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Week Ahead – Bring on the Fed

Focus on the US next week Europe took centre stage last week as leaders waited nervously to see if gas would start flowing through Nord Stream 1 again…

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Focus on the US next week

Europe took centre stage last week as leaders waited nervously to see if gas would start flowing through Nord Stream 1 again following scheduled maintenance (it did) and the ECB raised its deposit rate to 0%, ending eight years of negative rates. Next week the focus switches back to the US which has a big interest rate decision of its own and a number of major earnings reports.

The Fed is expected to raise interest rates by 75 basis points, although it may be tempted to follow the Bank of Canada in hiking by a full percentage point and show the world it means business. This is happening against the backdrop of mounting recession fears which makes next week’s earnings reports all the more important.

Elsewhere it’s a little quieter on the central bank front which is hardly surprising considering how many we heard from late last week. There’s always the possibility of an inter-meeting decision if a central bank deems it necessary. Many have taken that option over the last couple of years and the SNB is no stranger to surprising the markets. If not, there’s no shortage of economic data which traders will no doubt be scrutinizing for inflation clues.

Will the Fed raise rates by 1%?

Inflation data eyed as the ECB starts raising rates

Will Australian inflation data increase calls for more RBA rate hikes?


US

This week is all about the Fed. On Wednesday, the Fed will have to decide how high they want to raise interest rates this time. The consensus estimate is for a 75 basis point increase, but some are expecting the Fed to slow the pace of tightening to a half-point increase, while a couple of economists think an aggressive full-point increase is justified and on the table.  

On Thursday, we will find out if the US fell into a technical recession. The first look at Q2 GDP is expected to show a modest expansion of 0.9%, an improvement from the -1.6% reading from the prior quarter.  The Bloomberg GDP estimate range from 55 economists ranges between -0.6% and 1.2%.  

This is also a massive week for earnings. Tuesday will contain quarterly updates from GM, GE, UPS and 3M.  Apple and Amazon both report after the close on Thursday. A lot of traders still believe any stock market rebounds are bear market rallies as the Fed will remain committed to fighting inflation for the rest of the year. If corporate America starts showing more troubles with the jobs market, that could make some investors reassess how aggressive the Fed will be going forward.    

EU 

In a strange way, the inflation data next week has lost a little something following the ECB’s decision to hike by 50 basis points on Thursday. That decision was taken on the assumption that price pressures are building faster than anticipated and more widespread. It would probably take a shocking number to drastically change expectations. And coming six weeks ahead of the next meeting, a lot can change. That said, in a week of big data points – unemployment, GDP, Ifo – it remains the standout.

Russian gas started flowing along Nord Stream 1 as planned on Thursday, albeit only at 40% as it was before the maintenance began. While a relief, it’s clear that Europe’s energy situation is going to remain extremely challenging in the months ahead given the tendency for flows to be reduced for various reasons.

UK 

A quiet week ahead of the Bank of England meeting the week after, at which the MPC is expected to accelerate its tightening with a 50 basis point hike. 

Russia

The CBR cut rates again on Friday and much more than expected, bringing the key rate down from 9.5% – where it was before the invasion – to 8%. The rouble remains more than 20% stronger against the dollar despite the rate cuts and more are likely to follow. CBR Governor Nabiullina expects the economy to contract less sharply this year than previously thought but for the downturn to be more prolonged. Unemployment and industrial output figures will be released next week. 

South Africa

The SARB accelerated its tightening with a 75 basis point hike, bringing the repo rate to 5.5% as it prepares for a prolonged period of above-target inflation. PPI is the only economic release of note next week.

Turkey

The CBRT opted to continue to bury its head in the sand at its July meeting, leaving the repo rate unchanged at 14% while blaming everything else for eye-watering inflation, which now stands at 78.62%.

The quarterly inflation report will make for interesting reading on Thursday. Enough to change their direction? Almost certainly not although there must come a point when the experiment will need to end.

Switzerland

The SNB is expected to raise interest rates a further 50 basis points when it next meets, with some suggesting it may be higher after inflation hit a 29-year high earlier this month. The central bank does love a surprise though so we can’t discount the possibility of an inter-meeting announcement. 

Retail sales on Friday is the only release of note next week. 

China

It is a quiet week for data in China, with just industrial profits on Wednesday, as world markets remain laser-focused on the US FOMC decision later that day.

China sentiment will be driven by political developments at home, notably the ongoing mortgage payment strike by apartment buyers, this is putting more financial pressure on developers. More stress in this sector will weigh heavily on the Shanghai Composite (lots of banks) and the Hang Seng (lots of developers).

