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  • The long bond yield is heading below 4% and gold to $6,000 by next spring, predicts Bank of America

    The long bond yield is heading below 4% and gold to $6,000 by next spring, predicts Bank of America

    By Jules Rimmer

    Investors face limited options when it comes to allocating capital

    Bank of America’s strategist Michael Hartnett makes a couple of eye-catching calls on bonds and gold.

    Buy longer-dated Treasury bonds and stay the course on gold.

    Those are the two trade recommendations made by a team of strategists at Bank of America led by Michael Hartnett in their latest note to clients released Friday. First, they recommend investors buy 30-year Treasurys BX:TMUBMUSD30Y on the expectation that its yield will dip below 4%, versus its present level of 4.56%, as the Federal Reserve continues to cut interest rates.

    As for gold, Hartnett and his colleagues believe the price of the yellow metal (GC00) can peak at $6,000 an ounce next year. Their call on gold (GC00) looks especially bold, as the precious metal is roughly a third higher than where it is now and has already delivered a whopping 65% return so far in 2025.

    The current dilemma facing investors, or the ‘zeitgeist’ as Hartnett and his colleagues phrase it, is they are forced to allocate from these choices: a U.S. Treasury market when the government owes $38 trillion; the corporate bond market where yields relative to government debt are the meanest in two decades; equities valued at forty times their cyclically-adjusted price-earnings ratio; or gold, “that’s just gone vertical.”

    The strategists make it abundantly clear: there are no easy options at this juncture. Another “zeitgeist” they warn of is the threat posed by “the k-shaped economy” going “pear-shaped if asset prices drop and hit the rich.” The so-called k-shaped economy reflects a pattern in which one sector of the economy rebounds, while another declines. The worry here would be the dent to the consumption patterns of wealthy American households were the stock market or crypto assets to fall sharply.

    Hartnett’s team is aware their call on gold is far from unique, “contrarian it ain’t” as long gold is the most crowded trade in Bank of America’s fund management survey for October. They also think the end of the U.S. government shutdown could trigger a concerted bout of profit-taking, but allocations both from retail and institutional investors are still low enough to warrant a continuation of the bull run in gold for now.

    They also like international stocks right now and highlight the potential upside for Hong Kong’s Hang Seng index HK:HSI. They see 33% upside to 33,000 as global purchasing manager indices edge above 50 into expansionary territory, Chinese financial conditions ease and Asian export growth improves.

    Hartnett and his team identify some contrarian trades without necessarily recommending them, but simply drawing attention to massive disparities in trend and sentiment. Favoring bonds over stocks, the U.K. market UK:UKX over Europe XX:SX5E and energy XLE over tech MAGS would all run strongly against the grain, they also caution that were the White House-led bailout of Argentina to fail then the highly consensual long Emerging Markets call could be called into question.

    The number of leveraged equity ETFs at record-high. Trading sentiment is very robust at present.

    For now, though, the strategists cite the 123 rate cuts that have occurred globally this year as the main reason why equity sentiment is so bullish, while investor allocations to bonds are the lowest since October 2022 when this bull market began.

    -Jules Rimmer

    This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. 

    
  (END) Dow Jones Newswires
    

    
  10-17-25 0931ET
    

    Copyright (c) 2025 Dow Jones & Company, Inc.

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  • Using captives to unlock value in affinity insurance programs

    Using captives to unlock value in affinity insurance programs

    In today’s competitive business landscape, affinity insurance programs that overlook captive solutions risk falling behind.

    Our new report, Using captives to unlock value in affinity insurance programs, in partnership with the Open & Embedded Insurance Observatory, reveals how forward-thinking organizations harness captives to enhance risk management, reduce costs, and boost customer loyalty. Learn how a captive interacts with the insurance market to align with your business goals and deliver long-term stability for your affinity insurance program.

    Our report will help you:

    • Understand how captive insurance functions are structured.
    • Identify the key benefits of transferring the risk from an affinity insurance program to a captive.
    • Navigate the process of establishing an affinity insurance program in a captive solution.

    Don’t let traditional insurance models hold your organization back. Discover proven strategies to manage risk transfer while you unlock value, improve operational efficiency, and build a resilient, customer-centric insurance approach.

    Act now to stay ahead of industry shifts and position your organization for sustainable success.

