Author Archive

• Morning News: November 3, 2025
  Eddy Elfenbein, November 3rd, 2025 at 7:03 am

  The Arctic’s Main Carbon Sink Is Increasingly Unstable in a Warming World

  OPEC and Allies Agree to Boost Oil Production, Then Pause

  OPEC+ Shows Its Pursuit of Oil Market Share Has Limits

  Big Oil CEOs Warn Trump’s Russia Sanctions Will Hit Supplies

  Singapore’s Top Real-Estate Asset Managers Mull Merger That Could Create $150 Billion Entity

  Europe’s Role Reversal: The Problem Economies Are Now Further North

  Swiss Inflation Declines as SNB Mulls Negative Rates

  Stablecoin ‘Rewards’ Threaten Nascent Financial Instruments

  Banks Shouldn’t Have to Answer to the Reputation Cops

  SEC Aim to End Shareholder Proposals Won’t Depoliticize Corporations

  Will Trump’s Tariff Deal Tilt the Playing Field Back Toward China?

  Treasuries Rally Is Proving Trump’s ‘Sell America’ Critics Wrong

  How the U.S. Economy Has Defied Doomsday Predictions on Tariffs

  The Complex Role of Slavery in Building America’s Wealth

  Builders Find Hardship in Trump’s Tariffs and Deportations

  Supreme Court Confronts Trump and His Tariffs in Test of Presidential Power

  Toymaker Gears Up for Supreme Court Fight Over Trump’s Tariffs

  We Are a Republic, Which Means SCOTUS Should Rule Against Trump Tariffs

  The ‘Peace President’ Is Driving a Defense Stock Bonanza

  Food Stamp Cuts Expose Trump’s Strategy to Use Shutdown to Advance Agenda

  Don’t Be Ridiculous, No One Will Starve Without SNAP

  ‘A Big Positive’: How One Company Plans to Profit From Medicaid Cuts

  Surging Power Costs Are Putting the Squeeze on Customers

  A Wave of US Layoffs Flash Early Warning Sign for Job Market

  Why Companies Are No Longer Hanging On to Employees

  Palantir Thinks College Might Be a Waste. So It’s Hiring High-School Grads.

  Microsoft Vows to Spend $8 Billion in UAE Through 2029 on Cloud, Chips

  Chip Startup Substrate Draws Skepticism in Quest to Take On TSMC

  BlackRock Manager Says an AI Bust Wouldn’t End Clean-Tech Rise

  Eaton to Buy Boyd Thermal for $9.5 Billion in Data Center Play

  Former Honeywell CEO’s Firm Strikes Deal for Machinery Maker Husky

  Driverless Freight Trucks Are Off to a Bumpy Start

  Control of Tesla Is at Stake in Vote on Elon Musk’s Pay Plan

  Kimberly-Clark Strikes $40 Billion Deal for Tylenol Maker Kenvue

  Chipotle’s Big Bet on Younger Consumers Is Unraveling

  Why the Future of Coffee Doesn’t Belong to Starbucks

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• Morning News: October 31, 2025
  Eddy Elfenbein, October 31st, 2025 at 7:02 am

  Coal Jobs Are Disappearing on the Navajo Nation. Can Trump Bring Them Back?

  Exxon’s and Chevron’s Profits Fall as Oil Prices Stay Low

  How Chevron Got Caught in the Clash Between the U.S. and Venezuela

  Just the Threat of US Nuclear Testing Is Bad Enough

  The Long Road to a U.S.-China Trade Pact

  Trump Touts Rare-Earth Win in Talks That Showed Xi’s Strong Hand

  The United States Cannot Protect Its Way To Prosperity

  How We Lost the Trade War

  The ECB and Fed Are Going in Different Directions. Can It Last?

  Swiss Franc’s Pullback Likely Driven by Reduced Safe Haven Demand

  Federal Reserve to Reduce Bank Supervision Staff by 30%

  Cracks in the Credit Market Could Be a Warning for Wall Street

  Coinbase Global Third-Quarter Sales Climb as Trading Volumes Rise

  Fresnillo Shares Rise on Deal to Buy Canada’s Probe Gold

  Book Review: Andrew Ross Sorkin’s Simplistic “1929”

  A Top Trump Official Had to Sell His Stock. He May Have Saved Millions.

