ActiveInvestorMag.com: The briefing, morning edition

Brazil’s Lula and Flavio Bolsonaro head into Sunday’s runoff with polls near a tie

Fri, 23 Oct 2026 14:17:00 GMT

Foreign diplomats are discussing quick recognition of the winner, who will have to balance ties with China and the United States.

Brazil votes on Sunday in a presidential runoff between leftist incumbent Luiz Inácio Lula da Silva and right-wing Senator Flavio Bolsonaro. Flavio Bolsonaro is the son of former President Jair Bolsonaro. The two candidates were set to clash once more before the vote.

The polls give a mixed picture. Flavio Bolsonaro holds a small but narrowing lead over Lula in polls, while pollsters point to a technical tie. The race is deadlocked ahead of Sunday’s vote.

Foreign diplomats in Brazil are discussing quick recognition of the runoff winner. Many on the left are haunted by Jair Bolsonaro’s presidency from 2019 to 2022, and leftists have taken to social media and the streets to push for a Lula win.

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Indonesia plans a second panda bond of up to 10 billion yuan as it faces MSCI downgrade risk

Fri, 23 Oct 2026 14:17:00 GMT

Jakarta would return to China’s onshore debt market, possibly in November, after selling 7 billion yuan in its debut panda bond in July.

Indonesia is seeking to raise as much as 10 billion yuan, or $1.5 billion, through a panda bond sale. The sale would mark the country’s return to China’s onshore debt market. The bond could be sold in November.

A panda bond is yuan-denominated debt sold in China’s onshore market. Indonesia sold 7 billion yuan in its debut panda bond sale in July, and the new plan is a follow-up to that issue. “We have space to offer foreign currency bonds in the fourth quarter,” an Indonesian official said.

The planned offering of up to $1.5 billion is under consideration rather than final, according to the official’s account. The target of 10 billion yuan would be larger than the July debut.

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Japan’s core inflation tops the Bank of Japan’s 2% target for the first time this year

Fri, 23 Oct 2026 14:17:00 GMT

The September reading keeps a December rate rise in play, although the central bank is expected to hold at next week’s meeting.

Japan’s core consumer inflation rose above the Bank of Japan’s 2% target in September, for the first time since December 2025. It was the first time this year that Japanese inflation broke 2%. The reading matched forecasts.

Data released on Friday showed Japan’s annual core consumer inflation exceeded the central bank’s 2% target. The Bank of Japan is highly likely to conclude at its next policy meeting that underlying inflation has reached 2%.

The government struck a more cautious note. A Japanese minister urged caution on declaring an end to deflation as the Bank of Japan prepares to assess whether it has achieved its 2 percent target. That is the minister’s view; the central bank’s own judgment is due at the meeting.

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Justice Department opens a criminal investigation into Corey Lewandowski’s time at DHS

Fri, 23 Oct 2026 14:17:00 GMT

The probe follows an inspector general referral on contracting during Kristi Noem’s tenure, including a $220 million ad campaign and ties to GEO Group.

The Justice Department has opened a criminal investigation into Corey Lewandowski over his tenure at the Department of Homeland Security, according to sources. The department is looking into allegations involving Lewandowski, a former top adviser to ex-Homeland Security Secretary Kristi Noem. Investigators are examining whether he profited from his work for Noem.

The DHS inspector general referred its investigation of Lewandowski to the Justice Department for review. The inquiry follows that referral into potential contracting fraud during Noem’s tenure as Homeland Security secretary. The probe centres on contracting decisions made during her brief time at DHS.

Lewandowski, the first manager of Trump’s 2016 presidential campaign, served as a top aide to Noem. Trump fired Noem in March.

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OpenAI nears a raise of up to $30 billion at a $1.25 trillion valuation after cutting its target

Fri, 23 Oct 2026 14:17:00 GMT

OpenAI lowered its asking price after some investors resisted a $1.4 trillion valuation, and UAE investors are leading the round.

OpenAI is close to finalising a funding round of up to $30 billion at a $1.25 trillion pre-money valuation, according to people familiar with the matter. The round is being led by UAE investors. The company is closing in on the new round at that valuation.

The price is lower than the one OpenAI first pitched. The company cut its valuation target for the round after facing resistance from some investors to a $1.4 trillion price tag. Even after the cut, the $1.25 trillion target is still about a 50% jump from where the company’s valuation sits now, according to one commentary on the move.

OpenAI is working on the new raise of about $30 billion ahead of a planned initial public offering.

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Peter Thiel breaks with Trump over the Iran war: ‘We should not have done it’

Fri, 23 Oct 2026 14:17:00 GMT

Leaked audio of a private lecture shows the tech investor and Republican donor criticising the decision to go to war while still backing the president.

Billionaire technology investor Peter Thiel has voiced strong scepticism about the US war on Iran, saying Washington should not have launched it. “We should not have done it,” Thiel said of the war. Thiel told an audience at a private lecture earlier this month that the decision was a mistake.

The comments became public through leaked audio. In them, Thiel criticised Trump’s decision to launch the war and spoke of a “lot of mistakes”. He said the United States should not have gotten involved. The remarks were described as a rare rebuke of Trump from one of his backers.

Thiel also warned that the world is “sleepwalking into Armageddon”. He has concluded that going to war with Iran might not have been the smartest decision, according to one account of the remarks.

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Republican senators and Downing Street rebuke Witkoff for calling Putin a ‘humanitarian’ as Russia strikes Kyiv

Fri, 23 Oct 2026 14:17:00 GMT

The backlash and a deadly Russian attack came as Putin said talks must focus on security for Russia, Ukraine and Europe as a whole.

US special envoy Steve Witkoff is facing bipartisan outrage in Congress after he praised Russian President Vladimir Putin as a humanitarian. Several Republicans, including Senators Thom Tillis, John Cornyn and Joni Ernst, joined the criticism. Senator Shaheen, the ranking member, compared Putin’s tactics to Hitler’s.

