The passing of the healthcare reform in the US House of Representatives will largely benefit brandname drugmakers and device makers as the latter avoided deeper price cuts while having fees and rebates delayed to 2011. But global equity markets will be more concerned with Fridays rate hike from the Reserve of Bank of India, Fed Chairman Bernankes Thursday speech about the exit strategy (which may be used to explain a probably discount rate hike on Thursday) and expectations of a Chinese interest rate hikeas the PBOC has yet to increase borrowing costs aside from tightening reserve requirements and limiting new bank lending. GBP EXTENDS SELL-OFF after more members of the BoE mention bumpy recovery and keeping the door open for further asset purchases. Markets turn to Tuesdays UK BUDGET where Chancellor Darling will give details on the BANK TAX as well as announce the govts 2010 and 2011 estimates GDP growth, deficit and unemployment. None of these dynamics are expected to boost cable.
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