Authored by Bryan O’Shea via CoinTelegraph.com,

Bolivian President-elect Rodrigo Paz plans to tackle corruption in his country’s government using blockchain technology.

The Associated Press reported Monday that Paz defeated rival Jorge Quiroga 54.5% to 45.5% and is set to take office on Nov. 8. Paz won Sunday’s runoff on a centrist, pro-market message and inherits an economy strained by fuel shortages and a US dollar squeeze, according to the AP.

Rodrigo Paz won Bolivia’s run-off presidential election on Sunday. Source: AP

For crypto observers, Paz’s government plan includes two concrete proposals related to digital assets and blockchain.

Blockchain joins Bolivia’s reform agenda

The first is a plan to use blockchain and smart contracts in public procurement.

The Partido Demócrata Cristiano’s official 2025 government platform program pledges the application of blockchain technologies and the use of smart contracts to remove discretion from state purchasing. The proposal aims to tackle corruption in state purchasing by automating some contract processes.

The second is a program to let citizens declare crypto assets into a new foreign-exchange stabilization fund, seeded through an asset-regularization drive that explicitly lists crypto.

Such funds are reserve pools used to steady the currency and pay for essential imports when US dollars are scarce, according to the US Treasury Department. Including crypto broadens what the government can tax or quickly convert to hard currency without holding volatile tokens.

Paz looks crypto-pragmatic, but is not a Bitcoin maxi.

His platform frames blockchain as an anti-corruption tool and treats declared crypto assets as part of a one-off asset regularization push to capitalize a currency stabilization fund.

There’s no evidence yet of a policy to adopt BTC at the national level, hold it in reserves or to roll out retail legalization.

Bolivia embraces digital currency payments

Cointelegraph has tracked Bolivia’s crypto policy turn since 2024. The country’s central bank, Banco Central de Bolivia, lifted an operational ban on crypto transactions in June 2024, authorizing regulated electronic channels and signaling a modernization of payments. Months later, average monthly digital asset trading doubled versus the prior 18-month average, the bank said. 

The shift continued into the real economy. In October 2024, Banco Bisa launched USDt custody for institutions, a first mover among Bolivian banks. In March, state oil firm YPFB was reported to be exploring crypto for energy imports amid US dollar scarcity. By September, major auto brands’ local distributors, including Toyota, Yamaha and BYD accepted USDT, reflecting rising merchant-side experimentation.

On July 31, the central bank signed a memorandum with El Salvador, calling crypto a “viable and reliable alternative” to fiat and pledging cooperation on policy and intelligence tools to modernize payments and boost inclusion. The bank said monthly crypto trading volumes have reached $46.8 million per month and $294 million year-to-date by June 30.

Building on the “Are We In An iPhone Supercycle?” note we published on Tuesday, a new report from Nikkei Asia says Apple has sharply cut production of the iPhone Air due to soft demand while boosting orders for other iPhone 17 models, particularly the base and Pro versions.

Nikkei cited multiple sources with access to Apple’s supply chain and revealed on Wednesday:

The adjustment to production plans reflects both the lukewarm reception of the iPhone Air in markets outside China and unexpectedly strong demand for the iPhone 17 and iPhone 17 Pro models. As a result, Apple is maintaining its production forecast of 85 million to 90 million units for the lineup as a whole.

Another source said the iPhone Air was initially expected to account for 10% to 15% of total production, yet orders for the “lite” version have been reduced to “near end of production levels.” Apple has reportedly slashed component and module orders, with November production volumes expected to side below 10% of September’s levels. The model’s poor demand ex-China contrasts with its solid launch there last week.

The report continued:

The model is seen as strategically paving the way for the first foldable iPhone, expected to debut in 2026, according to three people with knowledge of the matter. Nikkei Asia earlier reported that Apple has high hopes for the launch of such a phone next year.

While the iPhone Air has been a disappointment, demand for the iPhone 17 and iPhone 17 Pro has exceeded expectations. Two sources said this robust demand prompted Apple to increase production orders for the baseline iPhone 17 by about 5 million units and to boost orders for the iPhone 17 Pro.

In the U.S. this week, the average wait time for an iPhone 17 with 256 gigabytes of storage is about two to three weeks, and about one to two weeks for the iPhone 17 Pro, while there is no wait time for the lite version.

Dropped my iPhone Air… glass is fine but dented the titanium! pic.twitter.com/S76IR8tnF4

— Max Weinbach (@MaxWinebach) October 21, 2025

On Tuesday, a team of Goldman analysts led by Michael Ng told clients that iPhone 17 demand is tracking ahead of the iPhone 16 series, supported by longer lead times, higher production builds, and positive carrier feedback.

Important:

This prompted Ng to ask clients: “Are we in an iPhone supercycle?”

For more details on iPhone demand, ZeroHedge Pro subscribers can read the full note here.

In 2022, European Commission President Ursula von der Leyen’s State of the Union address bragged about “toughest sanctions the world has ever seen” against Russia which she claimed at the time, “Russia’s financial sector is on life-support. We have cut off three quarters of Russia’s banking sector from international markets” and “The Russian military is taking chips from dishwashers and refrigerators to fix their military hardware, because they ran out of semiconductors. Russia’s industry is in tatters.” 

Give von der Leyen’s speech a quick listen. 

In true meme fashion, the best way to mock left-wing Brussels elites might be with a classic “How it started vs. How it’s going” – only this time, it’s not Russia in trouble, but rather von der Leyen may have spoken a little too soon. Memes are still legal in the U.S…

German tabloid newspaper Bild reports that Volkswagen is preparing to suspend production of one of its most popular models, the Golf, at its Wolfsburg factory today. The Tiguan and other models will follow this, as the worsening semiconductor shortage begins to send shockwaves across the European auto sector. 

As explained by the German media outlet, the missing Chinese chips are due to the “supply stoppage of Nexperia chips.” 

Here is more color on the situation:

In addition to the Golf and Tiguan, the Touran and Tayron are also manufactured in Wolfsburg.

The reason for the production suspension: a supply stoppage of Nexperia chips. The Nijmegen-based semiconductor manufacturer is at the center of a dispute between China and the United States. Under pressure from the US government, the Dutch government took control of Nexperia; in response, Beijing banned the export of Nexperia chips from the People’s Republic.

Nexperia also produces in Europe, but the majority of its chips come from China. VW apparently has no alternative at the moment. Semiconductors from other manufacturers would first have to be tested and certified, company sources said.

The chip crisis could affect not only VW but also the entire automotive industry and even other sectors. Spokespersons for BMW, Mercedes, and Daimler emphasized that the situation is being analyzed. Production at the companies is currently still running.

Production line stoppages will likely impact tens of thousands of employees in Europe’s largest economy. Other automakers like BMW, Mercedes, and Daimler are monitoring the situation, though their production continues.

