Category: 3. Business

• Tradeweb and Chainlink recently announced a collaboration to publish the Tradeweb FTSE U.S. Treasury Benchmark Closing Prices on-chain via DataLink, aiming to enhance transparency and accessibility in U.S. Treasury markets by leveraging blockchain technology for real-time, reliable benchmark pricing data.

• This move may accelerate the integration of digital market infrastructure for institutions seeking trusted, continually available Treasury pricing and open the door for tokenized financial products and expanded on-chain market participation.

• We’ll explore how delivering institutional-grade U.S. Treasury data on-chain may influence Tradeweb’s digital asset growth and investment outlook.

Trump’s oil boom is here – pipelines are primed to profit. Discover the 22 US stocks riding the wave.

To be a shareholder in Tradeweb Markets, you need to believe in the ongoing transition of fixed income markets from manual and voice-based to electronic and increasingly digital trading. The recent partnership with Chainlink advances digital infrastructure for U.S. Treasury data, but does not materially alter the biggest short-term catalyst, which remains increasing electronic trading adoption, or the biggest near-term risk, ongoing reliance on voice trading for complex trades during volatile periods.

Of the recent announcements, Tradeweb’s launch of dealer algorithmic execution capabilities for U.S. Treasuries stands out as most relevant. Together with the Chainlink collaboration, this further supports efforts to enhance automation and real-time data, aligning directly with the catalyst of growing electronic and automated trading volumes in core markets.

However, amid these advances, investors should be aware that if voice trading remains entrenched during key market events, it could…

Read the full narrative on Tradeweb Markets (it’s free!)

Tradeweb Markets’ narrative projects $2.6 billion in revenue and $917.7 million in earnings by 2028. This requires 10.6% yearly revenue growth and a $359.9 million earnings increase from current earnings of $557.8 million.

Uncover how Tradeweb Markets’ forecasts yield a $131.87 fair value, a 20% upside to its current price.

Three Simply Wall St Community members provided fair value estimates for Tradeweb ranging from US$61.66 to US$556.37 per share. While opinions are split, the ongoing move toward market electronification is driving strong debate about longer-term revenue growth.

Explore 3 other fair value estimates on Tradeweb Markets – why the stock might be worth 44% less than the current price!

Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

• A great starting point for your Tradeweb Markets research is our analysis highlighting 2 key rewards that could impact your investment decision.

• Our free Tradeweb Markets research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Tradeweb Markets’ overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include TW.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

GRAIL (GRAL) just posted its third-quarter earnings, highlighting a jump in Galleri test volume and revenue. The announcement also included a partnership with Samsung, aimed at expanding into key Asian markets.

See our latest analysis for GRAIL.

After a string of upbeat quarterly results, partnerships, and a major capital infusion, GRAIL’s momentum has translated directly into the stock’s performance with a remarkable 156.6% share price return over the past 90 days and a 426.3% total shareholder return over the last year. Both recent and longer-term moves suggest investor optimism is building as commercial traction and validation grow.

If you’re curious what other companies are capturing investors’ attention in healthcare, consider discovering See the full list for free.

The recent rally has left many investors wondering: is GRAIL still undervalued given its growth trajectory, or has the current share price already baked in all the future gains?

GRAIL’s most widely followed fair value estimate stands at $61.50, which is significantly below the last close of $83.20. This notable gap highlights diverging expectations and sets up a pivotal discussion around growth, valuation, and future profitability.

Ongoing positive clinical trial results, including substantially higher cancer detection and positive predictive value with consistent specificity for Galleri in population-scale studies, are setting the stage for robust FDA approval and broad payer reimbursement, which could unlock significant new revenue streams and accelerate top-line growth.

Read the complete narrative.

What big bets are hiding inside this valuation call? The fair value hangs on ambitious revenue forecasts, eye-catching profit margin shifts, and hope of regulatory green lights. Curious just how bold the assumptions are? Find out what’s driving this price and whether the market has run ahead of the numbers.

Result: Fair Value of $61.50 (OVERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, persistent high losses and dependence on regulatory milestones remain key risks. These factors could quickly dampen optimism if progress falters.

Find out about the key risks to this GRAIL narrative.

If you see the story differently or want to do some digging on your own, you can put together your own take in under three minutes. Do it your way

A great starting point for your GRAIL research is our analysis highlighting 1 key reward and 4 important warning signs that could impact your investment decision.

