Good Afternoon. Stocks are up, robots can dance, and Salesforce has replaced half its help desk. Even your candy bar isn’t safe: “chocolate flavour” is the new chocolate. Progress, apparently, comes with palm oil and pink slips. Let’s get into it.

—Rosie, Wyatt, Evan & Conor

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1. Markets Edge Higher as Shutdown Talks and China Hopes Lift Mood

The News: U.S. stocks rose Monday, with the Dow up and the S&P 500 approaching record highs as optimism grew over both trade and government gridlock. NEC Director Kevin Hassett said the federal shutdown “could end this week,” while President Trump confirmed plans to meet Xi Jinping soon. Treasury Secretary Scott Bessent heads to Beijing for talks later this week. Apple (AAPL) hit a new intraday high on strong iPhone sales, and Cleveland-Cliffs (CLF) jumped after upbeat results and plans to mine rare-earths. Nearly 20% of the S&P reports earnings this week, including Netflix and Tesla.

Why It Matters: A possible trade thaw and a Washington reboot give markets two things they crave: clarity and continuity. For investors, a quick shutdown resolution would keep data releases and spending flowing; for consumers, it means paychecks and services resume before damage sticks. Apple’s strength signals household demand is holding, while Cleveland-Cliffs’ rare-earth pivot hints at a made-in-America revival.

What to Watch: Treasury Secretary Bessent’s China meetings and congressional negotiations on the shutdown, two events that could prove whether October’s rally has real legs or whether the market gets spooked before Halloween.
Source: wsj.com

2. Apple stock hits record high on strong iPhone 17 sales

The News: Apple (AAPL) climbed to a record $263.33, pushing its market cap just over $3.9 trillion, after data showed the iPhone 17 is outselling its predecessor by 14% in its first 10 days across the U.S. and China. Counterpoint Research said sales of the standard 17 model nearly doubled in China, helped by carrier subsidies and a better camera at the same price. Loop Capital raised its target to $315, Evercore to $290, citing a multi-year upgrade cycle through 2027. Apple reports fiscal Q4 earnings Oct. 30, with analysts already expecting bullish holiday guidance.

Why It Matters: For consumers, the unchanged sticker price makes the iPhone 17’s upgrades feel like rare inflation-free progress. For investors, record highs show Apple’s pricing power still defies gravity, proof that hardware cycles can still drive trillion-dollar valuations. The buying spree also signals U.S. and Chinese shoppers aren’t done splurging, even with higher borrowing costs. Every upgrade cycle now doubles as a stress test for the global consumer.

What to Watch: Apple’s Oct. 30 results and holiday guidance. If you’ve noticed that people are still willing to pay close to their rent for a new phone, you might already be long AAPL.
Source: reuters.com

3. Cleveland-Cliffs Digs Into Rare Earths as China Tightens Grip

The News: Cleveland-Cliffs (CLF) surged 20% after CEO Lourenco Goncalves said the U.S. steelmaker will explore rare earth mineral production at sites in Michigan and Minnesota. The plan follows China’s new export curbs and aligns with the Trump administration’s push for domestic sourcing of critical materials. Goncalves said geological surveys show promising mineralization at both sites, adding that Cliffs has “an obligation” to pursue U.S. independence in key metals used for electronics, EVs, and defense systems. The announcement came as Trump signaled a potential meeting with Xi Jinping to discuss trade and rare earth policy.

Why It Matters: For Washington, the move ties national security to industrial revival, rare earths power everything from iPhones to missiles. For investors, Cliffs’ pivot could unlock a new revenue stream in a market long dominated by Beijing. The stock’s 20% jump reflects how fast “critical minerals” have become the new oil and how fragile global supply chains still are. But mining plans and equipment don’t move as quickly as markets do.

What to Watch: Feasibility studies at Cliffs’ Midwest sites and Trump’s upcoming sit-down with Xi. If diplomacy wins, watch the stocks of American mining companies. Because Washington loves a good “strategic independence” plan until someone mentions the permitting process.
Source: foxbusiness.com

4. Morgan Stanley warns against going all-in on stocks

The News: Morgan Stanley’s chief U.S. equity strategist Michael Wilson warned Monday it’s “too early to go all-in” on stocks, even as markets edge near records. In his weekly note, Wilson said the firm’s rolling recovery thesis still holds over 6–12 months but cited “cracks” in credit markets, cooling earnings momentum, and unresolved U.S.-China trade tensions. He cautioned the S&P 500 could slip as much as 11% if tariffs linger past November. The VIX volatility index hit 23 last week—its highest since May—before easing as optimism grew over a potential Trump–Xi meeting at the upcoming APEC summit.

Why It Matters: Investors have been pricing perfection for months; Wilson’s note is a reminder that sentiment can’t stay overbought forever. Regional-bank loan losses, weaker earnings revisions, and still-firm inflation expectations all point to a market running on momentum, not fundamentals. For everyday investors, that means selective buying beats blind optimism and a little cash on the sidelines may finally be prudent again. As Wilson put it, the all-clear isn’t a signal you hear; it’s the silence before the selloff.

