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Morgan Stanley Reports Wednesday After Telling Investors "3Q Is No 2Q." Its Closest Rival Has Just Shown What That Can Look Like.
The FTC Says Martin Shkreli Traded Shares in at Least 60 Drug Companies Despite a Lifetime Ban. It Wants His Profits, With No Offset for Losses.
Goldman Earned $17.01 a Share Against a $13.02 Consensus. Equities Revenue Alone Ran About $1.8 Billion Above the Preview Estimate.
JPMorgan Earned $5.57 a Share, Its First Miss Since 2023. Take Out a $658 Million Securities Loss and It Still Missed.
TSMC's Third-Quarter Sales Rose About 51 Per Cent, Above Its Own Guidance. Analysts Expect Its Net Margin to Fall From 55.6 Per Cent to About 50.
Steris Will Pay $2.1 Billion for Xodus Medical. The Target Expects $245 Million of 2026 Revenue and $135 Million of Adjusted Operating Profit.
IonQ Will Pay Up to $1.3 Billion in Stock for Elisity. Up to $150 Million of That Depends on Performance.
Goldman Sachs Has Had 17 Downward Earnings Revisions and No Upgrades in 30 Days. It Reports on Tuesday Against a $13.02 Consensus.
Meta Priced Its First Frontier Model at $4 per Million Tokens, Level With Anthropic's Opus 5.5. Its Shares Closed Up 3.4 Per Cent.
China Exported 919,000 Passenger Cars in September, Up 64 Per Cent. Its Domestic Sales Fell 27 Per Cent to 1.67 Million.
California's Largest State Union Voted 96.2 Per Cent to Strike on 21 October. It Will Not Say How Many of Its 100,000 Members Voted.
Consumer Prices Rose 3.7 Per Cent in September, Up From 3.4. Core Rose 2.6 Per Cent, and Gasoline Alone Was Up 34.2.
The headline number is an energy story, and the energy story is large. The part that matters for the Federal Reserve is the smaller one underneath it: core inflation moved up, not sideways.
A Shell station. Gasoline rose 9.1 per cent in September and was 34.2 per cent higher than a year earlier, the BLS said. File photograph.
Consumer prices rose 0.6 per cent in September and were 3.7 per cent higher than a year earlier, the Bureau of Labor Statistics said on Wednesday in its Consumer Price Index release. The 12-month rate was 3.4 per cent in August. The monthly gain followed a 0.4 per cent rise in August.
Excluding food and energy, prices rose 0.3 per cent in the month, the same as in August, and 2.6 per cent over the year, up from 2.4 per cent. The gap between the two annual rates is 1.1 percentage points, by this publication's arithmetic. The gap is mostly gasoline. It is not only gasoline.
The BLS said energy prices rose 5.2 per cent in September on a seasonally adjusted basis, after a 2.1 per cent rise in August, and were 20.4 per cent higher than a year earlier. Gasoline rose 9.1 per cent in the month and 34.2 per cent over the year. The bureau said gasoline accounted for more than half of the monthly increase in the all-items index. Without a seasonal adjustment, gasoline rose 6.5 per cent.
World
The IMF Publishes Its Full Outlook on Tuesday. Its July Forecast Assumed $89 Oil This Year, and Brent Is Above $100.
The headline growth number will draw the attention.
Markets
Hall and Woodford Won the Economics Nobel for Models Behind Forward Guidance. Forty-Five Days Earlier, the Fed Chair Said the Practice "Has Overstayed Its Welcome."
The prize and the Fed's stance are less opposed than they look.
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Infrastructure Everybody Depends On Should Not Be Owned by a Competitor
Coverage Should Follow the Approval, Not the Advice
You Cannot Delegate the Thing You Have Never Done
Business
Bank of America Took a $1.2 Billion Treasury Penalty the Day Before It Reported. The Charge Cost 17 Cents a Share, and Earnings Still Missed Without It.
The bank admitted to willfully violating the Bank Secrecy Act.
Bumble Agreed to a $1.3 Billion Cash Buyout at $6.05 a Share, a 138 Per Cent Premium. Its Public Shareholders Will Not Get a Vote.