Covid-19 cases are rising in China once again and the ever-present risk is that centres like Shanghai or Beijing could face partial shutdowns again. Potentially a major negative for local and regional equity markets.

India

No significant data in the week ahead. Foreign investors have continued to sell out of Sensex holdings heavily, weighing on the rupee. USD/INR remains near record highs as the current account deteriorates due to high energy prices and domestic export restrictions. The RBI appears to be intervening to cap USD/IDR near 80.00, but a 1.0% FOMC hike this week may see the RBI fold. The RBI may well be considering another unscheduled rate hike, which could be negative for equities.

Australia 

The Australian dollar remains at the mercy of international investor sentiment flows which have been positive for the past week. It could drop suddenly if investor sentiment swings south.

Australia releases inflation data on Wednesday which should generate short-term volatility. A high print could have markets scrambling to price in more aggressive RBA tightening, which may be positive for AUD and negative for local equities.

New Zealand

New Zealand releases business and consumer sentiment this week. There is substantial downside risk as cost-of-living and weakening property prices bite. A potential negative for local equities.

The New Zealand dollar remains at the mercy of international investor sentiment flows.

Japan

Japan has a heavy data week ahead but Friday’s consumer confidence, industrial production and retail sales are the most important. All three could show a gentle recovery which may be positive for local equities, although the Nikkei 225 is mostly correlated to the Nasdaq at the moment.

USD/JPY has fallen below 138.00 on lower US yields. If US yields fall again into the early part of next week, USD/JPY is in danger of a large downward correction to wash out USD/JPY longs. Conversely, a hawkish FOMC decision next week could see the USD/JPY uptrend resume as the rate differential widens.

Singapore

Singapore releases industrial production on Monday, but Friday’s PPI and import/export prices is likely to be more important. With the MAS already tightening this month, and October’s policy meeting looming, high data prints could see markets’ position for another hike in October, a potential negative for local equities.


Economic Calendar

Sunday, July 24

Economic Events

Russian Foreign Minister Lavrov will begin his trip across Africa

Monday, July 25

Economic Data/Events:

Germany IFO business climate

Singapore CPI

Taiwan industrial production

A key debate between the UK’s final Conservative Party leadership candidates, Rishi Sunak and Liz Truss

Tuesday, July 26

Economic Data/Events

US new home sales, Conf. Board consumer confidence

Fed begins 2-day policy meeting

Key earnings from Alphabet, GM, GE, UPS and 3M

Mexico international reserves

Singapore industrial production

Bank of Japan releases minutes from its June meeting

The IMF releases its world economic outlook update

EU energy ministers expected to have an emergency meeting

Wednesday, July 27

Economic Data/Events

FOMC decision: Fed expected to raise rates by 75 basis points

US wholesale inventories, durable goods

Australia CPI

China industrial profits

Mexico trade

Russia industrial production, unemployment

Thailand trade

EIA Crude Oil Inventory Report

Thursday, July 28

Economic Data/Events

US Q2 Advance GDP Q/Q: +0.9%e v -1.6% prior; initial jobless claims

Mexico unemployment

Australia retail sales

Eurozone economic confidence, consumer confidence

Germany CPI

Hungary one-week deposit rate

After the close, Apple and Amazon report earnings

Friday, July 29

Economic Data/Events

US consumer income, University of Michigan consumer sentiment

Eurozone CPI and GDP

France CPI and GDP

Poland CPI

Czech Republic GDP

Germany GDP

Italy GDP

Mexico GDP

Japan industrial production

German unemployment

Japan unemployment, Tokyo CPI, retail sales

Sovereign Rating Updates

Norway (Fitch)

Finland (Moody’s)

Austria (DBRS)

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International

EUR/AUD bearish breakdown supported by additional China fiscal stimulus and AU inflation

Weak PMI readings from the Eurozone, an increase in China’s budget deficit ratio, and renewed inflationary pressures in Australia may trigger a persistent…

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  • Weak PMI readings from the Eurozone, an increase in China’s budget deficit ratio, and renewed inflationary pressures in Australia may trigger a persistent bearish sentiment loop in EUR/AUD.
  • Watch the key short-term resistance at 1.6700 for EUR/AUD.
  • A break below 1.6250 key medium-term support on the EUR/AUD may trigger a multi-week bearish impulsive down move.