Why limit your opportunities to just one company? Keep your edge sharp, spot potential early, and push your portfolio further with exceptional stocks found through Simply Wall Street’s unique screeners.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include GRAL.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

(Bloomberg) — Stocks extended losses as uncertainty over Federal Reserve interest-rate cuts and stretched technology valuations weighed on sentiment, prompting investors to retreat from riskier corners of the market.

Asian shares fell 1.2% — with technology companies such as SK Hynix Inc. leading the losses — following the retreat in Wall Street benchmarks Thursday. Even so, MSCI’s gauge of global stocks is set for a fourth gain in five weeks. Bitcoin traded below $100,000 and is down more than 20% since early October. Oil jumped as traders weighed risks to Russian flows from US sanctions, which countered a slew of signs that the market faces a glut.

Treasuries and a gauge of the dollar steadied as investors parsed commentary from Fed officials that cast doubt over a December rate cut. Also, the October jobs report will be released without a reading of the unemployment rate.

Attention was also on the pound Friday, which fell after the Financial Times said UK Chancellor Rachel Reeves was ditching a planned income tax rise.

The moves dealt a fresh blow to risk sentiment, highlighted by heavy selling in high-flying tech giants amid mounting valuation concerns. Beneath the surface, some investors pointed to a rotation into more defensive sectors. With optimism over the US government’s reopening largely priced in, traders are now focusing on the upcoming wave of economic data, as the chances of a December Fed rate cut slip below 50%.

“Markets appear to be spooked to a large extent by AI froth fears,” said Vishnu Varathan, head of macro research for Asia ex-Japan at Mizuho Bank. “A Fed that is more likely to bide its time than race against it, makes it a lot less conducive for the tech rout, which typically tends to be more sensitive to Fed easing.”

Technology stocks have been under pressure recently as investors balanced optimism over technological advances with concerns over stretched artificial intelligence valuations. Wall Street chief executives have also adopted a more cautious tone recently, as the market’s gains since April’s slump have become increasingly concentrated in a handful of stocks, prompting some investors to warn of “froth” in the AI sector.

With President Donald Trump signing the legislation to end the longest shutdown in US history, investor attention is now turning to the slew of economic data that’s due to flow out. Even so, the October jobs report will skip the unemployment rate as the household survey wasn’t conducted, US top economic adviser Kevin Hassett told Fox News.

Some traders are also concerned that the omission of key may bolster arguments for Fed officials to stand pat. Currently, traders are pricing in about an even chance that the Fed will hold or cut rates in December.

Chair Jerome Powell said last month that a reduction is “not a foregone conclusion,” with the decision to be premised on incoming information.

In separate statements, Fed Bank of St. Louis President Alberto Musalem said officials should move cautiously on rates with inflation running above target, while Cleveland counterpart Beth Hammack noted policy should remain “somewhat restrictive.” Minneapolis Fed President Neel Kashkari said he didn’t support the last cut and is undecided about December.

Elsewhere, Trump is readying substantial tariff cuts designed to address high food prices and a series of new trade deals as he seeks to address voter concerns over the cost of goods.

Corporate News:

Verizon Communications Inc. is discussing plans to announce job cuts next week that could downsize the company by as much as 20%. A wave of voluntary and early retirement programs in Japan is on track to hit a four-year high, as companies from Panasonic Holdings Corp. to Japan Display Inc. try to balance an aging workforce with the need to boost competitiveness. Japan Airlines Co. has sought proposals from manufacturers for up to 70 regional and turboprop aircraft. Tencent Holdings Ltd. posted a faster-than-anticipated 15% rise in revenue. Separately, it struck a deal with Apple Inc. that will see the iPhone maker handle payments and take a 15% cut of purchases in WeChat mini games and apps, resolving a high-profile dispute. Kioxia Holdings Corp. shares were set to fall by their daily limit after the NAND memory maker’s current-quarter outlook missed expectations elevated by bullish comments from bigger rivals. Singapore Air shares fell after the carrier’s second-quarter net income slumped 82%. Some of the main moves in markets:

Stocks

S&P 500 futures rose 0.1% as of 10:55 a.m. Tokyo time Japan’s Topix fell 0.8% Australia’s S&P/ASX 200 fell 1.4% Hong Kong’s Hang Seng fell 1.1% The Shanghai Composite fell 0.1% Euro Stoxx 50 futures fell 0.3% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1635 The Japanese yen was little changed at 154.47 per dollar The offshore yuan was little changed at 7.0926 per dollar Cryptocurrencies

Bitcoin rose 0.4% to $99,194.18 Ether rose 0.8% to $3,204 Bonds

The yield on 10-year Treasuries was little changed at 4.12% Japan’s 10-year yield was little changed at 1.695% Australia’s 10-year yield advanced three basis points to 4.45% Commodities

West Texas Intermediate crude rose 3.2% to $60.58 a barrel Spot gold rose 0.5% to $4,192.97 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Winnie Hsu and Richard Henderson.