    Download the full report today and start transforming your affinity insurance programs with captive solutions.

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  • Wakefield mining museum workers reject latest pay offer

    Wakefield mining museum workers reject latest pay offer

    Nicola Rees/BBC Striking workers at the museum stand in a line outside the site, holding up placards saying "official picket" and holding banners with the Unison logoNicola Rees/BBC

    Members of Unison at the National Coal Mining Museum have been out on strike since August

    Workers at the National Coal Mining Museum for England have rejected the latest pay offer in their ongoing dispute over wages, a union has said.

    At least 40 members of Unison at the site in Wakefield have been on continuous strike since mid-August calling for higher pay.

    Unison said members had rejected a new pay offer which a spokesperson said would have left many staff worse off than a previous proposal which was thrown out.

    A spokesperson for the National Coal Mining Museum for England said it was “disappointed” the pay offer has been rejected.

    Unison said representatives had met the museum’s chief executive Lynn Dunning and local Labour MP Jade Botterill last week with the aim of finding a resolution.

    During the meeting, museum managers had suggested a £1 an hour rise for fitters and electricians and a 5% pay rise for other staff, a union spokesperson said.

    For many workers that would work out lower than the 80p an hour increase previously suggested by museum management, the union said.

    Meanwhile, according to Unison, the chief executive “continued to refuse to disclose” financial documents which could help to work out an “affordable and acceptable” offer.

    National Coal Mining Museum A general view of buildings at the National Coal Mining Museum in Wakefield. The building in the foreground has beige coloured bricks with a green door. Several red brick buildings stand in the background, with green doors and railings, with the Museum's red pit wheel at the top of the tallest building.National Coal Mining Museum

    Museum bosses said the site faced the same “increasing financial pressures” as other similar charities

    Christina McAnea, Unison general secretary, said: “This dispute has already gone on for far too long.

    “Museum bosses have spent more on continuing the strike than it would have cost them to give staff a reasonable pay rise.

    “Senior managers should stop playing games, do the right thing and come up with a fair deal.”

    Rianne Hooley, Unison Yorkshire and Humberside regional organiser, said: “If managers genuinely want to resolve this dispute, they should be transparent with Unison over what is and isn’t affordable.

    “Otherwise, it looks like they have something to hide.”

    Unison said its initial pay claim was for a £2.50 rise, meanwhile, in June, it had suggested a 5% pay rise, or £1 per hour – whichever was greater – for all staff.

    That was in response to an offer from the museum of a £1 per hour increase for mine guides and 5% for everyone else, which Unison said would have given a bigger pay rise to male mine guides than the women employed elsewhere in the museum. 

    Museum managers were going to put their pay offer to the board of trustees but then withdrew it, the union said.

    LDRS Mining equipment - including the pit head wheel - at the National Coal Mining Museum in Wakefield with picnic benches to the sides and grass in front.LDRS

    Visitors to the museum can learn about the UK’s mining history

    In a statement, a museum spokesperson said: “We are disappointed our recent pay offer has been rejected. This included a £1 per hour increase for museum guides with specialist skills, such as electricians and fitters, and a 5% uplift for the wider team.

    “After much discussion with Unison, this offer brought the museum’s pay structure in line with, and in some instances over, similar organisations’ structures.”

    The museum remained “committed to recognising expertise and rewarding the valuable contributions of all team members”, the statement said.

    “The board continues to make decisions guided by principles of fairness and affordability,” it added.

    “We have reviewed arrangements at similar organisations to use as a comparator and will consider this model going forward as we implement our Succession Plan.”

    A museum spokesperson said that like many charities it was facing “increasing financial pressures” and any offer “must protect the museum’s future”.

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  • Gaucho restaurant chain to slash share of service charge for waiting staff | Hospitality industry

    Gaucho restaurant chain to slash share of service charge for waiting staff | Hospitality industry

    Argentinian steak restaurant Gaucho is slashing the share of the service charge its waiters receive, using some of the funds to bump up the pay package of head office workers.

    A letter to workers seen by the Guardian says that from 1 October existing waiters would receive between 25.45% and 29.4% of the service charge collected at tables they have served, depending on length of service, down from 37% previously – already a reduction from 45% early last year. Bar staff will get 17% of the service charge, down from 20%.

