-loss injection, said it was in talks with the Trump administration over the "most-favoured-nation" executive order. Novartis said it remained committed to finding constructive solutions that lower costs for Americans and address price disparities between the U.S. and other high-income countries. Berenberg analysts estimated that a 50% reduction in Medicaid sales, which account for about 3% of large pharma revenues, would hit sector earnings per share by an average of 4%, with the biggest impact at GSK at around 7% and the smallest at Pfizer at about 1%. "We believe that now if the companies are investing in the U.S. they should be on the safe side," Bernstein analyst Florent Cespedes said, adding that European firms had announced about $200 billion in U.S. investments. Angelo Meda, head of equities at Banor SIM in Milan, said 2025 was meant to have been a year of expansion for drugmakers, but this had been hit by tariffs. The deal was a relief. "Any positive news on that front can breathe new life into a sector that is currently trading at relative lows compared to the broader market," he said.  (Reporting by Alun John in London, Danilo Masoni in Milan, Dimitri Rhodes in Gdansk and Maggie Fick. Additional reporting by Dave Graham, Patricia Weiss and Mariam Sunny. Writing by Adam Jourdan. Editing by Amanda Cooper, Ros Russell and Sergio Non)

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(Reuters) -Tesla CEO Elon Musk on Wednesday became the first person in history to achieve a net worth of nearly $500 billion, according to Forbes' billionaires index. Musk's net worth stood at $499.5 billion as of 3:43 p.m. E.T. (Reporting by Deborah Sophia in Bengaluru; Editing by Devika Syamnath)

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By David Morgan, Bo Erickson, Nolan D. McCaskill and Richard Cowan WASHINGTON (Reuters) -President Donald Trump's administration on Wednesday froze $26 billion for Democratic-leaning states, following through on a threat to use the government shutdown to target Democratic priorities. The targeted programs included $18 billion for transit projects in New York, home to Congress's top two Democrats, and $8 billion for green-energy projects in 16 Democratic-run states, including California and Illinois. Vice President JD Vance, meanwhile, warned that the administration might extend its purge of federal workers if the shutdown lasts more than a few days. The moves made clear that Trump would carry out his threat to take advantage of the shutdown to punish his political opponents and extend his control over the $7 trillion federal budget, established by the U.S. Constitution as the domain of Congress.  The pressure tactics came as the 15th government shutdown since 1981 suspended scientific research, financial oversight, environmental cleanup efforts and a wide range of other activities.  Some 750,000 federal workers were ordered not to work, while others, such as troops and Border Patrol agents, began to work without pay. The Department of Veterans Affairs said it would provide burials at national cemeteries, but would not erect headstones or mow the grass. Vance said at a White House briefing that the administration would be forced to resort to layoffs if the shutdown lasts more than a few days, adding to the 300,000 who will be pushed out by December. Previous shutdowns have not resulted in permanent layoffs.  The U.S. Patent and Trademark Office said it would lay off 1% of its 14,000 employees, according to an internal letter seen by Reuters. SCHUMER ALLEGES SHUTDOWN 'BLACKMAIL' Hakeem Jeffries, the top Democrat in the House of Representatives, said the funding freeze for subway and harbor projects in his home of New York would throw thousands out of work.  Top Senate Democrat Chuck Schumer, also from New York, said Trump was targeting regular Americans for partisan aims.  "He is using the American people as pawns, threatening pain on the country as blackmail," Schumer said. Republican Senator Thom Tillis said he was concerned that the freezing of infrastructure funds for New York could make it harder for Congress to exit the shutdown. "They need to be really careful with that, because they can create a toxic environment here," Tillis said. "So hopefully they're working with the leader, and the leader with them, on not creating more work to get us out of this posture."  Republican Senate Leader John Thune dismissed concerns that the spending freeze amounted to hostage-taking.  "Well, vote to open up the government and that issue goes away, right? I mean, it's pretty straightforward," he said at a press conference. DIFFERENT DAY, DIFFERENT VOTE, SAME RESULTS Meanwhile, the Senate again rejected efforts to keep the government functioning as both a Republican proposal that would fund the government through November 21 and a Democratic vote that would pair funding with additional health benefits failed in floor votes. Trump's Republicans hold a 53-47 Senate majority, but they need the support of at least seven of Schumer's Democrats to meet the chamber's 60-vote threshold for spending bills. At issue on the government funding front is $1.7 trillion for agency operations, which amounts to roughly one-quarter of annual spending. Much of the remainder goes to health and retirement programs and interest payments on the growing $37.5 trillion debt. A bipartisan group of senators huddled on the floor during the vote, trying to find  a path forward. "I want to see that a deal is a deal, and I would like to see the Republicans make a commitment to work with us on health care,” said Senator Tim Kaine, a Virginia Democrat who represents many federal workers near the nation's capital. “But I've never said that has to be all I's dotted and T's crossed because that could be complicated." Democrats are also seeking guarantees that Trump will not be able to ignore spending bills he signs into law, as he has repeatedly done since returning to office.  Both sides sought to pin the blame on the other, looking for advantage ahead of the 2026 midterm elections that will determine control of Congress.  Democrats said Republicans were responsible for the disruption, as they control the levers of power in Washington.  Republicans said Democrats were surrendering to partisan pressures to oppose Trump, even though they have routinely backed spending bills in the past. They also repeated a false claim that the Democratic proposal would extend health coverage to people who are in the country illegally. According to the nonpartisan Congressional Budget Office, the Democratic plan would only restore coverage to certain categories of immigrants who are in the country legally, such as asylum seekers and people on work visas. Several government agencies posted notices on their websites blaming the "radical left" for the shutdown – a possible violation of a law known as the Hatch Act meant to insulate nuts-and-bolts government services from partisan politics.  The longest U.S. government shutdown, which stretched over 35 days in 2018-2019 during Trump's first term, ended in part after flight delays caused by air traffic controllers calling in sick. (Reporting by Courtney Rozen, Richard Cowan, Nolan D. McCaskill, Bo Erickson and David Morgan; Additional reporting by Mike Stone, Doina Chacu, Jasper Ward and Katharine Jackson; Writing by Andy Sullivan; Editing by Scott Malone, Lincoln Feast, Alistair Bell and Daniel Wallis)

