The US tells Germany and France to release their emergency diesel or face a US export ban, and Europe meets on Friday to answer

The rest of the day

32 more stories on this beat.

Each with its own sources. None of these is a link to the story above.

1. 02

   US home loans jump the most in four years

   The average 30-year fixed US home loan rose to 7.28% this week, from 7.03%, said Freddie Mac, a big US buyer of home loans. [11][23] It was the biggest weekly jump since October 2022 and the highest rate since November 2023. [11] The rate has risen six weeks in a row, from 5.98% in late February. [11] A year ago it was 6.34%. [11] Home-loan rates move with the 10-year US government bond, not with the US central bank's own rate. [23]

   Oct 20256.34%

   Late Feb5.98%

   This week7.28%

   Why it matters — The rise since February adds about $276 a month to the payments on a $400,000 loan. [11] More buyers are taking loans whose rate can change later, which are cheaper now but can cost more if rates keep rising. [7]

2. 03

   Government borrowing costs hit decades-old highs

   The yearly interest on 10-year US government bonds touched 5.344% on Thursday, the most since 2002, then fell back to 5.243%. [9][24] Britain's 30-year rate hit 6% for the first time since 1998. [12] Germany's 10-year rate passed 3.6%, its highest since 2008. [24] France's rose to 4.925%, Italy's to 4.706% and Britain's 10-year to 5.483%. [24] London's FTSE 100 share index fell almost 1.7%, its worst day since May. [12]

   Britain5.48%

   US5.24%

   France4.93%

   Italy4.71%

   Germany3.6%

   Why it matters — Investors fear dear oil will push prices up again and keep central banks raising rates. [12] These bond rates set what governments, companies and home buyers pay to borrow. [24]

3. 04

   China keeps its fuel at home, and oil tops $100

   Chinese refiners suspended fuel exports for October to protect stocks at home, and may ship only to Hong Kong and Macau, Business Insider reported. [8] PetroChina, China's state oil company, cancelled several October shipments of jet fuel and petrol. [8] Russia has extended its own ban on diesel exports. [1] Brent crude, the world's main oil price, rose more than 4% to close at $102.31 a barrel on Thursday. [9]

   Why it matters — With China and Russia holding fuel back, buyers elsewhere compete for fewer cargoes, a trading analyst told Business Insider. [8] Oil also rose on a report that the US is sending a third aircraft carrier to the Middle East. [9]

4. 05

   Trump turns on the US central bank's former chair

   An internal watchdog found that the US central bank, the Federal Reserve, mismanaged the rebuilding of its headquarters, but found no crime and no misconduct. [25][13] Building costs rose from a planned $921m in 2020 to $2.018bn by December 2024. [25] President Trump said Jerome Powell, the bank's former chair, 'should not be sitting' on its board. [13] He could try to remove three of its seven governors. [13]

   Why it matters — The bank raised its rate in September, and sets it again on 28 October, days before the US elections. [13][26] A former lawyer for the bank said court fights could keep the governors in their seats for months. [13]

5. 06

   US central bankers see no hurry before the jobs count

   The US government publishes its September jobs count on Friday, and economists expect 84,000 new jobs with unemployment steady at 4.1%. [26] August added a surprisingly strong 162,000. [26] Philip Jefferson, vice chair of the US central bank, said on Thursday the job market has steadied. [26] Traders put the chance that the bank leaves its rate alone in October at 72%. [9]

   Why it matters — John Williams, who runs the bank's New York branch, said there is 'no need for urgency' to follow September's rise. [26] A strong jobs count alone would probably not force a rise in October, a Natixis economist said. [9]

6. 07

   US sanctions a Russian payments network and Iran's carmakers

   The US Treasury put sanctions on A7, a Russian financial firm, cutting it off from the US financial system. [16] It says A7 built a web of companies to help sanctioned buyers, including Iran, buy goods around the world. [16] The New York Times had reported that A7 used more than 70 shell companies and cryptocurrency to move money. [16] The US Treasury also hit Iran's car and rail industries, including Iran Khodro and SAIPA, which make over 90% of Iran's cars. [17][27]