The Euro (EUR) tumbled overnight throughout the US session as it erased its prior gains against the US dollar recorded on Monday, 23 October; the EUR/USD shed -104 pips from yesterday’s intraday high of 1.0695 to close the US session at 1.0591, its weakest performance in the past seven sessions.

Yesterday’s resurgence of the USD dollar strength has been attributed to a robust set of October flash manufacturing and services PMI data from the US in contrast with weak readings seen in the UK and Eurozone that represented stagflation risks.

Interestingly, the Aussie dollar (AUD) has outperformed the US dollar where the AUD/USD managed to squeeze out a minor daily gain of 21 pips by the close of yesterday’s US session. The resilient movement of the AUD/USD has been impacted by positive news flow out from China, Australia’s key trading partner.

China’s national legislature has just approved a budgetary plan to raise the fiscal deficit ratio for 2023 to around 3.8% of its GDP which was above the initial 3% set in March and set to issue additional sovereign debt worth 1 trillion yuan in Q4. This latest round of additional fiscal stimulus suggests that China’s top policymakers are expanding their initial targeted measures to address the ongoing severe liquidity crunch in the domestic property market as well as to reverse the persistent weak sentiment inherent in the stock market.

In addition, the latest set of Australia’s inflation data surpassed expectations has also reinforced another layer of positive feedback loop in the Aussie dollar which in turn may put Australia’s central bank, RBA on a “hawkish guard” against cutting its policy cash rate too soon.

The less lagging monthly CPI Indicator has risen to an annualized rate of 5.6% in September, above consensus estimates of 5.4%, and surpassed August’s reading of 5.2% which has translated into a second consecutive month of uptick in inflationary growth.

In the lens of technical analysis, a potential bearish configuration setup has emerged in the EUR/AUD cross pair from a short to medium-term perspective.

Major uptrend phase of EUR/AUD is weakening

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Fig 1: EUR/AUD medium-term trend as of 25 Oct 2023 (Source: TradingView, click to enlarge chart)

Even though the price actions of the EUR/AUD have been oscillating within a major ascending channel since its 25 August 2023 low of 1.4285 and traded above the key 200-day moving average so far, the momentum of this up movement is showing signs of bullish exhaustion.

Yesterday (24 October) price action ended with a daily bearish reversal “Marubozu” candlestick coupled with the daily RSI momentum indicator that retreated right at a significant parallel resistance in place since March 2023 at the 65 level which suggests a revival of medium-term bearish momentum.

EUR/AUD bears are now attacking the minor ascending support

Fig 2: EUR/AUD minor short-term trend as of 25 Oct 2023 (Source: TradingView, click to enlarge chart)

The EUR/AUD has now staged a bearish price action follow-through via the breakdown of its minor ascending support from its 29 September 2023 low after a momentum bearish breakdown that was flashed earlier yesterday (24 October) during the European session as seen from the 4-hour RSI momentum indicator.

Watch the 1.6700 key short-term pivotal resistance (also the 50-day moving average) for a further potential slide toward the intermediate supports of 1.6460 and 1.6320 in the first step.

On the other hand, a clearance above 1.6700 invalidates the bearish tone to see the next intermediate resistance coming in at 1.6890.

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International

GigXR partners with NUS Medicine to deliver holographic clinical scenarios for gastroenterology training

GigXR, Inc., a global provider of holographic healthcare training, announced today its partnership with the Yong Loo Lin School of Medicine, National University…

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GigXR, Inc., a global provider of holographic healthcare training, announced today its partnership with the Yong Loo Lin School of Medicine, National University of Singapore (NUS Medicine), one of the world’s leading medical schools, to introduce a new gastrointestinal module for the award-winning HoloScenarios application. Created to better prepare medical and nursing students in diagnosing and treating acute gastrointestinal diseases, HoloScenarios: Gastrointestinal delivers evidence-based, robust clinical simulations that present hyperrealistic holographic simulated patients and medical equipment to be used in any physical learning environment, accessed anywhere in the world.

Credit: Yong Loo Lin School of Medicine, National University of Singapore (NUS Medicine), and GigXR

GigXR, Inc., a global provider of holographic healthcare training, announced today its partnership with the Yong Loo Lin School of Medicine, National University of Singapore (NUS Medicine), one of the world’s leading medical schools, to introduce a new gastrointestinal module for the award-winning HoloScenarios application. Created to better prepare medical and nursing students in diagnosing and treating acute gastrointestinal diseases, HoloScenarios: Gastrointestinal delivers evidence-based, robust clinical simulations that present hyperrealistic holographic simulated patients and medical equipment to be used in any physical learning environment, accessed anywhere in the world.

