Category: 3. Business

Almost 100 fake Labubu dolls were seized by police in Liverpool who have warned about the risks posed by buying counterfeit toys.

Merseyside Police carried out a joint operation alongside Liverpool City Council’s Trading Standards team in the city centre on Tuesday, and found the fake dolls on sale for £7.99 each.

The distinctive furry monster-like soft toys, manufactured by Chinese firm Pop Mart, have rocketed in popularity recently.

However, police said fake versions can pose risks including toxic paint, sharp edges or unsafe stuffing.

The seizures were made from two shops on Ranelagh Street and Church Street and coincided with the launch of a national campaign entitled Fake Toys, Real Harms, led by the Intellectual Property Office (IPO).

The IPO said fake toys can also pose choking risks to young children and be constructed with chemicals linked to increased risks of cancer.

One counterfeit Labubu doll inspected by Merseyside Police was found to be poorly constructed, with its head and feet twisting and loosening easily.

The force said its internal stuffing also tore open with minimal force.

Sgt Richard Clare said: “We understand that some people may not see the harm in buying counterfeit toys, especially when they’re cheaper or appear similar to the real thing.

“But behind these fake products are serious risks – not just to children’s safety, but to our communities.

“Counterfeit and illicit goods are rarely just about fake products. They’re often linked to wider criminal networks that cause real harm.”

The force said nationally more than 200,000 counterfeit Labubu dolls have been seized before reaching UK consumers, accounting for around 90% of all counterfeit toys seized in the UK this year.

Experts have since valued the haul at nearly £3.3 million.

Tests on the seized toys found 75% failed critical safety tests.

A private Chinese company is giving preferential access to its technology and providing unusually beneficial payment terms on hundreds of millions of dollars worth of specialized equipment to a firm partially owned by Eric Trump, according to industry sources and Securities and Exchange Commission records.

The company, Bitmain, has faced concerns over the potential national security risks of its technology, with one Republican congressman asking the treasury department to review some of its business dealings in the United States.

American Bitcoin Corporation was founded in March, just two months after Donald Trump’s inauguration. Eric Trump currently has a 7.5% stake in the company, SEC filings show. Created through a daisy chain of mergers, and majority owned by a company called Hut 8, American Bitcoin went public with overwhelming publicity on 3 September on the Nasdaq exchange. Though the phenomenal stock profits of the Trump venture have been previously reported, the fact that Bitmain appears to be providing preferential access and payment terms to the operation has not been previously reported.

Filings by American Bitcoin with the Securities and Exchange Commission show that the company is purchasing more than 16,000 advanced mining machines – servers that process complex math problems to earn Bitcoin – from Bitmain.

The SEC filings indicate that American Bitcoin is paying Bitmain in “pledged” bitcoin – rather than cash – which could be redeemed up to two years from now, at a current price. An industry expert said he was briefed on the American Bitcoin deals and that Bitmain was offering the company unique and favorable terms, with little money down, and such a long period of time for redeeming their collateral.

‘Business of politics’

In May, at a Las Vegas bitcoin conference sponsored by Bitmain, the president of American Bitcoin, Matt Prusak, underscored the political nature of the bitcoin industry. “If you think you’re in the energy business or compute business or bitcoin business you’re half right,” he told the audience. “Underneath it all you’re in the business of politics, in the politics business.”

Favorable treatment by Bitmain is a main ingredient of the American Bitcoin venture. “Preferential access” to the technology it buys from Bitmain is “central to American Bitcoin’s ability to maintain a structural cost advantage”, according to an American Bitcoin press release last month.

In a statement to the Guardian, Bitmain said “technical cooperation” with American Bitcoin’s majority owner Hut 8 was specific to one type of mining machine, and was with Hut 8 rather than American Bitcoin. Hut 8 and American both list the same address in Miami on filings with the US government, and Hut 8 handles all of American Bitcoin’s operations and infrastructure.

Bitmain, in its statement to the Guardian, said it offers “pledged bitcoin” to other customers. But in a May announcement the company said it would offer a six-month redemption period for these pledges, not a 24-month term, as it offers American Bitcoin.

Experts say American Bitcoin’s special access to Bitmain’s technology and financing terms raise concerns that the Chinese entity views business with the Trump sons as an opportunity to try to influence the Trump administration on a variety of issues: crypto regulation, energy, or China policy.