   Why it matters — It is part of a US campaign called Operation Economic Outcast, meant to cut off the Iranian government's money. [17] It is not clear how much more the penalties will hurt Iran, which has lived under sanctions for years. [17]

7. 08

   Mattel draws a takeover approach

   Mattel, the toymaker behind Barbie, has been approached about a takeover by Authentic Brands Group, a source told Reuters. [20] Authentic owns brands such as Guess and Van Heusen and lets other firms use them for a fee. [20] It discussed paying more than $20 a share, about $6bn. [20][28] Mattel's shares closed up about 18% at $15.04. [20] A day earlier, its boss Ynon Kreiz said he would leave to help run the merged Paramount and Warner Bros. [20][29]

   Why it matters — No formal sale is under way, and the arrival of a new boss, Roger Lynch, could complicate a deal. [20] Mattel's shares had fallen 33% this year as tariffs raised its costs. [20]

8. 09

   Boots nears a $9bn sale

   Sycamore Partners, a private equity firm, is in advanced talks to sell Boots, a British pharmacy chain with 1,800 shops, to the Canadian branch of the Weston family for $9bn, the Guardian reported. [21] Sycamore bought Boots' parent company, Walgreens Boots Alliance, for $23.7bn in 2025. [21] A deal could be done as soon as next week. [21] The Westons own Loblaws, a Canadian grocery chain. [21]

   Why it matters — Boots employs about 51,000 people. [21] A sale this summer to Sigma Healthcare, an Australian company, at about $10bn fell through. [21]

9. 10

   Nike expects sales to fall and plans job cuts

   Nike, the sportswear company, said sales fell 4% to $11.21bn in the first quarter of its financial year, as sales in China dropped 26%. [30] It expects sales to fall by a high single-digit percentage over its full year. [30] It also announced a reorganisation that will cut jobs from 2027, without saying how many. [30] Its shares fell about 3% in late trading. [30]

   Why it matters — Its boss, Elliott Hill, said shoppers are cautious and Nike must make its everyday clothes more exciting. [30] Profit per share was 48 cents, above the 43 cents analysts expected. [30]

10. 11

    Britain's energy bills rise, with more to come

    The cap on household energy bills in Great Britain rose 4% on Thursday, to £1,723 a year for a typical home, its highest in three years. [10] Cornwall Insight, a forecaster, expects a 16% rise in January, adding £276 and taking the typical bill to £1,999. [31] Gas prices in Europe have doubled in recent months since the US-Israel war on Iran began. [31] Britain's government has cut VAT on electricity, saving a typical home about £45 a year. [10]

    Why it matters — Campaigners want more help in Britain's budget on 28 October. [10] Britain's chancellor, John Healey, has warned that Britain's government has limited money to spend on help. [10]

11. 12

    UK house price growth halves

    UK house prices rose 0.8% in the year to September, to an average of £274,251, half August's pace, said Nationwide, a big British lender. [32] Prices fell 0.2% in the month. [32] Two-year and five-year fixed mortgage rates are both above 5.9%. [32] Investors put a 92% chance on the Bank of England raising its rate from 3.75% to 4% on 5 November. [32]

    Why it matters — Nationwide's chief economist said the war has pushed up energy prices and the interest rates that set mortgage costs. [32] Dearer mortgages make homes harder to buy. [32]

12. 13

    Australia's central bank checks home borrowers

    Australia's central bank, the Reserve Bank of Australia, said most home borrowers can cope with higher rates and falling prices. [33] Fewer than 1 in 100 owe more on their home than it is worth. [33] Even a 20% fall in prices would push only about 5% of loans into that position, it estimated. [33] First-time buyers who borrowed a lot under a government scheme that let them put down just 5% are most at risk. [33]

