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On August 4, U.S. Senator Ron Wyden urged regulators to probe Wall Street banks over Jeffrey Epstein’s accounts. His report said banks failed to report suspicious transactions. A JPMorgan spokesperson said, "We acted appropriately on what we knew, when we knew it, as the law requires." Banks denied any wrongdoing.
Emerson Electric posted third-quarter profit and revenue above Wall Street expectations on Tuesday. The company got a boost as demand for industrial automation in North America and Asia remained robust. Many clients used its software-connected systems to bring products to market faster, showing how automation helps businesses grow their operations.
SpaceX President Gwynne Shotwell said on Tuesday the company intends to build terrestrial infrastructure for Starlink to become a true mobile service. While SpaceX aims to win customers from major wireless carriers, analysts warn that competing with established networks will require years of heavy investment and significant technical execution challenges.
Buc-ee's sued Beaver's Mini Mart in Ohio late last month over trademark infringement regarding its cartoon beaver logo. The chain said the logo mimics its own branding. Owner Vik Boparai said, "I don't know why they would sue a small business like mine." The store has operated for over a decade.
Oil fell in early trade as prospects of a U.S.-Iran deal to reopen the Strait of Hormuz grew. U.S. Treasury Secretary Bessent said the U.S. could reach a deal with Iran to reopen the Strait of Hormuz "today." This critical waterway carries one-fifth of the world’s oil supply for many nations.
Asian currencies consolidated against the dollar at 0011 GMT today. Markets now look for gains as hopes grow for the reopening of the Strait of Hormuz. U.S. Treasury Secretary Bessent said that a deal to reopen the strait was possible "today or tomorrow," which could boost appetite for many risky assets.
JGBs are mixed in early Tokyo trade today, but they may track overnight price gains in U.S. Treasurys. These bonds often move in tandem. JGB prices also got a boost as crude oil prices fell, which helps ease inflationary pressure in Japan and might reduce the need for higher interest rates.
Federal Reserve Bank of Kansas City President Jeff Schmid said higher interest rates are needed to reach price stability goals. He noted that inflation remains his primary concern. "Given the strength of demand and investment, I do not see the current stance of monetary policy as restrictive," Schmid said.
Gold prices rose in early Asian trade on October 24 as markets weighed Middle East uncertainty. Tony Sage, CEO of Critical Metals, said, "Markets continue to weigh the conflicting rhetoric between the U.S. and Iran." This tension keeps investors cautious, as many now look to gold for safety amid global instability.
K-pop choreographer Youngjun Choi is building an AI system for dance with his startup MVNT. The company got $200,000 in seed funding in 2024 to help creators make routines easily. Choi, who created over 800 dances, wants to help choreographers earn money from their work using this new technology platform.
Deutsche Bank said the gold rally is not over yet. Analysts noted that the current episode of explosive gold price behavior began from August 2024 and is ongoing. Despite recent price drops, the bank expects gold to reach $4,700 per ounce by the end of the year, keeping a positive outlook.
ANZ raised fixed home loan rates by 10 to 26 basis points on Thursday. The bank said, "When global uncertainty pushes up those funding costs it puts upward pressure on lending interest rates." This move follows Westpac, as Middle East conflict pushes up wholesale funding costs for many New Zealand banks.