Category: 3. Business

The ongoing federal shutdown has resulted in a pause on regular government data releases, meaning economic data has been in short supply of late. That has left market-watchers and monetary policymakers somewhat in the dark over key indicators in the U.S. economy.

Fortunately, the University of Michigan’s Surveys of Consumers is unaffected by the impasse in Washington and released its preliminary monthly report on Oct. 10, 2025; the final read of the month will be released in two weeks.

The Conversation U.S. spoke with Joanne Hsu, the director of the Surveys of Consumers, on what the latest data shows about consumer sentiment – and whether the shutdown has left Americans feeling blue.

What is consumer sentiment?

Consumer sentiment is something that we at the University of Michigan have measured since 1946. It looks at American attitudes toward the current state of the economy and the future direction of the economy through questions on personal finances, business conditions and buying conditions for big-ticket items.

Over the decades, it has been closely followed by policymakers, business leaders, academic researchers and investors as a leading indicator of the overall state of the economy.

When sentiment is on the decline, consumers tend to pull back on spending – and that can lead to a slowdown in the economy. The opposite is also true: High or rising sentiment tends to lead to increased spending and a growing economy.

How is the survey compiled?

Every month, we interview a random sample of the U.S. population across the 48 contiguous states and the District of Columbia. Around 1,000 or so people take part in it every month, and we include a representative sample across ages, income, education level, demography and geography. People from across all walks of life are asked around 50 questions pertaining to the economy, personal finances, job prospects, inflation expectations and the like.

When you aggregate that all together, it gives a useful measure of the health of the U.S. economy.

What does the latest survey show?

The latest survey shows virtually no change in overall sentiment between September and October. Consumers are not feeling that optimistic at the moment, but generally no worse than they were last month.

Pocketbook issues – high prices of goods, inflation and possible weakening in the labor market – are suppressing sentiment. Views of consumers across the country converged earlier in the year when the Trump administration’s tariffs were announced. But since then, higher-wealth and higher-income consumers have reported improved consumer sentiment. It is for lower-income Americans – those not owning stock – that sentiment hasn’t lifted since April.

In October, we also saw a slight decline in inflation expectations, but it remains relatively high – midway between where they were around a year ago and the highs of around the time of the tariff announcements in April and May.

Has the government shutdown affected consumer sentiment?

The government shutdown was in place for around half the time of the latest survey period, which ran from Sept. 23-Oct. 6, 2025. And so far, we are not seeing evidence that it is impacting consumer sentiment one way or another.

And that is not super-surprising. It is not that people don’t care about the shutdown, just that it hasn’t affected how they see the economy and their personal finances yet.

History shows that federal shutdowns do move the needle a little. In 2019, around 10% of people spontaneously mentioned the then-shutdown in the January survey. We saw a decline in sentiment in that month, but it did improve again the following month.

Looking back, we tend to see stronger reaction to shutdowns when there is a debt ceiling crisis attached. In 2013, for example, there was a decline in consumer sentiment coinciding with concerns over the debt ceiling being breached. But it did quickly rebound when the government opened again.

Whether or not we see a decline in sentiment because of the current shutdown depends on how long it lasts – and how consumers believe it will impact pocketbook issues, namely prices and job prospects.

Ghanaians could soon benefit from stronger protections against cybercrime, following a Commonwealth programme that trained more than 60 judges, investigators and prosecutors in Accra this week.

Supported by the UK’s Foreign, Commonwealth and Development Office, the programme brought together justice and security agencies for two symposiums from 7-10 October 2025, aimed at strengthening skills and teamwork for a coordinated response to cybercrime. 

Participants, including Nigerian Federal High Court judges, worked through fictional scenarios simulating real-world cybercrime cases to test how existing laws, international agreements and mutual legal assistance apply in practice. 

The sessions also explored common courtroom challenges, such as evaluating the merits of electronic evidence and fostering cross-border cooperation in legal proceedings.