The British government on 22 October firmly rejected Witkoff’s description of Putin. Downing Street said Russia was responsible for the war. Television host Brian Kilmeade called the compliment “embarrassing” and said it made Witkoff look “naive”.

Witkoff told Putin during their meeting in St Petersburg: “You are a humanitarian … I salute that”. The praise came as Russia released a detained American whom Russian prosecutors had accused of fighting as a mercenary for Ukraine. Witkoff had landed in St Petersburg on Wednesday morning, a Kremlin aide confirmed, and met Putin in one of the city’s grand imperial palaces. Trump on Wednesday seconded his envoy’s description of Putin.

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Senator Blumenthal investigates Tether’s payments to a firm linked to Bo Hines

Fri, 23 Oct 2026 14:17:00 GMT

The Senate’s top Democratic investigator is seeking records on payments to the former White House crypto adviser’s firm, adding to scrutiny of the stablecoin issuer.

Senator Richard Blumenthal, the Senate’s top Democratic investigator, is looking into payments by Tether to a firm linked to Bo Hines. Hines is a former White House crypto adviser. Blumenthal is seeking records on the payments. The payments were made to Hines’s firm, according to the senator’s inquiry.

Blumenthal’s letter cites press reports that the payments began while Hines was helping shape stablecoin legislation for the White House. Blumenthal described that legislation as “instrumental to its business,” referring to Tether. He sent letters requesting details of the payments.

Reports allege that Hines pushed to extend stablecoin compliance deadlines. Those are allegations set out in press reports and in Blumenthal’s letter; the senator is requesting records to examine them.

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Treasury proposes curbs on US investment in Chinese high-tech and biotech

Fri, 23 Oct 2026 14:17:00 GMT

The draft rule would add biotechnology to the outbound investment limits and covers Russia and North Korea alongside China.

The US Treasury has proposed a rule to crack down on high-tech investments in China and other adversaries. The proposed curbs cover high-tech investments in China, Russia and North Korea. The proposal would tighten the rules on investing in sensitive Chinese technology.

The proposal also adds biotechnology to the outbound investment restrictions. The Trump administration’s plan would put new curbs on China biotech deals. In a statement on the OISP plan, Treasury Secretary Scott Bessent said that “the biotechnology sector in countries of concern enables the military”. A document detailing the potential new rule records that Bessent made a determination about “the biotechnology sector in countries” of concern.

Bessent also said the rules would promote an “open investment environment” by providing clarity to investors in the United States and abroad. These are the Treasury’s own descriptions of the rule’s purpose and effect; the proposal has not yet been finalised.

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Trump invokes the Defense Production Act to put $150 million into US refining

Fri, 23 Oct 2026 14:17:00 GMT

The president announced the step at an Iowa rally, and the Energy Department said the money would restart a refinery and expand fuel output.

President Donald Trump invoked the Defense Production Act to spend $150 million on domestic gas and diesel production, with the stated aim of lowering fuel prices. “In more breaking news, my administration is using the Defense Production Act to release $150 million to increase American refining capacity,” Trump told a rally in Sioux City, Iowa. He told the crowd the money would increase refinery capacity “to produce more diesel”.

The White House published a presidential determination under Section 303 of the Defense Production Act of 1950 on domestic petroleum production, refining and logistics capacity. The memorandum, addressed to the Secretary of War, cites Executive Order 14156 of 20 January 2025, which declared a national energy emergency under the National Emergencies Act. Trump made the determination on Thursday.

The Energy Department said it would use the funding to restart an American refinery and expand refining capacity. The department described the plan as one that would add millions more gallons of fuel a day.

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UK consumer confidence suffers its biggest fall since the pandemic as fuel costs bite

Fri, 23 Oct 2026 14:17:00 GMT

Several surveys show sentiment collapsing ahead of Healey’s Budget, adding to the case for a Bank of England rate rise on 5 November.

UK consumer sentiment plunged in October as soaring fuel prices brought home the scale of the cost-of-living hit from the Middle East conflict, according to GfK. The slump was as big as the Brexit shock. Confidence fell at the fastest pace since the Covid-19 pandemic, reversing the bounce in optimism seen over the summer.

The index has been closely tracked by the government and the Bank of England for early warning signs from the economy. Surveys this month from S&P Global and LSEG/Ipsos have also shown weaker consumer sentiment, undoing a recovery that had taken hold earlier.

The British Retail Consortium’s consumer sentiment monitor showed that views of the economy deteriorated for a third consecutive month. Separately, UK retail sales fell 0.4% in September as consumer confidence hit a six-month low.

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US embassy accuses Canada of election meddling, and Ottawa tells its diplomats to avoid midterm candidates

Fri, 23 Oct 2026 14:17:00 GMT

The embassy cited Canada’s targeted retaliatory tariffs as evidence of influence; Prime Minister Mark Carney says Canada is not getting involved.

The US Embassy in Canada accused Canadian leaders of “openly” describing plans to “influence American politics”. The accusation doubled down on Ambassador Pete Hoekstra’s claims of potential election interference. The embassy set out its case in a fact sheet released on Wednesday.

The embassy cited Canada’s targeted tariffs as part of the influence accusations, along with remarks from Industry Minister Mélanie Joly. It accused Canada of brushing off the allegations. The administration also shared a list of Canadians as part of its claims. The US has formally accused Canada of election interference ahead of the midterms, adding a political dispute to the two governments’ fight over trade.

Canadian diplomats based in the US have been advised to avoid appearing with midterm candidates. People familiar with the matter said the diplomats were barred from being in the same room as candidates. The advice came after trade adviser Peter Navarro and Hoekstra issued warnings to Canada. Canada warned its diplomats to avoid US candidates after the Trump administration’s interference claims.