  Fiserv’s Only Bear Is a 26-Year-Old Analyst Who Beat Wall Street

  ‘Sometimes We See Bubbles,’ Michael Burry Warns Retail Traders

  More Home Purchases Are Falling Through in an Uncertain Economy

  Housing Inequality Will Get Worse Before It Gets Better

  Why Is Going to Law School So Popular Again?

  Effective Leaders Fix Toxic Workplaces, Not Office Perks

  Three Billionaires Walk Into a Fried Chicken Restaurant

  Nvidia Chief Still Hopes to Sell Blackwell Chips to China

  The AI Buildout Is So Big Even a Haunted House Owner Wants In

  Elon Musk’s SpaceX Set to Win $2 Billion Pentagon Satellite Deal

  Amazon Shares Surge on 13% Revenue Jump, Strong Cloud Sales

  Cities Across the U.S. Are Putting Robots to Work

  GM and Ford’s Big SUVs Are Having Their Best Year in Decades

  Drug Costs Reflect Legislation To Fix Past Legislation

  Chobani’s Tech-Like Valuation Puts Founder Among World’s Richest

  Disney Channels Go Dark on YouTube TV

  Parents Are Spending $100,000 for Their Kids to Chase Baseball Greatness

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• Morning News: October 30, 2025
  Eddy Elfenbein, October 30th, 2025 at 7:06 am

  Indian Rupee Nears Record Low as Fed-Driven Strong Dollar Weighs

  Trump and Xi Ease Tension With Truce on Tariffs, Rare Earths

  China’s Pause on Rare Earth Controls: What to Know

  Trump Says Nvidia Chip Talks With Xi Didn’t Cover Blackwell

  Trump-Xi Truce Buys Time as Both Seek Leverage in Broader Fight

  Bessent Says China to Buy 12 Million Tons of Soybeans This Year

  Why Trump Put Fentanyl at the Core of US-China Trade Spat

  Trump, South Korea Reach Terms on Trade Deal

  Sheinbaum Gets a Shot at Making Mexico Grow Faster Than the US

  Golden Age of Cocaine Smuggling Puts Brazil’s Fragile Truce With Trump at Risk

  Powell’s December Warning Exposes Hardening Divisions at Fed

  Future Fed Rate Cuts ‘Far’ From Certain After Divided Meeting

  A Month Without Data Muddles the Economic Picture

  Hungry Americans Will Pay the Price for This Shutdown

  The Currency Illusion Behind the Paul Ryan Border Adjustment Tax

  New York’s Golden Handcuffs: Why the City Has a Special Hold on the Rich

  Fiserv Erases $30 Billion in Market Value After New CEO Pulls Guidance

  AIG to Buy Stakes in Convex, Onex for More Than $2.7 Billion

  World Power Demand to Rise Almost a Third by 2035, Rystad Says

  Meta, Microsoft Test Investors With 89% AI-Fueled Spending Surge

  The Data Center Proliferation Must Be About Much More Than Data

  Big Government, Not Big Business, Is Killing Competition

  Boeing’s Turnaround Is Being Choked by FAA Red Tape

  Airbus Cuts A220 Production Target Amid Supply-Chain Hurdles

  Stellantis Warning on Charges Overshadows Revenue Gain

  Novo Offers $6.5 Billion for Metsera to Challenge Pfizer

  The Direct Route to Cheaper Pharmaceutical Drugs

  YouTube TV Flexes Muscles Again in Showdown With Disney

  A Warner Bros. Sale Makes Sense on Paper. But at What Cost?

  ‘House of Dynamite’ Nails the Psychological Reality of Nuclear War

  John Malone Stepping Down as Chairman of Liberty Media, Liberty Global

  Roblox Bookings and Users Top Estimates Thanks to Three Hit Games

  Hershey Sees Soft Halloween Sales, While Nudging Up Outlook

  Why Did My Favorite Candy Bar Drop ‘Milk Chocolate’ From the Label?