Ghana has one of West Africa’s most vibrant digital economies. However, like elsewhere in the world, this connectivity has also exposed people to new forms of cyber risk. 

Policy, protection and partnership

At one of the symposiums, Lydia Yaako Donkor, Director General of the Criminal Investigation Department at the Ghana Police Service, said the fight against cybercrime depended on “policy, protection and partnership”.

She said: 

“Our policy frameworks must keep pace with technology. We must strengthen our capacity to collect, preserve and present electronic evidence that is admissible in court. No single agency can combat this alone. Collaboration is essential.”

Donkor said a proposal to create specialised cybercrime courts had been sent to the Attorney General’s office, noting that judges’ training would be important to their success.

High Court Judge Justice Patricia Quansah described the training as critical to helping judges better understand the complexity of cybercrime.

She said the sessions gave her practical tools to assess digital evidence in court, including how to detect tampering. 

This knowledge, she added, will help judges respond more confidently to cybercrime cases, ensure justice for victims and hand down punishments that deter future offences.

‘An eye-opener’

Chief Inspector Nancy Paintsil, a prosecutor handling cybercrime cases, called the training “an eye-opener”.

She said:

“The training deepened my understanding of cybercrime, which relies heavily on electronic evidence. I learned how the way we collect, store and maintain the chain of custody determines whether that evidence is admissible and whether we can convict cybercriminals.”

In a pre-recorded message, Commonwealth Secretary-General Hon Shirley Botchwey highlighted the programme’s impact, noting that past symposiums had led to a 50 per cent improvement in Ghanaian judicial officers’ handling of electronic evidence.

She added:

“Now, we extend this achievement to High Court Judges, whose leadership will be vital to sustaining progress. Their work is essential to ensuring that our digital future is safe, secure and inclusive.”

Final line of defence

Supreme Court Justice Tanko Amadu, Director of Ghana’s Judicial Training Institute, said: 

“The judiciary is the final line of defence in the fight against cybercrime. Cases ultimately depend on judges’ ability to fairly and efficiently adjudicate them. 

“Continuous professional development is essential for judicial officers to keep up with technological. We will continue to learn and serve with honour to protect our citizens.”

Hooman Nouruzi of the British High Commission in Accra said the threat of online crime was rapidly evolving, citing INTERPOL data indicating a significant year-on-year rise in cyber-attacks in Africa.

He said:

“It is a stark reminder that our work is far from done… By working together, we can share knowledge, strengthen legal frameworks, and build the capacity needed to investigate, prosecute and prevent cybercrime.”

Members of the public reacted positively to the training. Raphael Boateng, a 20-year-old resident of Nungua in Accra, described it as “a step in the right direction”. 

He said:

“Many innocent people fall victim to online scams. It is good that our judges are being trained. It will help ensure criminals who target others face justice without delay.”

This was the fourth programme on cybercrime and electronic evidence delivered by the Commonwealth Secretariat in Ghana since 2022. 
 

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Media contact

• Snober Abbasi, Senior Communications Officer, Communications Division, Commonwealth Secretariat

• E-mail

(Bloomberg) — Flaring trade tensions between the US and China sent shockwaves across markets Friday, hammering stocks, oil and crypto while spurring a dash for the perceived safety of Treasuries and gold.

President Donald Trump’s threat of a “massive increase” in China tariffs shook Wall Street at the end of an already-volatile week that saw concern build about a bubble in artificial-intelligence companies. His remarks sent the S&P 500 down about 2% – with the gauge set for its worst day since April. The dollar slid at the end of its best week this year. Crude plunged 4%.

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Trump said he saw “no reason” to meet Chinese President Xi Jinping, citing recent “hostile” export controls. His social-media post followed a series of moves by both the US and China to potentially curb flows of technology and materials between the countries — all ahead of the presidents’ planned meeting in Asia later this month.