    Newly employed waiters at the company will receive just 17%, according to a letter from Gaucho’s troncmaster – a specialist hired to manage the distribution of the service charge. Staff said they feared all waiters’ shares of the service charge would drop to that level in the new year, placing all workers on a similar level.

    Gaucho’s troncmaster, a company called WMT Troncmaster, wrote in a letter to workers that the service charge would now be shared with “staff located at non-public places of business such as head office and central production units. This may also include staff working at Gaucho restaurants who are provided by an agency but who are not directly employed.”

    “The Troncmaster strongly believes that service charges are paid by customers in respect of their whole experience, and that all team members who play a part and impact on that experience should participate in, and receive a share of, the tronc funds.”

    A spokesperson for Gaucho said: “The new tronc distribution has been set by the independent troncmaster following industry benchmarking across our Gaucho employees. The new distribution takes into consideration all our front- and back-of-house colleagues. It is an equitable solution for all of our excellent people. The employee costs borne by the Gaucho business remain as before and the business itself does not benefit in any way from the amended tronc system.”

    Gaucho says its new system is fully compliant with the law.

    Gaucho is part of Rare Restaurants, which is owned by the Investec bank and investment firm SC Lowy, and which also owned the now closed M chain. Gaucho is held under the group’s Gioma UK arm, which slid £15.6m into the red last year as sales slipped 1% to £68.5m. At the end of last year Gioma had more than 1,000 staff, all but 64 of which worked in the restaurants, according to the accounts filed at Companies House.

    Gaucho, which charges £65.60 for a steak marinated in chipotle chilli paste or £26.95 for a Sunday roast and at least £10 for a glass of wine, automatically adds a service charge of between 12.5% and 13% to customers’ bills, although they can opt not to pay it.

    “The perception of people paying £100 in service charge will be ‘this guy is doing good’,” one waiter said. “But I could be getting [only a small part] of it.”

    Under a law implemented last October, employers in Britain must share out 100% of service charges collected in a venue to workers there. It must be done in a “fair and transparent manner” and employees have the right to know “how tips are allocated and distributed”.

    The law was introduced amid concerns the service charge was being used to make up a significant part of workers’ total pay package in retail groups to reduce national insurance liability. Service charge distributions do not always attract the employment tax when allocated through a tronc scheme, unlike ordinary pay.

    Bryan Simpson, the national lead on hospitality for the Unite union, which is pressing the government to toughen up the tipping legislation, questioned whether Gaucho’s policy met the current rules.

    He said: “One of the most egregious elements of this terrible policy is that tips and service charge can be used to pay ‘non-public places of business such as head office and central production units’. This is not fair or transparent according to the [government backed] code of practice, or indeed these workers, our members.

    “The result for low-paid workers in the most expensive city in the world? That waiters may only receive as little as 28% of the tips that they received on their tables … with more than 70% going elsewhere.”

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    Staff said they had not been consulted about the changes to the service charge distribution and had not received clear answers to questions about what would happen to what would happen to the cash they were no longer receiving.

    One waiter said the cut came after the introduction of cheaper menus, which had already resulted in lower service charge payments, and a cut to benefits such as free and discounted meals and drinks. “Financially this is putting the nail in the coffin,” they said.

    The worker said they would lose about £400 in service charge a month, reducing their monthly net pay to about £1,600 for 20 hours a week. All waiting staff earn the legal minimum wage, so rely on the service charge as a major part of their pay.

    “I am quite worried. Potentially this means finding another job,” they said.

    Another, who said they would lose out on between £300 and £600 a month, said: “We haven’t been consulted about these changes. The worst part is they said it’s to make it more fair for all departments, but what they are really doing is using this extra service to top up salaries through all company salary positions.”

    Another said: “I already find it hard to pay everything when I get £2,000 (working full-time) so I am actively looking for another job. I don’t know how I am going to do it [in October].”

    The cuts come only months after Rare Restaurants hired Baton Berisha, the former boss of the Ivy chain, which is facing legal action from a former waiter over the allocation of the service charge.

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  • AbbVie Completes Acquisition of Gilgamesh Pharmaceuticals’ Bretisilocin

    AbbVie Completes Acquisition of Gilgamesh Pharmaceuticals’ Bretisilocin

    • Acquisition expands AbbVie’s psychiatry pipeline with the addition of a next-generation psychedelic compound currently in Phase 2 development for the treatment of major depressive disorder (MDD).