The latest developments in the Nexperia turmoil that’s now rippling through the EU auto sector:

• Dutch Govt Suddenly Seizes Control Of China-Owned Chip Maker

• Chipmaker Nexperia’s China Arm Tells Staff To Ignore Dutch HQ, Deepening Semiconductor Split

VW has no timeline for when Nexperia chip deliveries will resume. Will the Germans soon be taking chips from dishwashers and refrigerators to build their VWs?

Authored by Thomas Brooke via Remix News,

Slovak Prime Minister Robert Fico has accused some within the European Union of attempting to sabotage peace by disrupting the now-canceled meeting between Russian President Vladimir Putin and U.S. President Donald Trump in Budapest.

“The foreign minister of a European Union member state says that Russian President V. Putin could be detained during a flight over this country, and the European Commission’s media environment is warning Hungary that it should implement an international arrest warrant,” Fico said in a statement released by the Slovak Government Office.

“I have always maintained that the EU has turned into a war cabinet, that a significant part of EU member states support the war in Ukraine in the naive belief that this way Russia can be weakened and even defeated,” he added, calling attempts to derail peace talks a “sad sight.”

Fico criticized what he called a paradox, where “some leaders are pushing for the Budapest summit” while others are undermining it. He said there were also efforts to include Ukrainian President Volodymyr Zelensky, describing this as “throwing pitchforks into a possible agreement.”

The foreign minister referred to by Fico is Poland’s Radoslaw Sikorski, who warned that his government could not guarantee Putin’s safe passage through Polish airspace, citing the International Criminal Court’s arrest warrant for the Russian leader over alleged war crimes. “I cannot guarantee that an independent Polish court won’t order the government to escort such an aircraft down to hand the suspect to the court in The Hague,” Sikorski told Radio Rodzina.

Sikorski said Poland, as a member of the ICC, is obliged to act if Putin enters its jurisdiction.

“I think the Russian side is aware of this,” he added.

“And, therefore, if this summit is to take place, hopefully with the participation of the victim of the aggression, the aircraft will use a different route.”

Fico had urged the European Union to do everything in its power to ensure that the Trump-Putin peace summit in Hungary goes ahead “as quickly as possible and without obstacles.”

He declared:

“The Trump-Putin summit in Budapest as soon as possible, without any obstacles and with the full support of the EU—that is my official position.”

Prospects for such a summit now appear to have dimmed. President Trump said on Tuesday that he did not want a “wasted meeting,” and the White House confirmed that there were “no plans” for a Trump-Putin meeting “in the immediate future,” following earlier suggestions that the two leaders would meet in Budapest within two weeks.

Trump said the sticking point was Moscow’s refusal to halt fighting along the current front line, noting, “Let it be cut the way it is. I said: cut and stop at the battle line. Go home. Stop fighting, stop killing people.”

Kremlin spokesman Dmitry Peskov said that Moscow’s position “doesn’t change,” insisting that Russia would only accept a “long-term, sustainable peace.” Foreign Minister Sergei Lavrov said the current proposal floated by Ukraine and the United States amounted merely to a temporary ceasefire and that “the root causes of the conflict” had to be addressed.

A preparatory meeting between U.S. Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov was due to be held this week, but the White House said the two had had a “productive” call and that a meeting was no longer “necessary.”

Hungarian Prime Minister Viktor Orban has previously stated that “Budapest is the only suitable place in Europe for a USA-Russia peace summit. With long-standing pro-peace leadership and trusted partnerships, we provide a reliable, secure, and politically stable setting. There was no other option. Simply put: They can count on us.”

Read more here…

US equity futures are flat again, with tech and small caps lagging as traders parsed the latest earnings reports and corporate news amid worries over trade, the US government shutdown and geopolitical risks. Gold and silver extended declines after Tuesday’s slump. As of 8:00am, S&P futures were unchanged while Nasdaq futures dropped 0.2% after a rally on Wall Street lost steam. Pre-market, Mag7 names are mostly weaker ex-GOOG on its cloud deal. Netflix tumbled 6.8% in premarket trading after the streaming-video company reported third-quarter results that missed across the board despite stronger forecasts. Texas Instruments also plunged about 8% on an underwhelming outlook. Meme stocks are back, with Krispy Kreme among those joining Beyond Meat in the retail trader frenzy today. Mining stocks are weaker pre-market though gold and silver are bouncing off their overnight lows; both are underperforming platinum / palladium.  The yield curve shifts lower and the USD continues its recent move higher. USD is +2.5% since making a 52-wk low on Sep 16. The balance of the commodity complex is bid with WTI +1.7% the standout on report that US and India are nearing an accord that could lead India to reduce imports of Russian crude. US / China situation still has aides talking behind closed doors as Trump / Xi remain likely to meet next week. There is no macro today .

In premarket trading, Netflix and Texas Instruments shares are both lower after disappointing results, with Tesla and IBM among the big names to watch later. The EV maker is expected to post a 25% drop in quarterly profits — but traders may not care. The shares have more than doubled in the past year on AI hopes.

• Mag 7 stocks are mostly lower. Alphabet (GOOGL) rises 1.8% as Anthropic is in discussions with Google about a deal that would provide the artificial intelligence company with additional computing power valued in the high tens of billions of dollars, according to people familiar with the matter (Tesla -0.2%, Nvidia +0.06%, Meta -0.1%, Microsoft +0.2%, Apple -0.6%, Amazon -1.3%).
• Alector (ALEC) tumbles 50% after the drug developer said a late-stage trial of its lead asset as an investigative treatment for dementia failed to meet a primary endpoint.
• AT&T Inc. (T) rises 1.4% after the company added more mobile-phone and home internet subscribers this summer than analysts expected.
• Avadel Pharmaceuticals (AVDL) gains 4% after Alkermes agreed to buy the company for up to $20 per share.
• Beyond Meat Inc. (BYND) soars 85%, boosting its four-day rally to almost 1,300%, in an echo of the meme-stock frenzies that periodically roil the market.
• DraftKings (DKNG) climbs 3% after the sports betting company said it acquired predictions platform Railbird for an undisclosed amount.
• Intuitive Surgical (ISRG) rallies 16% after the robotic-surgery company boosted its worldwide da Vinci procedure growth forecast for the full year.
• Manhattan Associates (MANH) falls 7% after the supply-chain software company posted a key metric — “remaining performance obligations” — for the third quarter that fell short of estimates.
• Mattel Inc. (MAT) is down 5% after the company reported third-quarter sales and earnings that missed analysts’ estimates as US retailers delayed orders due to uncertainty over President Donald Trump’s tariff policies.
• Netflix (NFLX) falls 7% after the streaming-video company reported third-quarter results it said were hurt by a tax dispute with Brazil.
• Texas Instruments (TXN) drops 7% after the chipmaker gave an outlook that is weaker than expected. The outlook indicates that some customers are slowing orders as they navigate mounting trade tensions.
• Vertiv Holdings (VRT) is up 6% after the company boosted its adjusted earnings per share guidance for the full year; the guidance beat the average analyst estimate.
• Warner Bros. Discovery Inc. (WBD) gains 2% after saying it’s considering a possible sale of the company after receiving unsolicited interest from multiple parties. Netflix Inc. and Comcast Corp. are weighing bids for parts of the media and entertainment company, according to people with knowledge of the matter.

