Live News Blog

Jefferies: Middle East Aluminium Production Recovery May Slow, Limiting Supply Growth• Aluminium prices have fallen approximately 17% since the beginning of June, partly due to increased supply as Middle Eastern smelters gradually resume production.• Following a meeting with Alcoa executives on Monday, Jefferies said Alcoa expects the restart of previously shut capacity in the region to proceed more slowly than anticipated.• Middle Eastern smelters face significant economic challenges, particularly high costs of importing alumina, a key raw material used in aluminium production.• Alcoa management also expects most new aluminium capacity planned in the Middle East before the war to face greater difficulties in reaching the market.Key takeaway: A slower restart of idle smelters and delays to planned projects could constrain future aluminium supply and provide support to prices.

Nasdaq 100 Enters Third Correction of 2026, Falling Over 10% From October Peak Amid AI Spending and Debt Concerns

• Market correction: The Nasdaq 100 closed more than 10% below its October 6 peak on Monday, entering its third correction of 2026, according to Bloomberg.
• Weak technology earnings: Mixed results from Alphabet, Amazon and other major technology companies, alongside a weak outlook from Intel, have intensified concerns about the returns on massive AI investments.
• AI spending concerns: Investors are increasingly questioning whether rising capital expenditure by major technology companies can generate sufficient returns, adding pressure to technology stocks.
• Rising debt: Oracle announced a $20 billion bond offering, highlighting the growing reliance on debt financing to fund technology and AI infrastructure investments.
• Upcoming catalysts: Investors are now watching Apple's earnings and Tuesday's US midterm elections for further direction on technology stocks and broader market sentiment.

Key takeaway: The Nasdaq 100's third correction this year reflects growing investor scepticism over AI spending, weaker technology earnings and rising corporate debt, putting pressure on the sector's high valuations.

US Treasury Cuts Q4 Borrowing Forecast to $618 Billion; Q1 2027 Borrowing Seen at $800 Billion

• Fourth quarter forecast: The US Treasury lowered its fourth quarter borrowing estimate to $618 billion, down $10 billion from its August projection, citing a higher than expected opening cash balance, partly offset by weaker net cash flows.
• Underlying borrowing demand: Excluding the higher opening cash balance, borrowing requirements are actually $24 billion above the August estimate.
• Cash balance target: The latest forecast assumes the Treasury will end December with a cash balance of $850 billion.
• First quarter outlook: For the first quarter of 2027, the Treasury expects to borrow $800 billion, assuming an end of March cash balance of $1 trillion.
• Third quarter borrowing: The Treasury borrowed $742 billion in the third quarter, slightly above its August forecast of $739 billion. However, after adjusting for the higher than expected closing cash balance of $984 billion, actual borrowing was $30 billion below expectations.
• Upcoming refinancing announcement: The Treasury will release details of its refinancing plan on Wednesday. Investors will closely monitor whether it changes the size of Treasury bond auctions in the coming quarters.

Key takeaway: Although the headline Q4 borrowing estimate has been reduced, underlying financing needs are higher than previously projected. Wednesday's refinancing announcement will be closely watched for signals on future Treasury auction sizes and government debt supply.

US, Russia and Ukraine to Hold Trilateral Peace Talks in Abu Dhabi on November 10–11

• Trilateral negotiations: The United States, Russia and Ukraine are expected to hold trilateral talks in Abu Dhabi, UAE, from November 10 to 11, according to a senior US official.
• Key agenda: Discussions are expected to cover ending the Russia-Ukraine conflict, post-war security arrangements, de-escalation and assistance measures.
• European consultations: US officials will also meet representatives from France, Germany, the UK, the European Union and NATO in Brussels this week to discuss Ukraine related issues.

Key takeaway: The proposed Abu Dhabi meeting could mark an important diplomatic effort to advance negotiations on ending the Russia-Ukraine conflict, with post-war security arrangements expected to be a key issue.

