Economy

Brent crude fell below $93 a barrel on Monday, its lowest since 1 September, after Trump said renewed strikes on Iran were unlikely. The New York Times puts the drop at about $20 since late October.

Asian markets and the Dax recovered on Monday after last week's AI-driven selloff. Bloomberg reports that Citi strategists cut US stocks and that hedge funds are dumping tech at a near-record pace.

China extended its pause on a 24% additional tariff on US imports by two months on Monday, while keeping a 10% rate. Several related suspensions were prolonged too.

UniCredit reported record profit and raised its profit guidance as it nears control of Commerzbank, according to Bloomberg and the Wall Street Journal. Handelsblatt reports that the Italian bank wants to merge Commerzbank with HypoVereinsbank earlier, and Bloomberg says a Commerzbank board reshuffle is coming in early 2027.

Dutch nominee Klaas Knot says he would not hesitate to act in a debt crisis and would be ready to invent new crisis-fighting tools if required, the Financial Times reports. Euro zone finance ministers are to discuss ECB appointments but await guidance from leaders, according to Reuters.

Bloomberg reports that European power prices shot above €600 on Monday as wind generation slumped. Britain's grid operator Neso issued a rare electricity margin notice for gas plants to boost output, according to The Guardian.

China's producer inflation reached its highest level in about four years, driven by oil costs, according to Nikkei Asia and Handelsblatt. Global Times reports that consumer prices rose 0.7% in October.

Asian stocks rebounded on Monday after last week's AI-driven Wall Street selloff, and Bloomberg reports that Taiwan's authorities moved to stem losses. Crypto slid to two-month lows.

Oil fell again at Monday's open after Donald Trump said fresh attacks on Iran were "unlikely".

China has extended the suspension of its 24% tariff on US imports by two months, Reuters reports. The report was published on Monday; no further details were available.

Producer prices in China rose 5.7 percent in October, according to Bloomberg, a post-Covid high, as higher energy prices pushed up costs. Consumer prices edged down, with weak domestic demand weighing on them, the Financial Times reports.

The Wall Street Journal reports that Binance has resumed withdrawals after the biggest crypto hack on record. Handelsblatt reports that the exchange is replacing its chief financial officer, and Nikkei Asia says the hack clouds Singapore's push for tokenized stocks.

Japan Tobacco said on Monday that all JT Group entities in Russia have been placed under temporary administration, according to Reuters. The available report gives no further details on the measure.

Chip stocks bounced back after a sharp tech sell-off that followed the Democrats' midterm win. Bloomberg reports that Wall Street strategists see the drop as a chance to buy.

Top US and Chinese trade officials held a video call, reported on Saturday, ahead of a planned summit between the two countries' leaders. Washington accuses Beijing of breaching the Busan trade deal, while Beijing voiced serious concerns over US restrictions.

Garment workers in Bangladesh, the world's second-largest clothing exporter after China, are demanding that their wages more than double. According to the South China Morning Post, their protests have halted production in factories.

Putin expanded the temporary administration of Japan Tobacco assets in Russia, Reuters and Nikkei Asia reported on Saturday. Bloomberg reports that earlier seizures had already hit the company's shares.

ECB's Lagarde said inflation is likely to stay high in the near future and, according to Politika, could not say with certainty whether the ECB will raise rates in December. Knot and De Cos are the only two candidates for ECB president, Bloomberg reports, and De Cos says vigilance on inflation risks is needed.

Asian stocks plunged on Friday after a historic tech sell-off on Wall Street, driven by fears of tougher AI rules under a Democratic Congress. US futures rose as dip buyers returned.

Brent settled at $98.32 on Friday, down more than 13 per cent on the week, after Republican midterm losses fed hopes of de-escalation with Iran.

US employers added 165,000 jobs in October, far above forecasts, and unemployment fell to 4.1%, the Bureau of Labor Statistics reported on Friday. Markets now see a Federal Reserve rate hike in December as more likely.

