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- Treasury Secretary Bessent invokes Lincoln's 1863 act to back Trump's law
- The economic week in review
Australia's unemployment rate rose to 4.7% in September as employment fell and participation eased, although the trend rate held at 4.6%. The RBA's September Board Minutes were decisively hawkish, focusing on inflation risks, while the Governor's post-meeting remarks were more dovish. CBA still expects the cash rate to stay on hold but sees a November rate hike as a clear risk. Wage growth held at 0.8% per quarter and 3.3% per year, while business confidence fell for a third consecutive month. Attention next week will be on Deputy Governor Andrew Hauser's speech and the Q3 CPI release on 28 October.
- Prime Minister: National brand will be revoked if criteria are no longer met
At a ceremony on October 16 announcing National Brand-certified products, Prime Minister Lê Minh Hưng called for stronger post-recognition inspections and revoking the title from firms that no longer meet the criteria. Minister of Industry and Trade Lê Mạnh Hùng said the criteria will be raised to international standards, with the weight of innovation increased from 18% to 30% of the total score. In 2026, 227 enterprises with 499 products were recognized, up more than 7 times in number of enterprises since the first 2008 selection, and 14 enterprises have kept the title through all 10 cycles. These firms reported revenue above 2.5 million billion VND, paid over 133,000 billion VND in budget revenue and created jobs for more than 760,000 workers last year. The PM also asked the Ministry to submit a national brand strategy soon, urging businesses to shift from cost advantages toward value and creativity.
- Medicare Open Enrollment Begins , 2027 Plan Changes Announced
Medicare open enrollment runs from October 15 to December 7 for coverage starting January 1, 2027, as more than 70 million enrollees face significant changes to prescription drug coverage and costs. The Social Security cost-of-living adjustment for 2027 is 3.6%, translating to about $75 more per month for nearly 72 million beneficiaries. The Part D out-of-pocket cap rises to $2,400 from $2,100, the standard deductible increases from $615 to $700, and a temporary Part D premium subsidy will end early. Medicare-negotiated prices for 15 drugs, including Ozempic and Wegovy, take effect January 1. President Trump also announced one-time payments of $90 per person in October for more than 20 million enrollees to help cover Part B premiums.
- Medicare Open Enrollment Begins, 2027 Plan Changes Announced
Medicare open enrollment begins Thursday and runs until Dec. 7, with coverage effective Jan. 1, 2027, affecting more than 70 million enrollees. Beneficiaries can choose between traditional Medicare, Medicare Advantage plans and prescription drug plans. The Part D out-of-pocket cap will rise to $2,400 from $2,100, the standard deductible will increase from $615 to $700, and a temporary Part D premium subsidy will end early. Negotiated prices for 15 drugs, including Ozempic, Rybelsus and Wegovy, take effect January 1, and CMS expects the change to lower prescription drug costs for enrollees by $685 million in 2027. Free counseling is available through State Health Insurance Assistance Programs in every state.
- Unwinding the Inflation Reduction Act
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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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