Trump waives most Russia sanctions for diesel

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🇷🇺 Trump waives most Russia sanctions for diesel deal LINK

• President Trump signed an executive order on Friday waiving nearly all the Russia sanctions and tariffs required under the Graham Act he had signed into law on September 18, clearing the way for a diesel supply deal with Moscow.
• The paused measures would have imposed tariffs of up to 100% within 30 days on Russia's top five oil and gas buyers, plus 500% tariffs on Russian goods, with Trump certifying to Congress the waiver serves US national interests amid his push to lower diesel prices.
• The move secures a deal under which Russia will supply over 300,000 tons of diesel immediately, 500,000 tons in November and 1,000,000 tons after that, though Ukraine's Zelensky called it a betrayal and US lawmakers accused Trump of appeasing Putin.

🇨🇳 China's economy grew 4.5% on export surge LINK

• China's economy grew 4.5% in the third quarter from a year earlier, as strong overseas demand for its tech goods offset a deepening property downturn and weak consumer spending, beating economists' 4.4% forecast.
• Exports did the heavy lifting: China's monthly trade surplus hit a record $133.5 billion, while government-led investment helped stabilize an economy still leaning on factories and foreign buyers rather than cautious households.
• The property drag persists, real estate development investment fell 20.6% in the first nine months, and Oxford Economics sees no sign the sector is bottoming out, limiting how far stronger industrial activity spreads to the wider economy.

Nikkei falls 2% on tech selloff and oil LINK

• Japan's Nikkei 225 fell 2.05% to 63,984.45 in early trading today, dragged down by a selloff in US technology stocks and rising oil prices that revived worries about inflation and higher interest rates.
• The drop followed Friday's Wall Street losses led by AI and semiconductor shares, with rising energy costs feeding fears that central banks may keep policy tight or lift rates further, a particular drag on growth-oriented tech stocks, which are sensitive to higher rates.
• Chipmakers led the retreat as Taiyo Yuden sank 7.42%, the index's biggest loser, though one analyst noted that buying in value and defensive stocks could cushion the market; decliners outnumbered gainers by nearly two to one.

Microsoft exits UK's largest AI data center deal LINK

• Microsoft has walked away from its deal to anchor what Britain's government called the country's largest AI data centre, a project by UK firm Nscale planned for Loughton in Essex, citing power-supply problems.
• The exit leaves Nscale without any publicly announced customer for the site, following power-grid issues disclosed a month ago that already threatened a lengthy delay before the centre, originally due next year, could come online.
• Losing its anchor tenant could undermine Nscale's plan to list on Wall Street this year at a potential $35 billion valuation; the company says it is seeking alternative power sources and that Microsoft stays on board for a separate project in Norway.

JPMorgan brings JPM Coin to Ethereum LINK

• JPMorgan has extended its dollar-backed deposit token, JPM Coin, to the Ethereum blockchain for institutional clients, expanding a tokenization effort that began with the token's launch on Base in November 2025.
• The token mirrors JPMorgan's existing bank deposits on a public blockchain, letting institutional clients make direct onchain payments and peer-to-peer transfers across the Ethereum ecosystem, including Base, with faster settlement than conventional rails.
• The move adds to JPMorgan's Kinexys platform, which has processed over $4 trillion in cumulative transactions and now averages $7 billion in daily volume, as the bank brings more traditional instruments like money-market funds onchain.

Macro News

• China plans export controls on 40 technologies, including AI and chips. LINK
• Taiwan plans tighter controls on AI chip exports to China. LINK
• Major companies oppose plans to trade their shares as SEC-regulated tokens. LINK
• Euro-area bond selloff raises borrowing costs, slowing growth and curbing inflation. LINK
• US import prices jumped 1.1%, pushing annual inflation to a four-year high. LINK
• US industrial production rose 0.7%, extending gains for a sixth month. LINK
• Gold edged higher as investors weighed whether the Fed will raise rates. LINK
• Violent French protests over living costs erupted before a key spending vote. LINK
• US-Mexico trade talks stall over tariffs, delaying broader USMCA negotiations. LINK

Corporate News

• Anthropic will commit 5% of its shares to a fund addressing AI's societal fallout. LINK
• Nscale investors resist $30 billion IPO target, favoring a valuation near half. LINK
• Apple and Meta let developers run Muse Spark AI locally on Macs. LINK
• Netflix names Peter Rice content chief as viewership weakens. LINK
• CXMT shares fell despite forecasting a sharp return to profit. LINK
• Appeals court strips class-action status from Tesla self-driving advertising lawsuit. LINK
• Accenture is exploring a sale of its China business for up to $1.5 billion. LINK
• Jio Platforms' IPO drew record $30 billion institutional demand before opening. LINK
• EverWind plans a $10 billion Nova Scotia data center and renewables investment. LINK

Stocks

▲ Biggest winners

Equinor ASA rose 5% after Brent crude spiked 4.9% to $109.86. LINK

▼ Biggest losers

PT Telekomunikasi Indonesia, Tb fell 14% after BEI lowered the ARB trading limit to 7%. LINK

CoreWeave fell 12% after bond yields surged toward 15%. LINK

IREN fell 11% after Morningstar cut its fair value estimate from $43 to $37. LINK

Research & Reports

• Global AI data center capacity additions could exceed 50GW in 2027. LINK
• Just 8% of fund managers report measurable investment-return gains from AI. LINK
• AI competition will increasingly depend on electricity, financing and data-center space. LINK
• WEF urges MENA to overhaul power planning for AI data centers. LINK
• Smaller international firms see stablecoin potential, but few accept them for payments. LINK
• Stablecoin remittances cost 84% less than traditional transfers, a report finds. LINK