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Bank of Japan set to hold at 1.25% next week as Japan’s biggest union seeks 6% pay rises

Thu, 22 Oct 2026 14:18:00 GMT

The BOJ is expected to keep rates steady at its 29 to 30 October meeting, while strong loan demand and an ambitious wage target keep further hikes in view.

The Bank of Japan will hold its key interest rate steady at 1.25% at its policy meeting on 29 to 30 October, according to a report. The central bank raised rates in June and again in September 2026, taking the policy rate to a 31-year high of 1.25%. Most BOJ watchers expect the next rate rise in December.

Japan’s biggest labour group set a midpoint target of 6% for its 2027 wage increase talks. The target includes a 4% base pay increase. The group framed the figure as a message about how high pay rises should go, with the BOJ’s rate path in the background.

Separately, strength in Japanese loan demand is expected to leave scope for more BOJ hikes. The data, released ahead of next week’s meeting, reinforces the dominant market view that the central bank will continue to raise rates.

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Barclays to cut 5,000 jobs as it leans on AI

Thu, 22 Oct 2026 14:18:00 GMT

The British bank said greater use of artificial intelligence will remove about 5% of its workforce, as its chief executive discussed third-quarter results, the UK budget and private credit.

Barclays is cutting 5,000 jobs as it increases its reliance on artificial intelligence. The bank said its greater use of AI will lead to a 5% reduction in its workforce.

The cuts equate to the loss of 5% of its 93,000 global staff. A Barclays executive said the reductions, affecting about 5% of full-time roles, come as “AI makes our people more productive”. The bank’s bosses hailed advances in AI productivity as they announced the cuts.

The bank is turning to AI to improve efficiency. Chief executive C.S. Venkatakrishnan discussed the bank’s third-quarter earnings, economic volatility, the upcoming UK budget and private credit. He outlined three forces to watch in the bond market.

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France’s 10-year borrowing cost tops 5% again and overtakes US yields

Thu, 22 Oct 2026 14:18:00 GMT

French yields stayed above 5% for a second day, with one gauge of French bond risk at a 15-year high, as policymakers signal no quick rescue from the European Central Bank.

France’s 10-year borrowing cost topped 5% again in early Paris trading on Thursday, a day after touching that level for the first time since 2002. French borrowing costs have overtaken those of the United States amid budget turmoil. A gauge of French bond risk hit a 15-year high.

The move came as France recovers from its worst urban riots in years and braces for more clashes. Yields on eurozone government bonds rose while Treasury yields fell, widening the French spread. The French debt risk premium has reached the levels of the euro zone sovereign crisis. France’s borrowing costs are at a 24-year high as the riots deepen budget worries.

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Global stocks slide as Tesla’s spending cut and Meta dent AI optimism, and Hong Kong suffers its worst day in seven months

Thu, 22 Oct 2026 14:18:00 GMT

A day after SpaceX lifted the AI trade, Tesla’s capex cut and lower sales target, Meta’s results and Gulf tensions sent equities lower from Hong Kong to New York futures.

Global stocks fell and bonds gained as Meta dented optimism about technology. Markets sold off worldwide as further conflict loomed in the Middle East and Elon Musk cut spending at Tesla. US stock futures retreated on concerns about AI, as the rally driven by tech earnings faded.

Tesla cut spending ahead of a potential deal with SpaceX, even as Musk bets the carmaker’s future on AI and robots. Musk set a lower sales target for Tesla, and the company’s profit dropped. Musk is exploring a combination of Tesla with SpaceX, a far more capital-intensive business.

One analyst asked how much the Tesla capex cut is weighing on the market. Many AI bulls had long said the first hyperscaler spending cut would mark the end of the AI trade, the analyst said.

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Nvidia’s Huang pitches $10 billion for European AI and says neoclouds are starved of capital

Thu, 22 Oct 2026 14:18:00 GMT

At Nvidia’s GTC conference in Berlin, Jensen Huang said demand for neocloud operators is “off the charts” but that scarce capital is holding them back, and urged lenders to treat Nvidia chips as a financeable asset.

Nvidia chief executive Jensen Huang used the company’s GTC conference in Berlin to push for a bigger role in Europe’s AI future. In interviews on Thursday he explained the company’s $10 billion investment in European start-ups. His keynote on Wednesday morning was interrupted by protesters.

Huang said demand for neocloud firms is “off the charts”, but that scarce capital is holding back their growth. “Demand is really high, they just need working capital,” he said, calling neoclouds a “good investment”.

He said Nvidia is trying to get lenders to treat its chips as a “financeable asset”. Huang also said he told UK-based neocloud Nscale to “work around the clock” to overcome early setbacks.

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Pentagon builds a deep-cover economic spy program aimed at China

Thu, 22 Oct 2026 14:18:00 GMT

A program overseen by a former CIA officer who followed Deputy Defense Secretary Steve Feinberg from Cerberus Capital Management would place undercover operatives against Chinese targets, alongside a new tech sabotage agency.

The Pentagon is looking to build a more robust deep-cover spying program to confront China, according to people familiar with it. The effort is described as an economic intelligence programme targeting China. It would use US operatives working undercover.

Tom Rakusan is overseeing the program. He is a senior adviser to Deputy Defense Secretary Steve Feinberg and spent 39 years at the CIA. Rakusan previously worked on matters related to Russia’s alleged interference in the 2016 US presidential election.

After leaving the CIA, Rakusan joined Cerberus Capital Management, the private equity firm co-founded by Feinberg. He followed Feinberg from Cerberus to the Pentagon in 2025.

Separately, the Pentagon is quietly building an elite new tech sabotage agency, which has been described as a new Pentagon power centre around Feinberg.

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Philippine central bank surprises with a big rate rise as Korea and Indonesia hold

Thu, 22 Oct 2026 14:18:00 GMT

Three Asian central banks split this week on how to answer energy-driven inflation from the Middle East: Manila tightened more than expected, while Seoul paused and Jakarta held its benchmark rate.