In other company news, Anthropic PBC is said to be in talks with Alphabet’s Google about a deal that would provide the AI company with additional computing power valued in the high tens of billions of dollars. Apple’s iPhone Air got a subdued response from consumers in China. 

Early US earnings point to the best corporate results in four years, with 85% of companies reporting beats. Despite recent de-risking amid concerns over trade and credit, stock exposure among global macro hedge funds and long-only strategies remains at the highest in over a year, according to Barclays Plc. Drawdowns have been short-lived as investors see them as opportunities to add risk to their portfolios.

Earnings will “play a decisive role in determining whether the rally can be sustained,” said Linh Tran, a market analyst at XS.com. “Profit expectations for major tech companies have been revised upward, while consumer and financial sectors may benefit from resilient demand and higher interest margins. If corporate results continue to outperform forecasts, this could help the S&P 500 extend its gains into Q4.”

Markets are also keeping one eye on trade news ahead of the resumption of US-China talks. Six months into Trump’s trade war, the resilience of Chinese exports is proving just how essential many of its products remain even after US levies of 55%.

Gold fell more than 2%, closing in on $4,000 an ounce and deepening its worst intraday drop in more than a dozen years in the previous session, amid concerns its rally had run too far, too fast. Silver also declined following Tuesday’s 7.1% fall. Gold’s drop on Tuesday drove the VanEck Gold Miners ETF down 9.4% in its biggest drop since 2020. Still, gold mining stocks are still on track for their biggest ever annual gain over the S&P 500.

Bond traders are preparing for yields to drop further even as the 30-year sank to its lowest in six months on Tuesday. The cost of protection against a bigger decline in yields across the curve is rapidly rising, according to pricing of options wagers. Traders are piling into some risk-off assets as the US government shutdown becomes the second longest on record and amid renewed concerns over the credit market. Meanwhile, dollar trading has become unusually subdued, with the Bloomberg Dollar Spot Index remaining within one standard deviation of its average for about 80% of the time over the past 60 trading days, according to data compiled by Bloomberg.

In Europe, the Stoxx 600 index dipped, with consumer products and services leading declines after results from L’Oreal SA, Hermes International SCA and Adidas AG failed to meet lofty expectations. Energy stocks led gains as crude oil rose. UK stocks got a boost with the FTSE 100 rising 0.7% after UK CPI surprised to the downside as traders ramp up bets on an interest-rate cut by the Bank of England before year end. Among companies reporting in Europe on Wednesday, Barclays Plc gained after raising its earnings guidance and unveiling a £500 million buyback. Akzo Nobel NV slumped after the paintmaker lowered its earnings outlook, with customers more hesitant to spend amid rising global tariffs and softer economic conditions. Here are the biggest movers Wednesday: 

• Precious metals miners in South Africa and Europe rose on Wednesday as gold and silver prices steadied, after suffering their steepest selloffs in years.
• Barclays shares rise as much as 4.1% after the UK lender increased its 2025 guidance and announced a £500 million share buyback, with investors looking beyond an increased provision for motor finance
• Heineken shares rise 2.3% as analysts say a soft quarterly print was no worse than expected. The company’s move of Ebit growth guidance to the lower end of the range had been foreseen, according to consensus views
• Handelsbanken gains as much as 2.1% after posting a slight beat to net interest income (NII) in its third-quarter report. Lower-than-expected costs also contributed to a solid showing from the Swedish lender
• European chipmakers slip on Wednesday after US peer Texas Instruments forecast 4Q sales below estimates, signaling a delay in the rebound of the automotive and industrial chip sector
• ITV shares plummet as much as 12% after the broadcaster’s largest shareholder Liberty Global cut its stake in half after offering shares at a discount
• L’Oreal shares fall as much as 8%, the steepest drop in a year, after the cosmetics company reported third-quarter like-for-like sales that fell short of elevated market expectations
• Hermes falls as much as 5% after sales at constant exchange rates for the third quarter showed double-digit growth in most regions, but key division leather goods slightly missed estimates, while valuation premium is stretched, according to analysts
• DNB Bank shares drop as much as 4.3%, the most since July, after the Norwegian lender posted a disappointing third-quarter report, according to analysts, who flagged misses on net interest income (NII) and fee
• Adidas shares dip as analysts say the sportswear maker’s increased full-year earnings forecast was only in-line with consensus and note a slight miss in third-quarter sales
• TeamViewer shares slump as much as 24% to a record low after the software maker reduced its annual recurring revenue guidance for this year and sales outlook for next year

Asian stocks fell, weighed down by technology shares as investors rushed to lock in gains amid doubts about the sector’s staying power.  The MSCI Asia Pacific Index dropped as much as 0.6% before paring some losses, with TSMC, SoftBank Group and Alibaba among the biggest drags. Shares in Hong Kong and Vietnam declined, while South Korea’s Kospi rose.  Chipmakers and other AI-related stocks in Asia, including SoftBank, declined after Texas Instruments presented a disappointing outlook, which added to concerns that the sectors’ shares may have been running too hot. Precious-metal stocks also tumbled after gold and silver posted their steepest selloffs in years. The slide in Hong Kong and mainland Chinese stocks came despite a bullish long-term call from Goldman Sachs Group Inc., which predicted key stock gauges may gain 30% by the end of 2027. The strategists argued the upside will be supported by pro-market policies, rising profits and strong capital flows. Here Are the Most Notable Movers

• Bangkok Bank shares advance after the lender’s third-quarter net income rose 11% on year, beating the average analyst estimate, partly driven by investments.
• LG Chem Ltd. shares surged by the most in five years after Palliser Capital UK disclosed a stake in the firm and urged changes, in a sign that overseas activists are starting to wade back into South Korea.
• IHI shares climb as much as 5.5% to ¥2,995 after Mizuho Securities raised its target price to ¥3,300 from ¥1,071, saying it expects growth in the civil aero engines business and expansion of defense-related operations.
• Laopu Gold shares fall as much as 8.1%, the most since Sept. 10, after the Chinese jewelry seller agreed to issue about 3.71 million new H shares at HK$732.49 apiece in a placement.
• Pop Mart shares rise as much as 7.9% after the toymaker’s third quarter sales growth of as much as 250% year-on-year came amid investor worries over the possible fading popularity of its collectible toys.
• Innovent Biologics shares rise as much as 9.9% in Hong Kong after the company said it will receive a $1.2 billion upfront payment, including an equity investment, as part of a strategic collaboration with Takeda Pharmaceutical to develop cancer therapies.
• Meituan shares drop 0.5% as JPMorgan cuts its target price, saying the company may face worst-than-expected pressure in its 3Q and 4Q results due to competition in China’s food delivery market and its expansion overseas.
• Taiheiyo Cement shares gain as much as 6% in early Tokyo trading, the most since April 10, following a report in Nikkei that Palliser Capital has taken a stake of over 3%.