Big downward moves in risky assets have been a rarity of late, which may itself be a factor in Friday’s jarring reaction.

Since the tariff-fueled meltdown in April, the S&P 500 has surged on optimism for AI and hopes for Federal Reserve rate cuts. The gauge is trading at one of its highest valuations in 25 years — leaving a thin cushion for bad news.

“Throughout the summer, greed has far outpaced fear in the US equity market, and the high level of complacency leaves investors vulnerable,” said Michael O’Rourke at Jonestrading. “The selloff has the potential to evolve into a larger correction, especially if the US-China trade truce is over.”

About 400 shares in the S&P 500 fell. The yield on 10-year Treasuries slid nine basis points to 4.05%. The dollar slipped 0.2%.

Chris Zaccarelli at Northlight Asset Management highlighted the importance of the trade relationship between the US and China for market psychology.

“Good trading relations with China help keep markets calm and a trade war with China would be extremely negative for markets,” he said.

To Michael Bailey at FBB Capital Partners, perhaps investors are using the new Trump tariff threats as cover for selling the AI complex, which has been “living on an island” this year, looking at earnings growth.

“In other words, tariffs have done very little to slow the breakneck pace of AI-related companies, so today’s new tariff concerns are a bit surprising,” he said.

Bailey also notes that while earnings season kicks off next week, big tech companies only start reporting later.

“This information black hole for big tech could lead some investors to sell now and avoid some uncertainty over the next few weeks,” he said.

Trade tensions escalated at a time when calls for a breather in the equity rally are growing, with the S&P 500 almost doubling in three years.

“As the market approaches its third anniversary of this bull market off the October 2022 lows, we’re starting to see ‘flashing yellow lights’ advising investors to slow down,” said Craig Johnson at Piper Sandler.

The market ebullience has been so pronounced that investors have recently flocked into everything from stocks to bonds and cryptocurrencies.

Global equity funds attracted $20 billion in the week through Oct. 8, while $25.6 billion flowed into bonds, Bank of America Corp. said, citing EPFR Global data. Crypto funds had inflows of $5.5 billion. Even cash funds saw additions of almost $73 billion, suggesting investors still have plenty of dry powder.

Global stocks are set to advance further after their record-breaking run thanks to better-than-expected earnings in the third quarter, according to HSBC strategists. Alastair Pinder and Dmitriy Leskin.

The strategists don’t see AI in “bubble territory,” given the size of its potential market and the fact that valuations remain below dot-com levels. Lower interest rates and monetary easing by the Fed should encourage investors to put money into equities rather than money-market funds, they said.

While the S&P 500 wobbled a few days this week, the gauge has already seen five record closes, taking the year-to-date total to 33, according to Bespoke Investment Group. If 2025 were to end today, 33 record highs in a year isn’t particularly noteworthy as it ranks tied for the 19th most since 1954.

“What’s been more impressive is that the 33 record closes followed last year’s total of 57,” Bespoke said. “With 90 record closing highs in the last two calendar years, there have only been five other two-year stretches when the S&P 500 had more record closing highs, and not to jinx anything, but there’s a legitimate chance that by the end of the year, the last two years could end up ranking well into the top five.”

“What should catch investors’ attention this week is the market’s progression despite this uncertainty: prices are advancing beyond the limits of asset carry, one of many signs that the market has decided to ignore the ambient uncertainty and now seems to exist within a bubble of positivity,” said Florian Ielpo at Lombard Odier Investment Managers.

Although medium-term risks remain — especially if AI adoption or revenue growth disappoints — the near-term fundamentals should remain resilient, according to Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.

“The current deal flow supports supply chain guidance and could even drive consensus earnings upgrades. Overall, we see the present environment as fundamentally different from prior bubbles, with AI companies largely adopting more prudent investment strategies and healthier corporate finances,” she said.

Meantime, individual investors are buying stocks like never before and leaving the broader market in the dust. But at the same time, a surge in trading volume is raising fears that retail’s favorite positions are getting dangerously crowded.

