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Original headline: Why the world’s No. 1 fund manager has just changed its mind on bonds for the first time in six years
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- The way our time works has just changed forever
The International Bureau of Weights and Measures has voted to abolish leap seconds, so atomic time in UTC will no longer be kept strictly in line with astronomical time. Leap seconds have been applied 27 times since 1972, but they have caused problems for telecommunications, navigation and grid synchronisation, and tech giants such as Amazon, Google and Meta had campaigned to scrap them. Scientists favour a leap hour instead, which would be less disruptive and need updating only about once every thousand years. From 20 May 2027, a difference of up to 1 hour between UTC and astronomical time (UT1) will be allowed before intervention, and UT1 will continue to be monitored, according to Setnam Shemar of the National Physical Laboratory.
- Pakistan to chair World Bank , IMF boards in 2027 for first time since 1953
Pakistan's Federal Minister for Economic Affairs, Ahad Khan Cheema, has been formally named incoming chair of the Boards of Governors of the World Bank Group and the IMF for 2027, the first time Pakistan has held the role since 1953. The announcement was made at the plenary session of the 2026 Annual Meetings in Bangkok. Cheema received a briefing on the chair's responsibilities and met outgoing chair Carlos Carvallo Spalding, governor of the Central Bank of Paraguay, to discuss priorities for the year ahead. He stressed strengthening the voice of developing countries, predictable development financing, coordination among multilateral institutions and mobilizing private capital.
- Waymo Just Borrowed $5 Billion for the First Time
Alphabet's robotaxi unit Waymo closed a $5 billion term loan from private credit funds and institutional lenders on October 8, its first debt financing. PIMCO, Blackstone, and Sixth Street led the syndicate, with Goldman Sachs as sole lead bookrunner, but Waymo has not disclosed the maturity or exact interest rate. Bloomberg reported Waymo first sought more than $3 billion at a spread above 500 basis points, then upsized the deal and priced it at 5.25 percentage points over the benchmark, signaling strong lender demand. Alphabet has not disclosed whether the parent guarantees the loan, so lenders appear to be pricing Waymo's risk on its own. The article notes Waymo's operating case remains unproven, as its Other Bets segment reported just $382 million of second-quarter revenue.
- There’s a ‘monstrous bull market’ developing under the surface of the S&P 500. This hedge-fund manager tells you where it’s at.
- Metaplanet to issue $329M convertible bonds to pay debt, fund share buybacks
Metaplanet plans to issue 52 billion yen ($329 million) of zero-coupon euro-yen convertible bonds due 2031 to restructure its debt and reduce reliance on Bitcoin-collateralized loans without selling its BTC. About 23.6 billion yen ($149 million) will repay those loans and 28.3 billion yen ($179 million) will fund share buybacks, under a program targeting up to 60 billion yen ($380 million). The company holds 44,000 BTC worth $3.6 billion, ranking second among Bitcoin treasury firms according to BitcoinTreasuries. Its shares closed 1.5% lower in Tokyo and are down 52.6% over 12 months. A revised framework proposes allocating up to 15% of total assets to strategic investments, and a plan to cut the Series 10 option pool by 41% follows shareholder criticism of its expansion.
- Federated Hermes joins Wall Street's tokenization push with plans for first onchain fund shares
Federated Hermes, a Pittsburgh-based investment manager overseeing $911 billion in assets, plans to issue its first tokenized fund share classes in early 2027 and is partnering with Prometheum to make them available through brokerages and financial advisers. Unlike past arrangements in which third parties tokenized its products, the firm intends to issue the tokenized shares itself, with money market funds as a likely starting point, according to digital asset director Kevin Barr. Prometheum will provide regulated brokerage, custody and clearing services, and Barr said access, rather than blockchain technology, has been a main barrier to adoption. The move follows BlackRock, Franklin Templeton, JPMorgan and New York Life, and Citi projects the tokenized securities market could reach $5.5 trillion by 2030.
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- J.P. Morgan Stays Top of Extel’s All-America Equities Research Table
Extel's 55th annual All-America Research Team survey ranks J.P. Morgan first in the research team table with 47 published positions, followed by BofA Securities with 44 and Morgan Stanley with 43. UBS posted the largest gain in positions, reaching 42 and climbing to fourth place. In the analyst leaders table, Jefferies takes first place with 43 positions, while UBS leads Extel's weighted ranking of research teams ahead of J.P. Morgan and Evercore ISI. The results reflect the views of 4,451 portfolio managers and analysts at 1,608 institutions across 60 sectors, with 129,919 votes counted. The number of participating institutions fell from 1,705 in 2025, but more firms now sit in the highest commission bands, rising to 89 from 82.