In FX, the Bloomberg Dollar Spot Index rose 0.1%, taking gains into a fourth straight day; the index’s thin gains were led by the US currency’s advance versus the pound, which stumbled after data showing steady UK inflation raises speculation of an interest-rate cut in December. A 1% slide in gold prices also supported the greenback, suggesting that investors still see the currency as a viable haven. The pound fell 0.4% against the dollar and is the clear G-10 underperformer.

In rates, treasury yields sliding again, dropping more than 4bps with 10-year around 3.93%, near Tuesday’s low. They trail steep gains for gilts, where 2-year yields fell more than 10bp to 14-month low after UK headline, core and services CPIs fell short of estimates. UK yield curve is notably steeper as market prices in an increased 70% chance Bank of England cuts rates a quarter-point by December. The US session includes 20-year bond reopening: the $13 billion 20-year bond reopening, first coupon auction in more than a week, has WI yield near 4.510%, about 10bp richer than last month’s 20-year sale, which stopped through by 0.2bp 

In commodities, WTI crude oil futures are up about 2%, which along with the 20-year auction creates resistance to lower Treasury yields. Oil is higher on report that US and India are nearing an accord that could lead India to reduce imports of Russian crude. Spot gold is down $50, having recovered from an earlier nosedive toward $4,000/oz. Silver dips 0.7% while Bitcoin is down 2.4%.

The US economic calendar calendar is blank, and Fed’s external communications blackout ahead of the Oct. 29 Fed policy decision began Saturday. Earnings after the close include Tesla and IBM.

Market Snapshot

• S&P 500 mini little changed
• Nasdaq 100 mini -0.2%
• Russell 2000 mini -0.2%
• Stoxx Europe 600 -0.2%
• DAX -0.3%, CAC 40 -0.6%
• 10-year Treasury yield -1 basis point at 3.96%
• VIX +0.1 points at 17.96
• Bloomberg Dollar Index little changed at 1212.96
• euro little changed at $1.1596
• WTI crude +1.7% at $58.19/barrel

Top Overnight News

• The US government shutdown is now the second-longest in history, and with Trump expected to head to Asia later this week, lawmakers and congressional aides see a real possibility of the closure extending into November. BBG
• US companies are beating earnings expectations at the highest rate in over four years, with 85% surpassing profit estimates in the third quarter so far. BBG
• Trump said he won’t meet with Democratic leaders unless the government is reopened.
• Trump’s administration plans to release over USD 3bln in aid to US farmers previously frozen due to government shutdown: WSJ.
• US has offered energy companies access to nuclear waste that they can convert into fuel for advanced reactors in an attempt to break Russia’s stranglehold over uranium supply chains: FT.
• Bessent is facing mounting pressure to justify Washington’s multibillion dollar rescue of Argentina as a political backlash builds over the administration’s efforts to support Milei. The Treasury secretary has taken the lead in managing Trump’s effort to provide financial support for Milei’s libertarian government, which the US sees as a crucial Latin American ally, through a package of measures designed to prop up its economy and its currency, the peso. FT
• China is demanding some US semiconductor firms submit sensitive information about their sales in the world’s largest chips market as part of its probe of American suppliers. BBG
• As Japan’s new premier Sanae Takaichi got to work on Wednesday, her government began finalising a purchase package, including U.S. pickups, soybeans and gas, to present to President Donald Trump in trade and security talks next week, two sources said. RTRS
• Japan’s new Prime Minister Sanae Takaichi is preparing an economic stimulus package that is likely to exceed last year’s $92 billion to help households tackle inflation, government sources familiar with the plan said on Wednesday. RTRS
• Indonesia unexpectedly leaves rates unchanged at 4.75% (the Street was anticipating a cut to 4.5%). BBG
• India and the United States are nearing a long-stalled trade agreement that would reduce U.S. tariffs on Indian imports to 15% to 16% from 50%, India’s Mint reported on Wednesday citing three people aware of the matter. The deal, which hinges on energy and agriculture, may see India gradually scale back its imports of Russian crude oil. RTRS
• The U.K.’s annual rate of inflation in September unexpectedly held at the pace of the previous month, raising the chance that Bank of England policymakers could cut interest rates later this year, despite price rises remaining at a level still well above the central bank’s target. CPI comes in cooler than anticipated at +3.8% Y/Y on the headline (vs. the Street +4%), +3.5% on core (vs. the Street +3.7%), and +4.7% on services (vs. the Street +4.8%). WSJ

Trade/Tariffs

• US President Trump reiterated that the November 1st tariffs on China will be about 155% and that higher tariffs on China won’t be sustainable for them, while Trump also said he spoke with India’s PM Modi on Tuesday and talked about trade.
• South Korean chief presidential policy aide said South Korea and the US stand apart on a couple of matters in tariff talks.
• South Korea Minister for Trade Yeo expressed concern in a call with China’s Li Chenggang regarding Beijing’s shipbuilding curbs, while he asked Li to swiftly lift sanctions on South Korea shipbuilder Hanwha Ocean and discussed China’s rare earths export restrictions.
• India and the US are closing in on a long-pending trade deal that could slash current tariffs from Indian exports to between 15-16% from 50%, according to Mint citing three people aware of the matter.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly subdued following the mixed handover from the US, where participants digested a mixed bag of earnings releases, and precious metals slumped, with a historic drop seen in gold following the recent record-setting rally. ASX 200 retreated with heavy losses in the mining sector after gold prices fell by the most since 2013 and which was its largest one-day dollar value drop on record. Nikkei 225 briefly dipped beneath the 49,000 level with early pressure seen following mixed trade data, although the index gradually pared its early losses as participants also reflected on the new Takaichi-led government, with the PM instructing the cabinet to compile a package of steps to cushion the blow from the rising cost of living. Hang Seng and Shanghai Comp were subdued following a slew of recent trade-related rhetoric, including from US President Trump, who reiterated 155% tariffs on China from November 1st and that he will meet with Chinese President Xi in two weeks, but then also commented that maybe that meeting won’t happen.

Top Asian News

• Japanese PM Takaichi is preparing economic stimulus expected to exceed last year’s JPY 13.9tln, with the package to be built around three main pillars which are measures to counter inflation, investment in growth industries and national security, according to sources cited by Reuters.
• Japanese PM Takaichi is to meet with US President Trump on October 28th and will discuss national defence. It was later reported that Japanese Chief Cabinet Secretary Kihara said US President Trump is to visit Japan from October 27th to 29th and is to meet Japan’s Emperor and PM Takaichi during the visit.
• Japanese Minister for Economic Security Kiuchi says it is important that the government and the BoJ continue to cooperate and carry out responsible macroeconomic policies, while he hopes the BoJ will closely coordinate with the government to achieve the 2% inflation target, and stated that the economy needs to be supported until strong real wage growth is achieved.
• Japan’s Finance Minister Katayama announces that Prime Minister Takaichi will proceed with fiscal reform both in terms of spending and revenue. Says weak JPY boosts food costs, so there needs to be a quick measurement to cushion impact. “Takaichi Trade” has somewhat calmed down.