    NORTH CHICAGO, Ill., Oct. 17, 2025 /PRNewswire/ — AbbVie (NYSE: ABBV) announced today that it has completed its acquisition of Gilgamesh Pharmaceuticals’ lead investigational candidate, bretisilocin.

    Bretisilocin is a novel, short-acting serotonin 5-HT2A receptor agonist and 5-HT releaser currently in Phase 2 clinical development for the treatment of patients with moderate-to-severe major depressive disorder (MDD). This next-generation 5-HT2A receptor agonist is designed to help address current development challenges observed with classic psychedelic compounds.

    “Recent clinical results have demonstrated the potential of bretisilocin to treat patients living with MDD,” said Daniel Mikol, M.D., Ph.D., vice president, neuroscience development, AbbVie. “With the acquisition now complete, we look forward to accelerating the development of this next-generation compound, reinforcing AbbVie’s commitment to delivering innovative, science-driven treatment options for people living with serious mental health conditions.”

    For additional background on the acquisition, please read the press release announcing the definitive agreement under which AbbVie will acquire bretisilocin here.

    About AbbVie

    AbbVie’s mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people’s lives across several key therapeutic areas including immunology, oncology, neuroscience and eye care – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X (formerly Twitter) and YouTube.

    Forward-Looking Statements 

    Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “project” and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie’s operations is set forth in Item 1A, “Risk Factors,” of AbbVie’s 2024 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

    Media:

    Liz Tang, Ph.D.

    liz.tang@abbvie.com

    Investors:

    Liz Shea

    liz.shea@abbvie.com

     

     

    SOURCE AbbVie


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  • The Club’s 10 things to watch in the stock market Friday

    The Club’s 10 things to watch in the stock market Friday

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  • I3 Instrument Support Facility virtual event: “How the I3 Instrument supports the industrial transition: leveraging the I3 Instrument to boost local economies”

    I3 Instrument Support Facility virtual event: “How the I3 Instrument supports the industrial transition: leveraging the I3 Instrument to boost local economies”

    The Interregional Innovation Investments (I3) Instrument, supported by the European Regional Development Fund (ERDF), offers a powerful mechanism to promote industrial transformation across European regions. By funding interregional projects that align local strengths with Europe’s strategic priorities, I3 Instrument enables regions to modernise industries, diversify economies, and connect to European value chains in areas such as the green transition, digitalisation, health, and advanced manufacturing. 

    For regional development agencies (RDAs), I3 Instrument provides a concrete tool to guide territories through complex transitions while ensuring that innovation delivers tangible local impact. It empowers them to act as strategic innovation brokers, connecting ecosystems across borders and translating cooperation into economic opportunity.

    This session will showcase how regional development agencies are leveraging I3 Instrument to modernise industries, promote SME innovation, and strengthen regional ecosystems. Featuring real-life examples that highlight:

    • Practical approaches to managing industrial transformation through I3 Instrument;
    • Stakeholder engagement and governance models;
    • Green and digital transition strategies across key sectors;
    • Lessons and success stories from active interregional projects.

    The event will feature interactive tools such as Slido polls and an open discussion segment to ensure participant engagement and knowledge exchange. 

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  • A genome-wide analysis of ascorbate oxidase gene family and hormonal activity in mango exposed to enhanced UV-B radiation | BMC Plant Biology

    A genome-wide analysis of ascorbate oxidase gene family and hormonal activity in mango exposed to enhanced UV-B radiation | BMC Plant Biology

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  • Nations invest in renewables to build energy security

    Nations invest in renewables to build energy security

    For more than two centuries, energy has been the beating heart of economic growth.

    Until recently, most of this energy has come from one simple mechanism – burning things. And as we’ve switched from wood to harder-to-access (but more energy-intense) coal, oil and gas, so our economy has come to rely on a sprawling network of pipelines and trade routes.

    This has created some unexpected relationships. In 1997, for instance, just six years after the end of the Cold War, the Nord Stream 1 pipeline was completed, connecting Germany and Russia via the Baltic Sea. At the height of its operation in 2021, Germany was getting 55% of its natural gas from Russia, along with the majority of its coal and oil. At the same time, the wider EU bloc was also buying most of its oil and gas from Russia.1

    Today, as deglobalisation continues and the geopolitical landscape shifts, many of these relationships are fraying. Germany and the EU have slashed their energy imports from Russia, aiming to end them entirely by 20272; meanwhile India has come under pressure from US President Donald Trump to do the same3.