- Visa, Mesh partner to enable crypto spending at 175M merchant locations
Visa and crypto payments network Mesh have partnered so users can spend cryptocurrency and stablecoin balances directly from participating digital wallets at merchants on Visa's network, without transferring funds to a bank account or using a separate crypto card. Merchants receive payments through Visa's existing network without changing their checkout systems. The network covers more than 175 million merchant locations in over 200 countries and territories, and participating wallets and launch dates will be announced later. Mesh will handle funding and conversion between crypto, stablecoins and fiat, as well as onboarding and KYC requirements. The partnership follows Mesh's September integration with Bybit Pay and its $75 million raise in January at a $1 billion valuation.
- Mastercard Brings Its Fraud-Fighting Tools to Stablecoin Payments
Mastercard has launched Stablecoin Security, a tool that lets financial institutions screen stablecoin payments for fraud, scams and sanctions exposure and generate a risk score before a payment settles. Delivered through a platform-agnostic API, it combines Mastercard's payment intelligence with blockchain analytics and launches with Borderless.xyz and Keyrails as initial participants. The move addresses a blind spot flagged by a Bank for International Settlements study, which found nearly 60% of 593 million stablecoin transfers in 2025 were complex, multi-step transactions. The product extends Mastercard's broader stablecoin push, including its Global Money Platform with BVNK, and will launch first in North America, with worldwide availability expected in 2027.
- Better Oil Stock: Chevron (CVX) vs. ExxonMobil (XOM)
The article compares integrated oil majors Chevron (CVX) and ExxonMobil (XOM), whose stocks rose 45% and 58% respectively over the past 12 months as oil prices climbed. Chevron earns about 80% of its profit from upstream operations versus about 70% for ExxonMobil, which has a larger downstream and petrochemicals business. With Brent crude at $110 per barrel, well above breakeven prices of $50 for Chevron and $35 for ExxonMobil, the author argues Chevron's upstream focus suits oil spikes, while ExxonMobil's diversification helps when prices fall. Chevron offers a 3.2% forward yield versus 2.3%, and analysts expect its EPS to grow at a 26% CAGR from 2025 to 2028, compared with 20% for ExxonMobil. Both trade at 15 times next year's earnings, and the author prefers Chevron.
- 10 - Year Treasury Yield Falls 15 Basis Points as Nasdaq - 100 Slides 5 . 5 %
U.S. Treasury yields fell as tech stocks slid in the week ended Oct. 16: the 10-year par yield dropped from 5.24% to 5.09%, a 15-basis-point decline, while the Nasdaq-100 fell about 5.5%. Bloomberg linked the bond rally to commodity trading advisers cutting bearish Treasury futures positions and to investors seeking a haven, and said the joint drop in yields and the Nasdaq-100 was the first such week since the April 2025 tariff turmoil. Long-term yields had climbed for seven months on persistent inflation, a resilient economy and heavy borrowing, hitting their highest levels in more than two decades. Investment-grade companies had sold about $1.7 trillion of bonds in 2026 so far, roughly 29% more than a year earlier, with AI infrastructure borrowing intensifying competition for Treasury buyers. Rate traders still expect one Fed increase by the end of 2026 and another in 2027 ahead of the Oct. 27-28 policy meeting.
- This High-Yielding Dividend Stock Has Soared Past the "Magnificent Seven" in 2026
Target (TGT) shares are up 57% so far in 2026, outpacing the Magnificent Seven tech group, where Tesla is down 18% and Apple leads with a 26% gain as enthusiasm for AI cools. The stock is still down 39% over five years, with its last positive year in 2021, as consumers have pulled back on discretionary spending, but a new CEO and recent earnings progress have renewed investor interest. Growth in the most recent quarter, which ended Aug. 1, was 5.3%, with comparable growth of 3.6%, which the author sees as decent but not spectacular. Target trades at a P/E of 16 versus about 23 for the S&P 500 and 43 for Walmart, and its dividend yields 3% versus roughly 1% for the market, with 55 consecutive years of increases.
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