The Philippine central bank raised interest rates by more than expected on Thursday. It warned that inflation would accelerate further as renewed Middle East tensions pushed up energy prices.

The Bank of Korea held its policy rate steady at 3% after two straight increases, as expected. It paused its tightening as inflation eased but remained above target, and signalled that tightening would continue. Shin Hyun-song said the rate freeze was the fruit of preemptive action and that monetary tightening would continue.

Bank Indonesia held its benchmark interest rate steady on Wednesday but raised its deposit facility rate. The decision came as the threat of a downgrade by index provider MSCI weighed on Indonesian markets.

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Seven vessels hit near Hormuz, Iran’s Guards say, as they threaten US bases over tanker escorts

Thu, 22 Oct 2026 14:18:00 GMT

Iran’s Revolutionary Guards claimed strikes and mine hits on seven ships overnight and warned Washington of a wider response, even as Gulf oil exports run above their pre-war level.

Iran’s Islamic Revolutionary Guard Corps Navy said on Thursday that four vessels it accused of illegal oil transfers were hit simultaneously and caught fire. The Guards said they struck the four ships while they were transferring oil ship to ship in the northern Persian Gulf, and that three more vessels struck mines. Iran’s government put the total at seven oil tankers on fire or damaged in the Strait of Hormuz.

Iranian state television reported that the seven tankers were either struck by attacks or hit naval mines. Other accounts say the ships caught fire or were damaged overnight after being hit by Iran or striking naval mines. The Guards described the ships as “violating” vessels.

The Guards also threatened to strike American bases across the Middle East if the US military continues to escort ships through Hormuz. They warned the United States of a wider response.

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SpaceX’s beat-and-raise quarter revives the AI trade and lifts the Nasdaq

Thu, 22 Oct 2026 14:18:00 GMT

SpaceX’s third-quarter results and Elon Musk’s dismissal of overcapacity worries sent tech stocks higher, with small caps posting their best day since August.

SpaceX beat earnings estimates and raised its outlook in third-quarter results released after the market close on Tuesday. The beat and raise reinvigorated Wall Street’s enthusiasm for artificial intelligence, with the Nasdaq leading the major indices in a rally with broad participation. Tech stocks rose after the results.

SpaceX shares surged 8% on the quarterly report. Nasdaq futures led gains before the open as results from SpaceX and Super Micro rekindled the AI trade. The S&P 500 edged higher as the two companies sparked an AI rebound.

The company’s AI spending has reached $16.4 billion, forcing investors into another bet on Elon Musk. On the earnings call, Musk called talk of AI overcapacity “ridiculous”. He said the AI and rocket company is “hounded relentlessly by every hyperscaler” seeking to rent its compute.

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Trump denies ordering the Starlink slowdown in Ukraine as Rubio and Hegseth point to Musk

Thu, 22 Oct 2026 14:18:00 GMT

The president said he does not know who restricted Ukraine’s satellite internet, his top officials put the decision on SpaceX, and lawmakers are calling for an investigation.

President Trump denied ordering a slowdown of SpaceX’s Starlink service in Ukraine and said he does not know who did. “I don’t know who did it,” Trump said when asked whether SpaceX founder Elon Musk was behind the change.

Secretary of State Marco Rubio said Ukraine’s access to Starlink is a decision for SpaceX and Musk, not the White House, responding to claims that the administration was involved in restricting Kyiv’s access to satellite internet services. “Starshield is a defense product… the United States military uses,” Rubio told reporters last week. “It’s not at this moment available to Ukraine”.

The Pentagon also denies playing a role. “We haven’t pulled anything back,” Defense Secretary Pete Hegseth told reporters on Tuesday. Rubio and Hegseth have both pointed at Musk over the slowdown. Trump made his denial when asked directly whether Musk was behind the change to the service.

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Trump says fraud investigations made a very big dent in overseas crypto scams as his family’s crypto gains draw scrutiny

Thu, 22 Oct 2026 14:18:00 GMT

At a White House cybercrime roundtable the administration showcased seizures of fraudulent crypto sites, while critics pointed to the Trump family’s crypto earnings and the 2025 pardon of Binance’s founder.

President Trump said fraud investigations have made a “very big dent” in overseas scams. He spoke at a roundtable on cybercrime in the East Room of the White House on Wednesday, alongside Stephen Miller.

The president’s team highlighted work to crack down on overseas crypto scams. The event was set up to tout seizures of fraudulent crypto sites. Ahead of it, the administration planned to throw a spotlight on overseas crypto abuses.

The roundtable focused on cybercrime losses in 2025. During the event Trump avoided the word “cryptocurrency”, using “cybercurrency” instead. One account put the scams’ losses at $7.2 billion, set against $2.3 billion in gains for the Trump family. Miller also spoke about the president’s record on scams.

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US and Israel plan renewed Iran strikes after the midterms as Washington pulls diplomats from Saudi Arabia

Thu, 22 Oct 2026 14:18:00 GMT

Plans for a post-election air campaign, embassy drawdowns in the Gulf and a large Israeli sortie toward Iran’s border point to rising odds that the war resumes after 3 November.

The United States and Israel have drawn up plans for renewed strikes on Iran after the elections. The planning is aimed at the period after 3 November, when the US midterms take place. The campaign under discussion has been described as massive. One account says interest was expressed in dropping the 22,000-pound GBU-43/B “Mother of all Bombs”. Separately, the United States and Israel are planning for a possible attack on Iran, a source said.

At the same time, Washington ordered some diplomats to leave Saudi Arabia as Houthi attacks escalate. US embassy staff and their families have been told to leave. US troops and diplomats are also evacuating posts elsewhere in the Middle East, according to sources.

Some of President Trump’s advisers, including Defense Secretary Pete Hegseth, have been privately advocating a resumption of military operations against Iran. Hegseth met Israeli Prime Minister Benjamin Netanyahu during an unannounced visit to Israel.