    The question for investors is, what will replace these routes? Are buyers simply finding alternative sellers, or is a deeper shift taking place?

    At Lombard Odier, we believe the world’s energy system is undergoing a profound change. Driven by a desire to achieve domestic security, many governments are seeking not just to re-route their energy purchases, but to build their own home-grown supply. From China to Europe and India to the US, energy independence is increasingly being seen as the best form of defence against a fracturing and unstable geopolitical order.

    Across Europe, renewables are becoming the first line of defence for a bloc determined to bolster its energy resilience

    Renewables – the first line of defence

    45 kilometres off the coast of Ostend, Belgium, a world-first construction is underway. Standing as a fortress against the wind and waves of the North Sea, the artificial Princess Elisabeth Energy Island – due for completion in 2026 – will act as a hub taking electricity generated by offshore windfarms and distributing it to the European mainland. The island will also act as an interconnector for neighbouring countries, enabling Belgium to trade renewable energy.

    In time, it is expected that Princess Elisabeth will be one of multiple energy islands that could eventually connect dozens or even hundreds of North Sea windfarms, which could collectively meet up to 20% of the EU’s entire annual electricity demand by 20504.

    Across Europe, renewables are becoming the first line of defence for a bloc determined to bolster its energy resilience. With huge solar resources in the south (in recent years, Portugal has seen days where its entire electricity demand has been met renewably5) and vast wind potential in the north, the EU already obtains around 45% of its electricity from renewable sources6, and is aiming to achieve the same figure for all forms of energy (by replacing many instances where fossil fuels are currently the end-use form) by 20307.

    Other major economies are taking a similar approach. Over the next five years, India is expected to invest more than USD 340 billion to install enough renewable capacity to meet the electricity needs of every household roughly twice over, making up approximately half of the country’s total electricity generation.8 And in the US, despite President Trump’s pro-oil ‘drill, baby, drill’ rhetoric, further strong renewables growth is expected in 2025, with wind, solar, geothermal and hydropower now making up around 90% of the country’s new electricity capacity added each year.9

    No one is able to match China as the country continues its push to become the world’s first ‘electro-state’ and achieve its stated aim of energy independence

    No one is able to match China, however. Already home to more than 40% of combined global renewables capacity10, China invested a further USD 625 billion in clean energy projects in 2024 alone11, as the country continues its push to become the world’s first ‘electro-state’ and achieve its stated aim of energy independence.

    Critical minerals – the new oil?

    For many in the West, China’s clean energy dominance has created a new dependency problem. Wind turbines, solar panels, batteries and the millions of kilometres of new cabling needed to transition to zero-carbon electricity are reliant on ‘energy metals’ and other critical minerals, such as aluminium, cobalt, lithium, graphite and rare earth elements.

    Today, China is the leading processor of 19 of the 20 most important critical minerals – with an average global refining share of 70%12 – giving President Xi and the Chinese Communist Party a powerful geopolitical weapon. As governments shift away from coal, oil and gas, the risk is that they are merely swapping one dependency for another.

    In response, according to the International Energy Agency’s (IEA) policy tracker, 200 national policy interventions – half ratified in just the last few years – aim to boost domestic critical minerals supply chains13.

    These include US President Donald Trump’s creation of a ‘National Energy Dominance Council’, which will treat critical minerals supply as a national security imperative14; the respective Canadian and Australian Critical Minerals Strategies; and the EU’s Critical Raw Materials Act, which aims to boost supply chain security by ensuring that, by 2030, a minimum of 10% of the critical minerals it needs are mined domestically, at least 40% are processed in the EU, and at least 25% are sourced from recycling.15

    Across the board, metals recycling is set for rapid growth… the size of the market for recycled minerals could rise five-fold to reach USD 200 billion by 2050

    Secure supply chains create new growth opportunity

    This global push is accelerating the permitting process for new mines – it is also fostering new innovations aimed at minimising reliance on overseas supply.

