Trump’s Fed chair candidates list narrowed down to five by Bessent after interviews, sources say

Treasury Secretary Scott Bessent has shortlisted five candidates for the next Federal Reserve chair, including Michelle Bowman and Christopher Waller. The selection process is ongoing, potentially extending past Thanksgiving. Among them, Rick Rieder is favored for his fresh perspective. This decision could significantly impact Federal Reserve policy and its independence.

Fed Governor Waller sees more rate cuts but says central bank needs to be ‘cautious about it’

Federal Reserve Governor Christopher Waller advocates for cautious interest rate cuts due to mixed economic signals, emphasizing a balance between controlling inflation and stimulating growth. With job growth slowing and unexpected GDP strength, Waller suggests a gradual approach to monetary policy changes, focused on stability while remaining responsive to data.

Morgan Stanley drops restrictions on which wealth clients can own crypto funds

Morgan Stanley has allowed all clients, regardless of account type or risk profile, to invest in cryptocurrencies starting October 15. This policy shift reflects a growing institutional acceptance of digital assets as mainstream investments. The bank aims to integrate crypto into its wealth management strategy while ensuring client portfolio safety amid market volatility.

Chinese stocks slide as Trump threatens tariffs, accuses Beijing of holding world ‘captive’

Chinese stocks in the U.S. dropped significantly after Donald Trump’s warning of increased tariffs on Chinese imports, reigniting tensions between the nations. Tech giants like Alibaba and Baidu saw steep declines. Investors are anxious about renewed trade hostilities affecting global markets, even as Chinese equities previously regained confidence this year.

China’s property slump this year is looking much worse than expected, S&P says

China’s real estate sector, once crucial to its economy, faces a sharp contraction in 2025 following a four-year slump. S&P Global Ratings forecasts an 8% drop in new home sales, exacerbated by weak buyer confidence and limited government intervention. Recovery hinges on stabilizing demand in major cities, signaling challenges ahead.

‘Bitcoin is not an asset class’: UK’s biggest investment platform has a stark warning for investors

A U.K. trading platform warns investors against including cryptocurrencies in their portfolios despite relaxed regulations. While the ban on crypto exchange-traded notes (ETNs) was lifted, Hargreaves Lansdowne emphasizes the high volatility and lack of intrinsic value in cryptocurrencies like bitcoin, suggesting they pose significant risks for investors.

Midday Movers: AMD Soars 30% on OpenAI Deal, Comerica Jumps on $10.9B Merger, Critical Metals Surges 90%

On Wall Street, stocks experienced notable volatility driven by merger news and AI developments. AMD’s shares surged 30% after OpenAI’s investment, while Micron and Tesla saw gains. Significant mergers included Comerica and Fifth Third’s deal. Despite some declines in other sectors, the overall trading reflects a cautious yet active market ahead of earnings season.

Intercontinental Exchange Surges After Reports of $2 Billion Stake in Polymarket

Intercontinental Exchange (ICE), parent of the New York Stock Exchange, plans a $2 billion investment in prediction market platform Polymarket, valuing it at $8-$10 billion. This move signifies a notable shift as prediction markets gain acceptance in regulated finance, especially after receiving CFTC approval, facilitating potential mainstream adoption.

World Bank Lifts China Growth Outlook to 4.8% Despite Tariff Strains with Washington

The World Bank has raised China’s 2025 economic growth forecast to 4.8%, reflecting resilience against U.S.-China trade tensions. However, domestic consumption struggles and structural vulnerabilities persist. While near-term stability exists, long-term challenges hinder growth potential, emphasizing the need for efficiency and reform to sustain economic momentum amidst geopolitical risks.