  Starbucks Cafe Sales Stabilize After Year-and-a-Half-Long Slide

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• Morning News: October 29, 2025
  Eddy Elfenbein, October 29th, 2025 at 7:04 am

  Why China and Russia Aren’t Scared of the US

  South Korea Says Agreed With US on Trade Talks Details

  Japanese Executives Called On by Trump Pledge U.S. Investment

  Scolded by Trump, Canada’s Prime Minister Turns to Asia for Trade

  Senate Rebukes Trump on Brazil Tariffs

  U.S. Manufacturing’s Mixed Picture in 4 Charts

  Why Geopolitics May Dictate Gold’s Next Move

  Dormant Treasuries Volatility Sets Stage for Powell Surprise

  What to Watch at the Federal Reserve’s October Meeting

  Why Does Everyone Want to Be a Bank Now?

  How U.S. Billionaires Stack Up With the Rest of the World

  How Affluent Investors Are Using Options Math to Borrow on the Cheap

  In Retirement, Do You Prefer Exposure to Dollars or People?

  Industry and Self-Reliant Ingenuity Will Create Much Better Schools

  Americans Are Getting a Look at Next Year’s ACA Premiums and Many Don’t Like It

  Don’t Extend Obamacare Without Pro-Patient Tax Reforms

  China Pushes Boundaries With Animal Testing to Win Global Biotech Race

  Thermo Fisher Scientific Agrees to Buy Clario Holdings for $8.88 Billion

  CVS Boosts 2025 Profit Outlook, Takes $5.7 Billion Charge

  Tens of Thousands of White-Collar Jobs Are Disappearing as AI Starts to Bite

  UPS Has Cut 48,000 Workers Since Last Year

  Why UPS Is Increasingly Turning to Gig Drivers for Deliveries

  Nvidia Set to Be First $5 Trillion Company as AI Bets Boom

  OpenAI’s Promise to Stay in California Helped Clear the Path for Its IPO

  Watch These Five AI Signals Closely This Week

  AI Won’t Give American Children the Education They Need

  China’s New Coal Language Leaves More Room for Rising Use

  Trump Administration Backs Plan for New Nuclear Plants

  Automaker Production Stoppages Begin Over Semiconductor Shortage

  The Popular 3D-Printed Gun Globalizing the Second Amendment

  Paramount Signs Lease at New Jersey Studio Complex

  Onitsuka Tiger Sneakers Are Winning Gen Z’s Heart

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• CWS Market Review – October 28, 2025
  Eddy Elfenbein, October 28th, 2025 at 7:47 pm

  (This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

  The S&P 500 broke out to another all-time high today. The index briefly traded above 6,900 for the first time. The market has closed higher seven times in the last eight sessions.

  

  Shares of Nvidia also closed at a record high today. The company is getting close to a market value of $5 trillion. Kevin Gordon points out that semiconductors have gone from a 2% weighting in the S&P 500 in 2013 to a 14% weighting today.

  Today is October 28 and this has been an important day in Wall Street history. That’s true for both the bulls and for the bears. Seventeen years ago today, on October 28, 2008, the S&P 500 soared 10.8%. Investors were anticipating a rate cut from the Federal Reserve. That was the market’s second-best day of the last 90 years. The best day came exactly 15 days earlier.

  The Financial Crisis was a hectic time, but it wasn’t the worst. That came 96 years ago today, on October 28, 1929, when the S&P 500 plunged 12.3%. (Technically, it wasn’t the S&P 500 back then.) This was the original Black Monday, and it was the worst day in market history until it was surpassed in 1987 by an even blacker Black Monday on October 19, 1987.

  Black Monday from 1987 is still the worst day in market history (so far), but 1929 can say that it stands out because of its back-to-back losses. While the S&P 500 lost 12.3% on the 28th, it lost another 10.2% on Tuesday, the 29th. That works out to a two-day loss of 20.9% which is a little worse than the one-day plunge from 1987 (-20.5%).

  Here’s an interesting fact you don’t often see here. By April 10, 1930, the S&P 500 had recovered to 25.92. That marked a 14% gain since October 28. After that, the market continued to fall almost nonstop for the next four years.

  I’m happy to say that the stock market is in a much better mood this October. The S&P 500 closed at another all-time high today. On Friday, we got a mostly benign inflation report. I’ll have more on that in a bit. Also, the Federal Reserve began its October meeting today. The policy statement will be out tomorrow afternoon, and we can almost certainly expect another rate cut.