Citigroup Inc.’s basket of 46 stocks most favored by non-professional investors, which includes companies like SoFi Technologies Inc. and Riot Platforms Inc., is far outpacing the S&P 500. Meanwhile, retail trading volume has increased to an all-time-high, the bank’s equity trading desk wrote in a research note this week.

Corporate Highlights:

Shipments from Tesla Inc.’s Shanghai factory increased in September as China’s car market kicks off its busy sales period and automakers start their final push to meet annual targets. Alphabet Inc.’s Google became the first company to be designated with so called strategic market status in the UK, exposing the US firm’s online search and advertising business to a closer scrutiny by the country’s antitrust watchdog. China slapped new port fees on US ships and started an antitrust investigation into Qualcomm Inc., the latest in a string of tit-for-tat moves as Presidents Xi Jinping and Donald Trump jockey for leverage before a key meeting to discuss trade and other issues. Chevron Corp. plans to drill as many as 10 wells offshore Namibia, one of the busiest exploration hotspots for oil and gas in Africa. Levi Strauss & Co. raised its full-year outlook, but warned that tariffs are starting to bite. Mosaic Co. said that third-quarter phosphate production fell below what management expected, citing mechanical issues at one plant and utility interruptions at another. Preliminary sales volumes for phosphates fell short of what analysts expected. Leaders at AI computing company CoreWeave Inc. sold shares worth more than $1 billion after a lockup on the stock lifted in mid-August, putting them among the top 10 individual insider sellers of the third quarter. Stellantis NV’s third-quarter shipments climbed 13%, led by a rise in North America, pointing to a recovery after the ailing carmaker worked down inventory in the US. Venture Global Inc. potentially faces multibillion-dollar damages over disputed liquefied natural gas shipments, after an unexpected loss in a landmark BP Plc arbitration that could pave the way for additional claims. Applied Digital Corp. said it’s now in advanced discussions with a hyperscaler client for its second data center campus in North Dakota. First-quarter revenue was well ahead of estimates due to one-time income from tenant fit-out services. Carlyle Inc. agreed to take control of BASF SE’s coatings business, creating a standalone company with an enterprise value of €7.7 billion ($8.9 billion). BlackRock Inc.’s actively managed funds are set to accept BBVA SA’s takeover bid for Banco Sabadell SA and tender their shares as the offer period is about to end, according to people familiar with the matter. An investor group led by I Squared Capital is planning a bid for German media group Ströer SE & Co.’s core advertising business, people with knowledge of the matter said. SoftBank Group Corp. is in talks to borrow $5 billion from global banks, refilling its coffers at a time Masayoshi Son is accelerating the Japanese investment firm’s bets on artificial intelligence. What Bloomberg Strategists say…

“President Trump’s escalating rhetoric on China, on the back of rising signs of stress in credit and increased concerns over a tech bubble, are a toxic combination that could derail stocks further just as a new earnings season gets underway.”

—Tatiana Darie, Macro Strategist, Markets Live. For the full analysis, click here.

Some of the main moves in markets:

Stocks

The S&P 500 fell 2% as of 1:08 p.m. New York time The Nasdaq 100 fell 2.6% The Dow Jones Industrial Average fell 1.4% The MSCI World Index fell 1.7% Bloomberg Magnificent 7 Total Return Index fell 3% The Russell 2000 Index fell 2.2% Currencies

The Bloomberg Dollar Spot Index fell 0.2% The euro rose 0.4% to $1.1606 The British pound rose 0.3% to $1.3340 The Japanese yen rose 0.8% to 151.79 per dollar Cryptocurrencies

Bitcoin fell 2.7% to $117,889.92 Ether fell 5.4% to $4,103.16 Bonds

The yield on 10-year Treasuries declined nine basis points to 4.05% Germany’s 10-year yield declined six basis points to 2.64% Britain’s 10-year yield declined seven basis points to 4.67% The yield on 2-year Treasuries declined eight basis points to 3.52% The yield on 30-year Treasuries declined eight basis points to 4.65% Commodities

West Texas Intermediate crude fell 4.2% to $58.94 a barrel Spot gold was little changed –With assistance from Denitsa Tsekova and Vildana Hajric.