European equities (STOXX 600 -0.2%) are mostly lower today, but with outperformance in the FTSE 100 (+0.4%) after the UK’s inflation report, which has boosted bets around a cut in December. European sectors hold a negative bias. Energy and Utilities lead the pile, with the former benefiting from strength in oil prices today. To the downside, Consumer Products is pressured by post-earning losses in L’Oreal (-6.2%), Hermes (-4.4%) and Adidas (-2%). Beauty name L’Oreal is pressured after a notable quarterly sales miss, Hermes was more-or-less in-line, yet still disappointed investors after recent resilience; Adidas is seemingly swept away with the sectoral losses, given it reported a beat on its headline metrics, and lifted guidance. US equity futures are modestly incrementally lower today, continuing similar price action seen in the prior session. Key pre-market movers today include; Netflix (-7.1%, Q3 profit miss, hit by a Brazilian tax dispute, but sales were in line), Texas Instruments (-8%, co. issued a soft forecast for the next quarter). Apple (AAPL) is reportedly drastically cutting iPhone Air production orders but boosting other 17 models, via Nikkei citing sources; reflecting lukewarm Air demand ex-China and unexpectedly robust 17 & 17 Pro demand.

Top European News

• UK Chancellor Reeves targets tax partnerships in crackdown on UK’s wealthy with Reeves preparing a crackdown on lawyers, accountants, doctors and other professionals who use tax partnerships, according to FT.
• Politico reports that a decision on whether to postpone the French Social Affairs Committee’s examination of the Social Security Budget will be taken this morning; in the context of a “rectifying letter” re. pensions likely being adopted on Thursday.
• SNB’s Schlegel says inflation is expected to rise slightly in the coming quarters Planned US tariffs on some pharma products could increase downside risk for the economy. Uncertainty in the economy remains high. Will continue to observe the situation and adj. monetary policy where necessary.

FX

• USD is mildly firmer/flat. Nothing really driving things at the moment, but traders are mindful of trade/shutdown developments, and as some begin to position themselves ahead of Friday’s inflation report. For context, some of the recent upside seen in the dollar has been attributed to; a) reversal of debasement trade, b) steep correction in gold, c) easing credit concerns. DXY is currently trading at the upper end of the day’s 98.84-99.05 range
• EUR is essentially flat and trades in an incredibly tight 1.1590-1.1615 range; nonetheless, the bias for today’s price action has been mildly downward. Lacklustre price action, which comes amidst a lack of pertinent newsflow. Some focus on reports that several EU leaders have called for the bloc to review, reduce and restrain legislation to reduce the burden on business, via Reuters.
• JPY is essentially flat/mildly lower vs USD, and currently trades in a 151.48-151.95 range, just shy of the 152.00 mark. On trade, Reuters reported that PM Takaichi is to tell US President Trump that the country will buy US soybeans, pickups and LNG, though may not commit to a new defence spending target. As a reminder, the POTUS will visit Japan from October 27-29. On economic policy, Takaichi is reportedly readying an economic stimulus which is set to top JPY 13.9tln; Reuters suggested measures are to counter inflation, investment in growth industries and national security. Elsewhere, Japan’s Finance Minister Katayama echoed her PM’s recent remarks, pushing back on the government’s involvement with the BoJ. Katayama said it is up to BoJ on specifics on monetary policy but should work together to have effective economic policies.
• GBP is the clear underperformer vs USD today, following the region’s soft inflation report. In detail, headline Y/Y was unchanged from the prior at 3.8% (exp. 4%), with the Services components also softer-than-expected. In an immediate reaction, GBP/USD fell from 1.3384 to 1.3343, before extending to a trough of 1.3314 where the pair currently resides. Further levels to the downside include the low from October 15th and then last week’s worst at 1.3248. Following the release, market pricing has shifted dovishly, with markets now assigning a 74% chance of a cut by year-end vs 44% pre-release; the first full 25bps cut is priced in by Feb 2026.
• Antipodeans are the marginal G10 performers today, benefiting from a recent bounce back in metals prices as spot gold and base metals clamber off from the hefty pressure seen in the prior session.
• PBoC set USD/CNY mid-point at 7.0954 vs exp. 7.1225 (Prev. 7.0930)

Fixed Income

• USTs are flat. In a very thin 113-21 to 113-25 band. Focus thus far has been on the mixed trade rhetoric out of the US yesterday with Trump previewing his potential meeting with China’s Xi saying he expects the negotiation to be good. However, he then added that maybe the meeting will not occur. Otherwise, the US docket is limited owing to the shutdown and Fed blackout; note, Barr is scheduled. On the shutdown, Trump overnight poured some cold water on the situation by saying he won’t be meeting with Dem. leaders until the gov’t reopens.
• Bunds are contained, but has experienced a slightly choppy morning. Picked up to a 130.38 peak with gains of c. 15 ticks on the discussed UK inflation report before paring and falling back to a 130.16 low, with downside of around five ticks at most. Ahead, ECB’s de Guindos and Lagarde due, though recent comments from officials have not changed the narrative into the end-October meeting. A weak German auction (b/c 1.2x) sparked some very marginal pressure in Bunds.
• OATs trade broadly in-line with EGB peers in a 123.19 to 123.44 band while the OAT-Bund 10yr yield spread remains steady around the 80bps mark. For OATs, Amova’s Williams spoke to Bloomberg and outlined that they added to their overweight position on French debt in September, and believes OATs are still at attractive levels despite recent sovereign downgrades. On the spread, he believes a move above 100bps would cause the ECB to step in.
• Gilts are the clear outperformer today following the region’s inflation report. CPI for September remained at 3.8% Y/Y, cooler than the market and BoE forecast of 4.0%; pertinently, September represented the peak in the BoE’s inflation forecast horizon. Accompanying measures were also cooler-than-expected and while there were some slightly more mixed internals behind the headline figure and somewhat unusual moves in some subset components, the overall narrative is clearly a dovish one vs. consensus. As such, Gilts gapped higher by 54 ticks to 93.45 and then extended further to a 93.78 peak, notching a contract high. Action that pushed the UK 2yr yield down to 3.77% and below the 3.80% mark that desks have been attentive to recently, the 10yr also moderated to 4.4%, convincingly taking out 4.45%.
• Germany sells EUR 2.284bln vs exp. EUR 3.0bln 2.50% 2032 Bund: b/c 1.2x (prev. 1.5x), average yield 2.33% (prev. 2.52%), retention 23.87% (prev. 23.88%)

Commodities

• Crude benchmarks extended on Tuesday’s high during the APAC session as Mint citing sources reported that a US-India trade deal is near, that could see India cut Russian oil imports for a lower export tariff to 15-16% from 50%. WTI and Brent peaked at USD 58.50/bbl and USD 62.62/bbl respectively following the trade news but are currently trading slightly off best levels at USD 58.20/bbl and USD 62.30/bbl.
• Spot XAU began the European morning firmer, bouncing back from Tuesday’s 5% selloff, which was its biggest selloff since November 2020. Although, XAU was then pressured once again to currently trade around USD 4,065/oz – trough for today’s session was made overnight at USD 4,005.98/oz.
• Base metals have rebounded from Tuesday’s selloff following a trade deal near its completion between India and the US. 3M LME Copper dipped to a low of USD 10.54k/t before reversing a trending back through Tuesday’s range and is currently trading near session highs at USD 10.66k/t.
• US Private Inventory Data (bbls): Crude -3.0mln (exp. +1.2mln), Distillate -1.0mln (exp. -1.9mln), Gasoline -0.2mln (exp. -0.8mln).
• Russian overnight attack on Ukraine’s Poltava region damaged oil and gas industry facilities.