“The disclosed terms are pretty unusual,” said James Angel, a finance professor at Georgetown University’s McDonough School of Business. “It’s one thing to extend credit. But the weird part is: ‘you have the option to buy back when you’re mining at a discount,’” he said. “If the president’s family was involved it brings up the obvious question of whether Bitmain is trying to get special treatment.”

Even the appearance of impropriety can be problematic, said Eric Chaffee, a professor of law at Case Western, who cautioned that at the same time all the facts are not known. “This does look a bit like a sweetheart deal where the reason they are doing this is to curry some influence with the Trump administration,” he said. “This looks bad but at the same time there could be underlying facts that make it a fair deal.”

A spokesperson for Hut 8, Gautier Lemyze-Young, did not dispute the financing terms involved bitcoin with a 24-month window but said the terms were agreed to “in September 2024 long before the launch of American Bitcoin”.

The transaction at issue, though, was done by American Bitcoin, and was revealed in August 2025.

‘Off to the races’

On the day American Bitcoin went public a company executive posted a photo of the team, including Eric and Don Jr, on X, with the phrase “And we are off to the races.”

Lemyze-Young said in the statement that the close work with the Chinese company stemmed from a longstanding relationship and was due to “results, not politics or external affiliations”.

Eric Trump did not respond to detailed requests for comment emailed to American Bitcoin and the Trump Organization, where he is executive vice-president.

A former company executive who spoke on condition of anonymity told the Guardian that the Trump family involvement, announced publicly in March, was known months earlier to insiders as the mergers were organized to form American Bitcoin. “We knew well in advance that they were involved. That’s why we wanted to do it,” he said, referring to a merger. “They have some access at the White House. Better than not having it. That’s certainly a bonus.”

It is not the first crypto venture of the Trump family to raise questions about foreign influence. An entirely separate Trump cryptocurrency business, World Liberty Financial, which has no ties to American Bitcoin except the Eric Trump ownership, announced in May that the United Arab Emirates would use its stablecoin in a transaction in which it made a $2bn investment involving a separate cryptocurrency exchange.

But American Bitcoin stands out in part because so many threads intersect with US policy: Trump has announced a “Strategic Bitcoin Reserve”, which may help drive up bitcoin’s price; has loosened regulations on energy, which is key to cheap bitcoin mining; and has launched policies on China that often seem to pivot back and forth between aggressive economic confrontation and conciliation.

Eric Trump has been promoting American Bitcoin and the stock, appearing with company executives at investor forums and business news broadcasts, repeating that the Trump family had turned to cryptocurrency because it was “debanked” following the 6 January 2021 riot at the US Capitol.

“We developed a company named American Bitcoin. We are one of the biggest bitcoin mining companies on Earth,” he told a conference last month, claiming the price of bitcoin would shoot to a million dollars, an eightfold increase from the present.

Bitmain is not regulated by US agencies but there have been concerns about the company’s technology. Last month the Republican congressman Zachary Nunn, of Iowa, pressed the treasury department to review Bitmain and another Chinese bitcoin company. In a statement to the Guardian, Nunn wrote: “American families deserve to know that our power grid, digital infrastructure, and national security aren’t being compromised by foreign entities with opaque ownership and ties to hostile regimes.”

In Bitmain’s statement to the Guardian, the company said it responded to his office, and said it “strictly complies with US and applicable laws and regulations and has never engaged in activities that pose risks to US national security”.

LONDON, Oct. 15, 2025 /PRNewswire/ — Boeing [NYSE: BA] and Virgin Atlantic have agreed to implement connectivity modifications across Virgin Atlantic’s fleet of Boeing 787 Dreamliners. The upgrades will enhance onboard internet service, bringing high-speed, streaming-quality Wi-Fi to passengers. The services agreement was announced at MRO Europe on Oct. 15.

“Partnering with Boeing to bring Starlink’s next-generation connectivity to our 787 fleet is another important step in creating a ‘home away from home’ experience for every customer,” said Corneel Koster, Chief Customer and Operating Officer, Virgin Atlantic. “Together, we’re transforming how our customers stay connected in the skies – with low latency, super high speed Wi-Fi, better than what most customers experience on the ground to make flying on Virgin Atlantic even more of a joy.” 