Going beyond linear step-based training traditionally seen with virtual reality (VR), HoloScenarios: Gastrointestinal uses mixed reality (MR) to simulate the entire patient journey, while including branching logic to catalyze variance in learning experiences. From taking basic medical history to performing invasive testing and emergency procedures, the new module empowers learners to master vital medical decision-making and manual skills as they would see them in real-life clinical scenarios and patient care.

HoloScenarios: Gastrointestinal is created in collaboration with renowned medical professionals and educators from NUS Medicine who specialize in the fields of Gastrointestinal (GI) Surgery and holographic medical training. The module is delivered by the Gig Immersive Learning Platform, the enterprise-scale platform enabling the creation, curation, and sharing of immersive training applications and modules made by the world’s preeminent healthcare institutions and MR developers.

“Gastrointestinal pathologies can be complex and challenging to diagnose. This module will allow learners to form a deeper understanding and appreciation of the gastrointestinal tract, especially the three-dimensional understanding of anatomy and body functions,” said Associate Professor Alfred Kow Wei Chieh from the school’s Department of Surgery and Assistant Dean (Education) at NUS Medicine. “We believe mixed reality is the next evolution in healthcare training, and collaborating with immersive platform innovators like GigXR helps us to bring this vital content to more learners globally and, ultimately, improve patient care.”

With international medical and surgical credentials that include MBBS (S’pore), M Med (Surg), FRCSEd (Gen Surg), FAMS, and FACS, Associate Professor Kow has trained thousands of healthcare professionals and advanced surgical fellows. He received the 2023 REAL Advancing in Liver Transplantation Award for his contributions to global liver transplantation education and is a founding member of The Holomedicine® Association.

“GigXR has one of the most advanced and comprehensive platforms in mixed reality, especially in medical training, and enables the exchange of developments, innovation, and expertise with a wider community across Asia and beyond,” added Associate Professor Kow. He is also the Head and Senior Consultant of the Division of Hepatobiliary & Pancreatic Surgery, Department of Surgery, at Singapore’s National University Hospital (NUH), the teaching hospital of NUS Medicine.

The new module also delivers enhanced realism in training learners to more accurately diagnose and treat acute gastrointestinal diseases. Whereas VR has been widely used in gastroenterology training for linear step-based skills, such as in endoscopic procedures, it is limited in its ability to simulate fully realized clinical scenarios. Holographic patient simulation in MR merges hyper-realistic holograms in physical learning spaces that accurately reflect the clinical environment and tools with which learners will care for real patients.

With HoloScenarios: Gastrointestinal, learners can interact with the holographic simulated patients, holographic medical equipment, instructors, and each other. This allows them to master both technical and soft skills, such as patient empathy and team communication, in hyper-realistic, safe-to-fail environments that reduce cognitive load. If the holographic patient displays the need for further care, such as a definitive surgery, learners can discuss a definitive treatment plan.

To gain a deeper evaluation of outward symptoms, co-located learners can safely walk around the patient hologram that is displayed on top of their real-world surroundings. Whereas VR locks learners into a virtual “box,” MR enables clear visibility and awareness of physical surroundings. This allows learners to move freely without fear of physical collisions and safety so they can fully focus on learning key gastrointestinal treatment, diagnostic, and communication skills with peers and instructors.

“In healthcare, educators are not only trying to help learners master and retain vital knowledge, but recall and apply it when a patient’s life may be at risk,” said Dr. Gao Yujia, MBBS (S’Pore), MRCS, FRCSEd, Consultant and Assistant Group Chief Technology Officer at Singapore’s National University Health System, and Vice Chairman of The Holomedicine® Association. “With HoloScenarios: Gastrointestinal, learners will have the ability to not only visualize the presentation of a given disease in 3D but better understand how to apply key learnings in the clinical context and within team environments.” Dr Gao is also the Director of Undergraduate Medical Education for Surgery at NUS Medicine.

With scenarios across gastrointestinal pathologies that include gastrointestinal bleeding, intestinal obstruction, and chronic liver failure, learners can master complex and potentially critical situations. They can learn, for example, how to stabilize patients who are dehydrated, bleeding, or septic, as well as the types of diagnostic procedures that may then be required to get a definitive diagnosis. Using mixed reality headsets or any Android, iOS smartphone or tablet, learners can access HoloScenearios: Gastrointestinal from anywhere for remotely distributed, yet highly immersive simulation.

