Caesars Entertainment reported a wider loss and Wal-Mart de Mexico's net profit fell, contrasting with Booking's sales jump and Visa's rising sales, while Teradyne saw a revenue surge from AI demand, and Mondelez and PPG tempered their outlooks due to rising costs and soft demand.

• Caesars Entertainment Third-Quarter Loss Widens as Las Vegas Revenue Declines — Wall Street Journal -
• Booking Third-Quarter Sales Rise as U.S. Travel Demand Stabilizes — Wall Street Journal -
• Visa Sales Jump as Consumers Keep Spending — Wall Street Journal -

• Wal-Mart de Mexico Net Profit Falls in Third Quarter — Wall Street Journal -
• Teradyne Sees Big Fourth-Quarter Revenue Jump on AI-Related Demand — Wall Street Journal -
• Mondelez Tempers Outlook as Costs Rise — Wall Street Journal -
• PPG Cuts Full-Year Earnings Outlook on Soft Demand — Wall Street Journal -
• Cheesecake Factory Third-Quarter Profit Up, Comparable-Sales Edge Higher at Namesake Brand — Wall Street Journal -
• EA’s Sales, Profit Drop After Lapping College-Football Launch — Wall Street Journal -
• ASM International Orders Miss Forecasts as Chip Demand Remains Fragmented — Wall Street Journal -
• Royal Caribbean Says Consumers Continue to Pay Up for Vacations — Wall Street Journal -
• UnitedHealth Revenue Rises as Turnaround Efforts Continue — Wall Street Journal -
• Novartis Expects to Ride Out Patent Losses With Sales, Profit Growth Ahead — Wall Street Journal -
• UPS Profit, Revenue Fall but Saw Strong International Growth — Wall Street Journal -
• Wayfair Posts Higher Revenue on Increased Orders — Wall Street Journal -
• Commvault Revenue Rises on Continuing Demand but Profit Slips — Wall Street Journal -
• JetBlue Quarterly Loss Widens, Demand Expected to Continue Improving — Wall Street Journal -
• American Tower Swings to a Profit Amid Strong Cell-Phone, AI Demand — Wall Street Journal -
• Sherwin-Williams’ Profit Higher as Same-Store Sales Rise — Wall Street Journal -
• SoFi Raises Full-Year Profit Outlook as Membership Balloons — Wall Street Journal -
• Danone Reports Sales Rise on China Growth — Wall Street Journal -
• Iberdrola Raises Guidance After Net Profit Jumps — Wall Street Journal -
• Capgemini Lifts Full-Year Revenue Outlook Boosted by Growth in Key Markets — Wall Street Journal -
• Air Liquide Posts Higher Revenue on Portfolio Strength — Wall Street Journal -
• BNP Paribas Profit Rises on Retail Recovery, Investment Banking Performance — Wall Street Journal -
• HSBC Profit Drops on Billion-Dollar Hit From Madoff Suit — Wall Street Journal -
• Amundi Extends Momentum With Growth in Client Assets — Wall Street Journal -

Automaker production stoppages began due to a semiconductor shortage as China vows 'extraordinary measures' for high-tech breakthroughs, with Apple, Microsoft, and Nvidia joining the $4 trillion valuation club, and Nvidia investing in Nokia while merging AI supercomputing with quantum technology, contrasting with Nexperia's 'existential threat' after a Dutch seizure.

• Automaker Production Stoppages Begin Over Semiconductor Shortage — Wall Street Journal -
• FirstFT: China vows ‘extraordinary measures’ to achieve high-tech breakthroughs — Financial Times -
• Teradyne Sees Big Fourth-Quarter Revenue Jump on AI-Related Demand — Wall Street Journal -

• Nvidia CEO Praises Trump in MAGA-Themed Speech Ahead of Trade Talks — Wall Street Journal -
• Apple joins Microsoft and Nvidia in elite $4tn valuation club — Financial Times -
• OpenAI restructuring pushes Microsoft’s valuation above $4tn — Financial Times -
• Nvidia to invest $1bn in Nokia as chip giant extends deal spree — Financial Times -
• Nvidia’s New Product Merges AI Supercomputing With Quantum — Wall Street Journal -
• Nvidia to Invest $1 Billion in Nokia in AI Pact — Wall Street Journal -
• Saudi Arabia’s New Power Play Is Exporting A.I. to the World — The New York Times Business -
• Can a Start-Up Make Computer Chips Cheaper Than the Industry’s Giants? — The New York Times Business -
• Silicon Valley chip start-up raises $100mn to take on TSMC and ASML — Financial Times -
• China calls for ‘extraordinary measures’ to achieve chip breakthroughs — Financial Times -
• PayPal to Partner with OpenAI for ChatGPT Checkout; Lifts Earnings Forecast — Wall Street Journal -
• Nexperia faces ‘existential threat’ after Dutch seizure, Chinese owner warns — Financial Times -
• Big tech’s big gamble — Financial Times -
• How OpenAI’s $1.5tn deal machine works — Financial Times -

Dozens of states sued the Trump Administration over SNAP funding during a shutdown, as the UK vowed to end illegal gig economy work for migrants, and the Trump Administration backed new nuclear plants while Venezuela suspended gas deals over a US military build-up, alongside debates on a carbon tax, Bill Gates' climate alarmism memo, and the Fed's policy path complicated by data delays.