©2025 Bloomberg L.P.

Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.

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Wall Street has joined the blockchain revolution. Robinhood’s CEO, Vlad Tenev, stated that tokenization is “a freight train that can’t be stopped”, further suggesting that it “will eat the entire financial system” over time. With the tokenized asset market expected to grow from $600 billion in 2025 to just shy of $19 trillion by 2033, traditional finance is scrambling to tokenize stocks, bonds, and real estate.

Thus, for crypto investors on the lookout for the best crypto to buy now, this marks an excellent time. While Solana and XRP are established players sure to benefit from institutional adoption down the road, lesser-known projects like DeepSnitch AI might be at the perfect stage for explosive gains.

Priced at $0.01805 in Stage 1, with over $330K raised, DeepSnitch AI could be the best crypto to buy now to 100x this bull run. Here’s why!

Wall Street’s tokenization revolution: Why it matters for crypto

Recently, Nasdaq asked regulators for approval to allow listed stocks to trade in a tokenized format on its platform. Should the SEC approve this initiative, we could see the first-ever digitization of stocks as a merger of traditional finance and blockchain technology. The decision was announced in September, with the chance of a verdict arriving within 45 to 90 days.

Moreover, BlackRock’s CEO Larry Fink has tripled down on this vision, noting that “every stock, every bond, every fund will be on one general ledger.” Already, BlackRock is trying to tokenize ETF offerings that tie into real-world assets like stocks and bonds, pending regulatory approval.

Boston Consulting Group and Ripple believe that the total real-world asset tokenized market could grow from approximately $600 billion today to $19 trillion by 2033. This includes stablecoins, tokenized bonds, tokenized real estate, and other commodities, all moving onto blockchain rails for faster settlement and 24/7 trading.

For retail investors, this legitimizes what crypto bulls have believed for years: that blockchain infrastructure is not just for Bitcoin maxis. It’s becoming the digital underpinning of global finance.

Previously, the focus was on whether this infrastructure would ever be built and, if so, how much value any specific token could capture. Now, the emphasis has shifted to identifying which tokens will capture the most value. Therefore, choosing the best crypto to buy now is essential to stay ahead of the coming institutional influx.

Best crypto to buy now

DeepSnitch AI (DSNT)

Of course, Solana and XRP could go exponential this cycle, but with billions in market cap already, their parabolic days are likely behind them. For those traders chasing 100x potential, it’s all about buying early.

DeepSnitch looks like the best opportunity out there. The project features five AI agents developed by on-chain analysts to track whale wallets, monitor rug pulls, assess contract risks, and send AI-powered alpha directly to your Telegram.

While many meme coins are driven by hype, DeepSnitch AI provides holders with tools, whale alerts, rug alerts, and real-time trading information that keep investors in the game rather than panic selling at the first sign of a token collapse.

Here’s the other angle of asymmetric potential upside: tokens like Solana aren’t going to provide 100x gains anymore, they’re too large. DeepSnitch is literally at the right stage to provide even sub-100 million inflows to scale into unprecedented multiples when it hits exchanges.

If a meme coin like Pepe can go up 100x in 2023 when it has nothing but hype behind it, there’s no reason DeepSnitch can’t replicate this performance with real AI-facilitated utility behind it.

By plugging into Telegram with over 1 billion active users, DeepSnitch has access and distribution that few crypto projects ever get. Utility and immediate reach are the keys to making a presale a worldwide phenomenon.

Right now, DeepSnitch AI is in Stage 1 of presale for just $0.01805, having raised over $335k in just days, with the lowest price to enter and all AI features accessible post-launch as they become available.

