Squawk on the Street SOTS 2nd Hour: Novo Nordisk Oral Weight-Loss Pill, Global Market Outlook, “Aggressive Housing Reform” 12/23/25
Dec 23, 2025
Annika Constantino, a CNBC reporter covering health news, reveals insights from her interview with Novo Nordisk's CEO about the FDA's groundbreaking approval of the first oral GLP-1 weight-loss pill. Lord Jim O'Neill shares a keen outlook on global markets, discussing China’s stimulus efforts and trends among BRICS nations. John Lavallo from UBS explores significant potential U.S. housing reforms, their potential impact on affordability, and builders' margins, suggesting innovative policies to tackle housing challenges.
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Non-U.S. Stocks Could Outperform
- Jim O'Neill sees a possible multi-year outperformance for non-U.S. equities tied to fiscal and policy shifts in Europe, China stimulus, and commodity reflation.
- He warns that rising Japanese yields and inflation surprises could frustrate that outlook.
Japan's Pivot Matters Globally
- Japan's hawkish pivot and rising bond yields pose a marginal headwind for global bond markets and could lift the yen significantly.
- O'Neill expects higher Japanese yields to pressure other sovereign bond markets if the trend continues.
Oral GLP-1 Broadens Obesity Treatment
- Novo Nordisk's oral GLP-1 pill expands obesity treatment by offering a needle-free option for patients who avoid injections.
- CEO Mike Dutsar claims the pill matches injectable efficacy (~17% weight loss) and launches early 2026 at ~ $150/month pre-insurance.