• Dozens of States Sue Trump Administration Over SNAP Funding During Shutdown — The New York Times Business -
• UK vows to end illegal gig economy work for migrants — Financial Times -
• Opinion | The Supreme Court Can Stop an Unconstitutional Carbon Tax — Wall Street Journal -

• Memo From Bill Gates Warns Against Climate Alarmism — The New York Times Business -
• Britain needs a bold Budget, not just another balancing act — Financial Times -
• Venezuela suspends Trinidad gas deals over US military build-up — Financial Times -
• What could still swing the UK fiscal forecasts for Rachel Reeves? — Financial Times -
• Venezuela’s creaking military prepares for US strikes — Financial Times -
• Badenoch is warned against turning Tories into rightwing populist party — Financial Times -
• Trump Administration Backs Plan for New Nuclear Plants — The New York Times Business -
• Reeves must get whatever growth she can — Financial Times -
• Japan’s Takaichi finds the perfect playlist for Trump — Financial Times -
• Fed’s Policy Path Looks More Treacherous as Shutdown Delays Critical Data — The New York Times Business -
• Japanese Executives Called On by Trump Pledge U.S. Investment — The New York Times Business -
• Donald Trump’s Truth Social to allow trading on election results — Financial Times -
• Government Shutdown Imperils SNAP and Other Antipoverty Programs — The New York Times Business -
• Trump floats Treasury secretary Scott Bessent as new Fed chair — Financial Times -
• As Trump Tariffs Canada, Carney Turns to Asia for Trade — The New York Times Business -
• Will Bill Gates’s ‘Strategic Pivot’ Shake Up Climate Policy? — The New York Times Business -
• Scottish government’s bid to break up rural estates ‘too complex’ — Financial Times -
• Trade’s contribution to UK GDP ‘stagnated’ since Brexit, warns WTO — Financial Times -
• How Scott Bessent is bringing the Maga movement to the US Treasury — Financial Times -
• The waning influence of the Fed — Financial Times -
• UK military sites to house asylum seekers in Labour U-turn — Financial Times -
• The political economy of Trump’s luck — Financial Times -
• UK to stop disclosing identity of stock market short sellers — Financial Times -
• US government and Westinghouse strike $80bn nuclear reactor deal — Financial Times -
• FirstFT: Trump hails a new ‘golden age’ of US-Japan relations — Financial Times -
• Labour fury at OBR is understandable but misplaced — Financial Times -
• EU officials rush to resolve dispute with China over rare earths and chips — Financial Times -
• Fed nears end of QT amid signs of stress in money markets — Financial Times -
• Europe needs a fix to its rules on markets and finance — Financial Times -
• Lessons from success: how job prospects improved for the young — Financial Times -
• RIP US QT? — Financial Times -
• Italian pacifists stymie Europe’s plan to boost ammunition production — Financial Times -
• Bechtel boss urges US government to share risk of nuclear build-out — Financial Times -
• Reeves’ tax plan could benefit US law firms over UK rivals — Financial Times -
• Will Trump push south-east Asia towards China? — Financial Times -
• Trump and Takaichi promise ‘golden age’ for US-Japan alliance — Financial Times -
• Markets surge on Argentine election results — Financial Times -
• The ‘Sleeper Issue’ at the Heart of Trump’s Trade War on China — The New York Times Business -
• Lukoil unveils plans to sell its international assets — Financial Times -

UPS cut 48,000 workers this year amid a bad Teamsters bargain, complementing news of Amazon laying off 14,000 corporate workers and D.R. Horton reporting wary home buyers demanding incentives, while the repo man is busier than ever and Americans are going to great lengths to make every penny count.