  Within the stock market, the High Beta names continue to lead the pack. The gap between High Beta and Low Vol sectors has become quite astonishing. Just when you think it can’t get any wider, it quickly does.

  Here’s a look at the High Beta and Low Vol ETFs:

  

  Earnings season is largely going well for Wall Street. So far, 29% of S&P 500 companies have reported; 87% have beaten on EPS and 83% have beaten on revenue. Growth is currently tracking at 9.2%. Twelve companies have issued positive guidance and 11 have issued negative. The forward 12-month P/E ratio is 22.7.

  September Inflation Was Tame

  On Friday, the government finally decided to release the September CPI report. This happened despite the continuing government shutdown. This wasn’t some big-hearted move by Congress or the president. Instead, the Social Security Administration needs the September CPI data so it can calculate the last month of the fiscal year. That impacts the cost-of-living increases for Social Security payments.

  The Bureau of Labor Statistics said that consumer prices rose by 0.3% last month. That was 0.1% lower than expected. Over the last year, inflation is running at 3.0%.

  

  The core rate, which excludes food and energy prices, increased by 0.2% last month. That was also 0.1% lower than expected. Over the last year, core inflation is running at 3%.

  A 4.1% jump in gasoline prices was the largest contributor to a report that otherwise showed inflation pressures fairly muted. Food prices saw a 0.2% increase. Commodity prices overall rose 0.5%. On an annual basis, energy was up 2.8% and food rose 3.1%.

  Within the food index, prices for meat, poultry, fish and eggs surged 5.2% in the past year, while nonalcoholic beverages increased 5.3%. In energy, while prices pushed higher for electricity, up 5.1%, and natural gas, up 11.7%, over the past year, gasoline prices actually fell 0.5% during the period.

  Shelter costs, which comprise about one-third of the weighting in the CPI, rose just 0.2% and were up 3.6% from a year ago. Services excluding shelter costs also were 0.2% higher.

  New vehicles saw a 0.8% increase, but used car and truck prices fell 0.4%.

  The CPI report looks to be the last data we’ll get from the government until the shutdown ends.

  The Federal Reserve started its October meeting today. Tomorrow afternoon, the Fed will release its policy statement. It’s all but certain that the Fed will cut rates again. But what happens after that?

  That’s still a little cloudy but we’re starting to get some hints. The Fed is likely to cut rates again at its December meeting. After that, the Fed will probably cut rates again in either January or March. That’s still up in the air. There will probably be a few additional rate cuts later in 2026 but it’s hard to say right now. A lot can happen between now and then. Overall, I think President Trump will get the rate cuts he’s looking for.

  We’re also going to get a new Chairman of the Federal Reserve in the spring. Treasury Secretary Scott Bessent said that President Trump has narrowed his selection down to five candidates: Fed Governors Christopher Waller and Michelle Bowman, NEC Director Kevin Hassett, former Governor Kevin Warsh and BlackRock executive Rick Rieder. Of those names, Hassett is probably the frontrunner.

  American Water Announces Major Deal

  On Monday, one of our Buy List stocks announced a major deal. American Water Works (AWK) said it’s merging with Essential Utilities (WTRG) in an all-stock deal. The combined company will be worth about $40 billion.

  The boards of both companies have unanimously approved the deal. The combined company will continue to use the name “American Water.”

  According to the deal, Essential shareholders will get 0.305 shares of AWK for each share of WTRG they own. That values Essential at a 10% premium from where the stock had been. American Water has increased its dividend for 17 years in a row.

  

  American Water shareholders will own about 69% of the company and Essential shareholders will own about 31%. American Water said it expects to maintain its long-term rate growth target of 7% to 9%.

  The companies said the deal creates a more resilient utility with improved credit quality and a strong balance sheet. The companies are aiming to close the deal by Q1 of 2027. There are, of course, regulatory approvals that AWK must get for the deal to go forward.

  American Water will report its Q3 earnings tomorrow before the opening bell. Wall Street expects Q3 earnings of $1.88 per share.

  That’s all for now. Expect more earnings this week and next. We’ll also have the Fed’s decision tomorrow afternoon. I’ll have more for you in the next issue of CWS Market Review.