Berlin has reached an agreement in principle with the family co-owner of the Franco-German arms group KNDS to buy its 50% stake, Le Monde reports. Germany would then control the group on a par with France.

US traders are reportedly refusing to honour the diesel deal between Trump and Putin, leaving Russian diesel unsold, according to Al Jazeera. TASS reports that NATO chief Mark Rutte said the deal caused panic in Europe, while he declined to comment on the deal itself, citing the need to maintain unity.

The Nasdaq fell sharply on Thursday as AI and chip shares kept sliding after the Democrats' midterm victory. Investors fear tougher scrutiny of data-center expansion.

President Santiago Peña announced his resignation on Thursday after the central bank seized the digital bank Ueno and froze about 3 million accounts. Congress has not accepted it, and impeachment proceedings continue.

The Bank of England raised its key rate by 25 basis points to 4% on Thursday, its first hike in three years. It warned that further increases may follow.

Oil and gas prices fell on hopes of US-Iran de-escalation after the US midterms, then steadied below $100 as traders weighed Iran diplomacy and the supply outlook. Uncertainty over the war lingers.

Kpler analyst Matt Smith said two of three Russian diesel cargoes bound for the US were diverted, and the Financial Times also reported that tankers changed course. Kremlin spokesman Dmitry Peskov declined to comment, while Russian envoy Dmitriev said the vessels remained on course.

External debt owed by developing countries rose to a record $9.4tn last year, according to World Bank data. The cost of servicing it is preventing these countries from investing, The Guardian reports, with the sharpest increase among nations eligible for concessional IDA financing, according to TASS.

French bank Crédit Mutuel Arkéa is trying to recover funds after a hack on its own account caused a loss of more than €100m, according to the Financial Times and FAZ. The techniques used echo the attack on crypto exchange Binance last week, the Financial Times reports.

Bosch is cutting a further 750 jobs in Abstatt, affecting the development of brake systems, FAZ and Handelsblatt report. The group-wide total of job cuts rises to more than 30,000, according to FAZ.

Withdrawals from European storage since the heating season began are twice the five-year average, TASS reports. Gazprom says the pace may reduce deliverability, while Politika reports Germany began the season with its lowest recorded fill level.

China's commerce ministry says it is open to buying more US agricultural products. It wants reciprocal tariff cuts covering $30bn worth of products on each side to be implemented first.

Garment workers in Bangladesh kept protesting for higher pay despite a wage board move, Reuters reports, after hundreds of factories shut this week. Politika reports police used tear gas and stun grenades against workers, with more than 10,000 officers on the streets.

Germany has agreed with the owner families of KNDS to buy a 50% stake in the tank maker, according to Reuters on Thursday. Handelsblatt described the deal as an agreement on a state takeover of the company.

Tech and AI shares fell in Asia on Wednesday as investors feared tighter AI regulation after the Democratic midterm wins. Broader indices then recovered.

Eurozone inflation rose to 4.0% in October from 3.8%, a three-year high and double the ECB's target. Analysts expect another rate hike in December.

Brent fell more than 8 percent on Wednesday to about $94-95, its lowest level in nearly two months. Investors are betting that the Republican midterm defeat lowers the risk of renewed US-Iran fighting.

Bangladesh has agreed a new pay scale for garment workers after five days of protest, according to Le Monde and Reuters. Workers demanded a 140% rise in the monthly minimum wage to offset higher living costs; Le Monde reports the amount is to be set in December.

BMW has lowered its financial targets for the second time since June and now expects a profit margin of between -0.5% and 0.5% this year, according to the Financial Times and the Guardian. Handelsblatt reports that profit fell by more than a third, and the Guardian ties the warning to the costs of a plan for 8,000 job cuts and to competition from China.

China's central bank is set to step up its re-lending policy to support share buybacks, while the Financial Times reports that ETFs commonly used by Beijing to support the market saw their second-highest net inflows on record. Chipmaker YMTC has put its IPO on hold as weaker markets weigh, Reuters reports, citing sources.