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By Scott DiSavino NEW YORK (Reuters) -Oil prices slid for a third day in a row to a 16-week low on Wednesday as a U.S. government shutdown fed worries about the global economy, while traders expected more oil supply to come on the market with a planned output boost by OPEC+ next month. Brent crude futures fell 68 cents, or 1.0%, to settle at $65.35 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 59 cents, or 0.9%, to settle at $61.78. Those were the lowest closes for Brent since June 5 and for WTI since May 30. U.S. oil production growth will stall if prices stay near $60 per barrel, as fewer drilling sites are profitable at that level, the CEO of Diamondback Energy FANG.O, one of the country's top oil producers, said on Wednesday. In other energy markets, U.S. gasoline futures closed at their lowest in almost a year. Traders expect OPEC+ to boost production in November by about the same as the 500,000 barrels per day hike in September, even as U.S. and Asian demand start to decline, Rystad analyst Janiv Shah said. OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers like Russia, could agree to raise oil production by up to 500,000 bpd in November, triple the increase made for October, as Saudi Arabia seeks to reclaim market share, three sources familiar with the talks said. However, OPEC wrote on X that media reports of plans to raise output by 500,000 bpd were misleading. An OPEC+ panel stressed the need for achieving full compliance with oil output agreements and extra output cuts that some members are required to make to compensate for earlier exceeding quotas at a meeting on Wednesday, OPEC said in a statement. Oil prices were also pressured by a bigger-than-expected increase in U.S. crude inventories last week. The U.S. Energy Information Administration (EIA) said energy firms added 1.8 million barrels of crude into inventories during the week ended September 26, exceeding the 1.0-million-barrel build analysts forecast in a Reuters poll. [EIA/S] [API/S] On Tuesday, sources said the American Petroleum Institute trade group had reported a 3.7-million-barrel draw for the week. "Crude stocks rose following a drop in exports, which were not as hot and could signal some weak demand … we already had a pretty big sell-off on the government shutdown and expectations that that could slow the economy and hurt demand," said Phil Flynn, a senior analyst at Price Futures Group. US GOVERNMENT SHUTDOWN The U.S. government shut down much of its operations on Wednesday as deep partisan divisions prevented Congress and the White House from reaching a funding deal. Government agencies have warned this would halt the release of the closely watched September employment report, among other things. The White House warned that worker layoffs are imminent as the first day of the government shutdown unfolded, even as Vice President JD Vance insisted no final decisions have been made. U.S. manufacturing activity edged up in September, though new orders and employment were subdued as factories grappled with the fallout from President Donald Trump's sweeping tariffs. In Asia, the world's biggest oil-consuming region, data on factory activity added to concerns about fuel demand, as manufacturing activity contracted across most major economies in September. Focus was also shifting to the supply and export disruption in Russia due to Ukrainian assaults, PVM Oil Associates' analyst Tamas Varga said. Russian Deputy Prime Minister Alexander Novak said the situation with the supply of fuel on the domestic market is under control on the whole, while some regions are experiencing shortages of the fuel. Urals crude differentials to dated Brent held steady on Wednesday, while oil loadings from Russia's three key western ports jumped by 25% in September from August, as refinery outages caused by Ukrainian drone attacks freed up more crude. In Venezuela, an OPEC member under U.S. sanctions, oil exports averaged 1.09 million bpd in September, the highest monthly level since February 2020, according to shipping data and documents from state-run energy company PDVSA. (Reporting by Scott DiSavino in New York, Seher Dareen in London and Mohi Narayan in New Delhi. Additional reporting by Georgina McCartney in Houston and Ahmad Ghaddar in London; Editing by Alexandra Hudson, Aidan Lewis, Mark Potter, David Gregorio, Diane Craft and Daniel Wallis)