©2025 Bloomberg L.P.

Tesla announced on Thursday it is recalling about 10,500 units of its Powerwall 2 home battery power systems in the US for fire and burn hazards after receiving 22 reports of overheating.

The US Consumer Product Safety Commission said the recall covers systems that “may fail and overheat”, raising the risk of serious injury or death, though no injuries have been reported.

The Powerwall 2 is a residential energy-storage unit that integrates with solar-panel systems, storing electricity for self-consumption, shifting usage to lower-cost periods and providing backup in grid outages.

The defect stems from certain lithium-ion battery cells that may overheat under certain conditions, smoke or ignite. In a few cases the defect has caused property damage, according to the recall notice.

Tesla said it is remotely limiting the charge on affected units to minimize risk while it arranges free replacements for customers.

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The recall draws attention to Tesla’s battery-cell suppliers and comes as its energy-storage business plays a growing role in the company’s expansion beyond electric vehicles.

Nov. 13 (UPI) — Doubts about a potential third Federal Reserve rate in December triggered an 800-point drop in the Dow Jones Industrial Average on Thursday after setting a record high a day earlier.

The Dow closed higher than 48,000 for the first time on Wednesday, but Investopedia reported a steep decline on Thursday amid concerns over the Federal Reserve rate.

The Dow reached a daily high or 48,211.83 during morning trading on Thursday but declined steadily afterward to a low of 47,431.43 and closed at 47,457.22, which is a drop of 797.60 and 1.65% for the day.

The Nasdaq and S&P 500 likewise posted downturns during the day’s trading, with the Nasdaq closing at 22,870.36, which is a decline of 536.10 and 2.29%.

The S&P 500 dropped by 113.43 and 1.66% when it closed at 6,737.49.

Analysts largely attributed the declines to concerns regarding the Federal Reserve and whether it will approve a third quarter-point rate reduction before the year’s end, according to CNBC.

In October, analysts placed a 95% confidence in a December rate cut, but confidence has declined to about 49% due to a lack of data because of the record 43-day federal government shutdown ended following President Donald Trump’s signing of a funding measure on Wednesday.

The Federal Reserve Open Market Committee is scheduled to meet for two days on Dec. 9 and 10, but committee members have grown more doubtful of another 0.25% rate cut due to the effects of the government shutdown and the president’s often-changing tariff policies.

The current rate is between 3.75% and 4% after the Federal Reserve committee approved a 0.25% rate reduction on Oct. 29.

The return of the Dubai Airshow next week to Dubai World Central (DWC), the unfinished future home of the world’s largest airport, is symbolic.

The biennial show’s choreography will be familiar: fighter jets in elegant formation, wide-body aircraft snarling down the runway and helicopters slicing the air. But the real spectacle isn’t confined to the sky. It’s in the closed-door rooms where deals, partnerships and future routes are hammered out. The star attraction remains flying taxis – eVTOLs (electric vertical take-off and landing aircraft) will take pride of place with test demonstrations, mock-ups and operational briefings. Companies such as Joby Aviation and Archer are still pushing for a 2026 launch of eVTOL passenger services between Dubai and Abu Dhabi.

Such optimism invites scrutiny. Certification is complicated, battery density still falls short of commercial requirements and early users will probably only be those able to afford premium pricing. Still, few places can match the UAE’s capacity to build infrastructure at speed and holding the event at DWC only reinforces that momentum. The airshow functions as the sector’s deal-making furnace. Previous editions have seen tens of billions of dollars committed on the tarmac, wide-body orders, defence packages and long-term service agreements.

The full cast of aviation powerbrokers will be in attendance: Boeing and Airbus with their supply-chain headaches and stretched delivery schedules; Gulf carriers Emirates, Etihad and new player Riyadh Air pushing expansion and next-generation fleets; defence giants looking to secure long-horizon programmes; and aerospace companies breaking ground in the Middle East. It’s a gathering where strategy chiefs, government delegations, manufacturers and financiers mix with an unusual ease. Everyone understands that this is the room where tomorrow’s aviation map is drawn.