    For example, New Zealand start-up Mint Innovation’s bio-based recycling process uses bacteria to extract target metals from electronic waste and requires just a fraction of the energy needed by traditional recycling methods – a recent partnership with Jaguar Land Rover to recover lithium, nickel and cobalt from used electric vehicle (EV) batteries has received funding from the UK government16. In Europe, Germany’s BRAIN Biotech and the EU’s Horizon-funded BioRecover project17 are working on bringing similar solutions to scale.

    Across the board, metals recycling is set for rapid growth. As demand for critical minerals rises, the International Energy Agency forecasts that the size of the market for recycled minerals could rise five-fold to reach USD 200 billion by 2050, cutting the need for new mining activity for some minerals by as much as 40%.18

    Read also: The rise of metals recycling in the energy transition

    Efforts are also being made to sidestep critical minerals altogether, especially in the manufacture of batteries, which have become essential for the grid-scale storage needed to support renewables projects and EV uptake.

    Today’s batteries are made using lithium and other single-source-dominated minerals. In April 2024, however, US-based Natron Energy, which has received significant support from federal funds, cut the ribbon on the US’s first-ever commercial-scale sodium-ion battery factory, which employs an entirely domestic supply chain and avoids the need for any hard-to-obtain critical minerals. (Natron’s growth is so rapid that the firm has already announced the site for a new USD 1.4 billion ‘giga-factory’, which will increase its manufacturing capacity 40-fold.)19

    Swedish firm Altris is also developing sodium-ion batteries, with investment support from major names including Maersk Growth and Volvo.20 Like Natron, Altris’s batteries can be made from an exclusively domestic supply chain, and are largely reliant on abundant materials such as iron, salt, and even wood21. BloombergNEF forecasts that sodium-ion batteries will represent 15% of the energy storage market by 2035, up from 1% today.22

    As the world’s biggest powers invest in national energy resilience, they are building new export markets that will come to replace today’s fossil fuel networks

    Domestic security – global potential

    As global tensions mount, and multipolar dynamics deepen, it’s easy for investors to imagine a world in which nations are ‘hunkering down’ and investment opportunities diminishing.

    At Lombard Odier, we believe this is to miss the bigger picture. We understand that the changing world order simply means a reshaping of where opportunities are to be found, and that as governments take measures to secure strategic industries we will see a tidal wave of new investment from both the public and private sectors.

    As the world’s biggest powers invest in national energy resilience, they are building new export markets that will replace today’s fossil fuel networks. Incumbent oil exporters will see revenues fall, while winners will emerge from those offering the solutions that help nations bolster their renewable supply.

    The opportunities will be many and varied – new battery technologies, metals recycling, the export of renewably-generated electricity, and high-voltage-direct-current electricity cabling (of which European companies are the world’s leading manufacturers). Domestic energy security will create global potential.

    When Belgium’s Princess Elisabeth energy island is complete, standing lonely but unbowed amid the storms of the North Sea, it will be a powerful symbol of renewables’ new role on the frontline as nations invest to build energy security.

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  • 5 things to know before the stock market opens Friday

    5 things to know before the stock market opens Friday

    An automatic teller machine at the Zions Bank headquarters in Salt Lake City, Utah, on July 10, 2023.

    Kim Raff | Bloomberg | Getty Images

    This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.

    Here are five key things investors need to know to start the trading day:

    1. Calling the exterminator

    Stocks dropped yesterday amid mounting fears on Wall Street about the prevalence of bad loans, and what it means for a slew of regional banks. That’s led to some “cockroach” hunting, as investors race to assess the health of financial institutions’ lending businesses.

    Let’s break this down:

    • Earlier this week, JPMorgan CEO Jamie Dimon warned that there could be more “cockroaches” out there, in reference to the collapses of auto parts maker First Brands and subprime car lender Tricolor Holdings.
    • Dimon appeared to be invoking the cockroach theory, which suggests that bad news for one company can lead to several other negative disclosures.
    • Shares of Jefferies, which has exposure to First Brands, dropped more than 10% yesterday. Zions, which earlier in the week said it had to take a large charge on bad loans, closed down 13%. Western Alliance said a borrower committed fraud and ended the session down nearly 11%.
    • Regional bank stocks tanked yesterday as a result, in turn driving down the broader market. Bank credit concerns also dragged on the European markets today.
    • The closely followed 10-year U.S. Treasury yield plunged to levels last seen in early April, when President Donald Trump’s unveiled his steep tariff policy.
    • Beyond banking, investors continued to monitor the U.S.-China trade dispute. China’s Ministry of Commerce accused the U.S. of creating “panic” over its rare earth export controls and said it was open to trade talks.
    • U.S. stock futures fell this morning, but are well off their lows. Follow live markets updates here.