  – Eddy

• Morning News: October 28, 2025
  Eddy Elfenbein, October 28th, 2025 at 7:03 am

  Argentina’s Slums Abandoned Peronism—and Handed Milei the Win

  China Vows Significant Boost to Consumption Share of Economy

  Trump’s China Deal May Avert a Crisis of His Own Making

  Resolving Trade Agreements Isn’t the Only China-Related Issue

  Trump’s Big Tariff Task in Asia Is to Close the Deal

  Trump Hails Ally Japan, Offers Takaichi ‘Anything You Want’

  With Trump, Flattery Will Get Takaichi Everything

  US to Continue Dominating Global Investment Flows, Finance Executives Say

  Fed’s Policy Path Looks More Treacherous as Shutdown Delays Critical Data

  Dudley: The Fed’s $6 Trillion Balance Sheet Is About Right

  The Fed Should Pause in Cutting Interest Rates

  Would-Be Fed Appointees Vivify the Independence Myth

  How Bad Is Finance’s Cockroach Problem? We Are About to Find Out.

  Citi’s Fraser Doesn’t Want Private Credit ‘Tug of War’

  Nelson Peltz’s Lowball Bid for Janus Henderson Is Pretty Cheeky

  Evercore’s Rainmaker Is Driving PE’s $200 Billion Bright Spot

  Barclays to Buy U.S. Lending Startup Best Egg for $800 Million

  PayPal Raises Earnings Guidance After Announcing OpenAI Deal

  This Is How the AI Stock Boom Plays Out

  Amazon to Cut 14,000 Jobs as CEO Jassy Taps AI to Reduce Costs

  Amazon’s Slower Growth in AI Cloud Business May Not Be Fatal Flaw

  Europe’s Solar Power Surge Puts Unprecedented Strain on Its Grid

  Bill Gates Calls Out ‘Doomsday’ View of Climate Change in Memo

  Warner Brothers Sale Could Redefine the Future of Streaming Competition

  Sherwin-Williams Beats as Caution Pays Amid Macro Weakness

  UPS Stuns Wall Street With Strong Profit and 34,000 Job Cuts

  The Lengths Americans Are Willing to Go to Make Every Penny Count

  Levi’s Rolls Out New Premium Denim, but Aims to Keep Appealing to Budget Shoppers

  Why Faith-Based Brands Prosper In Secular Markets

  How KFC Lost Fast Food’s Chicken Crown—and How It Plans to Win It Back

  Eli Lilly Makes Billions of Weight-Loss Pills Before US Approval

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• Morning News: October 27, 2025
  Eddy Elfenbein, October 27th, 2025 at 7:05 am

  Argentina Bonds Surge After Milei Landslide Win

  Japan Deals With the Price of Playing to Trump: $550 Billion

  Trump Says He Won’t Resume Canada Trade Talks ‘For a While’