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A New Jersey food importer sues over Trump’s 50% tariffs on Canadian goods under a 1930 law

Wed, 21 Oct 2026 14:16:00 GMT

The lawsuit argues the White House exceeded its authority by using a provision of the Smoot-Hawley Act that no president had used in 96 years.

A New Jersey food importer filed a lawsuit on Tuesday challenging President Donald Trump’s power to invoke a Depression-era law to levy a 50% tariff on Canadian goods. The company is New Jersey-based Gellert Global Group, which objects to the use of the law to levy a 50% tariff on a range of Canadian goods.

The lawsuit argues that the White House exceeded its authority in imposing the latest tariffs on Canada and caused “immediate harm to American businesses”. It is the latest legal challenge to the president’s tariffs.

The case concerns Section 338 of the Tariff Act of 1930, which Trump invoked over the summer to impose 50% tariffs. The suit has been described as a challenge to $40 million in cheese duties under that law.

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BlackRock’s Fink warns that resistance to data centres will push up inflation and computing costs

Wed, 21 Oct 2026 14:16:00 GMT

The asset manager’s chief made the case for a rapid AI buildout as a poll shows most Americans oppose more data centres and finance leaders argue over a bubble.

BlackRock Chief Executive Larry Fink warned on Wednesday that pushback against building data centres will drive up inflation. He said delays in building them could raise computing costs and threaten the economy.

Fink said that failing to push ahead with data centre construction could be inflationary. He stressed the critical role of data centres for the US economy and warned against resistance to their development.

In his account, slow construction could push up the cost of computing as demand for AI rises. A slow buildout would keep AI computing capacity expensive while demand accelerates.

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China moves to tighten control over exports of its top AI models

Wed, 21 Oct 2026 14:16:00 GMT

Beijing has put draft export controls on 23 AI-related technologies out for consultation, including open-weight models and AI agents, as it protests Washington’s DeepSeek ban.

Beijing is moving to tighten its grip on the global spread of China’s top-tier artificial intelligence. On 16 October, the Ministries of Commerce and of Science and Technology put export controls on AI out for consultation until 15 November.

China has proposed draft export controls covering 23 AI-related technologies. The plans would tighten controls on open-weight models as well as on 23 key AI technologies.

The government released proposed export controls covering advanced AI, including AI agents. They came out on the same day that Tencent responded to an incident involving a rogue AI.

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Gulf oil flows top their pre-war level even as new Hormuz attacks lift prices

Wed, 21 Oct 2026 14:16:00 GMT

More than 24 million barrels a day left the region through Hormuz and other routes in the week to 18 October, but attacks on ships and soaring freight costs kept crude rising.

More oil is now coming out of the Persian Gulf than before the Iran war. Flows through the Strait of Hormuz and alternative export routes averaged more than 24 million barrels a day in the week through 18 October, above the pre-war level.

Prices rose anyway. Oil advanced as attacks in the Strait of Hormuz continued to menace global supplies, though flows through the waterway remain robust. Oil prices also rose as Hormuz shipping risks persisted.

The latest incidents were attacks on a tanker near the strait and on Saudi Arabian facilities by Iran-backed Houthis. Traders were assessing those developments as prices climbed.

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Musk calls a SpaceX-Tesla merger a good idea as both boards set up special committees

Wed, 21 Oct 2026 14:16:00 GMT

Independent directors at the two companies will study a combination that Musk says has a lot to offer, and that would be the biggest merger on record.

Elon Musk said on Tuesday that a merger of SpaceX and Tesla would be “a good idea” and that the two companies had formed special committees to consider a deal. The committees are made up of independent directors.

Musk made the comments on SpaceX’s earnings call. “Because I’m a conflicted party, I can’t actually be in the discussions,” he said. He added that “there’s a lot to be gained” by combining the companies.

Tesla’s committee is drawn from its seven independent directors, with Robyn Denholm as chair. Musk is chief executive of both companies.

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Russia frees an American as Putin hosts Witkoff, who asks to restart three-way Ukraine talks

Wed, 21 Oct 2026 14:16:00 GMT

Washington’s envoy presented an updated peace proposal in St Petersburg, while Putin floated a meeting with Trump in China and offered help on Iran.

White House envoy Steve Witkoff on Wednesday asked Russian President Vladimir Putin to allow the resumption of trilateral peace talks between Russia, Ukraine and the US. He presented Putin with an updated proposal to end the war in Ukraine during their meeting in St Petersburg.

Before the meeting, Russia released US citizen Stephen Hubbard, 74, who had spent more than four years in captivity after being seized by Russian troops. Putin ordered the release of the jailed American as he met the envoy. President Trump later said the former teacher was “on his way back home” and that “there was no ‘swap’ necessary”.

The talks were a fresh drive to end the war in Ukraine. Witkoff hailed the Russian leader as a “humanitarian” during the talks.

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The ECB makes its case in China for euro liquidity lines to widen the currency’s global role

Wed, 21 Oct 2026 14:16:00 GMT

Chief Economist Philip Lane argued that backstops in euros for foreign central banks could support sovereign bond markets and help the ECB hit its inflation target.

The European Central Bank made the case in China for euro liquidity lines. The ECB argued that it can strengthen the euro’s global role and amplify the reach of its monetary policy by providing liquidity safety nets.

Chief Economist Philip Lane said wider global use of the euro could help the ECB hit its inflation target. He said a global euro liquidity backstop could support sovereign bond markets.

The ECB set out how the tools would work in a publication on euro liquidity lines and the international monetary system. In the bank’s account, swap lines can be used against local-currency collateral, so that combined swap and EUREP access offers stronger support than EUREP alone.

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The OCC issues its final GENIUS Act rule for stablecoins and reopens the question of rewards

Wed, 21 Oct 2026 14:16:00 GMT

Treasury Secretary Scott Bessent and Comptroller Jonathan Gould called the rule a milestone, while industry groups press the Treasury on the parts of the law still to be written.