Gulf States Prepare for Possible Renewed US-Iran War as Regional Security Concerns Escalate

• Military escalation fears: Gulf states are preparing for the possibility of a large scale US bombing campaign against Iran, which could trigger fresh Iranian retaliatory attacks on Gulf economies and civilian infrastructure, according to The Wall Street Journal. The escalation could potentially begin as early as this week.
• Diplomatic efforts stall: Regional governments are increasingly concerned as negotiations to resolve the conflict have stalled, with both Washington and Tehran warning of a more intense confrontation if hostilities resume.
• Security preparations: Qatar and the UAE are conducting security drills, including exercises focused on airport security and emergency preparedness.
• Business disruption: Some participants at a major energy conference in Abu Dhabi reportedly shortened their visits following advice from their respective governments.
• Saudi Arabia precautions: Schools in Riyadh will continue online learning this week. Saudi Arabia is also facing potential security threats from Yemen's Houthi rebels.
• Diplomatic warnings: The Dutch and Belgian embassies in the region have warned that the security situation could deteriorate rapidly.
• UAE response: Anwar Gargash, senior foreign policy adviser to the UAE president, said the country hopes diplomatic efforts will succeed but is also “prepared for the worst.”

Key takeaway: Gulf countries are stepping up security preparations amid fears of renewed US-Iran hostilities, with potential risks extending beyond military targets to civilian infrastructure, energy markets and regional economic activity.

Anthropic Reports $17 Billion Quarterly Revenue, Up 12-Fold; IPO Could Target Record $86.2 Billion Fundraising

• Revenue surge: Anthropic, the developer of Claude, reported nearly $17 billion in revenue for the third quarter ended September 30, representing a 12-fold increase year on year.
• Rising losses: The company reported a net loss of $23.3 billion, compared with $12.1 billion in the same period last year.
• Higher expenses: Operating expenses surged 292% year on year to $17.5 billion during the quarter, reflecting the rising cost of expanding AI operations.
• Massive infrastructure commitments: Anthropic disclosed approximately $895 billion in contractual and other commitments, largely related to computing capacity and infrastructure. Around $448 billion is expected to materialise by the end of 2030, including approximately $70 billion in the 12 months ending September 2027.
• IPO plans: Anthropic filed for an initial public offering on October 26 and is reportedly targeting a listing before the US Thanksgiving holiday.
• Fundraising ambition: Sources previously indicated that Anthropic hopes to raise at least $86.2 billion, matching the amount reportedly raised by SpaceX in its IPO.

Key takeaway: Anthropic's explosive revenue growth strengthens expectations for a landmark AI IPO, but its rising losses and enormous infrastructure commitments highlight the substantial capital requirements of the AI business.

Iran Signals Greater Flexibility in US Talks; Lifting Blockade and Unfreezing Assets Emerge as Key Demands

• Negotiating authority: Iranian President Masoud Pezeshkian said the Supreme Leader has granted the government partial authority to negotiate with the United States, according to IRNA.
• Supreme Leader's role: Pezeshkian clarified that strategic decisions remain under the Supreme Leader's control. Any progress would require approval from both the Supreme Leader and the negotiating team.
• Key demands: Iran continues to seek the lifting of the blockade, release of frozen Iranian funds and easing of economic sanctions as conditions for progress in negotiations.
• Strait of Hormuz: Tehran has previously proposed a conditional two day framework for reopening the Strait of Hormuz, subject to the fulfilment of its demands.
• Market reaction: Reports of Iran's negotiating authority triggered a sharp decline in international oil prices, while gold and silver prices moved higher as markets assessed the possibility of easing geopolitical tensions.

Key takeaway: Iran's latest statements suggest greater room for diplomatic engagement with Washington, but any agreement remains conditional on Supreme Leader approval and progress on sanctions relief, frozen assets and the Strait of Hormuz blockade.

Sitharaman Urges Tata Group to Resolve Leadership Dispute Amid Governance Row

• Finance Minister Nirmala Sitharaman has urged the Tata Group to resolve its internal leadership dispute amicably and quickly, warning against further escalation in public.
• The $185 billion conglomerate is facing a power struggle involving Tata Sons and its largest shareholder, Tata Trusts.
• Key disagreements reportedly include the reappointment of Natarajan Chandrasekaran as Tata Sons chairman, corporate governance issues and whether the holding company should be listed on the stock market.
• Sitharaman said the parties should sit down and negotiate to ensure a swift return to normalcy, citing the group's global reputation and significant contribution to the Indian economy.

Key takeaway: The government has called for an early resolution of the Tata Group's internal dispute, as the leadership and governance conflict draws increasing public attention.