Meta has started its first euro bond sale after a $15 billion dollar deal, and the Wall Street Journal reports the company seeks to raise $9.2 billion. Separately, Bloomberg reports that hedge funds are flagging growing private-credit risks amid rising rates.

CVS Health plans to split its pharmacies off into a new company in a breakup planned for 2028, the New York Times reports. Insurer Aetna and benefits manager Caremark would stay together under CVS Health, which the Guardian and Bloomberg value at $117 billion.

Brent jumped to nearly $107 on Tuesday after reported US strikes on Qeshm, then fell below $101 on hopes of a deal. The IEA warned that gas tightness could last into 2027.

Meta, Oracle and Alphabet are raising bond financing for AI spending, and investors are demanding higher yields and downside protection.

Australia's central bank raised interest rates to an 18-year high in a split vote, its fifth increase this year, according to Reuters and the Financial Times. Euro countries must nominate candidates for the ECB presidency by Friday, Reuters reports, while Handelsblatt reports that Nagel considers a rate hike in December likely.

China paused new stock listings after the CSI 300 index posted its worst month in more than a decade in October, according to the Financial Times. Reuters, citing the FT, reports that a regulator has told banks to pause IPOs.

Schaeffler plans to cut 3,460 jobs in Europe and close five production sites, with the reductions due by the end of 2028, Politika reports. Handelsblatt reports that thousands of the job cuts will fall in Germany.

Tens of thousands of garment workers in Bangladesh protested for a fourth day on Tuesday, demanding higher minimum wages. Police fired tear gas to disperse them, and the workers defied calls to end the protests, which have disrupted factories and transport.

The United States has suspended South Africa and Rwanda from the AGOA trade programme, according to Premium Times. Reuters reports that South Africa is bracing for some job losses as its US trade benefits end.

Brent crude fell sharply on Monday as Iran and the US signalled continuing contacts to end the war. The conflict is draining Gulf growth and Europe's energy reserves.

The Bank of England is expected to raise its rate to 4% on Thursday, and Australia's central bank to hike for a fifth time on Tuesday. Reuters reports the ECB and Bank of Japan also point toward tightening.

Oracle is offering $10 billion of high-grade dollar bonds, and Alphabet has launched a €6 billion bond sale that Reuters says tests appetite for tech debt. Wall Street futures rose on Monday as AI stocks caught their breath with the US midterms in focus, and Bloomberg reported that the selloff eased in Asia.

The Wall Street Journal reports that Washington proposed letting Russia sell gas to Europe through an American intermediary, and that European officials firmly reject the idea. Kremlin spokesperson Dmitry Peskov said on Monday that it is hardly possible to talk about Russian gas transit to the EU now.

China's central bank announced on Monday a new round of a swap facility to channel about US$15 billion into the onshore stock market after its worst sell-off in almost a decade, according to the South China Morning Post. Global Times reports it is the third such operation, with demand exceeding 100bn yuan.

Thousands of garment workers blocked a major highway and clashed with police in Bangladesh on Monday, demanding a monthly minimum wage more than double current pay, according to the South China Morning Post. Al Jazeera reports that the protests entered a third day amid rising inflation, while Reuters says factories reopened but the industry remains on edge.

The Trump administration has removed South Africa from the African Growth and Opportunity Act (AGOA) trade programme, the New York Times reports. It is the latest measure against Pretoria, which the administration has accused of discriminating against white people.

Japanese and Taiwanese stocks fell on Monday after Wall Street's tech rout, with Kioxia plunging on its demand outlook. Investors are buying put options and credit protection against an AI downturn.

Binance resumed withdrawals in phases on Sunday, and customers pulled a net $3.64bn, 2.1% of assets. The exchange lost $6.3bn in a theft the FBI attributes to North Korea's TraderTraitor group.