As part of the modifications, Boeing will install a new antenna fairing designed to accommodate Electronically Steered Phased Array (ESA) antennas. Together with an ESA, the fairing, called the Boeing Aerodynamic Shroud, supports Low Earth Orbit (LEO) and multi-orbit connectivity.

“We’re witnessing rapid advances in satellite and antenna technology, and we’re proud to provide our OEM-backed engineering expertise and hardware that will enable Virgin Atlantic to bring faster, more reliable connectivity to their 787 Dreamliner fleet,” said Doug Backhus, vice president of Cabin, Modifications and Maintenance for Boeing Global Services.

About Boeing

As a leading global aerospace company, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. As a top U.S. exporter, the company leverages the talents of a global supplier base to advance economic opportunity, sustainability and community impact. Boeing’s diverse team is committed to innovating for the future and living the company’s core values of safety, quality and integrity. Learn more at www.boeing.com.

About Virgin Atlantic

Virgin Atlantic was founded by entrepreneur Sir Richard Branson in 1984, with innovation and amazing customer service at its core. Virgin Atlantic has been voted Britain’s only Global Five Star Airline by APEX for the ninth year running in the Official Airline Ratings. Headquartered in London, it employs 9,250 people worldwide, flying customers to 28 destinations throughout the year. Alongside shareholder and Joint Venture partner Delta Air Lines, Virgin Atlantic operates a leading transatlantic network, with onward connections to over 200 cities around the world. In February 2020, Air France-KLM, Delta Air Lines and Virgin Atlantic launched an expanded Joint Venture, offering a comprehensive route network, convenient flight schedules, competitive fares and reciprocal frequent flyer benefits, including the ability to earn and redeem miles across all carriers. Virgin Atlantic joined SkyTeam in March 2023 as the global airline alliance’s first and only UK member airline, enhancing the alliance’s transatlantic network and services to and from Heathrow and Manchester Airport. 

Virgin Atlantic has been pioneering sustainability leadership for more than 15 years, committing to Net Zero by 2050 and continuous action that reduces environmental impact. The airline operates one of the youngest and most fuel-efficient fleets in the skies, with an average age under seven years.

In October 2022, Virgin Atlantic welcomed its first A330-900’s to the fleet, continuing its transformation towards 100% next generation aircraft by 2028. In November 2023, the airline led a consortium to deliver the world’s first flight across the Atlantic on 100% Sustainable Aviation Fuel (SAF), demonstrating that 100% SAF can be used safely as a drop in fuel in existing infrastructure, engines and airframes. The need to scale production is an industry imperative and Virgin Atlantic is committed to radical collaboration across the energy chain to support commercialisation ahead of 2030. 

For more information visit www.virginatlantic.com or via Facebook, Twitter and Instagram @virginatlantic. 

Contact:
Boeing Media Relations
[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/virgin-atlantic-selects-boeing-to-enable-high-speed-streaming-quality-wi-fi-across-787-fleet-302585346.html

SOURCE Boeing

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Daily inbox intelligence from Monocle

• Entrepreneurialism

• 
  Episode 723

• 15 Oct 2025
• 29 min

-“JOMO” is emerging as the antidote to “FOMO”, with travelers trading jam-packed itineraries and sight-seeing marathons for slower, more intentional escapes-

-The Caribbean tops the list for JOMO destinations, offering sun, serenity and space to unplug-

MIAMI, Oct. 15, 2025 /PRNewswire/ — After years of “revenge travel” and jam-packed holidays, a new mindset is taking hold and reshaping how people think about vacation: the Joy of Missing Out (JOMO). Unlike tightly packed trips driven by the Fear of Missing Out (FOMO), where travelers raced to check off bucket-list destinations and capture every moment for social media, JOMO embraces a slower, more intentional approach.  According to a new survey conducted by YouGov¹ on behalf of Norwegian Cruise Line^® (NCL), over 70% of travelers are moving away from fast-paced sightseeing toward more restorative, meaningful escapes that prioritize personal well-being, flexibility and choice.

