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- NRLA calls for CGT overhaul to boost rental supply
The NRLA, a landlord body, is calling for a capital gains tax (CGT) overhaul ahead of the Budget, arguing that rental demand continues to outstrip supply and rental yields are rising. Citing Rightmove data, it says each rental home receives an average of 10 enquiries, around double pre-pandemic levels. The NRLA argues CGT taxes inflation-driven increases in property values as if they were real gains, noting that from 2015 to 2024 only around one-fifth of house price growth was in real terms. It proposes adjusting acquisition costs and qualifying capital expenditure for inflation, with reliefs based on holding period and rental use, but no relief for short-term 'flipping'. CEO Ben Beadle says the Chancellor has an opportunity to fix the system so that long-term investment in rental housing is rewarded.
- Most Tokenized Stock Trading Happens Outside U.S. Market Hours, IMF Finds
According to new IMF data in the tokenization chapter of its Global Financial Stability Report, more than half of trading in tokenized U.S. stocks happens while Wall Street is closed. The tokenized equity market is about $2.3 billion as of July 31, a small part of roughly $65 billion in publicly tokenized real-world assets excluding repo. The IMF studied five liquid tokens from Ondo Finance and Backed Finance's xStocks, finding that about 80% of trades were for less than one share, which it reads as a sign of retail dominance. Within five minutes of the U.S. open, the underlying stocks absorbed over 87% of the overnight move in their tokenized versions, while realized volatility on tokenized venues was about 1.5 times that of traditional shares. The IMF says systemic risks remain limited for now and recommends circuit breakers and liquidity safeguards.
- Trezor Cuts Its Resellers After Ledger Finds Spy Implant in Crypto Wallets
Trezor will end its reseller authorizations on January 1, 2027 and stop shipping new stock to them, calling it a precaution after supply-chain incidents and saying there is no evidence its devices were compromised. The move follows Ledger's Donjon team finding that wallets sold by Southeast Asian reseller CryptoBilis carried a spy implant that captures recovery phrases from the screen and sends them over LTE. Ledger told anyone who bought from CryptoBilis in the past 90 days not to set up their device, while onchain investigator Specter traced more than $86 million in suspected thefts, a figure Ledger says it has not verified. Trezor says CryptoBilis was already off its seller list and that it has received no reports of tampered devices from that retailer. Separately, a ShipMonk data exposure in August affected Trezor customers, with the total put at 80,689 in September, though Trezor says its devices, private keys and wallet backups were not affected.
- Stablecoin remittances cost 84% less than traditional transfers, report finds
A third-quarter report from Borderless.xyz found that sending a $200 remittance via stablecoin rails costs a median 1% ($2), versus 6.36% ($12.72) for traditional transfers, roughly 84% cheaper. The gap is wider in emerging markets, with stablecoin costs at 2.9% in Sub-Saharan Africa versus 8.46% traditionally, and 1.25% in Latin America versus 5.64%. For a $10,000 business transfer to the eurozone, the lowest-cost stablecoin route costs as little as $26, compared with $135 to $150 for a traditional international wire. Stablecoin payouts can reach local bank accounts in minutes, with Brazil’s PIX settling in a median two minutes, while SWIFT transfers typically take a business day; completion rates vary, from 98.6% on Mexico’s SPEI to 73% on Costa Rica’s SINPE.
- Banks face liability over use of AI chatbots, report finds
A report by former regulators argues that banks using AI chatbots for customer support on mortgages and loans may violate consumer-protection laws if the bots give false answers, create endless loops, block access to a human or fail to resolve problems. The authors, Adam Teitelbaum and Stephanie Nguyen, say companies remain fully liable for chatbot failures, and they urge stronger state-level enforcement and a requirement that customers can reach a human in one click. Large banks increasingly rely on agentic AI, with Bank of America's assistant Erica handling more than 3.2 million customer interactions, while small, midsize and regional banks have been more cautious about deploying it at scale.