A sell-off in junk debt has produced a "bloodbath" for credit investors, the Financial Times reports, with aggressive tactics to shift assets beyond the reach of creditors adding fuel. Handelsblatt looks at how rising interest rates affect private credit and weak borrowers.

OPEC+ nations agreed on Sunday to keep December production quotas at November levels, TASS reports, with Saudi Arabia at 10.478 million barrels a day and Russia at 9.949 million. Oil slipped more than 1% on Monday as talks continue on ending the Iran war, according to Reuters.

Germany's gas storage facilities are only just over 61 percent full against a target of about 70 percent, according to FAZ. The Federal Network Agency considers supply secure and relies on LNG, while storage operators warn of shortages in extreme cold.

The Wall Street Journal reports in an exclusive that the United States is pushing to restore Russian gas sales to Europe via Ukraine. Reuters and Handelsblatt relayed the report on Monday, with Handelsblatt wording it cautiously (apparently).

Reuters reports that the Bank of England is poised to raise rates but may push back on market bets for more increases. In Australia, home prices fell for a seventh month according to Reuters, and the Wall Street Journal says the Reserve Bank is preparing another rate rise.

South Korean exports nearly doubled in October, the sharpest jump in more than 50 years, as demand for AI products propelled shipments of chips. Exports to China rose 133.6%, according to Global Times.

Canadian Prime Minister Mark Carney said on Sunday he had a good conversation with US President Donald Trump on trade. According to Bloomberg, the two countries are to outline a trade plan in the coming weeks, ahead of Tuesday's US midterm elections.

China's factory activity still expanded but ended a streak of faster growth, Bloomberg reports, and Reuters says the central bank injected cash and is shifting to the overnight rate as a key policy lever. Reuters also reports that factory growth slowed to an eight-month low in South Korea and slowed in Japan in October.

US tech stocks fell again on Friday on doubts over AI spending. OpenAI's funding goal was reportedly lowered by $10bn.

The Nasdaq fell 2.9% on Friday, its biggest drop since 5 June, after weak Amazon and Intel results. Big Tech has shed nearly $900bn, the FT reports.

Brent traded near $113 and European spot gas passed €100 per megawatt hour on Friday. Eleven EU states will release strategic oil.

The Bank of Japan kept its rate at 1.25% but said underlying inflation is consistent with its 2% target. US and euro-area officials are also pointing to higher rates.

BP's third-quarter underlying replacement cost profit rose to $8.46bn from $2.2bn a year earlier, as the war in the Middle East pushed up oil and gas prices and refining margins, according to The Guardian. The Financial Times reports that ExxonMobil and Chevron also posted large profits and warned about diesel supplies.

French GDP fell 0.1% in the third quarter after stagnating in the second and shrinking 0.2% in the first, Le Monde reports. Germany's economy grew more than expected, though only slightly, according to Handelsblatt.

Volkswagen is suspending development of the all-electric Golf at its Wolfsburg headquarters as sweeping cost cuts reach the flagship model, according to Daily Sabah. Audi's third-quarter profit fell 87 percent, FAZ reports, and the brand cut its guidance, according to the Wall Street Journal.

ECB president Christine Lagarde announced on Thursday that she will step down on 7 February 2027, months before her term ends. The ECB left its key rate at 2.5% the same day.

Alphabet shares fell sharply on Thursday after weaker-than-expected results, pulling US stock futures lower. Microsoft, by contrast, was rewarded for strong cloud growth.

France said on Thursday that Europe will release 42 million barrels of oil for short-term relief. Brent remains close to its Iran-war high.

The US economy grew at a 3.4% annualized rate in the third quarter, while September inflation rose to 3.6%. Markets expect the Fed to raise rates in December.

Samsung's third-quarter profit nearly ninefolded on AI-driven memory demand, and Nikkei Asia calls it the biggest ever for a tech company. A Reuters poll sees South Korea's October exports rising at the fastest pace since 1974, while Japan's chip exports rose 41%.