Solana (SOL): Performance & price prediction

As one of the strongest performing tokens going into the October trades, Solana is trading around $234, up over 11% in the past week alone. Solana broke past its 50-day and 200-day moving averages recently as institutional interest surges.

Spot Solana ETF approval is over 90% likely as the SEC faces a number of deadlines in October. Grayscale’s conversion deadline is set for October 11, followed by others before the month’s end. JPMorgan analysts predict these Solana ETFs will attract as much as $6 billion in new capital during the first year, at least comparable to the institutional inflows supporting Bitcoin’s ascent above $125k.

Price predictions for Solana in October rest between $240 to $260 (but some analysts predict $400 by year’s end if ETF approvals send the rally on a sustained spin). Furthermore, Bit Mining and Upexi own over 3.5 million SOL combined, now worth $591 million+, meaning the SOL supply available (which drives price down) decreases while demand for SOL (which drives price up) increases.

XRP: Performance & price prediction

XRP trades at about $2.85 as of now, following an incredible bounce throughout September. Currently, XRP consolidates towards support. Between October 18 and October 25, the SEC has eight deadlines regarding XRP ETF applications from leading issuers like Grayscale, WisdomTree and Franklin Templeton.

Bloomberg analysts essentially deem approval a 100% probability. Should this happen, an estimate of $3 to $8 billion in institutional inflows will be unleashed within a single year. On top of that, Steven McClurg from Canary Capital expects as much as $5 billion within the first few weeks of approval for XRP, potentially driving prices into the $20 to $30 range.

Standard Chartered keeps a $5.50 price target on XRP by year-end, while other analysts forecast $9 XRP assuming supply shock measures approach maximum capacity. For those interested in trading with established projects with near-term catalysts, XRP boasts great upside.

The bottom line

Wall Street’s push for tokenization isn’t coming, it’s here. With $19 trillion in traditional assets expected to go on-chain by 2033, the infrastructure layer is being developed as we speak. While Solana and XRP will benefit from institutional inflow over time, both being established means more moderate upside.

DeepSnitch AI is in a different league altogether. At presale pricing of just $0.01805, even getting a fraction of that demand, the price could rise exponentially, something that major players at major valuations simply can’t offer. The presale is also paired with five AI surveillance tools specially designed for the tokenization surge, which gives buyers presale access to an important operational edge, not just a speculative one.

Check out the DeepSnitch AI presale before the next price jump.

FAQs

Which crypto will benefit the most if tokenization becomes reality?

Solana and XRP are projected to rise with Wall Street implementation. However, DeepSnitch AI’s presale price of $0.01805 has a lot more room to run. DeepSnitch is a small-cap, which means 100x returns are possible.

Is Solana a good investment at $234?

SOL has an excellent chart and impending ETF approvals. However, at a $126 billion market cap, Solana is no longer in the explosive growth stage. Traders looking for the best crypto to buy now with more upside might want to jump into projects like DeepSnitch AI that are still in the earlier stages.

Why is DeepSnitch AI considered the best crypto presale?

DeepSnitch AI is still in development stages, low-priced, and its construction with five AI surveillance tools means that traders have an edge against whales. This mix of meme coin virality with real utility is seldom found, which is why many consider it the best crypto to buy now for life-changing returns.

The Trump administration has killed a massive proposed solar power project in Nevada that would have been one of the largest in the world, indicating that the White House plans to attack not only wind power but all renewable energy.

On Thursday, the Bureau of Land Management (BLM) changed the status of the Esmeralda 7 project to say its environmental review has been “cancelled”, climate publication Heatmap first reported. The agency provided no explanation and did not respond to a request for comment.

The super project in southern Nevada was set to cover set to cover 185 sq miles – a footprint close to the size of Las Vegas – and include seven solar projects proposed by different companies, including NextEra Energy Resources, Leeward Renewable Energy, Arevia Power and Invenergy. Together, the network of solar panels and batteries was set to produce 6.2 gigawatts of energy, or enough to power nearly 2m homes.