Goldman Sachs Restricts Advanced AI Coding Tools to Engineers, Limiting Access for Traders and Other Employees

• Goldman Sachs has restricted most employees from using advanced AI programming tools, limiting access primarily to engineers following an internal review of productivity and risk management concerns.
• The bank had previously allowed employees to use Anthropic's Claude Code and Microsoft's GitHub tools in their work. However, updated internal guidance issued in October restricted access to engineers.
• The move has reportedly frustrated some traders who used these tools to monitor client trading flows, track market movements, model positions and create text and graphic content.
• The latest restrictions do not reportedly apply to employees known as Strats, who work across trading, quantitative research and software engineering.
• Goldman Sachs had previously tightened AI access for certain employees, including restricting Hong Kong staff from using Anthropic's Claude earlier this year.

Key takeaway: Goldman Sachs is tightening control over advanced AI coding tools, highlighting the growing tension between productivity gains from workplace AI adoption and financial institutions' technology and risk management requirements.

White House Adviser Hassett Says AI Funding Ecosystem Is Well Capitalised, Sees No Risk of Full Scale Market Selloff

• Strong funding position: White House National Economic Council Director Kevin Hassett said the AI funding ecosystem is well capitalised, with sufficient financial resources to support continued investment in artificial intelligence infrastructure.
• Debt concerns: Hassett acknowledged that some companies may have potentially high debt levels, creating risks for individual businesses.
• Potential acquisitions: He noted that several large, well funded companies hold equity and debt in other businesses and could step in to acquire struggling firms if financial difficulties emerge.
• Market correction: Addressing last week's technology stock selloff, Hassett said markets sometimes need a pullback after a significant rally.
• No systemic selloff expected: Hassett said the substantial amount of capital within the AI ecosystem should reassure investors, adding that he sees no risk of a full scale market selloff.

Key takeaway: The White House sees sufficient capital to support the AI investment boom despite concerns over corporate debt, with Hassett arguing that financial stress at individual companies does not necessarily threaten the broader ecosystem.

Iran's Supreme Leader Authorises Government to Negotiate; US Futures Rally and Oil Prices Drop Nearly 5%

• Diplomatic breakthrough: Iran's Supreme Leader has authorised the government to conduct negotiations, according to the Iranian state news agency IRNA.
• US markets: US stock futures extended gains following the report. S&P 500 futures rose 0.6%, Nasdaq 100 futures gained 1% and Dow futures advanced 0.8%.
• Crude oil: Brent crude fell as much as 6% intraday before trading around $106.10 per barrel, down 5%. WTI crude slipped below $97 per barrel, declining 4.97%.
• Gold: Spot gold touched $3,930 per ounce amid developments surrounding US Iran negotiations.

Key takeaway: Reports of Iran authorising negotiations have boosted US equity futures and triggered a sharp pullback in crude oil prices as markets assess the possibility of easing geopolitical tensions.

Trump Says Iran Wants a Deal, Warns of Possible US Action; Threatens to Veto Everything if Democrats Win Midterms bigbreakingwire.in

India to Maintain Infrastructure Spending at ₹12.2 Trillion as Sitharaman Begins Preparations for Union Budget

• Continued infrastructure push: Finance Minister Nirmala Sitharaman said India will maintain public investment in roads, bridges and port connectivity to sustain economic growth while ensuring fiscal discipline.
• Capital expenditure: The government's capital expenditure allocation has increased sixfold to ₹12.2 trillion ($129 billion) for the financial year ending March 2027.
• Private investment: Sitharaman said public spending will remain important until private companies step up investments to expand existing capacity and build new infrastructure.
• Fiscal discipline: The government is targeting a fiscal deficit of 4.3% of GDP for the current financial year while maintaining growth momentum.
• Budget preparations: Sitharaman has begun preparations for the upcoming Union Budget, expected in February. It will mark her 10th consecutive Budget presentation, an unprecedented milestone for an Indian finance minister.
• Economic outlook: Sitharaman highlighted strong tax collections and healthy banking performance, while outlining a longer term roadmap to bring public debt towards 50% of GDP by 2030 without compromising social welfare.

Key takeaway: India plans to sustain its infrastructure led growth strategy with ₹12.2 trillion in capital expenditure, while balancing higher public investment with fiscal consolidation and encouraging private sector participation.