The US banned imports from three Chinese genomics companies over forced-labour concerns, The Hindu reports, and the FCC voted to bar all Chinese labs from testing electronics for the US market. China's commerce ministry opposes the blacklisting, and its foreign ministry called the forced-labour claim a "lie of the century", according to Global Times.

China vows "all necessary measures" if the EU imposes discriminatory restrictions on Chinese products, Global Times reports. German President Frank-Walter Steinmeier said in Beijing on Thursday that Germany does not seek decoupling but must defend its economic interests, while the South China Morning Post reports that EU officials plan to press Beijing for a stronger yuan.

Volkswagen slid deep into the red in the third quarter, with FAZ reporting a loss of 5.8 billion euros and Reuters putting it at more than 6.5 billion dollars. According to FAZ, the company attributes the decline mainly to special effects, and Reuters says the result raises the stakes for its restructuring.

Shares of Biwin Storage Technology and Moore Threads tumbled on Thursday in a broad rout of mainland technology stocks, despite strong third-quarter revenue. Separately, Iluvatar CoreX claims its new Tiangai 300 GPU can match Nvidia's H200 in real-world AI workloads.

The pound held steady after the budget, which Reuters called a "continuity budget" and the Financial Times described as modest in scale compared with recent fiscal events. According to the Guardian, Chancellor John Healey cut business rates for more small businesses and limited the rise in the minimum wage for younger workers, and MPs have reportedly asked the FCA to examine a leak that moved bank shares.

DoorDash is to acquire Instacart for $17bn, combining the largest US restaurant delivery service with its biggest online grocery platform, according to the New York Times. DoorDash's chief executive told the Guardian that grocery is "one of the hardest things to get right online", and Bloomberg reports the company moved its earnings date forward amid reports of the deal.

European gas topped €100 per megawatt hour on Wednesday for the first time since 2022, on fears of renewed US strikes on Iran. The World Bank projects commodity prices up 23% this year.

The US Federal Reserve left interest rates unchanged on Wednesday, as widely expected, according to Daily Sabah. The Guardian reports that the central bank raised rates in the previous month for the first time since 2023, a move that angered Donald Trump.

Shares of Reliance Jio Platforms rose 21% in India's biggest IPO, the Financial Times reports, after the telecoms business raised $3.2bn at a $108bn valuation. Daily Sabah says the stock climbed as much as 21% at the start of trading in Mumbai on Wednesday, making it India's second-most valuable company.

Chancellor John Healey said he will ask Ofgem to remove standing charges on gas bills for 23m homes in 2027 or soon after, ahead of his first budget on Wednesday. The Guardian reported that he was also poised to reverse a planned cut to the cash Isa allowance, which Rachel Reeves had wanted to reduce from £20,000 to £12,000 a year from April.

A "national team" of funds and brokers is buying stocks in China as investors turn away from the AI trade, the Financial Times reports. Handelsblatt carries a quote describing the overall Chinese market as in "free fall".

During his visit to Japan, German Chancellor Friedrich Merz invited Tokyo to back a global alliance for rules-based trade, according to Reuters and FAZ. China called on Germany and the EU to be "rational" on trade and supply chain issues, while Takaichi pressed Merz not to leave Japan out of "Made in Europe" EV subsidies, Nikkei Asia reports.

Brent eased slightly to about $115 a barrel on Tuesday as Qatari diplomacy gave markets some relief. Gas prices and consumer fuel bills remain elevated.

Chinese AI and tech shares have kept sliding since June, even as state-backed funds try to prop up the market. Outlets put the losses between $480 billion and $2.4 trillion.

Meta's equity sale, with $3bn from Nvidia, was reportedly five times oversubscribed. Asian and US stocks rose after Anthropic's IPO filing.

Brazil's currency had its worst day in more than 25 years amid concerns about the management of the economy, according to the Financial Times. Citi and BCA downgraded Brazilian assets after Lula's comeback, and markets recovered some ground after the finance minister vowed fiscal discipline, Reuters reports.