A premium that large measures how far the stock had fallen as much as how much the buyer values it.
Citi Reported Its Best Third-Quarter Revenue in a Decade, $23.8 Billion. Its Return on Tangible Equity Fell to 11.5 Per Cent From 13.0 in the Second Quarter.
The growth was broad, and last year's Banamex write-down flatters the comparison.
Pope Leo XIV Has Lung Cancer, the Vatican Says. Surgeons Removed Part of His Right Lung Without Complications.
Two days after telling pilgrims about a small nodule, the 71-year-old pope had it removed.
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Private Equity Hospitals Charged $669 More Per Patient. Costs Did Not Fall.
World
China's Property Slump Is in Its Fifth Year. The Stimulus Has Run Out of Room.
Markets
The Office Loan Is Not Paying Off. Neither Is the One Next to It.
National News
The Federal Workforce Shrank by 272,000. The Cost Was $9.5 Billion in Pay for Not Working.
Money
The State Collected $2.7 Billion From Gambling. Most of It Came From a Small Fraction of Bettors.
Editor's Choice
Manufacturers Are Coming Home. The Workers Are Not There Yet.
The investment is there.
Latest News
Everything we have published, newest firstA $400,000 Mortgage Now Costs About $294 a Month More Than a Year Ago. Applications Have Fallen Five Weeks Running.
Freddie Mac's 30-year fixed rate averaged 7.40 per cent this week, up from 7.28 per cent and from 6.30 per cent a year ago. It is the highest since November 2023 and the seventh straight weekly rise. Buyers are responding by stepping back.
Oil Fell on Trump's Pledge of No Iran Strike, Then Closed Higher on a Hurricane. Tanker Attacks Are Running at a Wartime High.
Brent settled at $104.72 and West Texas Intermediate at $91.85 on Friday, both higher on the day and the week. Early losses on President Trump's remarks about Iran were erased as more Gulf of Mexico output shut ahead of Hurricane Isaias, while attacks on tankers hit a wartime high.
Devon Is Selling 4 Per Cent of Its Production for $4.2 Billion. The Buyer Has Now Made 10 Eagle Ford Deals Since 2023.
Months after announcing its combination with Coterra, Devon is shedding an asset it calls mature into oil near $92 a barrel. Crescent, which is paying for it, has been assembling the surrounding acreage since 2023.
A Trade Judge Has Certified a Class of Every Importer That Paid the Struck-Down Tariffs and Did Not Sue. The Court Says About $30 Billion Is at Stake.
Customs has paid out well over $100 billion through its refund portal, but small importers that never filed claims have not been reached. The court says that without a class, roughly $30 billion would stay with the government.
Technology
TSMC's American Chips Still Need a Piece Made Elsewhere. GlobalFoundries Is Signing Up to Make It in New York.
GlobalFoundries and TSMC announced a five-year, $2 billion agreement on Thursday under which GlobalFoundries will make silicon interposers, a component of TSMC's CoWoS advanced packaging, at its Malta, New York, plant. Volume production is due in the first half of 2028.
The Pentagon Offered Wolfspeed $1.5 Billion for 30 Years. In Return It Would Get Warrants for Up to 7.5 Per Cent of the Company.
The Department of War's Office of Strategic Capital has issued a conditional commitment for up to $1.5 billion in long-term financing to Wolfspeed, a silicon carbide and gallium nitride chipmaker that emerged from bankruptcy a year ago. Nothing has been signed.
The headline is a bad number.
The Long View
Brussels Says China Will Halve Its Hybrid Exports to Europe. Beijing Called It an "Understanding."
After two days of talks in Beijing, the EU's trade chief said China had agreed to "moderate" exports of hybrid and plug-in hybrid cars, with the prospect of cutting them by more than half over four years. China's own list of 16 outcomes mentions an "understanding" and no number.
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The Algorithm Is Spending Your Ad Budget Now. Most Buyers Let It.
AI-powered advertising revenue in the US is estimated to reach $57 billion in 2026, up sixty-three percent, according to Madison and Wall. Meta's Advantage+ platform crossed a $75 billion annual revenue run rate in the second quarter. Advertisers are ceding targeting decisions to the machine, and for most the results are better than what they were doing manually.