Binance Faces $4.7 Billion in Net Outflows After Hack as Withdrawals Resume; FBI Blames North Korean Hackers

• Heavy withdrawals: Binance recorded approximately $4.7 billion in net outflows by Monday morning in London, following the reopening of withdrawals after its October 29 security breach.
• Withdrawal resumption: The exchange resumed withdrawals in phases on Sunday, initially allowing Bitcoin withdrawals. Around $3.64 billion flowed out after withdrawals reopened.
• North Korean link: The FBI blamed North Korea's TraderTraitor hacking group for the theft. The same group has also been linked by the FBI to the $1.5 billion Bybit hack in February 2025.
• Asset recovery: Binance said it had used company funds to replace approximately 95% of the stolen assets and that withdrawal activity was stabilising.
• Fiat withdrawals: The exchange has also expanded fiat withdrawal support to 28 currencies.
• Scam warnings: Binance founder Changpeng Zhao warned that scammers were targeting affected users with fake compensation offers, posting on X that scammers were “on overdrive”.

Key takeaway: Binance has restored withdrawals and says it has replenished most of the stolen assets, but $4.7 billion in net outflows highlights the scale of customer withdrawals following the security breach.

US and European Junk Debt Markets Face Growing Stress as CCC Rated Borrowers Come Under Pressure

• The US high yield debt market is facing mounting stress, with a hedge fund manager describing the junk debt sell off as a “complete bloodbath”, according to the Financial Times.
• Multi strategy hedge funds are reportedly shutting down credit trading teams, known as trading pods, amid mounting losses.
• Bloomberg reported that the US high yield credit risk premium reached a 17 month high in late October, while companies delayed more than $5 billion in debt offerings.
• Debt restructuring transactions involving Aston Martin and Altice, including so called drop down deals that move assets away from existing creditors, have added to lender concerns.
• Bruce Richards of Marathon Asset Management warned that many CCC rated borrowers have “no way out” other than default.
• Yields on CCC rated debt have risen in both Europe and the US, while forced selling and creditor unfriendly transactions are adding to investor losses.

Key takeaway: Rising borrowing costs, delayed debt issuance and growing default concerns are putting pressure on the lowest rated corporate borrowers, increasing stress across the global junk bond market.

Hedge Funds Sell AI Stocks for Five Straight Sessions as Growing Scepticism Raises Bubble Concerns

• Five consecutive sessions of selling: Goldman Sachs prime brokerage data show hedge funds have been net sellers of global AI stocks for five straight sessions, wiping out all their net purchases accumulated since early 2025.
• Long positions unwound: Most of the selling came from hedge funds closing existing long positions rather than opening new short positions.
• Sharp market decline: Goldman's basket of hedge fund favourite stocks fell 4.2% on October 22, its worst single day since 2011, after Meta disclosed plans to raise funds to support its AI spending.
• Signs of stabilisation: Goldman strategist Brian Garrett identified seven indicators suggesting that selling pressure may be easing. However, he also highlighted fund leverage levels historically associated with S&P 500 bear markets.
• Howard Marks' warning: Oaktree Capital Management co-chair Howard Marks said recent setbacks have weakened the perception that AI companies are infallible. He described AI investing and lending as a crowded trade and called growing investor scepticism healthy.
• Big Tech pressure: Alphabet shares recorded their worst single day on October 29 following concerns over negative free cash flow, while Amazon shares declined amid worries about heavy AI expenditure.
• Debt concerns: Capital Group's Jody Jonsson warned that off balance sheet AI debt could make the financial system more fragile.

Key takeaway: Hedge funds are pulling back from AI stocks as concerns grow over valuations, massive capital expenditure, debt financing and uncertain returns. The shift signals increasing scrutiny of whether Big Tech's AI investments can deliver sufficient profits.