    Why it matters — Prices are falling most in Sydney and Melbourne. [33] The bank said a strong job market and borrowers' savings are holding arrears low. [33]

13. 14

    US deadline on buyers of Russian oil

    A new US law gives the US government until 18 October to decide whether to punish countries that buy Russian oil and gas, with penalties of up to 100%. [19] Jamieson Greer, the US trade representative, said officials must 'name names' in a report within 30 days. [19] Whether to act is Trump's decision, he said. [19] He spoke at a meeting of trade ministers from the G20, a group of 20 big economies, in Milwaukee. [19][34]

    Why it matters — EU and Indian officials raised the law with him this week. [19] Greer called India's purchases of Russian oil 'a wartime-discount situation'. [19]

14. 15

    A US trade deal with India is not close

    Jamieson Greer said a US trade deal with India is not 'imminent', a day after India's prime minister, Narendra Modi, and Trump spoke by phone. [35] India's commerce minister, Piyush Goyal, was more upbeat and spoke of an early interim agreement. [35] India's purchases of Russian oil remain a sticking point for the US government. [35] India wants to protect its farmers. [35]

    Why it matters — Greer said the two sides have now listed every issue they still disagree on. [35] A scholar at Stanford's Hoover Institution said the last issues in any trade deal are the hardest. [35]

15. 16

    South Korea pushes back on Alaska gas

    Trump said South Korea will invest up to $200bn in US energy projects, including nuclear plants and a gas power plant in Texas. [18] He said the two countries agreed to work on a $50bn project to pipe gas from Alaska's north for export. [18] South Korea's president, Lee Jae Myung, said joining it depends on whether it makes money and is legal. [18] The package includes $120bn for eight nuclear reactors. [18]

    Why it matters — South Korea's industry minister called the Alaska project 'high-risk' last year. [18] The $22.3bn Texas plant would power data centres from 2029. [18]

16. 17

    Paramount's Warner deal is cleared to close

    A US federal judge approved Paramount Skydance's settlement with 12 US states, clearing the last obstacle to its nearly $111bn takeover of Warner Bros Discovery. [36] The companies expect the deal to close on 6 October. [36] Paramount promised to release at least 30 films a year, or pay $30m for each film it falls short. [36] The merged company owes about $52bn. [29]

    Why it matters — It must also spend at least $300m more a year on US film production than the two companies spent in 2025. [36] The promises start in 2027. [36]

17. 18

    Boeing engineers accept a 10% raise

    Boeing's 17,000 engineers and technical workers voted for a new four-year contract, avoiding a strike. [37] It gives an immediate 10% raise, then 4% a year, with up to 6% for good work. [37] They had rejected an offer of 3% a year. [37] Engineers voted 67.62% in favour and technical workers 53.48%. [37]

    3% a yearOffer they rejected

    vsvs

    10%, then 4%/yrOffer they accepted

    Why it matters — Boeing, the planemaker, needs them as it tries to build more jets and win approval for two late models, the 737 Max 10 and the 777X. [37]

18. 19

    GM's sales fall as electric car sales slump

    General Motors, the top-selling carmaker in the US, sold 670,974 vehicles there from July to September, 5.5% fewer than a year earlier. [38] Sales of its electric Equinox fell 92.4%, after US tax credits of up to $7,500 for electric cars ended. [38] Toyota's US sales rose 0.6%, and its sales of hybrids and electric cars rose 28.5%. [38]

    Why it matters — High petrol prices are pushing US buyers towards hybrid cars. [38] GM sells only one hybrid, a Corvette. [38]

19. 20

    US regulator eases rules for holding crypto

    The Securities and Exchange Commission (SEC), which oversees US markets, proposed rules making it easier for investment advisers and funds to hold cryptocurrency for clients. [39] Crypto could sometimes be held directly, and state trust companies could look after it. [39] SEC chair Paul Atkins said the old rules had not kept up with a market worth trillions of dollars. [39]