• Opinion | The Bad Teamsters Bargain With UPS — Wall Street Journal -
• UPS Has Already Cut 48,000 Workers This Year — The New York Times Business -
• UPS Cuts 48,000 Jobs in Management and Operations — Wall Street Journal -

• D.R. Horton Says Wary Buyers Will Continue Demanding Incentives — Wall Street Journal -
• We Spent the Night Shift With the Repo Man, Who Is Busier Than Ever — Wall Street Journal -
• Amazon Lays Off 14,000 Corporate Workers — Wall Street Journal -
• The Lengths Americans Are Willing to Go to Make Every Penny Count — Wall Street Journal -

Paramount signed a lease at a new studio complex and the luxury sample-sale season cued professional line-standers, while Barclays agreed to buy Best Egg, **Whatnot raised $225 million for livestream shopping, and Banijay acquired a majority stake in Tipico Group, with KFC planning to win back its fast-food crown and Taylor Sheridan leaving Paramount**.

• Paramount Signs Lease at New Jersey Studio Complex — Wall Street Journal -
• Basic Materials Roundup: Market Talk — Wall Street Journal -
• Auto & Transport Roundup: Market Talk — Wall Street Journal -

• Tech, Media & Telecom Roundup: Market Talk — Wall Street Journal -
• It’s Sample-Sale Season. Cue the Professional Line-Standers. — Wall Street Journal -
• Ex-Disney Executive Wants to Be Faster and More Frugal Than Hollywood Studios — Wall Street Journal -
• It’s Easier Than Ever to Turn Your Dial to a Live Event — The New York Times Business -
• Barclays to Buy U.S. Lending Startup Best Egg for $800 Million — Wall Street Journal -
• Whatnot Raises $225 Million as Investors Bet on Livestream Shopping — The New York Times Business -
• Banijay to Buy Majority Stake in Tipico Group at $5.4 Billion Valuation — Wall Street Journal -
• A $150mn banker fee to sell the First Brands carcass? — Financial Times -
• Levi’s Rolls Out New Premium Denim, but Aims to Keep Appealing to Budget Shoppers — Wall Street Journal -
• How KFC Lost Fast Food’s Chicken Crown—and How It Plans to Win It Back — Wall Street Journal -
• Big Tuna dives into London’s small IPO pond — Financial Times -
• Activist fund ignites proxy fight over sports and leisure group Cannae — Financial Times -
• Why ‘Yellowstone’ Mastermind Taylor Sheridan Decided to Ditch Paramount — Wall Street Journal -

Texas sued Tylenol makers Kenvue alleging hidden autism risks, while BNP Paribas was hit by a fraud case, **Johnson & Johnson's trust declined over opioids and talc, and Elon Musk's antics may have cost Tesla millions in sales, prompting Tesla's chair to warn Musk could quit** if his pay deal is rejected.

• Texas Sues Tylenol Makers, Claiming They Hid Autism Risks — The New York Times Business -
• BNP Paribas hit by €190mn charge due to fraud case — Financial Times -
• Embattled ​Tylenol Maker Kenvue Hires New Marketing Chief — Wall Street Journal -

• Elon’s antics may have cost Tesla more than a million vehicle sales — Financial Times -
• From opioids to tainted talc: how Johnson & Johnson lost the trust of consumers — Financial Times -
• Texas Sues Kenvue, Alleging Omission of Autism Link From Tylenol Marketing — Wall Street Journal -
• Iran takes over major private bank to prevent collapse — Financial Times -
• Tesla chair warns Musk could quit if shareholders reject $1tn pay deal — Financial Times -
• Kirkland & Ellis trains lawyers on communication style after investor tensions — Financial Times -

A drug cartel bust in Rio de Janeiro killed 64 people and Israel launched strikes on Gaza after ceasefire violations, alongside a midair fork attack diverting a flight to Boston and an Afghan refugee arrested in London, with the Argentine peso giving up post-election gains and investors expecting a Jamaica hurricane catastrophe bond payout.

• Drug cartel bust in Rio de Janeiro kills 64 people — Financial Times -
• Israel launches strikes on Gaza after accusing Hamas of ceasefire violations — Financial Times -
• Midair Fork Attack Forces International Flight to Divert to Boston — The New York Times Business -

• Afghan refugee arrested after fatal stabbing in north-west London — Financial Times -
• What’s on Vladimir Putin’s reading list? — Financial Times -
• Argentine peso gives up bulk of post-election gains — Financial Times -
• Investors expect Jamaica hurricane to trigger ‘catastrophe bond’ payout — Financial Times -
• Beyond Dubai’s Glitter, the UAE Coast Offers a Glimpse of Life Before Oil — The New York Times Business -
• $100bn stock swings expose ‘fragility’ beneath Wall Street rally — Financial Times -
• Catholic nationalists are on a collision course with the Vatican — Financial Times -
• Inside Rome’s catacombs, a hidden world of history and faith — Financial Times -
• Indian stock markets near record high — Financial Times -
• What is driving the world’s best-performing stock market? — Financial Times -