Marvell's $115 Billion Lumentum Acquisition Set to Become One of the Largest Tech Deals in History

• Marvell Technology has agreed to acquire Lumentum Holdings, a manufacturer of optical networking equipment for data centres, in an all stock transaction valued at approximately $115 billion.
• Under the agreement, existing Marvell shareholders will own approximately 67% of the combined company, while Lumentum shareholders will hold the remaining 33%.
• The transaction would rank as the largest merger and acquisition deal by equity value announced this year and among the biggest deals in global technology industry history, excluding the SpaceX and xAI merger.
• The acquisition highlights the growing push by technology companies to capitalise on the artificial intelligence boom, particularly rising demand for data centre infrastructure, optical networking and high speed connectivity.
• AI driven M&A activity is expanding across multiple sectors, including semiconductor manufacturers, specialised technology suppliers, data centre operators and power utilities.

Key takeaway: Marvell's proposed $115 billion acquisition of Lumentum highlights how the AI infrastructure boom is accelerating consolidation across the global technology and data centre supply chain.

US Stock Futures Rebound Ahead of Midterm Elections as Tech Earnings and AI Data Centre Restrictions Take Focus

• US market futures: US stock index futures rose on Monday as technology and AI related shares stabilised following a weak October. Investors are preparing for the US midterm elections and another wave of corporate earnings.
• Technology selloff: The Nasdaq 100 lost more than $2.5 trillion in market value last month and approached correction territory, as concerns over rising AI investment and uncertain returns weighed on sentiment.
• AI spending concerns: Investors are increasingly questioning whether major technology companies can generate sufficient returns from their massive AI investments. Several firms have also issued bonds to finance spending, raising concerns about debt funded expansion amid higher borrowing costs.
• Data centre restrictions: More than 40 proposals related to data centre development are expected to be voted on across US counties and cities on November 3. Measures include additional taxation, stricter regulations and outright construction bans.
• Potential investment impact: The proposals could put hundreds of billions of dollars in planned AI infrastructure investment at risk and complicate expansion plans for Meta, major cloud providers and developers such as Applied Digital.
• Growing public opposition: A September Quinnipiac University poll found that 72% of voters opposed new data centres in their communities, compared with 65% in March.
• Midterm political uncertainty: Investors are also assessing the possibility of divided government following the elections. Janus Henderson's Seth Meyer noted that midterm elections have historically been challenging for the incumbent party.

Key takeaway: US markets are attempting to recover from October's technology selloff, but AI spending concerns, rising debt and growing opposition to data centre construction are emerging as major risks for the technology sector.

Trump Says Iran Wants a Deal, Warns of Possible US Action; Threatens to Veto Everything if Democrats Win Midterms

• Iran negotiations: US President Donald Trump said Iran wants to reach an agreement with Washington, but whether a deal will materialise remains uncertain. He said the US has already “overthrown” the Iranian regime twice and added that Washington may have to take action at some point.
• Trump on Iran: Trump said he had always been relatively polite towards Iran because Tehran wants to negotiate and has continued discussions with the US.
• Midterm elections: Trump warned that if Democrats win the midterm elections, he would veto everything. He also said Elon Musk's warning about a potential comprehensive Democratic victory was not wrong.
• Oil prices: Trump said the increase in oil prices during the Iran conflict was smaller than he had expected. He predicted that gasoline prices would decline, although he did not provide a timeline.
• Iran gas shortage: Iranian officials have again warned of possible natural gas shortages during the winter and urged households to conserve supplies. First Vice President Mohammad Reza Aref cited years of accumulated supply imbalances and damage caused by the war as contributing factors.
• Gas conservation: Aref warned that consumers who fail to conserve gas could face higher prices. On October 25, Iran's parliament speaker had also called for a 10% reduction in national natural gas consumption.

Key takeaway: Trump continues to signal the possibility of a deal with Iran while keeping military action on the table. Meanwhile, Iran faces potential winter gas shortages, adding pressure to its domestic energy supply.

Marvell to Acquire Lumentum in $115 Billion All Stock Deal; Lumentum Shareholders to Own 33% of Combined Company

• Marvell Technology and Lumentum have signed a definitive agreement for Marvell to acquire Lumentum in an all stock transaction, implying an enterprise value of approximately $115 billion.
• Under the agreement, Lumentum shareholders will receive 4.5 shares of Marvell common stock for every Lumentum share held. The deal values Lumentum at approximately $1,132 per share, representing a 23.9% premium to the October 28, 2026 closing prices of both companies, before reports of a potential transaction emerged.
• Following completion, existing Marvell shareholders will own approximately 67% of the combined company, while Lumentum shareholders will hold the remaining 33%.
• The transaction is expected to close in the first half of 2028, subject to shareholder and regulatory approvals.
• Marvell expects the merger to generate more than $1 billion in annual cost synergies and increase non GAAP earnings per share in the first year after completion.
• The combined company's target addressable market is projected to expand to approximately $550 billion.