    2. Bolton indicted

    John Bolton, former national security advisor, speaks during a Senate briefing hosted by the Organization of Iranian American Communities to discuss U.S. policy on Iran, in Washington, D.C., March 16, 2023.

    Tom Williams | Cq-roll Call, Inc. | Getty Images

    John Bolton, a former national security advisor to President Donald Trump, was indicted yesterday by a federal grand jury on charges of mishandling classified information. Bolton is the third Trump adversary to face criminal charges in recent weeks, following the indictments of former FBI Director James Comey and New York Attorney General Letitia James.

    Meanwhile in Washington, a bill to fund the military during the government shutdown failed in the Senate yesterday. The vote came hours after senators voted down funding legislation for the 10th time. United Airlines CEO Scott Kirby told CNBC yesterday that bookings could start slowing if the government doesn’t reopen soon.

    3. Paying the piper

    In an aerial view, a container ship arrives at the Port of Oakland on Oct. 10, 2025 in Oakland, California.

    Justin Sullivan | Getty Images

    You’re likely already feeling the economic impact of Trump’s tariff policy, according to S&P Global.

    The firm’s analysis found the levies will run global businesses nearly $1.2 trillion (yes, trillion) this year. Even under conservative estimates, S&P said two-thirds of that cost is expected to be passed down to consumers.

    While we’re on the subject of tariffs’ economic impact: The U.S. budget deficit in 2025 shrunk by slightly more than 2%, compared with the 2024 fiscal year. As CNBC’s Jeff Cox notes, revenue from Trump’s tariffs helped mitigate some government spending. Still, the federal government’s shortfall sits at $1.78 trillion.

    4. Apple’s rights race

    SINGAPORE, SINGAPORE – OCTOBER 05: George Russell of Great Britain driving the (63) Mercedes AMG Petronas F1 Team W16 leads Max Verstappen of the Netherlands driving the (1) Oracle Red Bull Racing RB21 Lando Norris of Great Britain driving the (4) McLaren MCL39 Mercedes Oscar Piastri of Australia driving the (81) McLaren MCL39 Mercedes and the rest of the field at the start prior to the F1 Grand Prix of Singapore at Marina Bay Street Circuit on October 05, 2025 in Singapore, Singapore.

    Mark Thompson | Getty Images Sport | Getty Images

    Apple will soon announce a deal valued at $140 million annually for F1’s U.S. media rights, sources told CNBC’s Alex Sherman. The partnership will help the technology giant build out its sports streaming portfolio, which already includes Major League Soccer and MLB content.

    In an interview this week, Eddy Cue, Apple’s senior vice president of services, said Apple has “love” for F1. Cue also said the modern sports watching experience has “gone backwards” as so many different streaming services get in the game.

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    5. Bright future

    Meta Ray-Ban Gen 2 AI glasses during the Meta Connect event in Menlo Park, California, US, on Wednesday, Sept. 17, 2025.

    David Paul Morris | Bloomberg | Getty Images

    The parent company of sunglasses maker Ray-Ban has a specific company to thank for its recent performance: Meta.

    EssilorLuxottica said a sizable amount of its revenue growth in the third quarter was tied to its partnership with the big tech company to develop and sell smart glasses. Stefano Grassi, EssilorLuxottica’s finance chief, called the Meta products a “lift” for the business.

    Speaking of Meta, Oracle‘s shares were able to buck yesterday’s market downturn after the company confirmed a cloud deal with the Facebook parent.

    The Daily Dividend

    Here are some stories we’d recommend making time for over the weekend:

    — CNBC’s Hugh Son, Sarah Min, Spencer Kimball, Jordan Novet, Jonathan Vanian, Ari Levy, Alex Sherman, Jeff Cox, Leslie Josephs, Dan Mangan and Lillian Rizzo contributed to this report. Josephine Rozzelle edited this edition.

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