FOMO fuels a culture of “doing it all” and often leaves travelers needing a vacation from their vacation (49%). On the contrary, JOMO celebrates the art of doing less, more meaningfully. Although over two thirds of respondents (71%) prioritized ticking off as many landmarks and attractions as possible during their previous vacations, over one third (35%) admitted they returned home feeling more exhausted than refreshed. Now, 77% say they plan their upcoming vacation deliberately to be relaxing and slow-paced, choosing presence over pressure and simplicity over schedules. JOMO travel is not about missing out, it’s about opting into what truly matters.

This shift is especially pronounced among travelers fatigued by hustle culture and hyper-connectivity. For the majority (67%), JOMO-style travel is a form of self-care offering the chance to unplug and enjoy life at a slower pace (45%), escape the pressure to “see and do everything” (40%), take time for themselves (38%), embrace spontaneity over fixed plans (34%) and experience nature (32%).

These preferences align closely with what travelers say they value most in a JOMO-style vacation: freedom from obligations (52%), time in nature (48%), and the ability to spend their days at their own pace (39%).

More than half of travelers (54%) agree that cruises offer the ideal environment for a JOMO-style vacation, making them a standout choice alongside spa retreats, beach escapes, and nature-based getaways. The Caribbean (30%) emerged as the leading region for JOMO travel, thanks to its laid-back rhythm, natural beauty, and abundance of opportunities to unwind. With its warm climate, tranquil beaches, and easy access to nature, the Caribbean offers the perfect setting to embrace the joy of missing out—without missing a thing.

“We’re seeing a meaningful shift in how people want to travel moving away from rigid travel agendas and toward more intentional and restorative experiences,” said Harry Sommer, president and chief executive officer of Norwegian Cruise Line Holdings Ltd. “The Joy of Missing Out travel is about choosing what matters most, and at NCL, we make that easy. From thoughtfully designed onboard offerings that invite guests to slow down and savor each moment to our year-round Caribbean voyages that offer the perfect setting to unplug and recharge, we’re proud to offer the freedom and flexibility travelers are nowadays longing for.”

How NCL Delivers the Ultimate JOMO Travel Experience

As this new mindset takes hold and travelers embrace the Joy of Missing Out, NCL is empowering them to slow down and reclaim their vacation. Not by doing nothing, but by doing less of what’s expected and more of what feels meaningful to them. Here’s how NCL makes it easy to disconnect and savor every moment.

1. More Freedom, Flexibility and Ways to Unwind

The cruise line offers guests the freedom and flexibility to design their most personalized vacation. Whether it’s sleeping in, staying onboard while others head ashore, or spending the day at the Mandara Spa, travelers can choose how much or how little they want to do. With no fixed schedules and no expectations, every moment is theirs to enjoy.

2. Unmatched Caribbean Offering Year-Round

The Caribbean’s easy-going rhythm, sun-drenched beaches, and tranquil waters make it the ultimate JOMO destination, where unplugging comes naturally. NCL sails to the region with 18 ships, including the soon-to-debut Norwegian Luna™ and the new Norwegian Aqua™, thoughtfully designed to bring guests closer to the sea and offer more space to relax. The Brand’s Caribbean itineraries run throughout 2027, departing from convenient homeports such as Miami, Port Canaveral (Orlando), Fla., New York City, Punta Cana (La Romana), Dominican Republic and San Juan, Puerto Rico. Guests can choose voyages lasting four to fourteen days, each tailored to match their pace and preferences.

3. Private Island Bliss on Great Stirrup Cay and Harvest Caye

NCL’s exclusive resort-style private islands, Great Stirrup Cay in the Bahamas and Harvest Caye in Belize, are featured on almost every Caribbean voyage. Both destinations offer the ultimate escape to paradise allowing guests to relax on world-class beaches, snorkel in crystal-clear waters or indulge in missing out on the stress of everyday life. Great Stirrup Cay is currently undergoing enhancements catering to the JOMO-travel trend, including Vibe Shore Club, an exclusive adults-only area offering a chicer ambiance with a private bar and premium lounge seating.