The Office of the Comptroller of the Currency has issued its final rule to implement the GENIUS Act, setting a federal framework for US stablecoins. The OCC presented the rule as advancing US leadership in digital assets.

Treasury Secretary Scott Bessent said that “the OCC’s final rule carries that landmark legislation forward, providing a clear, practical foundation”. Bessent and Comptroller Jonathan V. Gould hailed the rule as a milestone that, in their words, positions the US as a global leader.

The rule had been expected. On 15 October, Gould said the OCC’s final rule implementing the GENIUS Act would come “in the very near term”.

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The RBA says Australia’s inflation outlook is materially worse, reviving bets on a November rise

Wed, 21 Oct 2026 14:16:00 GMT

A warning from Deputy Governor Hauser lifted the Australian dollar and reopened a rate decision that bond traders had begun to discount.

The Reserve Bank of Australia said the country’s inflation outlook has become materially worse. Deputy Governor Hauser gave the warning ahead of the central bank’s November meeting.

His comments raised the prospect of another interest rate rise as soon as November. He described the November rate decision as open.

Bond traders had earlier cooled on the prospect of a further rise in interest rates at the policy meeting next month. The warning challenged that view.

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Trump says his political operation has committed $400 million to the midterms as MAGA Inc. pours in $277 million

Wed, 21 Oct 2026 14:16:00 GMT

The president’s super PAC spent more than $200 million in September alone, and a late $80 million donation is now flowing to Democrats.

President Donald Trump said on Tuesday that his political operation had committed $400 million to the midterm elections, including $300 million already spent. He said he plans to spend at least $400 million by Election Day.

His super PAC, MAGA Inc., has put $277 million into the midterms. It spent more than $200 million in September, mainly through two affiliated PACs, according to election data released on Tuesday. That is nearly a quarter of a billion dollars to help Republicans.

Trump said the money is going to help Republicans in the midterms. At the same campaign event, Trump called up Commerce Secretary Howard Lutnick to announce the construction of a new plant to build silicon wafers.

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Trump says the Pentagon will invest $1.5 billion in North Carolina chip production

Wed, 21 Oct 2026 14:16:00 GMT

At a rally in Greenville, the president and Commerce Secretary Howard Lutnick also announced a Sibelco plant worth hundreds of millions of dollars.

President Donald Trump said the Pentagon will invest $1.5 billion in chip production in North Carolina. He made the announcement at a campaign stop in the state, with the money going to semiconductor chip production. Trump spoke in Greenville, where the rally was held.

Commerce Secretary Howard Lutnick joined him on stage to share the news with the crowd. Lutnick announced on Tuesday a new investment in North Carolina by Sibelco, a global industrial minerals company. He said Sibelco will invest “hundreds of millions” of dollars in semiconductor manufacturing in the state.

Sibelco is going to build a manufacturing plant in North Carolina, Lutnick said. At the Pitt-Greenville Airport, Trump and Lutnick announced two semiconductor production efforts in all.

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UK inflation jumps to 3.5% in September on fuel costs, firming bets on a November rate rise

Wed, 21 Oct 2026 14:16:00 GMT

Consumer prices rose faster than expected, to an 11-month high, a week before a Budget in which the chancellor has already ruled out a higher capital gains tax.

Annual consumer price inflation in the UK rose to 3.5% in September, the highest rate in nearly a year. It was 3.1% in the year to August, according to the Office for National Statistics.

The rise was larger than expected. A surge in petrol and diesel costs drove the increase, which took inflation to an 11-month high. Fuel prices driven up by the war were the main push.

The Bank of England’s target is 2%. September’s reading leaves inflation further above that target as policymakers prepare for their next meeting.

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A Bank of Canada survey shows inflation expectations rising, and BMO now leans toward a rate rise next week

Tue, 20 Oct 2026 14:18:00 GMT

Businesses blamed energy prices and new tariffs for higher expected inflation, though some economists say softer consumer prices argue for a hold.

A Bank of Canada survey recorded a notable rise in inflation expectations, The Wall Street Journal reported. The rise in expectations is tied to elevated energy prices stemming from the Middle East conflict and to the imposition of new tariffs, according to Morningstar. A second Morningstar update tied it to elevated fuel costs and new tariffs on US and Canadian goods.

The surveys also pointed to strain from trade. Trade tensions are weighing on exports and investment, Yahoo Finance reported, while cost pressures remain widespread and businesses are absorbing part of the additional tariff burden themselves.

The Bank of Canada held its policy rate at 2.25% in September. Since then, Canada’s mortgage market has reported upward pressure on fixed rates.

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ByteDance, Alibaba and Tencent place more than $35 billion of Nvidia chip orders

Tue, 20 Oct 2026 14:18:00 GMT

The Reuters report lands as chip stocks recover from a nine-day slide and as Washington argues over how tightly to police AI technology bound for China.

ByteDance, Alibaba and Tencent have placed more than $35 billion worth of Nvidia chip orders, Reuters reported in an exclusive. Reuters described the chip involved as among the most powerful of Nvidia’s AI processors.

Reuters quoted a statement that “US firms continue to be restricted by a combination of outdated US export controls”. The export controls in question are overseen by the US Commerce Department’s Bureau of Industry and Security.

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Hassett calls the economy a boom while conceding that September inflation needs work

Tue, 20 Oct 2026 14:18:00 GMT

The White House’s top economic adviser dismissed critical polls on Monday, days after consumer prices posted their largest monthly rise since April.

Kevin Hassett, director of the National Economic Council, dismissed polls critical of the Trump administration’s handling of the economy on Monday, arguing that the US economy is in a boom. He argued that the “true sentiment” of the economy is “best measured by what you see” Americans doing.