“Immersive technology has accelerated the sharing of expertise for teaching, training, and simulation. Mixed reality, with its natural propensity to facilitate hyperrealistic, safe, and collaborative learning, continues to accelerate both the quality and scale of training outcomes,” said Jared Mermey, CEO of GigXR. “We are immensely proud to partner with NUS Medicine which has been at the forefront of adopting mixed reality in both clinical and educational use cases. By bringing their esteemed expertise onto our platform with the co-creation of HoloScenarios’ newest module, we believe clinical breakthroughs in diagnosing and treating gastrointestinal diseases will take a giant leap forward.”

Designed specifically for pedagogy, the Gig Immersive Learning Platform is trusted by over 70 enterprise-scale healthcare institutions across four continents to build full immersive curricula utilizing a robust content catalog – all of which is managed from a single dashboard. Third-party content developed by leading 3D medical partners, including DICOM Director, 3D4Medical by Elsevier, and ANIMA RES, seamlessly integrates with the platform to provide complementary, in-depth anatomy applications that empower learners with a broader physical context for the pathologies that they study.

“The Gig Immersive Learning Platform has quickly become the premier educational, social network for sharing healthcare training expertise in the immersive format, spanning global healthcare institutions and the Department of Defense to content developers and enterprises large and small,” said David King Lassman, Founder of GigXR. “HoloScenarios: Gastrointestinal marks the latest milestone in our rapidly expanding catalog, which now boasts a dozen different licensable training modules that span holographic simulated patients, clinical scenarios, anatomy, pathophysiology, and 3D medical imaging.”

NUS joins the University of Cambridge and Cambridge University Hospitals (CUH) NHS Foundation Trust, University of Michigan, and Morlen Health, a subsidiary of Northwest Permanente, P.C., as the world-class institutions partnering with GigXR to co-create holographic healthcare training. These simulations include modules centered around Respiratory diseases, Basic Life Support, Advanced Cardiac Life Support, Neurology scenarios, and now, with NUS, Gastrointestinal diseases.

GigXR and NUS Medicine plan to launch HoloScenarios: Gastro in Spring 2024. For more information on GigXR, visit GigXR.com or email sales@gigxr.com. For more information on NUS, visit nus.edu.sg.


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Public support for extending the 14-day rule on human embryo research indicated by foundational dialogue project

The findings of a foundational UK public dialogue on human embryo research are published today, Wednesday 25th October 2023, as part of the Wellcome-funded…

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The findings of a foundational UK public dialogue on human embryo research are published today, Wednesday 25th October 2023, as part of the Wellcome-funded Human Developmental Biology Initiative (HDBI). The HDBI is an ambitious scientific endeavour to advance our understanding of human development. The dialogue project, which was co-funded by UKRI Sciencewise programme, engaged a diverse group of the public to consider how early human embryo research can be used to its fullest, the 14-day rule and the fast-paced field of stem cell-based embryo models.

Credit: Dr Matteo Molè (Babraham Institute)

The findings of a foundational UK public dialogue on human embryo research are published today, Wednesday 25th October 2023, as part of the Wellcome-funded Human Developmental Biology Initiative (HDBI). The HDBI is an ambitious scientific endeavour to advance our understanding of human development. The dialogue project, which was co-funded by UKRI Sciencewise programme, engaged a diverse group of the public to consider how early human embryo research can be used to its fullest, the 14-day rule and the fast-paced field of stem cell-based embryo models.

Headline findings include:

  • Appetite for review of the 14-day rule: Participants recognised that extending the 14-day rule could open up ways to achieve benefits in fertility and health, with participant support for reviewing this, including national discussion.
  • Confidence in regulation: There was a high level of confidence in how human embryo research is regulated, despite a low level of awareness of the regulators and statutes themselves. This included strong desire to see robust regulation governing any changes to the 14-day rule and further regulation for the use of stem cell-based embryo models.
  • Support for improved fertility and health outcomes: The strongest hopes for future human embryo research were where new knowledge would deliver improvements in understanding miscarriage, preventing health conditions such as spina bifida and raising the success rates of IVF procedures.
  • Concerns about genetically engineering humans: The public expressed concerns on the application of developments in this field to genetically alter or engineer humans.

The dialogue engaged a group of 70 people broadly reflective of the UK population in over 15 hours of activities including a series of online and face-to-face workshops with scientists, ethicists, philosophers, policy makers and people with relevant lived experience (such as embryo donors from IVF procedures).