Geopolitics

• Russia obtained security guarantees from Ukraine to restore power to the Zaporizhia nuclear power plant, according to RIA.
• US President Trump said he has not made a determination yet regarding a meeting with Russian President Putin and doesn’t want to have a wasted meeting, while he still sees a chance for a Russia-Ukraine ceasefire.
• Russia’s Special Economic Envoy said ‘preparations continue’ for a Trump-Putin meeting.
• Russia’s Deputy Foreign Minister Ryabkov says preparations for a Russia-US summit is ongoing and there has been no agreement on a Lavrov-Rubio meeting; sees no major obstacles for a Trump-Putin meeting via RIA.
• Russia’s Kremlin says their position is well known with nothing else to add in regard to reports of a non-paper passed to USA on Ukraine. Preparation is necessary for Putin-Trump summit.
• Ukraine’s President Zelensky calls US President Trumps’ idea a good compromise in regards to the concept of stopping at the current lines.
• North Korea fired a missile, which the South Korean military said was a ballistic missile, while Japanese PM Takaichi later confirmed there was no damage to Japan’s exclusive economic zone and waters from the North Korean missile.
• US is reportedly trying to drive a wedge between Argentina and China with the Trump administration pushing officials in Argentina to limit China’s influence over the distressed South American nation, according to WSJ.
• China’s Defence Ministry said it is strongly dissatisfied with Australia’s statement about military aircraft around the Paracel Islands, while it added that organised troops are to resolutely block and drive away Australian military aircraft that ‘invaded’ China’s airspace.
• “Israel’s Channel 12: The security establishment warns that accelerating the implementation of the Trump plan may harm Israel’s security interests”, via Sky News Arabia

US Event Calendar

• 7:00 am: Oct 17 MBA Mortgage Applications -0.3%, prior -1.8%
• Fed’s External Communications Blackout (October 18 – October 30)

DB’s Jim Reid concludes the overnight wrap

Most markets put in another steady performance yesterday, with the S&P 500 (+0.003%) and the STOXX 600 (+0.21%) closing just below their record highs from a couple of weeks ago, whilst the 10yr Treasury yield (-1.7bps) hit a one-year low of 3.96%. Several factors contributed, including some positive noises on the trade outlook, alongside decent earnings releases. But even as bonds and equities were mostly rallying, it was a completely different story for commodities, with several posting very sharp falls. Indeed, gold prices (-5.30%) posted their biggest decline since August 2020, whilst silver (-7.12%) saw its biggest decline since the Liberation Day market turmoil in April.

That sudden selloff for precious metals really captured the market headlines, but to be honest there wasn’t a single catalyst that sparked the declines, and the big multi-year moves weren’t happening in other asset classes or commodities either. Moreover, the slump happened despite a decline in nominal and real bond yields, which usually help to support gold prices given it’s relatively more attractive to hold a zero-interest asset like gold when bonds aren’t yielding as much. So in many respects, it looked like a classic pullback after a relentless bull run over recent weeks, and it’s worth noting that the rolling two-month gain of more than +30% on Monday was already the strongest since the GFC. Indeed, last month saw real-terms gold prices move above their inflation-adjusted peak in January 1980, so it had never been more expensive. And even with yesterday’s moves, its gains of +57% since the start of the year would still make it the strongest annual performance since 1979, back when gold prices more than doubled after that year’s oil shock triggered a huge wave of inflation.

Whilst gold saw the biggest headline moves, there was plenty going on for US Treasuries, with a decent rally that pushed longer-dated yields to their lowest in some time. That was partly driven by a weak survey print from the Philadelphia Fed, as their non-manufacturing activity index came in at -22.2 in October, which is its lowest level in 4 months. To be fair, that isn’t a release that normally gets too much attention, but given the government shutdown, investors are more focused on the data that’s still coming out. So the print added to speculation that the Fed would cut rates rapidly in the months ahead if the economy weakened, particularly given the ongoing government shutdown. And in turn, 10yr Treasury yields (-1.7bps) closed at 3.96%, which is their lowest level since October 2024, whilst the 30yr Treasury yield (-2.6bps) fell to 4.54%, its lowest level since the Liberation Day turmoil in April.

Sentiment got a bit of a boost yesterday from various trade headlines, which added to investor optimism that a tariff escalation would be avoided. For instance, Trump said at the White House that he would see President Xi in South Korea, and that “I expect to be able to make a good deal with him”. However, Trump also floated that the meeting might not happen, saying “Maybe it won’t happen. Things can happen where, for instance, maybe somebody will say, I don’t want to meet”, so that briefly pushed the S&P 500 into negative territory again. And separately, Canadian PM Mark Carney said that they were in “intensive negotiations” with the US, and it was “possible” that a trade deal could be reached ahead of the APEC summit in South Korea next week.  

The S&P 500 had traded slightly in the green for most of the day, before closing virtually unchanged (+0.003%), leaving the index just over a quarter of a percent from its record high two weeks ago. The equity moves were pretty mixed, with nearly 60% of the S&P 500 higher on the day, but the NASDAQ (-0.16%), Mag-7 (-0.31%) and the Russell 2000 (-0.49%) all fell back as value stocks outperformed. Bank stocks were among the underperformers, with the KBW Bank index (-0.37%) losing ground after rebounding the previous two sessions. And after the close, we heard from Western Alliance Bancorp, who saw a -10.81% fall in their share price last Thursday as the concerns around regional banks and private credit gathered pace. The banking group delivered an earnings and revenue beat even as it raised credit loss provisions to $80m (vs. $42.4m est.), and its share price was up +2.85% in after-hours trading. So that offered reassurance to markets after last week’s jitters, particularly after the smooth reaction to Zions Bancorp’s earnings the previous day, and S&P 500 futures are up +0.16% this morning.

