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- EU summit descends into chaos as Costa faces backlash over energy and budget row
The EU summit in Brussels descended into chaos as European Council President António Costa was criticised by leaders and diplomats, who accused him of losing control of the room. Talks on energy costs and the new seven-year EU budget reportedly lasted about 14 hours on Thursday without substantive progress, and Costa's press conference was cancelled. The biggest clash centred on ETS2, the carbon pricing system for road transport and heating scheduled for 2028, with Italy, Poland, Hungary, the Czech Republic, Slovakia and Greece pushing to postpone it to 2030, while Germany, France, Spain and others resisted. Tensions between German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni reflected deeper divisions over inflation and the cost of the green transition, as the Financial Times reported European gas prices had surged roughly 140%.
- Vietnam's oil and gas 'heavyweight' PV GAS works with US Department of Commerce
PV GAS CEO Duong Tri Hoi received a working delegation from the US Department of Commerce, led by Ms. Kelly Coldiron, to discuss gas and energy trade relations. The two sides discussed importing LPG from the United States as well as LNG cooperation and investment in LNG infrastructure and floating storage and regasification units (FSRUs). In 2025, PV GAS imported about 1 million tonnes of refrigerated LPG, of which more than 528,000 tonnes, or 52.8%, came from the United States. PV GAS hopes to expand connections with US businesses and has had preliminary discussions about the possibility of supplying LNG, provided commercial terms are competitive and economically efficient.
- U.S. Oil Drillers Back Off Even As Prices Soar
Baker Hughes data showed the total U.S. oil and gas rig count unchanged at 603 this week, up 55 from a year earlier, with oil rigs down 3 to 459 and gas rigs up 1 to 133. EIA data showed weekly U.S. crude output fell to 13.679 million barrels per day in the week ending October 9, from 13.979 million the prior week, though it was only 43,000 barrels per day above a year earlier. Primary Vision's frac spread count rose to 203 crews, its fifth straight weekly gain, while Permian rigs fell by 2 to 272. On Friday, Brent traded at $105.60 and WTI at $97.56 per barrel, both higher than a week earlier.
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- U.S. National Debt Nears Record $40.4 Trillion
U.S. public debt has reached a new record high, rising nearly $400 billion in just two months and approaching $40.4 trillion, according to U.S. Treasury Department data cited by Ria Novosti. The $40 trillion mark was surpassed on August 19, 2026, and another $250 billion was added in the first half of October alone. As of October 19, total debt stood at $40.396 trillion. Analysts say that at the current pace, the figure could exceed $50 trillion by 2030.
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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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