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Kondziella D, et al. Incidence and prevalence of coma in the UK and the USA. Brain Commun. 2022;4(5):fcac188.
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US Stock Futures Waver; Gold Retreats From Record: Markets Wrap
(Bloomberg) — European stocks and US equity futures struggled for direction on Tuesday as investors awaited political developments on both sides of the Atlantic. Gold retreated after coming close to $4,000 an ounce.
Futures on the S&P 500 edged lower after the index reached a new record on Monday, fueled by tech stocks riding the artificial intelligence spending boom. The greenback rose against all Group-of-10 peers and Treasury yields inched higher as the US government shutdown dragged on. Bullion climbed to a record $3,977 an ounce before pulling back.
Europe’s Stoxx 600 benchmark dipped, with France’s CAC 40 falling for a second day as President Emmanuel Macron made a last-ditch effort to salvage the government after Prime Minister Sebastien Lecornu’s resignation on Monday. Shell Plc gained after signaling a recovery in the performance of its oil and gas trading operation.
While equities worldwide have surged to successive record highs, worries over the US government shutdown and the political crisis in France have driven investors toward alternative assets such as gold and Bitcoin, sending both to new peaks. At the same time, a flurry of AI-related deals among chipmakers has propelled shares higher and fueled some concerns of a speculative bubble reminiscent of the late-1990s dot-com era.
For Michael Brown, senior research strategist at Pepperstone Group Ltd., worries about a tech bubble are overdone. The Magnificent Seven group of tech giants that have powered the bulk of the S&P 500 rally in recent years are trading at valuations in line with their five-ear averages, he said.
“If you’re now about to tell me that they’ve been expensive for five years, well those seven stocks have delivered a total return of >300% in that period of time, and look set to rally even further in the coming months,” Brown said. “In fact, the path of least resistance for the market at large continues to lead to the upside, as earnings growth remains strong, the underlying economy remains resilient, and as the monetary policy backdrop becomes increasingly loose.”
Monday’s Advanced Micro Devices Inc. deal was the latest big-budget data center agreement this year. It follows last month’s announcement that Nvidia Corp. was planning to invest as much as $100 billion in OpenAI amid demand for tools like ChatGPT and the computing power needed to make them run.
Tech firms are spending hundreds of billions of dollars on advanced chips and data centers, and the final bill may run into the trillions. The financing is coming from venture capital, debt and, lately, some more unconventional arrangements that have raised eyebrows on Wall Street.
In Asia, Japanese shares extended their rally after Sanae Takaichi’s near-certain ascent to become the country’s next prime minister had sent the yen sliding and drove up yields on long-tenor bonds. Chinese and Hong Kong markets were closed Tuesday.
Takaichi’s election shook up global markets Monday with stocks surging on prospects for more spending, while currencies and bonds weakened. The yen held its losses, hovering around the highly watched 150-a-dollar level.
“I think there’s definitely some more room to sell off, but at the same time I think this might be an overreaction,” said Tracy Chen, a portfolio manager at Brandywine Global, on Bloomberg TV.
Options traders are the least bullish on the yen in more than three years now that Takaichi appears in line to become the next prime minister.
Volatility in Japan’s longer-dated government bonds is on the rise following Takaichi’s win, and the moves may spill over to markets as far away as the US and UK, according to Goldman Sachs Group Inc. Demand at an auction of 30-year sovereign bonds, however, was firm enough to calm a jittery market on Tuesday.
What Bloomberg strategists say…
“Japan’s 30-year auction went off smoothly with a higher bid-to-cover ratio than the previous sale, which will be a relief for investors across G-10 long-term debt. A solid auction, but investors won’t get too excited about JGBs until they are certain whether Takaichi will be confirmed as prime minister.”
— Mark Cranfield, MLIV strategist.
Meanwhile, Goldman Sachs Group Inc. raised its gold forecast for December 2026 to $4,900 an ounce, up from $4,300, citing ETF inflows and central-bank buying. According to the latest data, the People’s Bank of China added to its gold holdings in September for an 11th consecutive month.
Such frenzied buying amid a broad decline in the dollar has lifted gold’s gains this year to more than 50%, putting the metal on track for its strongest annual advance since 1979. Investors starting to view gold as a safer asset than the dollar is “really concerning,” said Citadel’s billionaire investor Ken Griffin.
This year, traders have been betting more on gold, silver and Bitcoin, in what’s been called the “debasement trade.” The sudden push to a fresh all-time high in Bitcoin over the weekend has options traders adding to bets that the largest cryptocurrency will rally to $140,000.
