“Don’t tell me what you value,” Joe Biden once said. “Show me your budget, and I’ll tell you what you value.” He wasn’t talking about the European Union, obviously, but it’s a great line that’s as telling today in Europe as it was when he used it to criticize Washington Republicans in 2008. Negotiations on the next seven-year budget cycle ...

A curious thing is happening in China: Its stocks appear immune to any economic slowdown. For years, there was a strong correlation between China’s GDP growth rate and the performance of the benchmark MSCI China Index, which tracks Hong Kong and US-listed Chinese companies. The relationship was so pronounced that fund managers sifted through an array of macro indicators trying ...

Asset swaps have been a big thing in pharma over the past few years. Now it’s time for the un-swap. Novartis AG said it was unwinding part of a complicated 2014 asset swap with GlaxoSmithKline PLC, trading its stake in their consumer-health joint venture for $13 billion. The decision isn’t a huge surprise, though the timing is unexpected. It suggests ...