Dr Peter Rugg-Gunn, scientific lead for the HDBI and senior group leader at the Babraham Institute, said: “Recent scientific advances bring incredible new opportunities to study and understand the earliest stages of human development. To ensure this research remains aligned with society’s values and expectations, we must listen and respond to public desires and concerns. This public dialogue is an important first step and as a scientist I am reassured by the findings but there is still a long way to go to fully understand this complex issue.” 

The report is exceedingly timely, following notable scientific advances in human developmental biology presented at conferences and in leading scientific journals in recent months. As well as generating excitement in scientific fields and with the public, announcement of these breakthroughs also prompted some concerns and criticisms, with the view that these findings raised significant ethical issues. The dialogue provides insight into public considerations following deliberation on early human embryo research. The hope is that it will act as a foundational reference point that others in the sectors can build upon, such as in any future review of the law on embryo research.

Professor Robin Lovell-Badge, co-chair of the HDBI Oversight group, senior group leader and head of the Laboratory of Stem Cell Biology and Developmental Genetics at the Francis Crick Institute, said: “We have learnt a lot about human development before 14 days, but there are areas of investigation that could change how we understand development, and associated diseases, that lie beyond our current window of knowledge. Despite low awareness of current laws, members of the public quickly recognised many of the critical issues researchers are keenly aware of when it comes to growing embryos beyond the current limit. This dialogue also reinforced the fact that the public are in support of research that will yield better health outcomes, and in this case, increase the success of IVF procedures.

Other countries will be looking to the UK to see how we deal with the 14-day rule; we are not there yet with any mandate to make a change, but this does give a strong pointer. The next step will be to delve deeper into some of the topics raised through this dialogue as they apply to specific areas of research, as well as feeding into policy changes.”

The 14-day rule and the regulation of stem cell-based models

When considering the regulation of research involving human embryos, the dialogue explored participant’s views on the 14-day rule. Introduced in 1990, the 14-day rule is a limit enforced by statute in the UK. It applies to early human embryos that are donated by consent to research and embryos that are created for research from donated sperm and eggs. It limits the amount of time early human embryos can be developed in a laboratory for scientific study to 14 days after fertilisation. Due to technical advances, it is now possible to grow embryos in the lab past 14 days, but researchers are not allowed to by the law. If the law changed, it would open up this ‘black box’ of development with researchers able to investigate this crucial time in development from 14-28 days after fertilisation.

Professor Bobbie Farsides, co-chair of the HDBI Oversight group and Professor of Clinical and Biomedical Ethics at the Brighton and Sussex Medical School, said: “It has been a fascinating experience to support HDBI in the undertaking of this exercise.  I commend the participants for the care and mutual respect they have shown throughout. Their engagement and commitment to a subject few of them had previously considered allowed for a wide range of views to be expressed and considered. I hope the scientists involved will be encouraged by the high level of interest in their work, and will want to keep the public conversation going around these important subjects.”

The dialogue included participant discussion on what a change to the 14-day rule might look like, and identified points that should be considered, such as defining what the benefits of extending the rule would be and potential mis-alignment with human embryo research regulations in other countries.

Participants acknowledged the astonishing possibilities of stem cell-based embryo models. The majority of participants would like to see these models further regulated. Work in establishing potential governance mechanisms is already underway. In recognition of the need for additional guidance and regulation in this area, the Cambridge Reproduction initiative launched a project in March 2023 to develop a governance framework for research using stem cell-based embryo models and to promote responsible, transparent and accountable research.

Future steps

A key outcome from the public dialogue is the identification of areas for further exploration, with participants proposing how future national conversations might be shaped. It is hoped that the project acts as a reference base for both widening engagement with the subject and also prompting deeper exploration of areas of concern.

Dr Michael Norman, HDBI Public Dialogue coordinator and Public Engagement Manager at the Babraham Institute, said: “This dialogue shows that people want the public to work closely with scientists and the government to shape both future embryo research legislation and scientific research direction. It is crucial that others in the sector build on these high quality, two-way engagement methodologies that allow for a genuine exchange of views and information to ensure that the public’s desires and concerns are listened to and respected. Transparency and openness around science is vital for public trust and through this we, as a society, can shape UK research in way that enriches the outcomes for all.”

Public Participant (Broad public group, south) said: “I do think that an extension of this public dialogue, and educating a wider society has a benefit in itself. This is really complex and sensitive and the wider you talk about it before decisions are made, the better.”


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