    Why it matters — The step comes after the Clarity Act, a broad crypto bill, stalled in the US Senate. [39] US regulators are writing crypto rules with the powers they already have. [39]

20. 21

    60 million US children get savings accounts

    The US Treasury said it had automatically enrolled more than 60 million children in Trump Accounts, savings accounts launched on 4 July. [14] Children born from 2025 to 2028 can get a one-time $1,000 from the US government. [14] Families must still claim the account in an app to get that money. [14] The US Treasury will also let people give shares to the accounts. [14]

    Why it matters — Michael Dell, a technology boss, and his wife, Susan, pledged $6.25bn to add $250 for children in lower-income areas. [14] The announcement came a month before the US midterm elections. [14]

21. 22

    Record share sales in India and Asia

    Indian companies raised a record 94,205 crore rupees (a crore is 10 million) by listing new shares from April to September, 35% more than the previous record of 69,533 crore. [22] New shares rose 19% on average on their first day, up from 7% a year earlier. [22] Across Asia and the Pacific, companies raised $327.1bn by selling shares this year, up 53%, LSEG data showed. [40] The record, set in 2021, is $557.6bn. [40]

    Apr-Sep 202569,533 crore

    Apr-Sep 202694,205 crore

    Why it matters — Bankers say spending on AI chips, data centres and power is driving the deals. [40] They also see buyers getting choosier after so many sales. [40]

22. 23

    Questions over betting sites' trading figures

    Patterns in trading on Kalshi and Polymarket, websites where people bet on future events, have raised questions about whether their volumes are inflated, CNBC reported. [41] On 20 September, nearly half the dollar volume in one Kalshi contract on ether, a cryptocurrency, came from trades sized between $5,495 and $5,505. [41] Both firms deny wash trading, where traders buy from and sell to each other to fake activity. [41]

    Why it matters — Trading volume has been cited as proof of their growth while both firms seek higher values and plan stock-market listings next year. [41] Polymarket is raising money at a value above $20bn. [41]

23. 24

    Japan's leader says her plans will lift the yen

    Japan's prime minister, Sanae Takaichi, said her government's policies will lift confidence in the yen, after earlier efforts fell short. [42] Joint US-Japan buying of yen and a Bank of Japan rate rise helped make the yen the strongest of ten big currencies from July to September, up 3.3% against the dollar. [42] The dollar still bought 158.37 yen on Thursday, up about 7.65% in a year. [42]

    Why it matters — A weak yen raises the cost of what Japan imports. [42] Japan holds more than $1.1 trillion of US government debt, more than any other foreign buyer. [42]

24. 25

    Saudi Arabia expects bigger budget gaps

    Saudi Arabia expects wider budget deficits for several years, its early 2027 budget shows. [43] It now puts this year's deficit at 4.9% of its economy, up from the 3.3% it forecast late last year. [43] Higher oil prices have largely made up for selling less oil, but spending is rising faster. [43] Its economy is expected to shrink 3.6% this year as oil output falls. [43]

    Why it matters — The kingdom is borrowing to strengthen its defences and build trade routes that avoid the Strait of Hormuz. [43] Its debt could pass its own limit of 40% of its economy before 2030. [43]

25. 26

    Work starts on a $16bn refinery in Kenya

    Aliko Dangote, Africa's richest man, began building a $16bn oil refinery on Lamu island in Kenya on Wednesday. [44] It is due to open in 2030 and to process 700,000 barrels of crude a day. [44] It will serve a region that has long relied on fuel imported from the Middle East. [44] The presidents of Kenya, Ethiopia and Uganda attended. [44]

    Why it matters — Dangote's refinery in Nigeria has turned that country into a big fuel producer. [44] A Kenyan court will hear a claim over the land in October. [44]