And for all the deals and strategy sessions behind the scenes, the airshow extends a hand to the public. The Skyview grandstand will again offer families a vantage point from which to observe the aerial acrobatics, a reminder that aviation can still enchant, even as the sector wrestles with its heaviest challenges.

Sustainability is likely to dominate corporate conversations – and the industry finally appears to be moving beyond platitudes and towards climate action instead. Dubai Airports is preparing a sustainability showcase for the event, highlighting operational innovations, energy-efficiency systems, waste-reduction measures and emerging propulsion options. Still, the broader sector is in a bind: sustainable aviation-fuel production is nowhere near scale, hydrogen is promising but distant and electrification is only beginning to consider short-haul mobility. The airshow will present glimpses of a greener future but also lay bare just how far from that horizon the commercial fleet remains.

Dubai Airshow 2025 arrives at a moment of flux in which technology is advancing faster than regulation can catch up. Ambition is everywhere. Scepticism is warranted. But the aviation industry should ready itself to witness the winds of change next week.

Inzamam Rashid is Monocle’s Gulf correspondent. For more opinion, analysis and insight, subscribe to Monocle today.

Read next: Archer Aviation CEO Adam Goldstein on the race to put flying taxis into the sky

More than a dozen primary and preschools in the ACT have shut their doors after an asbestos warning was issued for a range of colourful children’s sand products imported from China and sold at leading Australian retailers.

On Friday morning, the ACT’s education minister, Yvette Berry, confirmed 15 schools and three preschools would be fully closed and five schools would be partially closed to multiple cohorts while testing and remediation took place.

It followed a recall of 1.3kg versions of Kadink Sand (1.3kg) and Educational Colours – Rainbow Sand, as well as the 1kg packages of Creatistics – Coloured Sand products by the Australian Consumer Competition Commission (ACCC) on Wednesday due to chrysotile asbestos concerns.

In a post to Facebook around 9am on Friday morning, Berry said the situation was “evolving” and she understood the news “might be upsetting” for families.

She said the decorative sand product was used at some of the ACT’s public schools for sensory play and arts and crafts.

“WorkSafe ACT have advised the risk of exposure to traces of chrysotile is low, however the safety of students, staff and families is our highest priority,” she wrote.

“The decision to close schools has been made in line with Education Directorate policy and on the advice of WorkSafe on the safe management and remediation process required.

“The Education Directorate will advise of the testing results as soon as possible … The Education Directorate is providing advice to non-government schools, as well as early childhood education and care services.”

The ACCC said the products were sold throughout Australia between 2020 and 2025 including by other retailers Educating Kids, Modern Teaching Aids and Zart Art.

Officeworks has also recalled KD Plain Sand (1.3kg), KD Magic Sand (2kg) in natural and purple, and Kadink six-piece decorative sand over the concerns.

It said the products were made in China and nearly all of them were supplied by the art supplies company Educational Colours, apart from Kadink decorative sand, which was supplied by local wholesaler Shamrock Australia.

Cranleigh School, a specialist school in Holt, was among the schools to have shut.

In a post to Facebook on Friday morning, it said testing was already underway in some schools, which would continue over the weekend.

“Staff are not expected to provide teaching and learning to students today,” the post read. “Other duties that can be undertaken from home can continue. We are unable to access the building at all today.

“When works are complete, a clearance report will be provided to deem the spaces safe to use. On Sunday afternoon, we will confirm teaching and learning arrangements for Monday.”

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Asbestos, a hazardous material that can cause terminal diseases and has been banned in Australia since 2003, is not allowed to be imported except in very limited circumstances.

Worksafe ACT urged anyone with the product in their home or arts and crafts containing the sand to dispose of it immediately and do everything they can to prevent fibres from becoming airborne.

That included wearing disposable gloves, a P2-rated face mask and protective eyewear when disposing of any products.

“Do not disturb or use it and isolate the product,” the authority said.

“Carefully double wrap the sand, its container, and any related materials in 200-micron plastic bags, seal securely with tape, and clearly label the package as asbestos waste.”

Asbestos cannot be disposed of in general waste and must be taken to resource management facilities.

Asbestos-contaminated mulch prompted the closure of schools, hospitals and parks in Sydney in 2024 while historic dumping and legacy contamination was blamed for traces found at parks in Melbourne’s west.

-with AAP.