Flash News

TREE NEWS reports: UBS Group has narrowed the salary increase for junior investment bankers promoted to its lowest associate level after restructuring compensation, with analysts in Zurich learning in July they would move to a new “level 0 associate” grade paying about 155,000 Swiss francs ($188,020) — roughly 20,000 francs less than the prior associate entry pay. UBS shortened its analyst program from three years to two in 2023, speeding promotions, but management deemed the analyst-to-associate pay jump too large and inserted the intermediate tier.

TREE NEWS update: The Trump administration is borrowing 315,000 barrels of fuel from the Northeast Home Heating Oil Reserve, out of a total 1 million barrels, to counter a sharp rise in fuel prices. AAA data put average diesel at about $6.32 a gallon, and the release of a few hundred thousand barrels is unlikely to significantly affect prices. The Department of Energy plans to complete delivery by Nov. 13, with Energy Secretary Chris Wright calling it a temporary measure for a temporary supply disruption.

TREE NEWS update: Kremlin aide Yuri Ushakov said US envoy Steve Witkoff presented new EU and Kyiv proposals to President Vladimir Putin that contain little of real use for advancing a peace settlement. Putin and Witkoff discussed resuming trilateral talks between Russia, the United States and Ukraine, and Putin said Russia is in principle ready to resume negotiations. Discussions on a post-conflict security system for Russia and Ukraine are expected around November 10.

TREE NEWS reports: US crude oil inventories fell by 3.06 million barrels last week, the Energy Information Administration reported. The draw was smaller than the 3.5 million barrels Bloomberg users expected and far larger than analysts’ forecast of a 324,200-barrel decline. The prior week saw a sharp 8.557 million-barrel drop in stockpiles.

TREE NEWS reports: US distillate fuel inventories rose by 1.675 million barrels in the week to October 16, the Energy Information Administration reported, reversing the prior week’s drawdown of 2.527 million barrels. The build marks a swing of more than 4.2 million barrels week on week.

TREE NEWS reports: Crude and condensate flows out of the Persian Gulf reached 24.6 million barrels per day in the week to Oct. 18, showing Middle East oil shipments barely buckling despite increasingly frequent and destructive attacks by Iran on commercial vessels. Volumes are volatile, and the month-to-date average remains below pre-war levels, with loadings often bunched into convoys that transit the Strait of Hormuz and transfer cargo to tankers waiting outside.

TREE NEWS update: The UK Maritime Trade Operations office reported on the 21st that tankers were attacked in waters near Iraq and near Oman. The incidents mark a spread of ship attacks from the Strait of Hormuz to the waters off Iraq. No further details on the vessels, damage or casualties were provided.

TREE NEWS update: Iranian Foreign Minister Abbas Araghchi said on the 21st that Tehran does not believe the US government’s professed willingness to pursue peace with Iran is sincere. In an article, Araghchi said the White House has shown no willingness to reach an understanding on a future path and has threatened more force, leaving almost no reason to expect progress in negotiations.

TREE NEWS update: The U.S. Energy Information Administration will release its weekly government crude oil inventory report at 22:30 Beijing time. The report is a key indicator for oil market participants, detailing changes in U.S. crude stockpiles.

TREE NEWS update: A Russian Su-30 fighter jet crashed in the Kaliningrad region on 21 March during a routine training flight, the Russian Defence Ministry said. The pilot ejected and was found by a ground search team. The aircraft went down in an unpopulated area and was not carrying ammunition on the flight.

TREE NEWS update: Zeng Zhaoxiong, founder and chairman of Shenzhen Mingyao Investment Management, died of illness at 5:03 a.m. on October 20, 2026, at the age of 57, the company said in an obituary notice. The death was confirmed by industry sources.

TREE NEWS update: Yemen’s Houthi forces fired four ballistic missiles at Rayyan International Airport in Hadramawt province, southeastern Yemen, on 21 October, a Yemeni government security official said. A powerful explosion occurred inside the airport compound. The official gave no further details on casualties or damage.

TREE NEWS reports: Berkshire Hathaway’s Class B shares rose about 0.6% to $543.06, setting an intraday record high. The Class A shares also climbed more than 0.5% to $814,027.80, likewise an all-time high.

TREE NEWS update: NASA on the 20th announced the latest development progress and mission plans for its lunar rovers. The Volatiles Investigating Polar Exploration Rover (VIPER), designed to search for lunar water resources, is scheduled to arrive at the lunar south pole in 2027, while the crewed lunar terrain vehicle is planned to be delivered to the lunar south pole before 2028. Both missions aim to support future crewed lunar exploration and the construction of a lunar base.

TREE NEWS update: Paris police imposed a nighttime curfew from 11 p.m. on Oct. 21 to 6 a.m. on Oct. 22 around Place de la République and the Halles commercial district, barring people from remaining in the area. It is the third nighttime curfew in Paris this week, imposed at the request of French Prime Minister Lecornu and Interior Minister Nunez.

TREE NEWS update: China’s Ministry of Science and Technology detailed a six-point plan to deepen the integration of technological and industrial innovation, the ministry said in a Q&A on its policy guidance. The measures cover seamless links between innovation and industrial chains, high-quality tech supply for modernizing the industrial system, enterprise-led collaboration among industry, academia and research, more efficient allocation of innovation resources, a supportive ecosystem, and expanded room for integration.

TREE NEWS update: Russian Foreign Ministry spokesperson Maria Zakharova said on the 21st that the Japan-US “Keen Edge 27” joint military exercise poses a security risk to Russia’s Far East border region and that Moscow will take response measures. The statement did not specify what those measures would be.

TREE NEWS reports: China’s futures market added 910,000 new clients in the first three quarters of 2026, up 41% from a year earlier, the China Futures Market Monitoring Center said on October 21. As of the end of September, the market had 3.15 million active clients, 0.4% more than at the end of August, with individual clients up 0.3% and institutional clients up 1.0%.

TREE NEWS reports: The secured overnight financing rate (SOFR) rose to 3.88% on Oct. 20 from 3.87% the prior day. The effective federal funds rate held steady at 3.88% for the same session. The readings mark a one-basis-point increase in SOFR while the fed funds rate remained unchanged.

TREE NEWS update: China Securities Regulatory Commission Vice Chairman Li Ming said on Oct. 21 that the regulator will keep improving rules for the fund industry and steadily advance the high-level opening of the capital market. Speaking at the CSRC main forum of the 2026 Financial Street Forum, Li said the fund sector must balance serving the real economy with industry growth, expansion with investor returns, innovation with compliance and risk control, and “bringing in” with “going global.”