Key takeaway: The proposed $115 billion acquisition would combine Marvell's semiconductor capabilities with Lumentum's optical technology, creating a larger player targeting the rapidly expanding AI infrastructure and data centre markets.

Iran Demands US Lift Sanctions and Unfreeze Assets Under Islamabad Understanding; Brent Crude Falls Below $108

• Iran's demands: Iranian Foreign Ministry spokesman Baghaei said the latest round of negotiations should be linked to the previous talks that resulted in the Islamabad Understanding, as both sides, demands and issues remain the same.
• Sanctions relief: Baghaei said the US must lift all sanctions imposed on Iran under the pretext of “economic exclusion” after allegedly violating the understanding.
• Unfreezing assets: Iran is also demanding the release of its frozen funds and assets, along with the implementation of other commitments accepted by Washington under the agreement.
• Strait of Hormuz: Baghaei rejected claims that these demands are preconditions for diplomacy, saying they are necessary to restore security in the Strait of Hormuz and the Persian Gulf.
• Oil prices: Brent crude fell below $108 per barrel for the first time since October 22, declining 3.3% on the day. WTI crude was also down 3.3%.

Key takeaway: Iran is demanding sanctions relief and the unfreezing of its assets as part of the Islamabad Understanding, while easing oil prices reflect developments surrounding US Iran negotiations and regional tensions.

Iran Warns Any Party Supporting US-Israeli Military Action Will Face Retaliation; Says Washington Will Be Judged by Actions

• Iranian Foreign Ministry spokesman Baghaei warned that any country or party involved in preparing, planning or carrying out military aggression against Iran should expect consequences.
• He said parties supporting the US and Israel in attacks against Iran should not assume they would be immune from a forceful Iranian response.
• Responding to questions about whether a future conflict could expand to US interests and military bases in Europe, Baghaei said anyone involved in aggression would be considered responsible under international law and should bear the consequences.
• Baghaei also said Tehran would judge Washington by its actions rather than its statements. He added that Iran would not be misled by contradictory US messaging.
• He stressed that concrete actions by the US government would determine whether Iran could build trust and make progress in negotiations.

Key takeaway: Iran has warned that countries or parties assisting US-Israeli military action could face retaliation, while making clear that future diplomatic progress will depend on Washington's actions rather than its rhetoric.

TrendForce: Global AI Networking Market to Reach $279.8 Billion by 2027, Scale Up Interconnects to Account for 24%

• TrendForce estimates that the global AI networking and interconnect market will grow from $37.9 billion in 2024 to $279.8 billion in 2027, representing a compound annual growth rate (CAGR) of 95%.
• Growth will be driven by expanding AI server clusters and rising bandwidth requirements for AI accelerators.
• Market demand is shifting beyond backend network switches and optical modules towards high speed interconnects connecting AI accelerators and network interface cards (NICs).
• Scale up interconnects, which connect AI chips within large computing systems, are expected to see the fastest growth as GPU platforms move towards rack level architectures.
• This transition is also driving demand for switching equipment and copper cables as chip connections expand from server motherboards to dedicated switch trays.
• TrendForce estimates that Scale up interconnects will increase their share of the AI networking market value from 11% in 2024 to 24% in 2027.

Key takeaway: The rapid expansion of AI infrastructure is creating a massive growth opportunity for networking and interconnect suppliers, with high speed chip to chip connections expected to capture a growing share of the market.

Tesla Registrations Surge Across Nordic Markets in October, Led by 248% Growth in Sweden

• Tesla recorded a sharp increase in new vehicle registrations across several Nordic markets in October, extending its sales recovery in the region.
• Registrations surged 248% year on year in Sweden, 131% in Norway and 34% in Denmark, according to data from local automotive and vehicle registration sources.
• The rebound was supported by a low comparison base from last year, rising fuel prices, government incentives and continued demand for electric vehicles.
• Registration data from the UK and Germany, Europe's two largest car markets, is expected later this week.
• Tesla said in October that its passenger vehicle order backlog had reached its highest level in four years at the end of the third quarter.