Corporate News:
Orsted A/S raised 60 billion Danish kroner ($9.4 billion) through a rights offering that’s critical for the company to tackle the downturn facing the wind-power industry. B&M European Value Retail SA plummeted after the UK discount retailer warned on profit and said it may take as long as 18 months to fix all the company’s “operational weaknesses.” Banco Sabadell SA called on Spain’s securities markets supervisor to impose more disclosure requirements on some investors who accept BBVA SA’s €16.8 billion ($19.7 billion) offer, saying that would help prevent “market manipulation.” Telefonica SA chairman Marc Murtra is conducting a strategic review to kick start growth at the Spanish carrier, with a new strategy to be presented on Nov. 4. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 fell 0.2% as of 9:13 a.m. London time S&P 500 futures fell 0.2% Nasdaq 100 futures fell 0.2% Futures on the Dow Jones Industrial Average fell 0.2% The MSCI Asia Pacific Index was little changed The MSCI Emerging Markets Index rose 0.2% Currencies
The Bloomberg Dollar Spot Index rose 0.2% The euro fell 0.2% to $1.1682 The Japanese yen fell 0.2% to 150.58 per dollar The offshore yuan was little changed at 7.1418 per dollar The British pound fell 0.3% to $1.3443 Cryptocurrencies
Bitcoin fell 1.3% to $123,605.58 Ether fell 0.8% to $4,654.51 Bonds
The yield on 10-year Treasuries advanced one basis point to 4.17% Germany’s 10-year yield advanced one basis point to 2.73% Britain’s 10-year yield was little changed at 4.74% Commodities
Brent crude was little changed Spot gold fell 0.4% to $3,945.37 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Anand Krishnamoorthy.
©2025 Bloomberg L.P.
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Apple AirPods Pro 3 vs. Bose QuietComfort Ultra Earbuds 2
When it comes to premium earbuds, you have a lot of options. They usually cost around $250 or more, offer great sound, fantastic ANC, and great battery life. There are quite a few earbuds that offer all of these features, but the…
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CEPI partners with AVAREF to boost clinical trial application reviews in Africa
BRAZZAVILLE/OSLO, 7 OCT—New funding to the AdVAncIng Clinical TRials Excellence in Africa (AVAREF) could help accelerate the development of life-saving vaccines to contain infectious disease outbreaks on the continent.
The Coalition for Epidemic…
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CeramicSpeed officially releases the new bottom bracket that pro teams have been using all year
CeramicSpeed has launched a brand new bottom bracket range today, named the BB Alpha, which will replace all existing CeramicSpeed bottom brackets and become the brand’s new standard.
The BB Alpha units represent a complete overhaul of the…
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George Russell’s ‘statement’ and McLaren title fight gets ‘feisty’ – it’s our Singapore GP review
F1 correspondent Lawrence Barretto and Australian motor racing journalist Greg Rust join Tom Clarkson in the Marina Bay paddock to reflect on the Singapore Grand Prix in the latest episode of F1 Nation.
McLaren have become World Champions for the…
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Cold-water immersion may offer health benefits, but presents risks as well
Dr. Mark Harper recalls his first cold-water swim in the south of England 20 years ago. It was August, but the initial jolt from the plunge took his breath away.
The shock to his system lasted a minute or two until he was “recombobulated and…
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Tegla Loroupe to take ‘her final stride’ in Chicago
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How to build a procurement strategy for CORSIA
A Guide for Airline Procurement Teams Preparing for CORSIA Obligations
CORSIA’s phase 1 period marks a significant inflection point for the aviation industry. For the first time, international carriers are required to offset emissions using Eligible Emission Units, which are carbon credits approved by the CORSIA program.
This new compliance environment places direct responsibility on procurement functions to develop and execute a robust strategy that aligns with budget limits, regulatory timeframes and market fluctuations.
Building an effective procurement strategy is easier said than done, and many in the aviation industry are playing catch up as we approach the mid-way point of CORSIA Phase 1, which runs from 2024 until 2026.
To help you navigate this critical phase and build a resilient procurement framework, we’ve outlined six essential steps to help guide your compliance and strategic success.
Step 1: Understand ICAO eligibility rules
Airlines must ensure that every unit meets strict criteria set by the International Civil Aviation Organisation (ICAO). That is to say, not all carbon credits are eligible under CORSIA.