In the meantime, the US government shutdown is entering day 22, which now makes this the second-longest shutdown, behind the 2018-19 shutdown that lasted for 35 days. Republican Senate Majority Leader John Thune said yesterday that Republican lawmakers were “hopeful that this will be the week we break out of this”, but there’s still no obvious sign of a compromise emerging between Republicans and Democrats. Indeed, the Polymarket odds for the end of the shutdown have continued to drift into the distance, with the chances of the shutdown lasting beyond November 16 up from 29% this time yesterday to 40% now. So that’s still impacting the usual flow of data, although we will get a delayed CPI report for September this Friday.

Over in Europe, markets put in a strong performance, and France’s CAC 40 (+0.64%) finally exceeded its record high from May 2024. That came alongside fairly broad-based gains, and the STOXX 600 (+0.21%) closed less than -0.1% beneath its own record high. Likewise, sovereign bonds rallied across the continent, with yields on 10yr bunds (-2.5bps), OATs (-2.0bps) and BTPs (-2.2bps) all moving lower. And for 10yr bunds, that took them down to 2.55%, their lowest level since June.

One exception to the global pattern of lower yields was in Canada, after their latest inflation report surprised on the upside. It showed headline CPI rising to +2.4% in September (vs +2.2% expected), whilst both the trim core and the median core measures tracked by the Bank of Canada also moved higher. So that led investors to dial back the likelihood of a rate cut next week, with markets pricing in a 73% chance by the close, down from 77% the previous day. And in turn, Canada’s 10yr government bond yield moved up +2.4bps to 3.08%, making it the only G7 country where yields moved higher yesterday.

Elsewhere, Brent crude oil prices (+0.51%) rebounded from their 5-month low on Monday to $61.32/bbl, on news that the US administration would begin refilling its Strategic Oil Reserve, starting with 1 million barrels. The oil move was also supported by more negative noise between the US and Russia, with Bloomberg reporting that the White House has no immediate plans for a Trump-Putin meeting given differences between the sides on potential ceasefire terms in Ukraine. Meanwhile, Trump himself said he did not want to have “a wasted meeting” with Putin.

Over in Japan, Sanae Takaichi became the new PM yesterday after winning a parliamentary vote. On monetary policy, she said that “I believe the BOJ should retain discretion over the tools of monetary policy”, and that she didn’t see a need to review the 2013 accord between the BOJ and the government. Against that backdrop, the yen weakened by -0.78% against the US Dollar yesterday, making it the weakest-performing G10 currency, although it’s stabilised again this morning. The Nikkei is also up +0.13% currently, leaving the index on track for another record high. And elsewhere in Asia, South Korea’s KOSPI (+0.77%) is also at a record high, although Chinese equities are struggling this morning, with the CSI 300 (-0.70%) and the Shanghai Comp (-0.44%) both losing ground.

To the day ahead now, and data releases include the UK CPI print for September, whilst central bank speakers include ECB President Lagarde and Vice President de Guindos. Otherwise, earnings releases include Tesla and IBM.

There’s new science out on creatine monohydrate that reveals it’s way more than just a performance enhancer for athletes. In fact, it’s pretty amazing for a wide variety of applications throughout all stages of life. If you already take creatine, you know it’s great for increasing muscle strength, size and performance. But did you know it even helps maintain lean tissue strength without exercise? It’s also powerful when it comes to cognition and memory – including early-stage Alzheimer’s and sleep-deprived college students. 

The Short Version

The new studies (linked directly below) found Creatine to: 

• Support muscle and function even without exercise. In studies of older adults and immobilized limbs, creatine users maintained more lean tissue and strength than non-users. One trial found older adults taking creatine for 32 weeks preserved leg-press and chest-press strength despite periods of reduced activity.

• Enhance bone strength and density. Research in aging populations shows creatine combined with resistance training can increase bone area and estimated strength, helping counter osteoporosis risk. These effects have been reported in older adults over 6–12 months of supplementation and training.

• Improve cognition and memory. Studies in healthy older adults and early-stage Alzheimer’s patients show modest improvements in memory and mental fatigue resistance after creatine loading. Other trials report better cognitive performance during sleep deprivation in young adults, suggesting creatine helps stabilize brain energy when under stress.

• Promote healthy aging. A 2025 review concluded creatine supplementation increases lean mass, regional muscle size, and functional ability in older adults – particularly when paired with exercise. It also improves glucose kinetics in some studies, suggesting a role in preventing age-related metabolic decline.

• Support women’s health across life stages. New research highlights benefits for exercise performance and fatigue resistance across the menstrual cycle. Early human studies are now investigating pregnancy applications, while postmenopausal trials indicate gains in muscle and bone similar to those seen in men.

• Aid recovery and tissue repair. In trials of patients recovering from injury or surgery, creatine supplementation reduced muscle loss and improved functional recovery. Animal and pediatric studies also suggest creatine may shorten recovery time and lessen brain damage after traumatic brain injury.

• Increase muscle strength, size, and performance –  You probably already knew this, but the new studies found that adults supplementing with 3–5 grams of creatine daily while resistance training gained significantly more strength and lean mass than placebo groups – improvements often ranging from 5–15% greater increases in performance metrics after 8–12 weeks of training.

In short, creatine is very good for you and has an outstanding safety record. (you can find the studies here, here and here)

And here it is: if you read us regularly, you know we sell creatine, which makes this report an ad – however two things: one – the findings here are legit, so please absorb the information regardless of whether you buy some, and two – the reason we sell creatine is because one of the Tylers has been taking it for decades (guess which one?) and got the rest of us hooked.

Long story short, it works well, we use it, and the stuff we sell is high-grade, Walter White-tier pure creatine at a reasonable price. The jar it comes in is pretty big and it lasts a while. Support yourself & support the site – buy some here. And if you don’t buy ours, just check it out. 

Actual product (no CGI): 

The Long Version

For decades, creatine monohydrate was considered the domain of weightlifters and athletes chasing power gains – with research confirming what most gym-goers have long observed firsthand: creatine increases strength, muscle mass, and training capacity by rapidly regenerating the body’s cellular fuel, ATP.

But a trio of new studies published in the last year (two in 2025, one in 2024) are transforming how scientists view this simple compound. Once relegated to sports nutrition, creatine is now emerging as a potential ally in healthy aging, women’s health, cognition, and disease resilience. The latest research suggests that this molecule may be less a niche performance enhancer and more a universal energy buffer for human life.

What We’ve Long Known

Creatine serves as a backup power source. Stored in muscle as phosphocreatine, it helps recycle ATP – the molecule that fuels every muscular contraction and countless cellular reactions. Supplementing with about 3–5 grams daily increases these stores, allowing for greater energy output during intense or repeated activity.

Hundreds of clinical trials confirm that creatine monohydrate boosts muscle size, strength, and recovery, particularly when combined with resistance training. It’s also among the safest supplements ever studied, earning “Generally Recognized As Safe” status from the FDA. Long-term data show no evidence of kidney or liver harm when taken at standard doses.

Timing, often debated, turns out to matter very little. Whether taken before or after exercise, creatine produces the same benefits over time. What counts most is consistency.