4. Onboard Sanctuaries to Unplug and Refresh

NCL’s award-winning fleet offers thoughtfully designed spaces that invite guests to take a moment for themselves. The Mandara Spa features not only a full menu of treatments from hot stone massages to rejuvenating facials, but also floor-to-ceiling windows allowing guests to take in restorative ocean views. Vibe Beach Club and Spice H2O are adults-only retreats where guests can lounge in peace, sip cocktails, and enjoy panoramic views with lesser crowds. For quiet reflection or a cozy escape, venues like the Observation Lounge provide serene environments to read, relax, or simply be. Even the Waterfront or Ocean Boulevard encourage mindful strolls close to the sea, making it easy to disconnect from everyday stress and reconnect with yourself.

5.
Cruising Made Easy: Dining, Drinks, WiFi and More Included

With NCL’s all-inclusive packages, guests enjoy the best value at sea featuring unlimited open bar, specialty dining, high-speed WiFi powered by Starlink, and shore excursion credits. This seamless experience removes the stress of budgeting and planning, allowing guests to focus on what truly matters: recharging, reconnecting, and enjoying the journey.

Moreover, NCL sails to nearly 350 destinations worldwide allowing guests to delve into JOMO-travel beyond the Caribbean.

For more information about the Company’s award-winning 20-ship fleet and worldwide itineraries, or to book a cruise, please contact a travel professional, call 888-NCL-CRUISE (625-2784) or visit www.ncl.com.

¹ The data from this survey is based on online interviews with members of the YouGov panel who had previously agreed to participate. A total of 12,185 individuals were surveyed between September 12 – 23, 2025 across the following countries: Argentina, Brazil, Canada, Germany, Italy, Mexico, Spain, United Kingdom and the United States. Of these, 9,658 respondents are classified as travelers – defined as individuals who have traveled within the last 5 years and / or are planning to travel within the next 2 years. In each country, the sample was quota-controlled by age, gender, and region, and the results were subsequently weighted accordingly. The results are representative of the adult population (18+) residing in each respective country.

About Norwegian Cruise Line

As the innovator in global cruise travel, Norwegian Cruise Line^® has been breaking the boundaries of traditional cruising for 58 years. Most notably, the cruise line revolutionized the industry by offering guests the opportunity to design their ideal vacation on their preferred schedule with no assigned dining and entertainment times and no formal dress codes. Today, the company invites guests to ‘Experience More at Sea’ by providing them with more to see, more to do, more to enjoy, and more value on their vacation. To further deliver guests with more value, with all-inclusive packages that provide added benefits and inclusions such as unlimited open bar; specialty dining credits; high-speed Wi-Fi; shore excursions credits; as well as free airfare and third and fourth guests sail free on select sailings. Its fleet of 20 contemporary ships sail to 350 of the world’s most desirable destinations, including Great Stirrup Cay, the company’s private island in the Bahamas and its resort destination Harvest Caye in Belize. Norwegian Cruise Line not only provides superior guest service from land to sea but also offers a wide variety of award-winning entertainment and dining options as well as a range of accommodations across the fleet, including solo-traveler staterooms, club balcony suites and The Haven by Norwegian^®, the company’s ship-within-a-ship concept. For additional information or to book a cruise, contact a travel professional, call 888-NCL-CRUISE (625-2784) or visit www.ncl.com. For the latest news and exclusive content, visit the NCL Newsroom and follow Norwegian Cruise Line on Facebook, Instagram, Tik Tok and YouTube @NorwegianCruiseLine; and Twitter @CruiseNorwegian.

Norwegian Cruise Line is a wholly owned subsidiary of Norwegian Cruise Line Holdings Ltd. To learn more, visit www.nclhltd.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/over-70-of-travelers-are-embracing-the-joy-of-missing-out-as-the-new-way-to-vacation-302585239.html

SOURCE Norwegian Cruise Line

Gold is currently experiencing a rally for the ages, with the price surge already surpassing its forecasted ceilings for 2026. However, as Wayne Gordon, the head of Investment Advice, Distribution and Research in APAC at UBS, noted on Monocle radio this week, the forces driving today’s “gold mania” are distinct and structural.

“It has been a tremendous rally in gold. In fact, it’s one of the strongest that we have seen in the metal on a year-to-date basis since about 1979,” Gordon told Monocle Radio’s Tom Edwards. While the upswing in the 1970s was largely driven by inflation, the current ascent is fundamentally tied to geopolitics. “The reasons we’re here today started to build at the beginning of the Russia-Ukraine conflict, when we saw a significant shift in the way that banks viewed holding US dollar-denominated reserves,” adds Gordon. “Central banks have continued to buy large amounts of gold since.”