Russian President Vladimir Putin chaired the plenary session of the Gas Exporting Countries Forum summit in Moscow on Tuesday. Iranian President Masoud Pezeshkian and Qatar's Emir Sheikh Tamim bin Hamad Al Thani met on the sidelines to discuss energy and bilateral ties, Iranian state media reported.

Indonesia's bond yield reached a four-year high on Tuesday as MSCI-related risk and oil prices weighed, Bloomberg reports. A corporate bond sale has also been shelved amid the MSCI fallout, according to Bloomberg.

French consumer confidence fell by 5 points to 80 in October, its lowest level since June 2013, according to statistics agency INSEE, amid nationwide protests. The CCI France chamber network says more than 2,500 shops were damaged around recent demonstrations and calls for a ban on protests until the end-of-year holidays.

Meta plans to raise up to $95bn in equity to fund its AI buildout, while debt worries hit AI cloud stocks.

Brent retreated on Monday from its Friday peak, but European gas rose to its highest price since 2022. US strategic oil reserves have fallen to their lowest level since 1982.

Brazil's real and stocks sank on Monday after Lula's re-election, which caught investors who had positioned for a Bolsonaro victory. Trading was briefly halted and equity sales worth $6bn were derailed, while analysts fear a fiscal slide in his final term.

Moody's kept France's rating at Aa3 on Friday despite the country's failure to correct its budget trajectory, Le Monde reports, and French yields remain elevated. The ECB is expected to leave its key rate unchanged at its meeting on Thursday, according to the Wall Street Journal.

EQT agreed to buy Range Resources, creating the largest natural gas producer in the US, according to Bloomberg and the Financial Times. Reuters puts the deal at more than $50 billion, while the Wall Street Journal describes a $13 billion stock swap.

Audi's chief executive appeared alongside US President Donald Trump at a campaign rally in Georgia and drew heavy criticism on Monday. The head of IG Metall called the appearance "deeply embarrassing", according to Reuters.

The EU plans to impose more import restrictions on China in early 2027, according to Bloomberg. A Chinese expert quoted by Global Times called the EU's new parcel fee protectionism in disguise.

Audi plans its first US factory in Georgia, an investment of about $4.2 billion that was touted at a Trump campaign rally on Saturday. Audi CEO Gernot Döllner announced the plant at the event, according to FAZ, and Politika reports production is planned to start in the 2030s.

Brent eased from a six-month high on Monday. IEA chief Fatih Birol sees no normalisation of energy markets before 2027.

Worries about AI profitability are spreading from US tech shares to Asian markets and risky debt. Asia's busiest earnings week now puts the AI boom to the test.

A sell-off in French government bonds is at the heart of the fight over the ECB succession, Bloomberg reports. The Wall Street Journal describes France as the poster child for debt worries.

Hassett said on Sunday that US-Canada trade talks are 'very close' to a deal. At a rally at the Michigan border, Trump said a deal with Canada on tariffs is coming 'soon', Reuters reports.

A decree published in France's Journal officiel provides for the release of strategic diesel stocks, and distributors must pass the full price cut on to customers, possibly early from 1 November, Le Monde reports. FAZ writes that nowhere is the debt situation as acute as in France, while Bloomberg reports that euro-area business activity cooled.

Trump said Audi will build a factory in Georgia, according to the New York Times; the Volkswagen division imports all its cars from Europe or Mexico and has been hit hard by US tariffs. Handelsblatt reports that Trump lifted tariffs on certain Canadian goods, while his administration accuses Canadian officials of trying to sway the midterm elections for Democrats, claims Prime Minister Mark Carney says have "no merit".

Fuel costs from the Iran war keep airfares high, while oil stocks are depleted. Iran's president says many people in the country struggle to get food.