Eligible Emissions Units (EEUs) are those that:
- Come from approved registries: EEUs must originate from an ICAO-approved registry: Gold Standard and Verra’s Verified Carbon Standard have the widest reach in this space.
- Have been earned in an eligible period: For Phase 1, EEUs must be issued from projects that commenced in 2016 or later, and relate to activities that were conducted in 2021 to 2026 (these are known as vintages).
- Arise from an eligible activity: Some methodologies cannot be used for EEUs. Common exclusions include most avoided deforestation and renewable energy activities, with some exceptions.
- Are authorised for transfer from the host country: EEUs require a Corresponding Adjustment, or a guarantee that a Corresponding Adjustment will be granted (typically via a Letter of Authorisation and a linked insurance policy).
Step 2: Define your volume requirements
It’s vital that EEU procurement is treated not as a last-minute compliance cost, but as a structured part of the airline’s commodity and risk strategy. Airlines can plan for their EEU requirements with the same strategic discipline applied to fuel and emissions hedging.
While the precise methodology is defined by ICAO and the actual calculation relies on a sectoral growth rate published annually by ICAO, airline procurement teams can project their annual offset obligations in a broad manner, across multiple years.
Multi-year projections set the financial parameters within which the optimal volume procurement can be established. For airlines with tight budget constraints, procurement planning must be approached with heightened diligence and strategic foresight.
Step 3: Assessing procurement models
Airlines have several broad options when it comes to procuring credits, including:
Alternatives Advantages Typical Use Case Forward Locks in pricing and supply Procuring known volumes Spot Speed and flexibility Last-mile credit needs Conditional Achieves lower cost Discounted supply Forward offtakes and spot purchasing are conventional approaches in commodity markets. Many procurement teams may be familiar with these models from previous purchases, such as voluntary carbon credits for customer-initiated offsetting.
Conditional procurement is a feature of the current CORSIA market. Carbon credits may be purchased on the basis of ‘conditions precedent’ by delivery: typically requiring the credits to achieve the necessary steps to be tagged as Eligible Emissions Units, in return for a discounted price or some other concessions.
Step 4: Define what matters
There are many different perspectives on the hierarchy of needs when purchasing EEUs. Some may only care about the credits status as EEU and the cost of the credit.
However, there are other considerations that you may find important. For example:
- The geographic origin of the EEUs.
- The activity types that the EEUs were earned from, and potentially the other characteristics of that activity (e.g. quality / integrity, or co-benefits).
- The standard that the EEUs were issued on.
- The compatibility of the EEUs with futures markets.
There can also be considerations for your overall credits portfolio, over and above the characteristics of the individual eligible emissions credits.
Addressing these considerations upfront in the planning phase can significantly streamline decision-making to save time and effort during procurement.
Step 5: Evaluate counterparty credibility
Trust and reliability are crucial when selecting your EEU procurement partners, particularly for multi-year commitments which carry substantial financial and regulatory implications.
It’s best to avoid intermediaries lacking compliance infrastructure and financial credibility. Work with trading partners who demonstrate experience with ICAO-approved registries, maintain direct ties to the underlying projects, and offer comprehensive support throughout the procurement process.
By working with CSC and the wider Marex OTC Hedging Solutions team, airlines can benefit from partnering with a solid and credible counterparty, backed by investment-grade credit ratings, strong financial standing and a proven track-record in risk management.
Step 6: Time your purchases of EEUs strategically
Carbon market conditions are tightening. With increasing demand and finite supply of CORSIA-eligible credits:
- Early engagement reduces pricing risk and execution bottlenecks.
- Phased procurement strategies can reduce your exposure to volatility.
Build the capabilities to execute
CORSIA Phase 1 is more than a test – it’s the start of a regulated market era. Airlines that act early and structure their procurement strategies can reduce price exposure, secure eligible supply, and meet compliance deadlines with confidence.
CSC’s carbon trading team offers:
Backed by Marex Financial’s BBB rated balance sheet, our CSC environmental trading and OTC Hedging Solutions teams provide clients with an OTC facility to procure or hedge carbon credits, fuel, and FX on a forward basis, integrated as part of a broader risk management strategy.
Ready to make the pivotal step in your CORSIA procurement? Our trading desk is here with expert assistance to execute your strategy.
Read our disclaimers
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The 65-inch LG C5 OLED TV just hit a record-low price – and not at Amazon
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Despite the headline specs being largely unchanged, the new C5…
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