The power of two buyers: central banks and ETFs
The price of gold has continued to rise, even with the strengthening US dollar and increased interest rates. This unusual resilience was due to the “level of influence that central banks have had on the price of gold,” says Gordon.

What’s new this year, he adds, is that “a reversal of nearly three years of outflows from exchange-traded funds” has amplified the rally. “At the start of the year, we thought there would be about 400 to 450 metric tonnes of inflows into ETF funds,” he says. “Now we expect that number to be approximately 800 tonnes.”

This combination of renewed investor interest and geopolitical uncertainty has driven prices up roughly 50 per cent year to date. “We think that ongoing political risks, as well as potential further weakness in the US dollar, can lift gold prices even higher,” says Gordon. UBS now has a target of around $4,200 (€3,613) per ounce.

How much gold should investors hold?
Gordon says that a mid-single-digit allocation makes sense for most portfolios. “Historically, we have seen that somewhere between 5 to 10 per cent allocation to gold has improved the overall volatility of your portfolio,” he says. “It has protected your portfolio to some degree from more material drawdowns.” He adds that gold still plays a vital role even at higher prices. “There’s no counterparty risk and no credit risk to gold. It is insulated from significant moves in currency.”

This interview has been edited for length and clarity. Listen to the full, detailed conversation on ‘The Bulletin with UBS’ on Monocle Radio.

(Bloomberg) — A renewed wave of dip buying lifted stocks as the nascent earnings season fueled bets the strength of Corporate America will keep the positive momentum going.

Wall Street brushed aside worries about a trade war to send the S&P 500 up as much as 1.2%. The index later pared gains in a continuation of the move seen as a “healthy reset” after a torrid surge. Big banks rallied on solid results from Morgan Stanley and Bank of America Corp. Positive comments on artificial-intelligence demand from ASML Holding NV boosted chipmakers.

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“Investors who are buying the dip are still driving the action, keeping sentiment firm even as technical indicators show signs of strain,” said Mark Hackett at Nationwide. “Early earnings from the financial sector have surprised to the upside and consumers remain steady, suggesting growth fears may be premature.”

After one of the best six-month stretches for equities since the 1950s, the market has seen brief bouts of profit-taking amid a flare-up in trade tensions. Speaking in a CNBC event, Treasury Secretary Scott Bessent said that as far as he’s aware, President Donald Trump “is a go” on meeting President Xi Jinping later this month.

Longer-dated Treasuries outperformed. Japan’s first sale of government debt since the ruling political coalition crumbled drew firm demand. French bonds surged on optimism budget concessions made by Prime Minister Sebastien Lecornu will help avert a deeper crisis. Gold hovered near a record $4,200.

Read: Bessent Says He’ll Give Trump Fed Chair Options in December

Federal Reserve Governor Stephen Miran said recent trade tensions have increased uncertainty in the outlook for growth, making it more important for policymakers to lower interest rates quickly.

“There’s now more downside risks than there was a week ago, and I think it’s incumbent upon us as policymakers to recognize that should get reflected in policy,” Miran said Wednesday during an event organized by CNBC. Higher uncertainty around trade policies between China and the US have introduced a “new tail risk,” he said.

Despite the recent tariff noise, fundamentals remain strong, according to Max Kettner at HSBC.

“The weak USD should help US equities in the next two quarters. Global top-down consensus expectations have been upgraded since May, although they remain low enough for further potential upgrades in our view.”

Kettner also noted he’s heading into 2026 with a continued “risk-on stance” as short-term US growth expectations look easy to beat.

“The biggest risk to our view heading into 2026 remains higher long-end yields. However, given the much lower starting point now, markets would have to start pricing an end to Fed cuts, if not hikes, and that is a long way off in our view,” he concluded.

“Q3 earnings results are important, but they are backward-looking. What I’ll be watching closely is forward guidance, particularly any signs of optimism,” said Stephen Kates at Bankrate. “Positive guidance can be self-reinforcing for Wall St. and Main St. Rising stock prices boost business and consumer confidence, which in turn, encourages more real-economy spending.”