  As This President Tours Asia, Democracy’s Ideals Aren’t on the Agenda

  Latest US-China Trade Truce Leaves Fundamental Issues Unresolved

  The ‘Sleeper Issue’ at the Heart of Trump’s Trade War on China

  Amazon Settlement Signals Broad Antitrust Battle for Trump

  Strains in Short-Term Markets Raise Urgency of Fed’s Balance Sheet Debate

  Jerome Powell’s ‘We Could Have Stopped Sooner’ Isn’t Good Enough

  Bessent Names Fed Chair Finalists Ahead of Year-End Decision

  Huntington Reaches $7.4 Billion Deal to Buy Cadence Bank

  Deutsche Bank’s DWS Joins Rivals in Setting Up Abu Dhabi Office

  Ten Things That Warren Buffet Does Differently

  Private Jets and Car Washes Are the Latest Tax Shields for the Ultrarich

  See How the Average U.S. Worker Has Changed Over 250 Years

  ‘No Idea How Long People Can Hold Out’: Federal Workers Feel Brunt of Shutdown

  More Big Companies Bet They Can Still Grow Without Hiring

  The Tyranny of the Low-Quality Job

  Boeing Defense Workers Reject Latest Contract

  French Fund Renews Backing for World’s Largest Green Steel Plant

  America’s Hottest New Investment: Rare-Earth Companies

  The US Shouldn’t Need Another Warning on Rare Earths

  How Trump Pressures the World Into Burning More Oil and Gas

  Saudi Arabia, Rich With Oil, Wants to Be Known as the A.I. Exporter

  Big Tech Makes Cal State Its A.I. Training Ground

  AI Bubble? The Real Danger Is Tight Credit Spreads

  Microsoft Plays ‘Me Too’ Again to OpenAI on AI Browser

  Ford’s F-150 Chokepoint Shows the Limits of the Trade War

  Cigna Will End Drug Rebates in Many Private Health Plans in 2027

  ‘Yellowstone’ Creator Taylor Sheridan to Leave Paramount for NBCUniversal

  Condé Nast’s Strategy for Media’s New Normal: Glam Events and Paywalls

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• Morning News: October 24, 2025
  Eddy Elfenbein, October 24th, 2025 at 7:02 am

  India’s Most Valuable Export: Tens of Millions of Workers

  Has Argentina Really Changed? Soon, We Will Find Out

  Ranchers are Furious About Trump’s Plan to Lower Beef Prices

  Argentine Beef Imports Would Betray US Ranchers

  Russia’s Oil Business Takes a Hit From Fight Between Top Traders

  No Matter What, China’s “Rare Earths” Will Flow to the United States

  Gold’s Next Move May Be Determined by Latecomers to Rally

  Trump Terminates Trade Talks With Canada Over Reagan Tariff Ad

  Trump Is Turning the White House Into a Golden Goose

  American ‘State Capitalism’ Is Destined for Failure

  Mr. President, Tear Down These Economic Distortions!

  Fed’s Portfolio Unwind Gains Urgency as Markets Flash Warnings

  Forget Tax Brackets, the IRS Owes Us Tax Clarity

  JPMorgan to Allow Bitcoin and Ether as Collateral in Crypto Push

  NatWest Profit Jumps as It Upgrades 2025 Guidance on Loan Growth

  Distant ICE Detention Centers Bring Money—and Anger—to an Alaska Native Community

  Fighting Real Estate Fraud to Protect the American Dream

  Companies Have Shielded Buyers From Tariffs. But Not for Long.

  Military Tech Companies, Long Snubbed in Europe, Are Having a Moment

  VC Firms Lean on AI for More Than Just Returns

  The Dark Side of the AI Boom Is It’s Masking Weak Investment

  With ‘Vibecoding,’ A.I. Can Help Anyone Build an App

  Intel Surges as First Earnings Report Since U.S. Investment Shows Momentum

  Meta Layoffs Included Employees Who Monitored Risks to User Privacy

  Critical Auto-Aluminum Supplier Says Fire-Damaged Plant Will Restart This Year

  Ford Profit More Than Doubles on Growth in Sales of Pickups, SUVs

  Rivian Lays Off More Than 600 Workers Amid EV Pullback

  Alaska Airlines Works to Restore Operations After Tech Outage Grounds Flights

  Smart Beds Helped Them Sleep on a Cloud. Then the Cloud Crashed.

  Boo! Startling Flavors and High Prices Lurk in the Trick-or-Treat Bag.

  Chinese Caviar and Foie Gras Shake Up Global Gourmet Dining

  Hollywood Weeps as Warner Bros. Hangs a Sale Sign

  Chick-fil-A Tycoon’s Movie Studio Swaps ‘Spider-Man’ for Influencers

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• Morning News: October 23, 2025
  Eddy Elfenbein, October 23rd, 2025 at 7:05 am