The developers’ joint proposals were permitted by Joe Biden. Even once Donald Trump re-entered the White House this year, the process appeared to be moving forward when his Bureau of Land Management advanced a draft environmental impact statement. But the process has since come to a standstill, with BLM failing to issue a final environmental impact statement or record of decision for the project.

The Guardian has contacted NextEra Energy Resources, Leeward Renewable Energy, Arevia Power and Invenergy for comment.

In an executive order on day one, Trump signed an executive order directing a pause on new renewable energy authorizations for federally owned land and water. Then in February he appointed Kathleen Sgamma, president of the Colorado-based oil industry trade group Western Energy Alliance, to head the Bureau of Land Management, which manages a quarter of a billion acres of public land concentrated in western states.

In July, as part of an attempt to win support for his tax and spending bill, Trump issued another order aimed at halting renewable projects, which called on the Department of the Interior to review its policies that affect wind and solar, and gave interior secretary Doug Burgum final decision making power on whether such projects could proceed.

The following month, the president said his administration will not approve solar or wind power projects. “We will not approve wind or farmer destroying Solar,” he posted on Truth Social. “The days of stupidity are over in the USA!!!”

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It has been a tough year for private equity companies looking to sell their investments to the public markets. In the first six months of the year there were only 14 exits, worth $5.2bn, via initial public offerings, according to Preqin data. Four years ago, the total was $37bn. Can the listing of a maker of washing machines restore the spin?

One problem is that companies unloaded by private equity on to public markets have performed patchily. Consumer-data firm NIQ Global Intelligence, educational content provider McGraw Hill and childcare centre operator KinderCare Learning are all trading well below their IPO prices. Buyout firms could use some more successful issues to show that not everything they proffer has already been wrung dry.

Alliance Laundry Systems is giving it a shot. The company behind the Speed Queen brand of washers and dryers this week successfully raised $826mn. Private equity owners BDT & MSD priced its upsized offering at the top end of the marketed range, valuing the company at $4.3bn. The shares gained 13 per cent on Thursday, their first day of trading.

On paper, making commercial and industrial laundry machines is classic private equity: stable and cash-generative. Alliance has managed to muster growth too, furnishing commercial laundromats in hotels, dorms and apartment buildings. With a 40 per cent share of the commercial laundry market in North America, it has increased revenue a compound annual rate of 9.5 per cent since 2010.

The company does, however, bear another classic feature of private equity-owned companies: debt. It had more than $2bn of net borrowings at the end of June — or nearly six times the company’s 2024 ebitda — up from $1.2bn at the end of 2023. Yet BDT & MSD, its co-investors and a group of management shareholders took out a $900mn dividend payment last August. Alliance says its IPO proceeds will help pay down its debts.

There is something reassuring about Alliance’s sturdy first-day performance, especially in a market that is bloated with artificial intelligence hype. True, the company says it uses machine learning to develop features such as “predictive maintenance”, but it’s hardly the company’s main selling point. It suggests that mature industrial companies can generate enthusiasm too.

Investors, of course, will need to be wary of companies coming to market overly burdened with borrowings and whose private equity owners will retain majority voting rights, as is the case with Alliance. Nonetheless, the signs are encouraging for all those buyout firms hoping their past acquisitions will come out in the wash.

pan.yuk@ft.com

The gold rally rippling through global markets is reverberating from trading floors down to the cramped corridors of Manhattan’s Diamond District, where shop owners hawking bangles and coins are cashing in on quick deals.

Bullion’s surge past $4,000 an ounce this week means chatter in the Midtown district — a go-to destination for traders dealing gems and precious metals for more than a century — has been as much about market charts as carats and cuts. The buying and selling has roiled jewelers as they plot strategy around their inventory and attempt to keep pace with the change in prices.