In a CNBC interview on 19 October, Hassett acknowledged that inflation challenges persist despite some price declines. He said inflation looks like “it is needing some work”, and Hellenic Shipping News reported that he said inflation requires policy attention after the September consumer price data. Hassett pointed to falling beef and egg prices but still said September inflation needs attention. TradingKey summarised his remarks as saying the inflation rebound warrants attention and that more data are needed to assess the cooling trend.

The Wealth Advisor described the remarks as an acknowledgement that inflation may be moving in the wrong direction again, just days after the consumer price report. Mysteel reported that Hassett said the latest CPI data show inflation remains a concern.

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Hegseth makes an unannounced visit to Israel and meets Netanyahu days before the vote

Tue, 20 Oct 2026 14:18:00 GMT

The Defence Secretary met the Israeli prime minister at an air base in southern Israel, a day after Trump endorsed Netanyahu and as talk of renewed strikes on Iran grows.

US Defence Secretary Pete Hegseth met Israeli Prime Minister Benjamin Netanyahu in Israel on Monday, two sources with knowledge of the trip told Axios. The New York Times also reported the meeting, citing two people with knowledge of the trip. Axios said the unannounced visit came eight days before Israel’s election.

The Media Line reported that the two men met at an air base in southern Israel. Haaretz reported that Hegseth also met Israel’s defence minister, Israel Katz, and Türkiye Today reported that UAE officials were present at the air base as well. According to Türkiye Today, Israel’s military censor initially barred Israeli media from reporting the meeting until Axios published it.

Bloomberg described the meeting as part of a wider trip to the Middle East, days before the vote. Ynet published a US Department of Defense photo of Hegseth speaking with troops in the area covered by US Central Command.

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Iran’s Guards say their mines halted and set ablaze two tankers south of Hormuz

Tue, 20 Oct 2026 14:18:00 GMT

The Revolutionary Guards said the ships used routes Tehran considers illegal, as US crude jumped and Washington maintained that Gulf flows were recovering.

Iran’s Islamic Revolutionary Guard Corps said on Tuesday that its naval mines halted two tankers attempting to pass through the Strait of Hormuz. According to the Guards’ navy, the two ships were set ablaze and brought to a halt south of the strait after hitting Iranian mines. Xinhua, China’s state news agency, quoted the IRGC as describing the vessels as “violating” oil tankers that caught fire after striking naval mines.

The Guards said the tankers had been travelling via routes they consider illegal. Every outlet carrying the report attributes it to the IRGC itself, and none of these accounts names the ships, their owners or any casualties.

The IRGC also said it destroyed a US MQ-9 drone over the strait, while Sabereen reported that explosions were heard in Bandar Abbas. The Guards warned that if what they called provocative actions by the American regime continue, oil companies will have to pay a bigger price. Separately, TradeWinds reported that Iran has extended its Strait of Hormuz blacklist to 120 ships, including vessels that have already been sunk.

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JPMorgan puts its JPM Coin deposit token on Ethereum for institutional clients

Tue, 20 Oct 2026 14:18:00 GMT

The bank’s move brings tokenised dollar deposits onto a public blockchain just as Washington’s stablecoin rulebook nears its effective date.

JPMorgan is bringing its deposit token, JPM Coin, to the Ethereum network for institutional clients, the bank said in a statement on Monday, Bloomberg reported. Yahoo Finance summarised the move as Jamie Dimon’s bank putting dollar deposits on Ethereum.

Several outlets set the launch against Dimon’s own record. Yahoo Finance noted his public crypto skepticism and reported that JPMorgan had quietly built JPM Coin all the same. Cryptonews framed it as Dimon criticising bitcoin while JPMorgan opens up to Ethereum. TheStreet reported that Dimon framed the threat from stablecoins in his April letter to shareholders, and recalled remarks he made at a 2023 Senate hearing about what he would do if he were the government.

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OpenAI races to raise $30 billion at a $1.4 trillion valuation before Anthropic lists

Tue, 20 Oct 2026 14:18:00 GMT

Reuters reports that OpenAI is hurrying investor commitments ahead of its rival’s flotation, at a time when market jitters have pushed other AI listings back.

OpenAI is racing to secure investor commitments before rival Anthropic’s initial public offering, Reuters reported on Monday, citing sources. The round is for $30 billion, The Next Web reported, at a valuation of $1.4 trillion, according to Gizmodo and Calcalist. OpenAI and SoftBank declined to comment on the report. Gizmodo framed the effort as OpenAI looking to hurry and get valued at $1.4 trillion before the Anthropic IPO, and The Next Web described a race to close the round before the listing.

AI Magazine has put OpenAI’s valuation at US$852bn, alongside its billion users and the Stargate project, so the new round would mark a large step up.

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RTX and Northrop raise their 2026 forecasts on record backlogs

Tue, 20 Oct 2026 14:18:00 GMT

Both contractors credited rising US and allied military spending, even as defence shares have retreated and Congress argues over new Pentagon money.

RTX raised its 2026 forecasts as aerospace and defence demand drove a record backlog, Reuters reported. The company cited growing demand for aircraft engines and parts and sustained military spending amid heightened geopolitical tensions. In its third-quarter results release, RTX said demand for its products remains robust.

Northrop Grumman lifted its 2026 profit forecast on strong defence demand and a record backlog, Reuters reported. Northrop, which makes the B-21 Raider bomber and parts for the F-35 fighter jet, has been benefiting from rising US and allied military spending amid heightened geopolitical tensions. Northrop’s management said it was “confident” in the company’s “new record backlog, well-positioned portfolio and investments”, in remarks carried by KFGO.

Yahoo Finance reported that both contractors came out with strong third-quarter earnings results and raised their annual profit outlooks. The same report asked whether US rearmament will trigger a surge in defence spending.

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Saudi Arabia postpones its Davos in the Desert investment conference to 2027 amid Houthi attacks

Tue, 20 Oct 2026 14:18:00 GMT

Wall Street executives raised safety concerns with the head of the Public Investment Fund before the in-person gathering was called off.