US Electric Vehicle Sales Are Down Thirty Percent. Hybrids Are Up Twenty-Three.
The subsidy shaped the market. Its removal is reshaping it.
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Cory Chamberlain
Senior Writer
JPMorgan Reports Tuesday After a Quarter With $5.6 Billion of One-Off Gains. Analysts Expect Revenue of About $51 Billion.
Devon Is Selling 4 Per Cent of Its Production for $4.2 Billion. The Buyer Has Now Made 10 Eagle Ford Deals Since 2023.
A Trade Judge Has Certified a Class of Every Importer That Paid the Struck-Down Tariffs and Did Not Sue. The Court Says About $30 Billion Is at Stake.
Alison Acosta
Technology Correspondent
Bumble Agreed to a $1.3 Billion Cash Buyout at $6.05 a Share, a 138 Per Cent Premium. Its Public Shareholders Will Not Get a Vote.
IonQ Will Pay Up to $1.3 Billion in Stock for Elisity. Up to $150 Million of That Depends on Performance.
Meta Priced Its First Frontier Model at $4 per Million Tokens, Level With Anthropic's Opus 5.5. Its Shares Closed Up 3.4 Per Cent.
Daniel Okafor
Markets Editor
Consumer Prices Rose 3.7 Per Cent in September, Up From 3.4. Core Rose 2.6 Per Cent, and Gasoline Alone Was Up 34.2.
Citi Reported Its Best Third-Quarter Revenue in a Decade, $23.8 Billion. Its Return on Tangible Equity Fell to 11.5 Per Cent From 13.0 in the Second Quarter.
The FTC Says Martin Shkreli Traded Shares in at Least 60 Drug Companies Despite a Lifetime Ban. It Wants His Profits, With No Offset for Losses.
Margaret Holloway
Editor-at-Large
Bank of America Took a $1.2 Billion Treasury Penalty the Day Before It Reported. The Charge Cost 17 Cents a Share, and Earnings Still Missed Without It.
Steris Will Pay $2.1 Billion for Xodus Medical. The Target Expects $245 Million of 2026 Revenue and $135 Million of Adjusted Operating Profit.
California's Largest State Union Voted 96.2 Per Cent to Strike on 21 October. It Will Not Say How Many of Its 100,000 Members Voted.
Thomas Gutierrez
Staff Writer
Pope Leo XIV Has Lung Cancer, the Vatican Says. Surgeons Removed Part of His Right Lung Without Complications.
China Exported 919,000 Passenger Cars in September, Up 64 Per Cent. Its Domestic Sales Fell 27 Per Cent to 1.67 Million.
The IMF Publishes Its Full Outlook on Tuesday. Its July Forecast Assumed $89 Oil This Year, and Brent Is Above $100.
The Story So Far
The Hormuz Closure28 stories
- 10 Oct Oil Fell on Trump's Pledge of No Iran Strike, Then Closed Higher on a Hurricane. Tanker Attacks Are Running at a Wartime High.
- 3 Oct Oil Is Up 61 Per Cent Since February. American Natural Gas Costs What It Did a Year Ago.
- 3 Oct The Trucking Companies Going Bankrupt Are Small. Diesel Is Paid in Days, Freight in Months.
- 3 Oct The G-7 Will Release 100 Million Barrels. Some May Already Have Been Promised in March.
- 29 Sept LNG Canada Will Double to 28 Million Tonnes. The Announcement Has a Date in the 2030s and No Price.
- 28 Sept The 30-Year Treasury Closed at Its Highest Since the Bond Came Back in 2006. Households Had Already Marked Up Their Inflation Forecast.
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Editors’ Picks
America Imported a Record $421 Billion in August. Without Computers, Chips and Telecom Gear, Imports Are Down This Year.
Schneider Is Paying a 42% Premium for PTC. The Price Is Still Below Where PTC Traded a Year Ago.
Customs Took In $333 Billion in Fiscal 2026. Refunds Sent About $147 Billion Back Out.
The Cranberry Brief