Good Afternoon. In October 1958, one of the earliest video games Tennis for Two lit up a lab screen, launching the era of humans competing with circuits. Today, Elon Musk wants a trillion-dollar pay day to make “a robot army,” quantum computing has accelerated, and Trump just pardoned crypto’s most notorious founder. It’s a fine day for markets and a strange one for humanity. Let’s get into it.

—Rosie, Wyatt, Evan & Conor

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1. Markets Rally as Trump–Xi Meeting Set; Oil Surges on Russia Sanctions

The News: U.S. stocks climbed Thursday after the White House confirmed that President Trump will meet Chinese leader Xi Jinping next week in Asia to discuss easing trade tensions. The S&P 500 rose ~0.7% and the Nasdaq gained !1%, with optimism spreading across global markets. Energy shares led the advance as Brent crude jumped 5.4%—its biggest gain since June 13—after the U.S. imposed fresh sanctions on Rosneft and Lukoil, Russia’s top two oil exporters. The move, coupled with an EU ban on Russian LNG imports starting in 2026, sent European gas prices higher and boosted majors like Exxon Mobil, BP, and Shell.

Why It Matters: Curse of the commentator, as we just called lower gas prices a “silent stabilizer” on Tuesday. Higher oil prices could quickly bleed into fuel costs just as inflation was easing. For investors, the Trump–Xi summit offers a potential diplomatic tailwind to counter sanctions-driven volatility, proof that markets still price optimism faster than risk. But with energy up and tariffs unresolved, this détente could lift stocks while tightening wallets.

What to Watch: The Trump–Xi summit next Thursday will set the tone for global trade and commodity markets. Watch Brent crude and shipping rates for early signs of whether diplomacy cools conflict or heats your gas bill instead.
Source: wsj.com

2. Musk Wants $1 Trillion to Build a Robot Army

The News: Elon Musk used Tesla’s Q3 earnings call to press shareholders for approval of his proposed $1 trillion compensation plan, saying he needs “strong influence” over Tesla’s coming “robot army.” The CEO, who now owns 13% of Tesla after funding his 2022 Twitter buyout, said he’s uneasy developing the Optimus humanoid project without more voting control—targeting roughly 25% ownership. Proxy advisers ISS and Glass Lewis urged investors to reject the deal, but analysts from Wedbush and Barclays expect approval at the Nov. 6 shareholder meeting, calling Musk’s leadership critical as Tesla pushes deeper into robotics and AI manufacturing.

Why It Matters: For investors, a trillion-dollar “pay plan” isn’t really cash, it’s control. If approved, Musk would tighten his grip on Tesla just as the company pivots from EVs to AI-powered automation, blending automotive margins with tech-stock multiples. For shareholders, that may secure near-term vision but heightens governance risk if Tesla’s board bends to Musk’s will.

What to Watch: Tesla’s Nov. 6 vote will test investor tolerance for concentrated power in the age of AI. A “yes” could spark a rally and one of the priciest alignment bonuses in corporate history. For everyone else, it’s a case study in what happens when corporate governance meets celebrity gravity and argues who’s orbiting whom.
Source: yahoo.finance.com

3. ADP Stops Sharing Data with Fed

The News: The Federal Reserve lost a key source of employment insight after payroll processor ADP suspended the Fed’s access to its private-sector jobs data. The move, first reported by The American Prospect, comes as the government shutdown has already choked off official labor statistics. ADP’s dataset covers roughly 20% of U.S. private payrolls and has helped Fed economists cross-check the Bureau of Labor Statistics’ monthly jobs numbers. While ADP didn’t comment on the decision, analysts say the break highlights how dependent policymakers have become on private data firms whose incentives aren’t purely public.

Why It Matters: The Fed is officially steering blind to the jobs market now, leaving out a core piece of their mandate. “to promote maximum employment and stable prices.” For markets, less visibility means more volatility, as investors guess what policymakers can’t see. Private datasets may offer faster snapshots, but they’re still commercial products, not public goods. The central bank might be data-hungry, but now there’s even less on their plate.

What to Watch: Expect Fed officials to lean on alternative data until the shutdown lifts and BLS releases resume. Until then, every speech from Powell’s team doubles as an economic weather report, foggy, with a chance of guesswork.
Source: axios.com

4. Auto Defaults Surge, Women Exit Workforce as Recession Odds Rise

The News: Warning signs are flashing across the U.S. economy. Auto loan delinquencies among subprime borrowers hit 6.5% in October, the highest on record, according to Fitch Ratings. Over 1.7 million vehicles were repossessed in 2024, and repossession firms say 2025 could top 10 million cases. Meanwhile, nearly 455,000 women left the workforce between January and August, driving labor participation for mothers of young children down to 66.9%. Economists now peg the chance of a U.S. recession at 39% by September 2026, while inflation remains 2.9%, complicating the Fed’s expected 0.25-point rate cut next week.

Why It Matters: Rising repossessions and falling participation mean wallets are thinning even before job losses mount. For policymakers, the Fed’s delicate act between cooling inflation and preserving growth is turning into a juggling act with one hand tied. Subprime stress and labor flight suggest credit fatigue is spreading beyond rate-sensitive sectors, edging the economy toward what analysts call “stagflation-lite.” In other words: growth’s slowing, prices aren’t.