“The third-quarter earnings season should be supportive of our view that the bull market remains intact driven by the combination of durable earnings growth and Fed rate cuts,” said David Lefkowitz at UBS Global Wealth Management.

Retail traders’ demand for call options has outpaced puts for 24 consecutive weeks, which ties with November 2023 for the longest streak ever, said Citadel Securities’ Scott Rubner, citing data going back to 2020.

Their conviction in the stock market “remains extraordinary,” Rubner wrote in a note to clients.

“Although we believe a consolidation phase is probable as investors focus on Q3 earnings, they should continue to seek opportunities to ‘buy the dip’ as we enter the fourth year of this bull market,” said Craig Johnson at Piper Sandler.

Corporate Highlights:

Morgan Stanley’s stock traders soared past expectations in the third quarter, topping all of its largest rivals as US President Donald Trump’s policies kept markets on edge throughout the period. Shares of the company jumped the most in more than six months. As concerns begin to emerge about the quality of US credit, Morgan Stanley reported a noteworthy figure for loan-loss provisions: zero dollars. Bank of America Corp.’s third-quarter earnings beat estimates as investment-banking activity surged amid a long-awaited comeback in M&A and net interest income topped analysts’ estimates. PNC Financial Services Group Inc.’s more-expensive commercial deposits grew faster in the third quarter, a drag on net interest margin that pushed the bank further from its year-end goal. Walmart Inc.’s US CEO said shoppers are spending at a healthy rate and remain resilient, despite warning signs from banks about the economy. Nvidia Corp. added another bull on Wednesday, as HSBC upgraded the chipmaker to buy from hold, citing the ongoing growth of artificial intelligence. Apple Inc. rolled out updated versions of the iPad Pro, Vision Pro and entry-level MacBook Pro with the new M5 chip, refreshing the products just ahead of the all-important holiday season. Apple is preparing to expand its manufacturing operations in Vietnam as part of a push into the smart home market and an ongoing effort to lessen its dependence on China. ASML Holding NV said demand for its most sophisticated chip-making machines is soaring thanks to the artificial intelligence boom, signaling optimism just months after the semiconductor equipment maker warned the trade war could stymie growth. Meta Platforms Inc. removed a Facebook group used to share information about Immigration and Customs Enforcement agents in Chicago after a request from the Justice Department. Nscale, a data center developer focused on artificial intelligence, has agreed to build a site for Microsoft Corp. in Texas, the fourth such deal between the companies in the last two months. Dollar Tree Inc. projected earnings per share to gain at a compound rate of as much as 15% over the next three years. Papa John’s International Inc. jumped as Reuters reports that Apollo Global Management submitted a bid within the last week to take the pizza chain operator private at $64 per share. AppLovin Corp. said it has shut down a product linked to user and short-seller allegations that apps were being downloaded to mobile phones without consent. Investors led by BlackRock Inc.’s Global Infrastructure Partners agreed to buy Aligned Data Centers in a $40 billion deal, one of the asset manager’s largest infrastructure investments ever that comes as Wall Street races to claim a stake in the artificial-intelligence boom. Lone Star Funds plans to acquire US plastic parts and equipment maker Hillenbrand Inc. in an all-cash transaction valuing the target at around $3.8 billion including debt. Novo Nordisk A/S agreed to pay Omeros Corp. as much as $2.1 billion for rights to an experimental rare-disease drug, as the maker of Ozempic continues to use deal-making to build its pipeline. Abbott Laboratories cut the top end of its 2025 earnings guidance by 2 cents a share, just as the Trump administration launched an investigation into the medical device sector that could lead to tariffs on its biggest product category. Volkswagen AG truck brand Scania AB has opened a €2 billion ($2.3 billion) manufacturing facility in China to supply trucks in the world’s biggest market as well as export to Asia. Ryanair Holdings Plc slashed its winter capacity to Berlin and other German cities by 800,000 seats in a dispute over the country’s aviation taxes and access costs. Waymo is planning to launch its driverless ride-hailing service in London next year, marking its second international expansion and its first in Europe. TotalEnergies SE said its third-quarter profit and cash flow may rise slightly after oil and gas output increased and refining margins jumped from a year earlier, outweighing a drop in crude prices. SMBC Nikko Securities Inc.’s planned integration with Jefferies Financial Group Inc. will likely go beyond just bringing together their equity businesses, with ties also possible in other investment banking areas, its chief executive officer said. Global investors are ramping up bets on Taiwan Semiconductor Manufacturing Co. ahead of its earnings, confident that the world’s leading chip foundry will remain one of the biggest winners from the AI spending boom. How should regulators react to the blurring line between investing and gambling? Let us know in the latest Markets Pulse survey.

