Rising levels of sovereign debt are drawing renewed scrutiny from global bond investors as fiscal pressures intensify across advanced economies. The recent credit rating downgrade of the United States by Moody’s $MCO and tepid demand for Japanese government bonds (JGBs) underscore growing unease over debt sustainability in the world’s two largest economies.

Merck & Co. $MRK has reportedly entered discussions to acquire Swiss biotech firm MoonLake Immunotherapeutics $MLTX in a deal exceeding $3 billion, according to sources cited by the Financial Times. This potential acquisition underscores a broader industry trend where big pharma firms target clinical-stage biotech companies with promising late-stage assets to boost their immunology and specialty drug pipelines.

Germany’s Federal Financial Supervisory Authority (BaFin) has concluded an investigation into the controversial practice of pre-earnings analyst calls, stating it found no compelling evidence of misconduct or the need for regulatory change. The review was initiated in response to media reports suggesting a correlation between unusual stock price volatility and companies’ selective communication with financial analysts before the publication of quarterly results.