What to Watch: All eyes are on the Fed’s Oct. 28–29 meeting and new jobs data—if the shutdown allows any. If “soft landing” was the goal, the runway’s looking shorter by the day. Seatbelts recommended, tray tables up.
Source: indexbox.io & economist.com

5. Quantum Stocks Surge as U.S. Weighs Direct Stakes in the Future

The News: Quantum computing shares exploded Thursday after reports that the Trump administration may take equity stakes in leading firms including IonQ, Rigetti, D-Wave, and Quantum Computing Inc. in exchange for federal funding. The Wall Street Journal said talks involve minimum investments of $10 million per company, though the Commerce Department later denied active negotiations. The frenzy comes on the heels of JPMorgan’s $1.5 trillion Security and Resiliency Initiative, which earmarks up to $10 billion for “frontier technologies.” Google’s new “Willow” processor achieved a 13,000x performance edge over classical supercomputers, while IonQ hit a record 99.99% fidelity in two-qubit operations, both milestones in commercial quantum readiness.

Why It Matters: This is the next chapter in sector speculation as investor bet to see which company will gain government interest and funding. For Washington, it’s about technological sovereignty: ensuring the next computing revolution isn’t made in Shenzhen. But if every funding rumor adds another zero to valuations, “quantum advantage” may soon apply more to stock charts than algorithms. Even in theoretical physics, gravity still wins eventually.

What to Watch: Look for official word from the Commerce Department or White House on quantum funding in coming weeks. Until then, expect volatility to stay… well, non-deterministic.
Source: reuters.com

1. Apple Faces £1.5B UK Payout Over “Unfair” App Store Fees

The News: Apple could owe as much as £1.5 billion ($1.9 billion) to 36 million U.K. iPhone and iPad users after a tribunal ruled it overcharged through its 30% App Store commission. The U.K. Competition Appeals Tribunal found Apple abused its dominant position by forcing developers and consumers to pay “excessive and unfair” fees on apps and in-app purchases. The case, led by academic Dr. Rachael Kent, marks the first successful collective action under Britain’s competition regime. The decision follows a separate move by the Competition and Markets Authority, which officially labeled both Apple and Google as having “strategic market status.”

Why It Matters: The ruling could trigger the U.K.’s largest-ever tech payout and a potential refund for paid app or digital purchases since October 2015. For Apple, it threatens both revenue and its tight grip on distribution, possibly forcing it to open iPhones to rival app stores. The appeal will test how far regulators are willing to pry open Big Tech’s walled gardens and how much those walls are really worth. Apple calls it over regulation; regulators call it fair.

What to Watch: Apple’s appeal process begins within weeks, while the CMA weighs whether to mandate competing app stores by 2026. If Apple’s garden opens, expect developers to rush in and maybe charge just a little less for the privilege.
Source: bbc.com

2. Trump Pardons Binance Founder Zhao

The News: President Trump pardoned Changpeng “CZ” Zhao, Binance’s convicted founder, on Oct. 23, after months of lobbying and public support tied to the Trump family’s World Liberty Financial crypto venture. The move follows Binance’s $4.3 billion 2023 settlement and a three-year Justice Department monitorship, which the pardon could curtail, though a separate Treasury monitorship likely remains unless explicitly lifted. Zhao served four months in prison in 2024 for AML violations. Binance, with ~300 million users, has eyed a fuller U.S. return; its BNB token is up ~80% this year. Democrats signaled oversight probes into potential conflicts and contacts around the pardon.

Why It Matters: Binance is a major crypto exchange globally. A U.S. comeback by Binance could mean deeper liquidity, more listings, and lower spreads, if regulators allow it. For markets, the pardon is a political green light for a sector still digesting compliance overhauls. For policy, it blurs lines between enforcement and influence: a headline amnesty for the face of the world’s largest exchange while watchdogs still monitor the firm. Governance risk cuts both ways, Binance gets freedom to grow, Washington gets questions about where justice ends and lobbying begins.

What to Watch: Does DOJ scale back its monitorship and does Treasury follow? Watch for Binance license applications, U.S. banking ties, and any formal links to World Liberty Financial. If D.C. embraces crypto faster, expect K Street to file for a wallet.
Source: wsj.com

3. Egypt Joins EU’s Horizon Europe, Unlocking Billions for Science and Innovation

The News: Egypt officially joined the EU’s Horizon Europe program on October 22, becoming the second African nation to gain full access to the bloc’s €95 billion research and innovation fund. The association deal, signed at the EU–Egypt Summit in Brussels, gives Egyptian universities, startups, and research institutes the same rights as EU members to apply for and lead Horizon-funded projects. The move cements Cairo’s growing role in Euro-Mediterranean cooperation across science, climate, and digital innovation, and expands participation in the PRIMA initiative for sustainable water and food systems.

Why It Matters: For the EU, the agreement strengthens its scientific reach across Africa and the Mediterranean, reinforcing its vision of shared research infrastructure and economic resilience. For Egypt, it’s a major win: access to billions in competitive funding, international partnerships, and institutional capacity building—without EU membership. In a world where innovation drives diplomacy, Egypt just got a front-row seat to Europe’s lab of the future.

What to Watch: Expect Egypt to launch calls for AI, climate tech, and water-energy nexus projects in early 2026 under Horizon’s Pillar II. For researchers, it’s a new funding frontier; for Brussels, another experiment in soft power, proof that sometimes, innovation is the best foreign policy.
Source: research-and-innovation.ec.europa.eu

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A substance that decreases the concentration of hydrogen ions in a solution, often by accepting H+ ions, resulting in a higher pH.

“Sodium hydroxide is a strong base commonly used in laboratories. It is the opposite of an Acid.”

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