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By David French and Nivedita Balu NEW YORK/TORONTO (Reuters) -KKR is exploring a potential sale of its 40% stake in Pembina Gas Infrastructure, with its holding in the Canadian midstream operator expected to be valued at around $7 billion, four people familiar with the matter said on Wednesday. Pembina Gas Infrastructure was formed in 2022 as a joint venture between the investment firm and Pembina Pipeline Corp, and owns natural gas and natural gas liquids transportation, processing and storage infrastructure in western Canada. KKR has been working with investment bankers at Scotiabank in recent weeks to solicit potential buyer interest in the stake, said the sources, who cautioned that no sale was guaranteed and spoke on condition of anonymity to discuss confidential information. KKR and Scotiabank declined comment. Pembina Pipeline did not respond to comment requests.  The KKR stake in Pembina Gas Infrastructure is expected to attract interest from other alternative asset managers and infrastructure funds, the sources said. Such buyers are drawn to minority stakes in such assets because they can pocket steady returns from the revenues earned without needing operational knowledge. Opportunities to own substantial stakes in large-scale Canadian pipeline assets are rare, which gives the Pembina Gas stake additional scarcity value, the sources added. Deal activity has remained strong for the Canadian energy sector this year, gaining attention from investors as companies seek to consolidate and build scale on growing demand for infrastructure and energy projects to meet rising energy needs.   When Pembina Gas was formed, the parties said the venture was worth around C$11.4 billion ($8.17 billion) in total, meaning an exit for KKR at the mooted price would be significantly profitable for the investment firm. Since formation, Pembina Gas has grown through bringing built projects online and acquiring further assets. Pembina Gas has capacity to process around 5 billion cubic feet per day of natural gas, with assets within both the Montney and Duvernay shale formations, according to its website.  ($1 = 1.3948 Canadian dollars) (Reporting by David French in New York and Nivedita Balu in Toronto; Additional Reporting by Amanda Stephenson in Calgary; Editing by Nia Williams)