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- Musk's wants to merge SpaceX and Tesla: Here's what to know
Musk said SpaceX and Tesla have formed special committees to study a merger, which would be worth about $3.5 trillion combined and would be the largest corporate deal in history. SpaceX, valued at about $2 trillion after a record listing this year, absorbed Musk's AI startup xAI in February, while Tesla is valued at about $1.5 trillion. Musk holds about 82 percent of SpaceX's voting power but only about 20 percent at Tesla. Dan Ives puts the odds of a deal at 90 percent by early 2027, though Musk called the requirement of a majority of all Tesla shares 'quite a high hurdle'. Loyal retail investors hold an estimated 25 to 27 percent of Tesla shares, and legal obstacles appear slight because both companies moved their incorporation to Texas from Delaware.
- CoreWeave and Nebius Stocks Are Crashing. Time to Buy the Dip?
Shares of Nebius and CoreWeave each fell 25% in the week of October 12 to 16. The sell-off stems from the yield on CoreWeave's debt in the secondary market surging to 15%, versus roughly 5% on Treasuries, which pushes the debt into 'distressed' territory and signals doubts about its ability to meet obligations. Nebius sold off in sympathy as a fellow neocloud company. The bigger concern is that both companies must keep issuing debt to fund data centers, and if yields are high at issuance, the assumption of nearly unlimited cheap capital could be challenged. The author says it is unclear whether now is the time to buy.
- Disney’s multiplatform Super Bowl plan frustrates ABC affiliates
ABC station owners are irritated that Disney is airing the Super Bowl across several platforms, including Disney+, ESPN2, NFL Network and ESPNU, even though the game is already on ABC and ESPN. A station group CEO estimates that the combined platforms could cut broadcast ad revenue by up to 35% compared with last year. Local affiliates typically earn about 3% of annual ad revenue from the Super Bowl and pay network owners reverse retransmission fees, but Disney+ lacks geofenced ad insertion, so affiliates cannot sell ads to streaming viewers. Disney says national commercials will be identical on all platforms and that streaming major live events is standard industry practice. Super Bowl LX drew 125.6 million viewers in February.
- Meta’s deal to keep Zuckerberg in California adds fuel to wealth tax debate ahead of election
Meta says Mark Zuckerberg will remain in California for eight years and has created a new stock plan that could help cover his taxes if Proposition 40, a 5% tax on Californians worth over $1 billion, passes on Election Day on Nov. 3. According to a filing released with its third-quarter earnings, Meta will issue non-voting Class C shares starting in January, and Zuckerberg can sell or transfer up to 20% of the shares granted to him without affecting his majority voting control. The filing says Zuckerberg’s leadership is crucial to the company’s growth and its AI ambitions, including Meta Superintelligence Labs. Most of the tech industry opposes the measure, while a recent Citrin-Politico poll found 46% in favor and 43% against, suggesting it may fall short of the majority support it needs.
- Nasdaq sell-off: A momentum unwind 'for the record books'
Matt Stucky, chief portfolio manager for equities at Northwestern Mutual Wealth Management, calls Thursday’s sell-off in the Nasdaq Composite (^IXIC) a momentum unwind “for the record books.” He says the market spent the first half of 2026 driven by a beta and momentum trade led by semiconductors, but in the third quarter, as rates rose, money shifted into quality stocks. He does not think the sell-off is justified by fundamentals, arguing that institutional portfolio managers swapping out of factor positions can drag down whole baskets of stocks. In semiconductors, spot rental rates for Nvidia Blackwell chips are higher than a month ago, showing tightening compute supply, even as financing costs rise and investors worry about neocloud business models and the rising cost of insuring their bonds.
- Dune launches real-time data feeds covering 200 onchain trading venues
Blockchain analytics platform Dune has launched real-time market data feeds covering more than 200 onchain trading venues, aiming to bring this data into the systems of traditional financial institutions. The feeds draw trade data from 12 blockchains, including Ethereum, Solana and Base, about one second after execution, covering both spot trading on decentralized exchanges and perpetual futures on Hyperliquid and Lighter. Early clients include quant funds, market makers, asset managers and bank trading desks, which use the data to assess liquidity and compare prices, though Dune did not name them. Meanwhile, the tokenized stock market has grown sharply, with distributed value reaching $3.58 billion, but 16 companies, including Microsoft, Alphabet and Goldman Sachs, have objected to their shares being traded on OKXICE’s proposed platform, and liquidity remains fragmented.
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