Flash News

TREE NEWS update: The Saudi-led coalition said it carried out a strike on an oil facility in Sanaa, Yemen. The coalition said the Houthis used the facility to support their attacks inside Yemen.

TREE NEWS update: Federal Reserve official Barkin said the effect of artificial intelligence investment on US inflation can be seen. The remark points to AI capital spending as a factor the central bank is watching in its inflation assessment.

TREE NEWS reports: Billionaire investor Ray Dalio warned the selloff in US Treasuries is far from over, saying demand from some of the world’s largest traditional buyers is weakening as government and corporate debt issuance surges. The Bridgewater founder said the US is entering a phase in which expanding bond supply pushes yields higher and debt levels rise further, a cycle likely to run until higher rates pressure the economy and markets enough to rebalance supply and demand. “The road to a Treasury bear market may be long,” Dalio wrote.

TREE NEWS reports: Saudi Arabia plans to hold its flagship Future Investment Initiative conference in a hybrid format, allowing executives to attend remotely, after last weekend’s deadly attack on Riyadh airport prompted a reassessment of travel safety to the kingdom. Some attendees are still expected to fly in, potentially landing at airports outside Riyadh or in neighboring Gulf states before traveling to the capital by road. The FII event is scheduled for later this month.

TREE NEWS update: Iran’s foreign ministry summoned the British ambassador following UK accusations that Tehran was involved in an alleged plot to attack RAF Fairford air base in Britain. The summons marks a diplomatic escalation between London and Tehran over the accusation, which Iranian officials rejected as baseless. No further details on the alleged plot or the timing of the summons were given.

TREE NEWS update: Renault CEO Francois Provost said the EU must relax long-term CO2 emissions rules to protect European automakers and jobs, warning he would otherwise propose cutting the company’s European production by 300,000 vehicles within a year. Speaking Tuesday at a Paris auto summit, he said talks among carmakers, member states and EU institutions are moving slowly as tougher targets approach.

TREE NEWS update: The Trump administration wants to re-evaluate a key permit for Ørsted’s Revolution Wind offshore wind farm off the coast of Rhode Island. The move could force a project that is already generating power to shut down.

TREE NEWS reports: Goldman Sachs’ prime brokerage financing business to hedge funds generated $3.37 billion in equity financing revenue in its fiscal third quarter, up 96% year on year, surpassing its equities intermediation revenue of $3.08 billion, which rose 52%. It is the first quarter the bank’s hedge fund lending business has outearned its stock trading desk, as large investors added leverage while navigating volatile markets, the Wall Street bank said Tuesday.

TREE NEWS reports: Iran’s seaborne crude exports held at zero in October under a US blockade, energy intelligence platform Vortexa reported, after flows fell from a 14-day average of 230,000 barrels per day in early September to zero in the second week of September. Iranian crude inventory in tankers at sea has fallen to 83 million barrels, with 43 million barrels stranded west of the Strait of Hormuz. Iran’s LPG exports dropped 48% month-on-month to their lowest since at least January 2023.

TREE NEWS reports: Federal Reserve official Barkin said the 2% inflation target is not an unreachable unicorn but a goal the central bank can achieve. The remark signals continued commitment to the Fed’s stated inflation objective. No timeline or policy specifics were given.

TREE NEWS reports: The Federal Reserve’s overnight reverse repurchase agreement (RRP) facility took in $275 million on Tuesday, October 13, from a single counterparty, down from $300 million the previous trading day. The RRP is a key tool the Fed uses to absorb excess cash from money markets.

TREE NEWS update: US Vice President JD Vance said the Defense Production Act will be used to expand refinery capacity in Texas. The move invokes a Cold War-era authority to boost domestic fuel processing. No further details on the scale, timing or specific facilities were given.

TREE NEWS reports: Bank of America’s latest fund manager survey found that managers would only rotate out of equities and into bonds once the 10-year US Treasury yield reaches 5.9%. The 5.9% level was given as the threshold in the survey. No further details were provided in the material.

TREE NEWS reports: Data analytics firm Verisk estimates onshore property insured losses from Hurricane Isaias will range between $1 billion and $2 billion. The estimate includes wind damage and privately insured storm-surge losses, with wind damage expected to account for most of the total. Isaias made landfall near Destin, Florida, as a Category 2 hurricane, cutting power to hundreds of thousands and killing at least four people.

TREE NEWS reports: West Texas Intermediate crude oil rose 1.0% during intraday trading to reach $94.69 per barrel. The move marks a gain of about one percentage point for the US benchmark within the session.

TREE NEWS update: The US Treasury auctioned six-week bills at a high yield of 3.980% with a bid-to-cover ratio of 2.58. The auction drew bids equal to 2.58 times the amount offered. The Treasury has not disclosed the size of the offering in the release.

TREE NEWS reports: International copper closed down 0.34% in the night session, with Shanghai copper off 0.15%, Shanghai aluminum down 0.45%, Shanghai zinc down 0.97% and Shanghai nickel down 0.14%. Shanghai lead was the sole gainer among the base metals, rising 1.36%, while Shanghai tin dropped 3.52%. Alumina fell 0.57% and aluminum alloy slipped 0.09%, while stainless steel rose 0.26%.

TREE NEWS reports: French corn futures rose as much as 4.6% to 289.75 euros per tonne, the highest level since 2023, after French data showed a decline in corn production. The contract later traded near that peak. The move followed the release of the output figures.

TREE NEWS reports: London Metal Exchange copper closed down $40 at $14,578 per tonne. Aluminium fell $14 to $3,039/t, zinc lost $26 to $3,732/t, nickel slipped $32 to $15,587/t and tin dropped $1,442 to $51,767/t. Lead was the sole gainer among the base metals, rising $18 to $1,902/t, while cobalt closed flat at $39,345/t.

TREE NEWS update: Russia’s Foreign Ministry summoned Belgian Ambassador Zherebzov on October 13, rejecting what it called increasingly numerous and unfounded claims by Belgium’s military and political leadership about a Russian threat. The ministry said the statements allege growing hybrid, sabotage and direct military threats from Russia against Belgium and Europe.