26. 27

    Burkina Faso refines its own gold

    Burkina Faso, one of Africa's biggest gold producers, opened its first gold refinery, so its gold can be processed at home instead of exported raw. [45] Ibrahim Traore, the country's military leader, said he wants every step of mining kept in Burkina Faso. [45] He vowed the same control over lithium, copper and nickel. [45]

    Why it matters — Governments across Africa are trying to keep more of the value of what is dug up there. [45] Burkina Faso has struggled to control its many small, informal mines. [45]

27. 28

    A UBS shareholder urges a move out of Switzerland

    Artisan Partners, one of the ten biggest owners of UBS, the Swiss bank, urged it to move its legal home out of Switzerland. [46] A law going through Switzerland's parliament would make UBS raise new money from shareholders. [46] Artisan says that would cost the bank about $36bn of its stock-market value. [46] UBS said its goal is to keep operating from Switzerland. [46]

    Why it matters — Blick, a Swiss newspaper, reported that up to eight banks have shown interest in a merger with UBS. [46]

28. 29

    A Texas pause slows a Chevron data centre

    Chevron and a new energy developer, Joulent, plan a data centre in West Texas for Microsoft, powered by nearly 3 gigawatts of their own gas turbines. [47] The final decision to invest could slip to 2027, after Texas Governor Greg Abbott paused new data-centre permits last month, a Chevron executive said. [47] Earthmoving at the site has already started. [47]

    Why it matters — The project makes its own power, so it should not raise other people's electricity bills. [47] Chevron also wants a buyer for the gas from its Permian fields, where gas is so plentiful it is almost a waste product. [47]

29. 30

    Singapore's Temasek opens Gulf offices

    Temasek, which invests about $400bn for Singapore's government, will open offices in Riyadh, Saudi Arabia, and Abu Dhabi, in the United Arab Emirates. [48][49] They are due to open in the first half of 2027. [48] It is Temasek's biggest step into the Middle East so far, despite the Iran war. [48] Some Saudi projects have been delayed as money got tighter. [48]

    Why it matters — Pantheon, a British investment firm, announced Abu Dhabi offices the same day. [49] Gulf cities were hit by Iranian attacks in March and April, and the threat has not gone away. [49]

30. 31

    NBCUniversal cuts streaming jobs

    NBCUniversal, the media company owned by Comcast, is cutting a few hundred staff in its streaming technology group, Business Insider reported. [50] Most of the cuts are at Sky, its European arm, based in Britain. [50] Comcast plans to split NBCUniversal off from its cable and internet business next summer. [50]

    Why it matters — Older media companies are cutting costs to compete with Netflix and YouTube. [50] Peacock, its US streaming service, recently made its first profit, counted before costs such as interest and tax. [50]

31. 32

    Chipmakers lend to the AI firms that buy their chips

    Broadcom, a chipmaker, plans to lend the AI lab Anthropic up to $42bn to lease Broadcom's chips, Semafor reported, citing Reuters. [51] Chipmakers such as Nvidia are paying for more of the AI build-out that buys their products. [51] Bankers want stronger guarantees on Nvidia's $500bn plan to back loans with chips, Reuters reported. [51] OpenAI hopes to raise $30bn at a value of $1.4 trillion after putting off its stock-market listing. [52]

    Why it matters — Several listings have been put off, including those of Oura, a smart-ring maker, and SB Energy, a data-centre company backed by SoftBank. [52]

32. 33

    US senators worry about prices before the vote

    Republican senators left to campaign worried that they have not shown voters they are tackling high petrol prices, inflation and interest rates, Semafor reported. [15] Senator Lisa Murkowski of Alaska said prices are 'the No. 1 thing' every campaign is talking about. [15] Some Republicans have started calling for an end to the Iran war. [15] Republicans hold slim majorities in both houses of the US Congress. [14]

    Why it matters — In Alaska, petrol has passed $10 a gallon, and Trump plans to campaign there with a Republican senator in a tight race. [53]