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By Dietrich Knauth NEW YORK (Reuters) -Bankrupt auto parts supplier First Brands on Wednesday received a U.S. judge's permission to proceed with the first phase of a $1.1 billion bankruptcy loan, giving the company an immediate infusion of $500 million as it tries to reorganize longer-term debt.  U.S. Bankruptcy Judge Christopher Lopez approved the first phase of the loan at a court hearing in Houston, Texas, after First Brands said it needed the money to stabilize a business that been knocked off course by President Donald Trump's tariffs and escalating debt disputes, some of which stem from suspicions over the company's accounting practices. "It is clear that this debtor needs financing," Lopez said. Lopez will consider approving the remainder of the loan at a future court hearing. First Brands filed for bankruptcy on Monday after its lenders began investigating irregularities in the company's financial reporting. The company has $11.6 billion in total liabilities, according to court documents. BANKRUPTCY RATTLES DEBT INVESTORS Financial troubles at the auto parts supplier, coupled with the recent bankruptcy of subprime auto lender Tricolor Holdings, have rattled debt investors and stoked fears of broader stress in corporate debt markets. First Brands' bankruptcy loan is being provided by a broad coalition of the company's existing lenders, despite fears that they may be "lending good money after bad," Scott Greenberg, an attorney for the lenders, said at Wednesday's hearing. The lenders have accepted that risk because they want to keep First Brands in business while they investigate the extent of its financial troubles, Greenberg said. First Brands believes it has an unpaid $2.3 billion hole on its balance sheet related to its use of invoice factoring, a process that it has used to generate short-term cash flow. First Brands sold invoices to third-party financial institutions, allowing First Brands to collect funds before a customer actually paid. The company is investigating whether it double-sold some invoices to more than one buyer, and whether First Brands held on to some customer payments that should have been turned over to the purchaser of an invoice. First Brands, which is owned by founder and CEO Patrick James, racked up most of its long-term debt by acquiring other parts suppliers and auto repair services over the past 15 years. But the company's high debt became harder to manage in 2025, when President Donald Trump's tariffs raised the price for auto parts from overseas, cutting into the company's profits and forced it to spend more money restructuring its supply chain, according to court filings. First Brands estimated that Trump's new tariffs cost the company $219 million from April 2025 to August 2025. The company's high debt gave it little room to absorb additional costs, according to court filings. The company had about $1.1 billion in annual earnings, but paid $900 million in debt service costs, according to its court filings. (Reporting by Dietrich Knauth; Editing by Alexia Garamfalvi and Nick Zieminski)

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OTTAWA, Oct 1 (Reuters) – The Bank of Canada expects to release baseline projections for the economy and inflation with its monetary policy report in October, its summary of deliberations released on Wednesday showed. The central bank had stopped giving definitive estimates for Canada's economy from the second quarter and instead opted to lay out a range of projections based on how U.S. tariffs impact the economy. Governor Tiff Macklem had based the decision to pause baseline estimates on extreme uncertainty over whether higher tariffs from U.S. President Donald Trump would increase inflation or slow economic growth. "Given the relative stability with respect to U.S. tariffs since the July Report, members expected they would be able to present a baseline projection for growth and inflation in the October Monetary Policy Report," the minutes of the meeting for the Sept. 17 rates decision showed.  The BoC reduced its key policy rate to a three-year low of 2.5% last month, its first cut in six months, and said it would be ready to cut again if risks to the economy increased in coming months. Money markets are betting that the odds for another 25 basis point rate cut on Oct. 29 are just over 55%. The rate-setting committee acknowledged in their meeting that risks to inflation going up were subsiding.  Most counter-tariffs on U.S. goods had been removed, the members believed, and they agreed that there was no longer a significant risk that the cost of tariffs would be passed on to Canadian consumers and create a knock-on effect to other prices. "Lower input costs from labor, shipping and materials would also likely mean lower inflationary pressures going forward," the minutes said. However, they agreed that the risks had not gone away.  The Governing Council said that economic growth could slow further while the adjustment in business investment and jobs plays out. Members discussed how slower population growth and a softer labor market could dampen growth in household spending in the coming months. They also expected weak business investment to continue to weigh on economic growth in the second half of the year.  But they agreed that consumption should continue to support growth going forward and that the economy was expected to grow roughly in line with the "current tariff scenario" outlined in the July monetary policy report. The impending renegotiation of the free-trade agreement between the U.S., Mexico and Canada was fueling some uncertainty, and this could impede recovery in business investment in the near term. (Reporting by Promit Mukherjee; Editing by Caroline Stauffer) ((promit.mukherjee@thomsonreuters.com)) Keywords: CANADA CENBANK/

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By Gram Slattery and Nandita Bose WASHINGTON (Reuters) -The White House warned on Wednesday that worker layoffs are imminent as the first day of the government shutdown unfolded, even as Vice President JD Vance insisted no final decisions have been made. White House press secretary Karoline Leavitt told reporters government agencies are already preparing for cuts. "Unfortunately, because the Democrats shut down the government, the president has directed his Cabinet and the Office of Management and Budget is working with agencies across the board to identify where cuts can be made and we believe that layoffs are imminent," Leavitt said. Vance acknowledged the situation could escalate quickly into layoffs if the shutdown continues even as he said no final decision has been made about whether certain workers will be laid off or furloughed. "Well, first of all, we haven't made any final decisions about what we're going to do with certain workers," Vance told reporters. (Reporting by Gram Slattery and Nandita Bose in Washington; Editing by Chris Reese)