Indonesia cut pipeline gas exports to Singapore by about 9%, Reuters reports. An official said the cut on Saturday was to prioritise domestic demand, the South China Morning Post reports, while Bloomberg says Singapore has widened its haze investigation to 10 locally based firms.

Bloomberg reports that sinking profits have turned China's $3.5 trillion stock rout into a trap for investors. The South China Morning Post reports that users noticed on Saturday that the social media account of economist Ren Zeping had been restricted, as Beijing steps up scrutiny of financial market influencers.

Bloomberg describes a 'total meltdown' in the riskiest debt and reports that Swiss stocks are becoming a haven from AI fears roiling markets. The Wall Street Journal reports that Treasury yields fell over the week as turmoil subsided.

Nigeria's Dangote refinery is listing on the stock exchange, with the offer ending on Tuesday and oversubscription anticipated, Le Monde reports. The Lagos mega-refinery is posting sharply higher profits amid rising fuel prices.

Frasers has raised its stake in Hugo Boss above 50% and takes control of the German fashion group, Bloomberg reports. Details of the transaction were not available in the source.

A tech sell-off on Thursday sent investors into government bonds and pushed gold below $4,000 an ounce.

Brent crude touched $117.45 on Friday, its highest in nearly six months, on fears of renewed US strikes on Iran and Houthi attacks in Saudi Arabia. European gas storage is far below normal heading into winter.

French borrowing costs stay above 5% while a business survey shows the economy shrinking amid unrest. Attention turns to the ECB as a possible backstop.

A tanker carrying Russian diesel is sailing toward a US port, the first such shipment since the agreement between Donald Trump and Vladimir Putin, according to Reuters, Bloomberg and the Wall Street Journal. Le Monde reports it is due in New York on 7 November, four days after the midterm elections, and says the deal aims to lower fuel prices before the vote.

Volvo Cars announced 2,500 job cuts on Friday after swinging to a third-quarter loss, and its shares plunged. Daily Sabah reports the company blamed US tariffs and strong competition from local brands in China, while Bloomberg says the China woes also weighed on Gucci and European stocks.

Chinese stocks have slid into bear territory, according to Nikkei Asia, shortly before a Communist Party plenum next week in Beijing. Reuters says tougher discipline and Xi Jinping's authority are expected to be key themes, and the South China Morning Post points to a renewed anti-corruption drive.

EU ministers pledged on Friday to tackle 'China Shock 2.0' through talks with Beijing, Reuters reports. Brussels is weighing import quotas and safeguards, while Beijing warns it not to 'fantasise' about extracting concessions.

Trump is lifting 50% tariffs on select Canadian agricultural and forestry products, a move announced by Maine Republican Senator Susan Collins, who faces a tough re-election fight, according to the New York Times. Prime Minister Carney said he was disappointed by the US ambassador's accusation that Canada interfered in US elections.

US consumer sentiment fell to near a record low ahead of the midterm elections, Reuters reports, while Bloomberg describes it as a five-month low amid inflation worries. Business activity cooled in October but prices rose by the most since 2022, with strong demand fuelling price pressures, according to Reuters and Bloomberg.

Jio Platforms' IPO is the first issue worldwide to receive more than 10 million applications, The Hindu reports. According to Reuters, bids topped 10 times the offer.

Mark Zuckerberg will stay in California even if the billionaire tax is introduced, Le Monde and the Financial Times report. Meta is creating a new class of non-voting shares, according to Reuters, and the FAZ says the shares help Zuckerberg.

Brent rose above $110 on Gulf escalation fears, and global stocks fell on Thursday.

French 10-year yields stayed above 5% on Thursday, and the spread over German Bunds is the widest since 2011. Budget deadlock and unrest are driving the selloff.

Concerns over how the AI boom is financed hit markets on Thursday. Meta's credit risk gauge rose to a record after its results.

Reuters reports that Indonesian stocks with high shareholding concentrations will be excluded from an index from next month, after what the South China Morning Post calls the country's worst stock-market rout since 1998. Sovereign fund Danantara says it has bought stocks, and Bloomberg reports that Indonesia is eyeing a panda bond.