Saudi Arabia has postponed its flagship investment conference until 2027 amid fighting with the Houthis, The Hill reported. The Jerusalem Post and NDTV Profit also reported the delay to 2027, citing escalating Houthi attacks. Business Insider quoted a statement saying “We will announce the new” date, and framed the decision as the fallout from the Iran war expanding.

Semafor reported that the in-person gathering was postponed after lobbying from Wall Street, with executives expressing safety concerns to Yasir Al-Rumayyan, head of the Public Investment Fund. Breaking The News had earlier reported that the kingdom might move the summit online because of the attacks. Chosunbiz reported that some attendees had already been blocked by flight disruptions. Semafor, which referred to the conference by its acronym, FII, said it was the in-person event that had been postponed.

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The US ran a deficit of about $2 trillion in fiscal 2026 as federal debt passed $40 trillion

Tue, 20 Oct 2026 14:18:00 GMT

The Treasury reported a shortfall 12% larger than the year before, and interest costs are taking a growing share of the economy as yields rise.

The Treasury reported on Friday a budget deficit of roughly $2 trillion for the fiscal year ended 30 September, 12% larger than the previous year’s. The final shortfall came in at $1.99 trillion against $1.78 trillion a year earlier, making it the third-largest federal deficit in history. The Philippine Star described it as the highest level since the pandemic.

Comparisons vary with the baseline. Schiff Sovereign put the deficit $220 billion worse than the year before, while the American Action Forum measured it against the official forecast: $140 billion, or 8 percent, higher than the $1.9 trillion the Congressional Budget Office had projected. In February 2026 the CBO had projected a deficit of approximately $1.9 trillion.

Federal spending climbed to $7.40 trillion from $7.01 trillion, according to TokenPost, while corporate tax receipts fell 16% to $381.4 billion. The Philippine Star reported that military spending was among the drivers.

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UK unemployment falls to 4.7% and pay growth beats forecasts, firming bets on a Bank of England rise

Tue, 20 Oct 2026 14:18:00 GMT

Wage growth excluding bonuses rose to 3.7% in the three months to August, and sterling gained as traders priced a rate increase next month.

UK unemployment fell unexpectedly to 4.7%, The Guardian reported. Wage growth rose a little in the three months through August as unemployment fell, according to The Wall Street Journal. Annual weekly earnings growth excluding bonuses rose to 3.7%, from an upwardly revised 3.6%, the Journal reported, and Traders Union said the figure surpassed forecasts and prompted closer scrutiny from the Bank of England over inflation risks.

The Financial Times reported that the number of people in payroll employment edged up and described the labour market as stabilising before the Budget. A separate FT report said the market had rebounded with stronger employment. The BBC added a qualification: small firms cut back hiring, citing labour costs as a key factor, according to the Office for National Statistics.

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Witkoff heads to Oslo for talks with Zelensky and hopes to see Putin next

Tue, 20 Oct 2026 14:18:00 GMT

Trump’s envoys are meeting Ukraine’s president and European leaders in Norway, as Rubio tries to reassure Kyiv that Washington has not turned against it.

White House envoy Steve Witkoff is travelling to Oslo for talks on Tuesday with Ukrainian President Volodymyr Zelensky and European leaders, a US official told Axios. Jared Kushner, President Donald Trump’s son-in-law, is also expected to travel to Norway to meet Zelensky, the Financial Times reported. Ukrinform, citing Reuters, said the two men plan a new round of talks on ending the war.

Anadolu reported, citing local media, that the Oslo talks are expected to include the Norwegian prime minister and representatives of the E4, the EU and NATO alongside Zelensky. After Oslo, Witkoff hopes to visit Russia and meet President Vladimir Putin, according to an Axios reporter cited by APA. Firstpost described the Oslo meeting as a step to prepare a proposal for Putin.

Separately, Secretary of State Marco Rubio told Zelensky in a phone call on Tuesday that Trump has not issued any kind of order to harm Ukraine, Axios reported.

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Canadian inflation rose to 3.1% in September as pump prices jumped

Mon, 19 Oct 2026 14:22:00 GMT

The last price reading before the Bank of Canada’s 28 October decision put inflation back above the top of its target band.

Statistics Canada published the consumer price index for September, and Reuters reported that the annual inflation rate rose to 3.1 per cent. Higher gasoline and diesel prices pushed the index above the Bank of Canada’s upper limit once again after three months below it. The Hub reported that the gasoline surge lifted inflation to 3.1 per cent while grocery and shelter prices cooled.

The print came in a little below expectations. Morningstar reported that economists had expected annual inflation of 3.2 per cent. The Wall Street Journal wrote that inflation ticked higher as prices at the pump jumped again, though underlying price pressures look to be holding steady. Governor Tiff Macklem had said at a conference in Bangkok last week that he was concerned energy prices could keep rising and affect other prices.

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China puts tunnel boring machines and more drones under export control

Mon, 19 Oct 2026 14:22:00 GMT

Beijing moved from consultation to binding restrictions on Monday, citing national security.

China’s commerce ministry said on Monday it would set export controls on tunnel boring machines. Nikkei Asia reported the same decision and described the equipment as a key piece of machinery for infrastructure work. CGTN reported that China had decided to impose controls on items including tunnel boring machines and to adjust its export control measures on dredger-related equipment.

The restrictions go wider than one machine. Bloomberg reported that China is imposing export controls on more drones and industrial machinery, and Quartz reported that Beijing is tightening controls on drones and tunnel boring machines together. MLex reported that revised controls on dredging equipment take effect from 18 November under a joint announcement by the Ministry of Commerce and the General Administration of Customs.

The ministry cited national security, and The Hindu reported that the machines covered are equipment sought by India. Those are the Chinese government’s stated grounds rather than an independently verified rationale.

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