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By Jonathan Stempel (Reuters) -A federal judge said Coinbase shareholders may pursue a narrowed lawsuit accusing the largest U.S. cryptocurrency exchange operator of concealing business risks, including whether it would be sued by the Securities and Exchange Commission. In a Tuesday night decision, U.S. District Judge Brian Martinotti in Newark, New Jersey rejected requests by Coinbase, top executives and directors for a full dismissal of claims based on dozens of statements made over two years in regulatory filings, earnings calls, blog posts and tweets. Shareholders said Coinbase defrauded them into believing it was improbable the SEC would accuse it in court of operating an unregistered securities exchange, and misrepresented the risk they could lose assets if Coinbase filed for bankruptcy. Martinotti said shareholders cannot pursue claims based solely on "group pleading," where statements in group-published documents such as press releases do not suggest any particular defendant intended to commit fraud. "Where plaintiffs have appropriately provided defendant-by-defendant particularity, the claims must remain," he added. Martinotti's 59-page decision does not say which statements he dismissed, because the parties did not identify which may involve group pleading. "Judges are not like pigs, hunting for truffles buried in briefs," the judge said in a footnote. In a statement, Coinbase called the decision a "significant step forward," and said it is committed to vigorously defending against any remaining claims. Lawyers for the shareholders did not immediately respond to requests for comment. Coinbase's share price fell 12% on June 6, 2023 after the SEC sued the company for allowing trading in tokens that the regulator said should have been registered as securities. Shares also fell more than 26% on May 11, 2022 after Coinbase added disclosures and reported a larger-than-expected revenue decline. The proposed class action led by Swedish pension fund Sjunde AP-Fonden covers Coinbase shareholders from April 14, 2021 to June 5, 2023. In February, the SEC ended its lawsuit against Coinbase, as the Trump administration eases regulatory oversight of the cryptocurrency industry. The case is In re Coinbase Global Inc Securities Litigation, U.S. District Court, District of New Jersey, No. 22-04915. (Reporting by Jonathan Stempel in New York, Editing by Franklin Paul and Diane Craft)

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By Stephen Nellis and Max A. Cherney SAN FRANCISCO (Reuters) -Qualcomm has shifted its flagship chips to the latest generation of Arm Holdings' computing architecture with new features aimed at better AI performance, sources familiar with the matter said, a move that could boost Arm's revenues and help Qualcomm's chips compete against offerings from MediaTek and Apple. The decision at least partially settles a question of whether and how Qualcomm would continue to work with Arm technology, following an acrimonious legal battle between the two last year, and the move is likely to raise revenue for Arm which charges more for the newer tech. Arm shares jumped 5% during the regular session after Reuters published the news of Qualcomm's decision to use Arm's latest technology. San Diego, California-based Qualcomm last week introduced a new generation of PC and phone chips. Unlike previous generations, two sources familiar with the matter said Qualcomm's new chips will use the ninth version of Arm's computing architecture, called "v9" in the industry, which includes several improvements aimed at helping chips handle tasks from chatbots and image generators better. Qualcomm rivals such as MediaTek, which has at times eclipsed Qualcomm's market share for mobile phone chips, has publicly confirmed its use of Arm's v9, and most analysts believe Apple uses it, too. The technology is called an instruction set architecture, a fundamental technology that controls what kind of apps can run on a central processing unit. Qualcomm declined to comment on what technology it used for its newest chips but said in a statement that "we chose the instructions that make sense for our customers. That's the beauty of having our own CPU design team – we can pick and choose the instructions that add value." Arm declined to comment.  While Arm faces competition from newer rivals such as RISC-V, an open chip standard that is free to use, that technology is decades less mature than Arm's and has a smaller software developer base. Qualcomm also could have elected to stick with a previous generation of Arm technology, as it did with chips announced last year. How much Qualcomm's move could bolster Arm revenue is difficult to calculate because Qualcomm licenses Arm's computing architecture but designs much of its chip itself rather than buying design elements off the shelf from Arm, said Jay Goldberg, senior analyst for semiconductors and electronics at Seaport Research Partners. But the move is remarkable because of the legal battle, which has not completely ended, Goldberg said. Less than a year ago, Arm had threatened to cancel a key license to Qualcomm, though it later rescinded that threat. “That’s very positive for Arm," Goldberg said of Qualcomm's reported move. “These are companies that were fighting each other. Qualcomm could have gone a very different path here.” (Reporting by Stephen Nellis and Max Cherney in San Francisco; Editing by Stephen Coates)

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