The retail portion of the Jio Platforms IPO was fully subscribed by the second day of bidding, according to Reuters and The Hindu. Reuters also reports that Ambani's heir Akash is stepping into the spotlight as the company goes public.

Nestlé has taken $1.95bn of net assets off its balance sheet after a Russian presidential decree to take control of its business there, the Financial Times reports. Reuters reports that the Swiss group beat sales forecasts after excluding the seized Russian business.

Barclays said on Thursday it will cut around 5,000 jobs, roughly 5% of its global workforce, by the end of the year in an AI efficiency drive. It reported £2.3bn in pre-tax profit for July to September and profits up 12%, according to The Guardian, but the Financial Times says the result fell short of City expectations.

France's 10-year borrowing cost topped 5% on Wednesday for the first time since 2002. The spread to Germany is at its widest since 2011.

Brent eased from a five-month high as Middle East oil exports returned to prewar levels via alternative routes. Washington is lending heating oil and diesel from its reserves ahead of the midterms.

Bank Indonesia held its key rate while the threat of an MSCI reclassification weighs on Indonesian stocks and the rupiah, according to the Wall Street Journal and Bloomberg. Singapore's Temasek and GIC deny instigating the stock rout, Bloomberg reports.

Mukesh Ambani's Jio Platforms, whose $3.2bn offering Nikkei Asia calls a record, was fully subscribed on Wednesday within about 100 minutes of opening, The Hindu reports. The rupee closed at a six-week high of 94.43, driven by the IPO and RBI intervention.

Handelsblatt reports that corporations have built up $2.7tn of 'shadow debt' in the AI boom, and the Wall Street Journal writes that weak points in AI bonds are becoming clearer. The Financial Times reports that Nscale founder Josh Payne is seeking to reassure staff, saying demand remains 'insatiable' for the Nvidia-backed data centre group's services.

Elon Musk said on Wednesday that SpaceX and Tesla are exploring a merger, which Al Jazeera calls the largest in history, and that a tie-up has considerable merit given the firms' complementary AI work. Daily Sabah reports both companies formed special committees to discuss a deal, and the New York Times says tech stocks rose after SpaceX beat earnings estimates.

Russian Deputy Prime Minister Alexander Novak said on Wednesday that Russia will send its first diesel tanker to the US on Thursday, after sanctions relief, according to Daily Sabah. Novak added that Russia could fully restore diesel export volumes by the end of the year, and TASS reports that shipments to other countries depend on refineries' capabilities.

The British government approved the Jackdaw gasfield in the North Sea on Wednesday, ending years of legal and political dispute, according to Daily Sabah. The Guardian says the decision was widely expected after lobbying by Shell, and Al Jazeera reports sharp criticism from left-wing politicians and environmentalists.

Figures published on Wednesday showed UK inflation at 3.5% in September, driven by motor fuel costs, with petrol and diesel prices rising the most in four years, The Guardian reports. Borrowing reached £24.5bn, above forecasts, which the Financial Times says strengthens expectations of a Bank of England rate rise in November.

Brent touched $112 on Tuesday before easing, and European gas reached its highest since late 2022.

CoreWeave's unsecured bonds sold off, and Korean data-centre firm Elice lost 32% on its first trading day on Tuesday.

French bond-risk measures rose as investors weighed street unrest against a stalled austerity budget. Money is flowing into ultralong Japanese bonds.

Japan is months from running out of yttrium and has asked the US to press China to ease rare earth export controls, the Financial Times reported on Tuesday. The metal is vital to car, jet engine and chip production.

Russian diesel is flowing back to familiar destinations after the lifting of the export ban, shipping data shows, according to Reuters. Bloomberg reports that a US plan to rehabilitate sanctioned "dark fleet" tankers may find few takers, and Handelsblatt reports that Russia is moving its shadow fleet under its own flag.