What to Watch: Trade talks, credit markets, and October’s earnings deluge. If you’re still “buying the dip,” just make sure your retirement plan is diversified.
Source: fortune.com

5. Salesforce cuts 4,000 support jobs

The News: Salesforce (CRM) CEO Marc Benioff said the company has cut 4,000 customer service jobs—nearly half of its support staff—as AI agents take over routine conversations. The firm’s Agentforce platform now handles about 50% of customer interactions, helping reduce support costs by 17% since early 2025. Benioff said Salesforce “needs fewer heads” as the technology scales, reversing his earlier stance that AI wouldn’t replace white-collar roles. The company has redeployed some workers into sales and consulting, but the move mirrors wider automation cuts across Microsoft, Klarna, and Meta, which together have shed over 60,000 jobs this year.

Why It Matters: For consumers, AI support may mean faster service and far fewer humans on the other end. For workers, it’s proof that “augmentation” often translates to elimination once the cost savings hit double digits. Salesforce’s shift highlights how quickly generative AI has moved from hype to headcount strategy, reshaping labor costs across Silicon Valley. Investors love the margin math; employees, not so much. The only thing scaling faster than AI tools right now is the anxiety about who’s next.

What to Watch: How quickly Agentforce expands beyond support. Because once CEOs start saying they “need less heads,” you can guess whose turn it is next.
Source: finance.yahoo.com

1. China Unveils ‘Destiny Awakening,’ Its Most Agile Humanoid Yet

The News: China’s Unitree Robotics launched the H2 “Destiny Awakening”, a 180-centimeter (5'11"), 70-kilogram humanoid robot capable of performing fluid dance routines and martial-arts moves—a major leap from its H1 model. The Hangzhou-based firm said the bot is built for both household and industrial tasks, using advanced actuators and AI-driven motion planning to navigate human environments. The demo video’s lifelike agility sparked comparisons with U.S. rivals Boston Dynamics and Figure AI, underscoring how quickly China’s robotics industry is closing the innovation gap. Analysts see it as Beijing’s next bid to dominate automation supply chains.

Why It Matters: Robots that move like humans aren’t just viral videos, they’re future labor. For factories, logistics hubs, and even elder-care homes, China’s humanoids promise productivity with fewer people, deepening global pressure on labor-intensive industries. For investors, it’s another front in the AI hardware arms race: whoever perfects agile automation controls the next trillion-dollar market. For policymakers, it’s a reminder that “decoupling” means little when the machines are already bilingual.

What to Watch: Export licenses, Western rivals’ response, and whether “Destiny Awakening” shows up next quarter sweeping factory floors or the competition. Because when robots start doing kung fu, job security officially enters its simulation phase.
Source: geo.tv

2. Penguin and Club bars can no longer be called chocolate

The News: Two British icons—McVitie’s Penguin and Club bars—can no longer legally be called chocolate. Parent company Pladis swapped out cocoa butter for cheaper oils after cocoa prices tripled to $11,500 per metric ton amid droughts in Ivory Coast and Ghana. The bars now carry the label “chocolate flavour,” as the cocoa content has fallen below the UK’s 20% threshold for milk chocolate. Pladis said “sensory testing” shows the taste is unchanged, though the recipe now contains palm and shea oils. Cocoa prices have since eased slightly, but confectioners’ margins and reputations remain under pressure.

Why It Matters: For consumers, it’s another quiet downgrade hiding in plain sight: the wrapper stays the same, but the chocolate doesn’t. It’s shrinkflation’s sweeter cousin—less bean, more substitute fat. For manufacturers, soaring input costs show how climate shocks can melt even the most stable business models. Chocolate used to be comfort food; now it’s a commodity story.

What to Watch: Cocoa harvest data from West Africa and whether “chocolate flavour” spreads across shelves. Because when British confectioners have to switch to “chocolate flavour” Hershey’s can’t be far behind. Although US regulations for milk chocolate require a minimum of 10% cacao to be considered "chocolate."
Source: bbc.com

3. Japan’s “Takaichi Trade” Sends Nikkei to Record High

The News: Japan’s Nikkei 225 jumped 2.9% to an all-time high after the ruling Liberal Democratic Party named Sanae Takaichi its new leader and struck a coalition deal with the Japan Innovation Party, paving the way for Japan’s first female prime minister. Markets are betting Takaichi will favor stimulus over rate hikes, weakening the yen but lifting equities. Ultra-long JGBs also rallied on optimism that political gridlock might finally ease. Across Asia, stronger-than-expected China Q3 GDP (+1.1% QoQ, 4.8% YoY) steadied markets, while in the U.S., the ongoing government shutdown continues to cloud the week’s earnings parade.

Why It Matters: Japan’s pivot toward easier policy could reshape capital flows across Asia, reinforcing the region’s role as a haven for liquidity-hungry investors. A weaker yen makes Japanese exporters more competitive while pressuring global bond yields. For the U.S., it’s one more reminder that Washington’s fiscal drama is someone else’s buying opportunity. The “Takaichi trade” shows how quickly confidence can flip when investors smell stimulus and history suggests Tokyo loves a good rally more than it loves reform.

What to Watch: Takaichi’s policy outline and the yen’s reaction. Because every new Japanese leader promises change, right before the Nikkei does all the work.
Source: reuters.com

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“The ambiguity in the contract led to a prolonged legal dispute.”

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