Flash News

TREE NEWS update: Ali Emre Bali, a 46-year-old Turkish businessman and chairman of bad-debt asset management firm Adil Varlik Yonetim AS, was found dead Tuesday in the driver’s seat of a car on an empty lot in Istanbul’s Cekmekoy district. Preliminary examination indicates he died of a gunshot wound. Authorities have opened an investigation into the circumstances of his death.

TREE NEWS update: The No Betting on Your Own Race Act will not be taken up before the 2026 US midterms, as Congress remains in recess until after the election. The bill would bar US lawmakers from placing bets on their own elections. No further action is scheduled on the measure ahead of the vote.

TREE NEWS update: A vessel flying the Panama flag was attacked and caught fire near Lima in Oman’s Musandam region. The incident marks an assault on a commercial ship in the strategic waterway off the Strait of Hormuz. No casualty figures or claim of responsibility were immediately given.

TREE NEWS update: Chile’s state copper producer Codelco said it is investigating new evidence of overstated production in 2024 and 2025. The board has been briefed on preliminary findings involving possible double-counting in output calculations and discrepancies in inventory records. The findings have been referred to the prosecutor’s office, and an independent external audit has been commissioned to determine the scale, responsibility and potential economic impact, with reported output at the Ministro Hales and Salvador operations possibly inflated.

TREE NEWS reports: DE Shaw’s flagship multi-strategy Composite fund returned 1.5% in September, lifting its year-to-date gain to 15.3%, while its macro-focused Oculus fund rose 4.3% and is up 30.2% this year. Said Haidar’s macro hedge fund Jupiter gained 17.7% in September after a 17% rise in August, bringing its year-to-date return to about 20%.

TREE NEWS update: Kansas City Federal Reserve President Jeff Schmid said the central bank’s credibility is being tested by its fight against inflation. Schmid made the remark in comments that underscore the pressure on the Fed to keep tightening monetary policy until price growth cools. He did not announce any new policy action or provide specifics on the rate path.

TREE NEWS update: Kansas City Federal Reserve President Jeff Schmid said AI is currently one of the biggest drivers of inflation. The remarks, made without further detail, place the technology at the center of the Fed’s inflation assessment. Schmid did not elaborate on the mechanism or on the implications for monetary policy.

TREE NEWS update: Explosions were heard in the waters near Iran’s Qeshm Island, Iranian state news agency IRNA reported. No further details on the cause, timing or any damage were immediately provided. Qeshm Island sits in the Strait of Hormuz, a chokepoint for global oil and gas shipments.

TREE NEWS update: Russia’s Defense Ministry said its forces shot down 110 Ukrainian drones across multiple regions of the Russian Federation over the course of the day. The ministry did not specify which regions were affected or whether the drones caused any damage or casualties.

TREE NEWS reports: Kansas City Federal Reserve President Jeff Schmid said the labor market remains in good shape. The comment from the regional Fed chief addresses the employment side of the central bank’s dual mandate. No further details were provided.

TREE NEWS reports: Saudi Arabia’s Jazan refinery is not expected to resume operations until November, market intelligence firm IIR Energy said. The country’s Samref refinery, located near Yanbu on the Red Sea, has also reduced its operating scale because of damage to the East-West crude pipeline.

TREE NEWS update: Oman has medically evacuated ten crew members from a Panama-flagged merchant vessel that was attacked northeast of Lima in the Musandam Governorate. The evacuation was carried out following the strike on the ship, which occurred in Omani waters off the Musandam peninsula. No further details on the crew’s condition or the nature of the attack were immediately provided.

TREE NEWS update: The International Energy Agency will meet on Wednesday to discuss the release of diesel and crude oil stockpiles. The meeting concerns drawing on emergency reserves held by the Paris-based group of major oil-consuming nations. No further details on the size or timing of any release were provided.

TREE NEWS update: Google has signed a 20-year nuclear power agreement with Constellation Energy, the largest nuclear operator in the United States. The deal pairs the technology company with the country’s biggest reactor fleet operator for two decades of power supply. No financial terms were disclosed.

TREE NEWS reports: The Federal Reserve’s overnight reverse repurchase agreement (RRP) facility saw $4.14 billion in usage on Tuesday, October 6, across 16 counterparties, up from $1.004 billion the prior trading day. The swing marks a fourfold increase in take-up at the central bank’s overnight facility.

TREE NEWS reports: Diesel shortages and rising fuel prices linked to disruption in the Strait of Hormuz are straining European logistics firms, with Supernova International Transport, Hungary’s third-largest international freight company, among those affected. The Budapest-area operator runs about 200 trucks. Its general manager said the company faces multiple operational challenges from the fuel crisis, diesel supply shortages and higher prices.

TREE NEWS reports: US Treasury Secretary Scott Bessent said combining economic growth with fiscal restraint can contain the federal deficit, but market strategists doubt the approach will work given the government’s large debt load. Brown Brothers Harriman strategists including Elias Haddad wrote that after the 10-year Treasury yield surged, Bessent sought to talk down long-end yields through verbal intervention.

TREE NEWS reports: London Metal Exchange copper settled $5 lower at $14,415 a tonne, while aluminium rose $6 to $3,134/t and zinc gained $22 to $3,766/t. Lead fell $2 to $1,873/t, nickel dropped $32 to $15,682/t and tin slid $130 to $54,184/t. Cobalt was unchanged at $39,245/t.

TREE NEWS update: Mexico has submitted a permit application to US authorities seeking approval to export liquefied natural gas to the United States through a new pipeline project. The filing marks a step in cross-border energy infrastructure planning, with the application now pending review by US regulators. No timeline or capacity figures were disclosed.

TREE NEWS reports: Central bank officials meeting in Sorrento, Italy this week said gold is playing an increasingly strategic role in reserve diversification as geopolitical uncertainty and sanctions risk boost the appeal of the safe-haven asset. “Gold is a physical asset you can keep in your own vault, so it is seen as somewhat less exposed to sanctions or allies becoming enemies,” said Gioia Cellai, deputy head of market and monetary policy operations at Banca d’Italia, speaking Tuesday on a panel at the London Bullion Market Association’s annual conference.