Flash News

TREE NEWS update: American Express is cutting 5% of its workforce, affecting about 3,500 employees, the company said. The reduction is the latest sign of cost discipline at a major card issuer as it restructures operations. No further details on timing or which units are affected were provided.

TREE NEWS update: Moscow’s Sheremetyevo Airport issued an air raid alert on October 23, directing passengers to move to nearby safe areas and shelters. The airport’s press service said elevators, aircraft cabins, windows and glass structures were off-limits during the alert, and video and photography were prohibited. It also warned people not to approach any drones or debris they find.

TREE NEWS reports: Democrats plan to investigate Starlink’s activities in Ukraine if they win control of the House, CNBC reported. The probe would focus on the satellite internet service’s role in the country. No further details on the scope or timing of the planned investigation were provided.

TREE NEWS reports: Canada’s retail sales rose 1.2% month over month in August, falling short of the 1.3% expected, after a 0.7% decline in July. The August figure marks a rebound from the prior month’s contraction, though the pace of growth came in slightly below market forecasts.

TREE NEWS reports: Bitcoin price volatility cooled on Friday’s Asia trading session after the cryptocurrency posted a 3% loss, as stock markets battled another day of resurgent AI fears. The consolidation came as investors weighed renewed concerns over artificial intelligence valuations that have pressured equities in recent sessions.

TREE NEWS update: China’s autumn grain harvest has passed 80% nationwide as of Oct. 23, according to the latest agricultural situation monitoring by the Ministry of Agriculture and Rural Affairs. By region, the harvest is over 80% complete in the Northeast, Northwest and Huang-Huai-Hai areas, over 60% in the middle and lower Yangtze River region, and over 30% in South China. Winter wheat planting is more than 30% done, with the Northwest near 90% and the Huang-Huai-Hai area over 20%.

TREE NEWS update: A vessel crewed by Ukrainians sank near Romania’s territorial waters after being struck by a drone, killing one person, Bloomberg reported. The attack and sinking occurred in the Black Sea area close to the Romanian coast. No further details on the vessel, its cargo or the drone’s origin were immediately available.

TREE NEWS reports: Bank of America strategist Michael Hartnett said Friday he is tactically maintaining a risk-off stance until mid-November, expecting a trade of falling yields, falling stocks and a falling dollar. Hartnett wrote in a note to clients that unease over the AI trade and the US midterm elections is weighing on equities. He said the market still needs to fully price in the possibility that Democrats win control of both the House and Senate, which would end the current low-tax, low-regulation policy environment and hurt corporate earnings growth.

TREE NEWS reports: WTI crude oil climbed 2% during the trading session to reach $101.47 per barrel. The intraday gain puts the U.S. benchmark above the $100 mark. No further details were provided on the drivers behind the move.

TREE NEWS update: US Ambassador to the United Nations Michael Waltz said the United States is prepared for a prolonged standoff with Iran, acknowledging that a year from now the two sides may still be deadlocked. Waltz said a nuclear deal may still be unreached and shipping through the Strait of Hormuz may not return to pre-conflict levels, adding that he hopes Iran will come to the negotiating table before that happens.

TREE NEWS reports: The Baltic Dry Index fell 1.23% to 2,660 points. The index tracks the cost of shipping dry bulk commodities such as iron ore, coal and grain across major global routes. The decline reflects weaker freight rates in the dry bulk market.

TREE NEWS update: China’s State Administration of Foreign Exchange released a draft notice for public comment that would allow capital account income to be converted and paid directly, a move aimed at improving foreign investment efficiency. The draft also simplifies outbound direct investment procedures, including easing petty cash remittances and removing duplicate documentation requirements for outbound fund transfers.

TREE NEWS reports: The risk premium investors demand to hold French 10-year government bonds instead of German bunds has risen 33 basis points this week, the largest weekly increase since records began in 1990. Political instability is deepening market concerns over France’s public finances, with attention focused on whether Moody’s will downgrade the country’s credit rating.

TREE NEWS update: A consortium formed by Wuhan Tianyuan, Inner Mongolia Galaxy Electric Power Installation Engineering and Ningxia Communications Construction has won the equipment-plus-installation contract for a 1000MW/4000MWh centralized shared energy storage project in Lingwu City, owned by Lingwu Huaxin Comprehensive Energy Services. The winning bid totals 3.64 billion yuan.

TREE NEWS update: China published a document titled “China’s Position on Strengthening Outer Space Governance” on Wednesday, setting out its stance on the issue. The release was announced by the Xinhua News Agency. No further details on the document’s contents were provided in the initial announcement.

TREE NEWS update: On October 23, the first day of sales for China’s inaugural active ETFs, multiple products reached the 2 billion yuan fundraising cap and closed early, triggering pro-rata allocation. Morgan Asset Management (China), E Fund, and Fullgoal Fund each announced that their active ETFs would stop accepting subscriptions from October 24, making October 23 the final subscription day.

TREE NEWS reports: BASF has reportedly raised its takeover offer for rival Evonik to about €24 per share. The increased bid marks a step up in the German chemical giant’s pursuit of its competitor. No further terms of the proposal were disclosed.

TREE NEWS update: China’s National Development and Reform Commission and other departments said the country will continue its minimum purchase price policy for wheat in major producing areas for 2027-2028. The minimum purchase price for third-grade wheat produced in those years is set at 119 yuan per 50 kilograms, taking into account grain production costs, market supply and demand, domestic and international prices and industry development. The price will be adjusted through procedures if production costs change significantly.

TREE NEWS update: Premier Li Qiang chaired a State Council executive meeting that called for further leveraging the service sector’s role in supporting economic growth, stepping up efforts to expand capacity and improve quality, and turning the sector’s potential into development momentum. The meeting did not specify new policy measures or funding figures.

TREE NEWS update: Chinese Premier Li Qiang chaired a State Council executive meeting that called for better coordinating population with economic, social, resource and environmental factors. The meeting urged further refinement of related policies to steadily build up and release China’s comprehensive demographic dividend, using high-quality population development to support high-quality economic and social development.