  Turkey’s Central Bank Slows Pace of Interest-Rate Cuts After Inflation Uptick

  Oil Prices Dropped 18%, Helping Drivers, but Squeezing the Industry

  Oil Price Jumps on Trump’s Russia Sanctions

  Russians Awake to Trump’s New Oil Sanctions and Largely Shrug

  Trump’s New Sanctions on Russian Oil Threaten to Push Barrels Off Market

  Rosneft German Unit May Be Cut Off From Customers Amid Sanctions

  How China Raced Ahead of the U.S. on Nuclear Power

  We Finally Know How to Get the One Renewable Energy Source Loved by Both Parties

  Addressing the Gold Price From An Iran/China Barter Angle

  QE Revisionism in a World Drowning in Debt

  Wall Street Bonuses Expected to Hit Record as Bank Profits Surge

  ‘I, Sharpie’ As An Antidote to ‘I, Pencil’ Is Truly Ridiculous

  The Disaster Industrial Complex Is Driving US Economic Growth

  Trump Bypasses Shutdown Fight to Focus on Ceasefires, Ballroom

  Trump Wants the American People to Pay Him $230 Million

  The US Is Courting Disaster in Venezuela

  America’s Two-Tier Racial System Is Making a Comeback

  Chicago Needs to Fix Its Spending Problem

  The China and U.S. Birthrate “Crisis” Is Much Ado About Nothing

  China’s Consumers Are in a Years-Long Funk. Will Anything Get Them to Spend?

  China Vows to Double Down on Tech Self-Reliance as U.S. Rivalry Heats Up

  DeepSeek’s Push Into Africa Reveals China’s AI Power Grab

  Trump Administration in Talks to Take Equity Stakes in Quantum-Computing Firms

  Meta Investors Watch Zuckerberg Keep His Promise of Big AI Spending

  Nokia Reports Sharp Rise in Demand From AI and Cloud Customers

  Hoping to Grow in Europe, but Bogged Down by Red Tape

  Tesla Profit Plunges as Musk Turns Focus to ‘Robot Army’

  Elon Musk Raises the Stakes for Vote on His Pay

  Three Offers in One Month: Paramount’s Secret Pursuit of Warner Bros. Discovery

  Drug With a 30-Year Monopoly Is Target of State-Level Push to Curb Prices

  ChatGPT Is a Bad Personal Shopper — But It’s Learning

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• Morning News: October 22, 2025
  Eddy Elfenbein, October 22nd, 2025 at 7:08 am

  China’s $1 Billion of Daily US Exports Show Xi’s Bargaining Power

  EU Prepares Trade Options to Counter China Rare Earth Curbs

  Citi Predicts Brazil’s Four-Year IPO Drought Will End in 2026

  Canada Inflation Accelerates to Seven-Month High of 2.4% in September

  World Falling Short on Methane Pledge, U.N. Report Finds

  Disaster Spending Has Become an $8 Trillion Engine for US Growth

  US Government Shutdown Is Now Second Longest in History

  More Tax Collection Won’t Reduce the Debt, It Will Expand It

  The White House Didn’t Need a Mar-a-Lago Makeover

  Dudley: The Fed Might Be More Dovish Than Powell Thinks

  Fed Floats Plan With Much Smaller Capital Hikes for Big Banks

  Why Raphael Bostic Could Be Trump’s Next Federal Reserve Target

  Gold Extends Rout in Volatile Pullback From Record Price Surge

  Crypto Prime Broker FalconX to Acquire ETP Issuer 21shares

  Surrogacy Is a Multibillion-Dollar Business. Sometimes the Money Goes Missing.

  Workers and Employers Face Higher Health Insurance Costs

  The Health Insurance Prior Authorization Memo That You Helped Write

  Silicon Valley Has China Envy, and That Reveals a Lot About America

  China’s Phone Makers Are Chasing Xiaomi, Not Apple

  OpenAI’s ‘Vibe Lifing’ Browser Won’t Hurt Google

  Anthropic, Google in Talks on Multibillion-Dollar Cloud Deal

  Gas-Powered Cars Would Have Crushed EVs In the ’80s and ’90s

  Cable Giant Charter Lays Off 1,200 Workers

  David Zaslav’s Future Hangs in Balance as Warner Goes Up for Sale

  Tariffs Are Coming for Mattel’s Barbie This Christmas

  The Bankruptcy Court Where People Can’t Stop Talking About Piercing Their Ears

  Stitch Fix’s Growth Plan: More Quality Customers, Not Just More Shoppers

  A Buzzy Embroidery Shop Manifests a Dream Endorsement

  Beyond Meat Shares Surge, Extending Rally to Almost 1,300%

  Why Everything From Perfume to Soap Smells Like Food Now

  Travis Kelce Teams Up With Investor for Activist Campaign at Six Flags

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