Key takeaway: Tesla's Nordic sales recovery gained momentum in October, with registrations rising sharply across Sweden, Norway and Denmark. Upcoming UK and German data will provide further insight into its European demand.

Iran Says US Must Meet Its Demands for Regional Security, Accuses Washington of Threatening Nuclear Non Proliferation

• US Iran communication: Iranian Foreign Ministry spokesman Baghaei said information exchanges between Tehran and Washington are continuing. He said Deputy Foreign Minister Gharibabadi's visit to Doha was aimed at facilitating communication between the two sides and that the next decision rests with the US.
• Strait of Hormuz: Baghaei said Iran's demands must be addressed to restore regional security. He called it unacceptable for Washington to raise concerns about the security of the Strait of Hormuz while continuing economic sanctions against Iran.
• Islamabad Understanding: Baghaei accused the US of abandoning previously accepted agreements under the Islamabad Understanding while expecting Iran to fulfil its obligations unilaterally. He described such an arrangement as one sided and unsustainable, insisting that Iran's demands must be implemented first.
• Nuclear non proliferation: Baghaei accused the US of posing the greatest threat to the global nuclear non proliferation regime. He said threats or suggestions about using nuclear weapons could encourage violations of the Nuclear Non Proliferation Treaty.
• Iran's defence: He said other countries, including nuclear armed states, are closely watching US actions and warned that Washington is setting a precedent with potential consequences for international peace and security. He added that threats against Iran would only strengthen Tehran's resolve to improve its defence capabilities.

Key takeaway: Iran says further progress in talks and regional security depends on Washington addressing its demands, while accusing the US of undermining nuclear non proliferation through its threats.

Iran Links Strait of Hormuz Reopening to US Sanctions Relief; Says Seven Step Plan Can Be Implemented Within Two Days

• Iranian Foreign Ministry spokesman Baghaei said the Strait of Hormuz cannot be reopened until the United States lifts sanctions on Iran.
• Baghaei said indirect, mediator led exchanges with Washington are continuing, with Deputy Foreign Minister Gharibabadi travelling to Doha to assist with the discussions.
• He said Iran's seven step plan forms the basis of diplomacy with the US. The plan has been streamlined and can be fully implemented within two days, although its timing remains flexible.
• Baghaei said the secretary of Iran's Supreme National Security Council will decide whether and how to respond to a US letter, based on Iran's national interests.
• He added that implementation of the plan, the start of negotiations and the restoration of security in the Strait of Hormuz depend entirely on US decisions, conduct and concrete actions.
• An official familiar with the negotiations said Iranian negotiators left the Doha talks on Sunday, but not because of any difficulties.

Key takeaway: Iran says progress on negotiations and reopening the Strait of Hormuz depends on concrete US action, particularly sanctions relief. Tehran says its revised seven step plan can be implemented within two days.

AI Funding Race Drives Record $16 Billion Yen Bond Issuance; Japan Stocks Fall While South Korea Gains 2.24%

• Record yen bond issuance: Foreign companies and institutions issued a record ¥2.5 trillion ($15.9 billion) in yen denominated bonds between April and September, up 160% year on year, according to Daiwa Securities data cited by Nikkei. The previous record was ¥2.1 trillion.
• Alphabet's major bond sale: Google's parent company Alphabet issued yen denominated bonds for the first time in May, raising ¥576.5 billion, the largest such issuance by a foreign company. The funds are expected to support large scale investment in AI infrastructure.
• Global AI funding demand: Overseas companies are increasingly tapping Japanese investors as AI hyperscale cloud providers drive a global infrastructure funding boom. Most foreign issuers are expected to convert the yen proceeds into currencies such as the US dollar and euro.
• Japan market: The Nikkei 225 closed down 208.25 points, or 0.33%, at 63,081.86 on November 2, dragged down mainly by chip related stocks.
• South Korea market: The KOSPI gained 128.33 points, or 2.24%, to close at 5,859.07 after recovering from an early decline of nearly 2%. SK Hynix rose 3.8%, while Samsung Electronics gained 1.7%.

Key takeaway: The global AI investment boom is driving record yen bond issuance by overseas companies, while Asian markets ended mixed, with South Korea outperforming Japan.