What Bloomberg Strategists say…

“Equities couldn’t quite finish the job of rallying from steep opening losses Tuesday, but this morning are in an ebullient mood after ASML’s strong sales figures underscored the strength of AI investment demand. It remains very much a bull market from that perspective, and the evidence of the last couple of years suggests that it will take a steady diet of bad news elsewhere to keep the market down for very long.”

—Cameron Crise, Macro Strategist, Markets Live. For the full analysis, click here.

Some of the main moves in markets:

Stocks

The S&P 500 rose 0.3% as of 1:58 p.m. New York time The Nasdaq 100 rose 0.6% The Dow Jones Industrial Average rose 0.1% The MSCI World Index rose 0.5% Currencies

The Bloomberg Dollar Spot Index fell 0.2% The euro rose 0.2% to $1.1629 The British pound rose 0.4% to $1.3376 The Japanese yen rose 0.3% to 151.34 per dollar Cryptocurrencies

Bitcoin fell 1.7% to $111,149.89 Ether fell 3.1% to $3,990.76 Bonds

The yield on 10-year Treasuries advanced one basis point to 4.04% Germany’s 10-year yield declined four basis points to 2.57% Britain’s 10-year yield declined five basis points to 4.54% Commodities

West Texas Intermediate crude fell 0.5% to $58.39 a barrel Spot gold rose 1.3% to $4,195.64 an ounce ©2025 Bloomberg L.P.

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The UK has proposed establishing a compensation scheme for victims of a Chinese investment fraud that could allow the Treasury to retain much of a £5bn bitcoin fortune.

The crypto haul is at the centre of a battle at the High Court in London between UK authorities and thousands of Chinese investors who were cheated and who contend the British state should not benefit.

The court heard on Wednesday that the director of public prosecutions, Stephen Parkinson, told victims about the possibility of establishing such a scheme, although details were not provided.

In 2018, police seized 61,000 bitcoin from devices at a mansion in Hampstead, north London. The government is now trying to keep the majority of the haul, which has soared in value in the past seven years and is currently worth about £5bn.

Zhimin Qian, 47, also known as Yadi Zhang, who was wanted by Chinese authorities for masterminding an investment fraud, fled the country after converting much of her investors’ cash into bitcoin.

She and her Malaysian assistant Seng Hok Ling, 47, pleaded guilty to money laundering charges last month at Southwark Crown Court in London. They are due to be sentenced next month.

UK authorities recently obtained access to additional cryptocurrency assets worth about £67mn, the court was told.

Counsel for the CPS, led by Martin Evans KC, said in written submissions that Zhang had last month disclosed access codes and passwords for a ledger and two cryptocurrency wallets.

“The ledger had been found in a purpose-made concealed pocket within a pair of jogging bottoms which [Zhang] was wearing at the time of her arrest,” the written submission said.

Evans told the court that the compensation scheme proposal would provide “adequate protection” for victims.

In a statement following the hearing, William Glover, director at law firm Fieldfisher, representing a group of victims, said: “While there is likely still some distance to go in the proceedings, we are pleased with the outcome of the hearing.

“The DPP has effectively accepted responsibility to create a form of compensation scheme for those who may be unable to seek redress through the existing statutory provisions,” he added.

The CPS said it had maintained throughout the course of legal proceedings that it intended to seek a civil recovery order to compensate victims for their lost investment insofar as they have not otherwise been compensated.

It would consider how all victims could be compensated, not just those participating in the UK legal proceedings.

The bitcoin spoils are so large that some Treasury officials have privately queried whether they could help chancellor Rachel Reeves plug the UK’s fiscal gap — estimated at up to £30bn by 2029 — at her Budget in November.

However, other government officials have cautioned that the haul is likely to be subject to a protracted legal battle, and the Treasury has been told it cannot use it in their calculations.