Myth-Busting the Basics

A 2025 review titled Common Questions and Misconceptions about Creatine Supplementation reexamined a wide range of public claims—and dispelled nearly all of them. Among its findings:

• Creatine works even without exercise, though results are stronger when training is included.

• Timing is unimportant—a steady daily dose is what maintains muscle saturation.

• Taking creatine with carbs or protein can slightly speed up uptake, but long-term outcomes are the same.

• Caffeine doesn’t cancel creatine’s effects.

• It doesn’t raise blood pressure, cause dehydration, or harm fertility.

• It may even aid recovery after surgery, injury, or concussion.

The same paper notes emerging evidence that creatine supports mental sharpness under sleep deprivation, hinting at a role for brain as well as muscle energy.

Creatine and Women’s Health: Filling the Research Gap

Until recently, most creatine research involved men, despite women being equally – if not more – frequent supplement users. A landmark review titled Creatine in Women’s Health set out to correct that imbalance.

It found that women, on average, have about 20 percent lower creatine synthesis and 30–40 percent lower dietary intake than men. Hormonal changes across the menstrual cycle, pregnancy, and menopause also affect how creatine is stored and used in tissues.

Studies now show that women experience the same strength and endurance improvements as men, but new data point to wider effects:

• Mood and cognition: Because brain cells also depend on phosphocreatine, supplementation may buffer the mood swings and fatigue associated with hormonal fluctuations.

• Pregnancy: Early research suggests creatine could help protect both mother and fetus from low-oxygen stress, though human trials remain preliminary.

• Menopause and perimenopause: As estrogen declines, women face loss of muscle, bone density, and energy. These are precisely the systems that creatine supports, making midlife women a promising- yet under-studied – group.

The review urges more work on perimenopausal women, calling it one of the most neglected areas in exercise and nutritional science.

Creatine and Healthy Aging

The third new paper, Creatine Supplementation for Older Adults and Clinical Populations, focuses on the intersection of muscle, bone, and cognitive health. Its conclusion is striking: creatine may be one of the simplest, safest, and most effective interventions for age-related decline.

Older adults who combined creatine with resistance training consistently gained more lean mass, strength, and functional mobility than those who exercised without it. Some studies even showed modest improvements in bone structure and density.

Creatine’s potential extends beyond the musculoskeletal system. Evidence suggests possible benefits for glucose regulation and memory, and a neuroprotective effect is being explored in degenerative diseases such as Alzheimer’s. One challenge is that standard oral doses don’t always raise brain creatine levels in older adults, implying that higher or longer-term regimens – or new delivery methods – may be necessary.

Importantly, the supplement’s safety record holds up even in complex medical populations. Researchers advise cautious monitoring when multiple medications are involved, as creatine can influence how the body handles certain drugs, but serious adverse events remain rare.

A Universal Energy Buffer

Across all three studies, a single theme emerges: energy. Creatine’s ability to rapidly restore ATP makes it critical for tissues with high energy demands—muscle, brain, bone, and even the heart. It’s increasingly viewed as a molecular “reserve tank” that keeps these systems running smoothly under stress, aging, or disease.

Researchers are now exploring creatine as a tool for improving recovery from trauma, supporting mitochondrial health, and enhancing cellular resilience across the lifespan.

Practical Takeaways

• Dose: 3–5 grams of creatine monohydrate daily. A short loading phase (about 20 grams per day for a week) can speed saturation but isn’t required.

• Timing: Take it any time of day; consistency is what matters.

• Synergy: Combine with resistance training for the greatest effect on muscle and bone.

• Who benefits most: Vegetarians, older adults, and women at any life stage – especially during pregnancy or menopause – are often the lowest in baseline creatine.

What’s clear is that creatine monohydrate – cheap, safe, and widely available – has evolved from an athlete’s secret weapon into a candidate for whole-body vitality.

After thirty years of study, the story of creatine is no longer just about lifting weights. It’s about lifting the limits of human energy itself.

Pick up some creatine here… and thank you for your support. You can get close to 20% off if you buy 3 at once and subscribe. 

Authored by Andrew Korybko via Substack,

Russia might still fund some less ambitious infrastructure projects in its Far East-Arctic region to keep the economy hot after the war ends, help veterans find work, and encourage settlement there…

Trump reacted positively to the proposal by Kirill Dmitriev, chief of the Russian Direct Investment Fund and envoy in ongoing negotiations with the US, to build a tunnel beneath the Bering Strait. The idea isn’t new but has recently been revived as a means of physically embodying the New Détente that their leaders aim to achieve if they’re first able to end the Ukrainian Conflict. Given its $8-65 billion cost as estimated by Dmitriev himself, however, this megaproject would have to be profitable if it’s to be built.

Therein lies the problem since Russian-US trade has always been low even before the unprecedented sanctions that were imposed after the start of the special operation. Energy and raw materials comprise the vast majority of Russian exports, but the US doesn’t need them since it already has enough of pretty much everything apart from rare earth minerals. About that, while Russia has some untapped rare earth deposits, their yields could easily be exported to the US by sea in the event of a New Détente.

Two Russian experts recently interviewed by publicly financed TASS are of a similar opinion.

According to Dmitry Zavyalov, head of the Department of Entrepreneurship and Logistics and dean of the Higher School of Economics faculty at the Plekhanov Russian University of Economics, China might be interested in this megaproject, but “the scale of the costs, their distribution among the project participants, and geopolitical risks reduce the potential benefits.”

Alexander Firanchuk, a leading researcher at the Presidential Academy’s International Laboratory for Foreign Trade Research, pointed out that “Alaska is cut off from the main US rail network, while Chukotka is thousands of kilometers of permafrost and mountains from the nearest Russian rails. Any ‘saving’ of a couple of days’ travel compared to the sea instantly vanishes against the monstrous costs of building thousands of kilometers of new tracks, bridges, and tunnels in the harshest climates on the planet.”

Nevertheless, the aforesaid infrastructure projects might also be what Dmitriev has in mind, perhaps envisaged as a Russian version of FDR’s “New Deal” for keeping the economy hot and helping veterans find work once the war ends.

Putin recently approved high-speed rail projects for connecting Moscow with major cities in European Russia, which could be employed to this end, but the tunnel proposal would help develop and settle the Far East-Arctic region per the vision that he shared in September.

Putin also proposed building a new veteran-led Russian elite last year, and some of its most aspirational members could cut their political teeth by working on these projects and then running in regional elections, after which they might rise to national renown. Among the comparatively less aspirational majority, they might be content to live out their lives in the rural Far East-Arctic region after working on projects there, especially if they were traumatized by the war and struggle to reintegrate into society.

With this insight in mind, the Bering Strait tunnel idea that Dmitriev just revived would actually be quite beneficial to Russia, but not for the reasons that many might have assumed. Even so, the total costs of this megaproject and all the associated infrastructure that would have to be built in the Far East-Arctic region would be enormous and arguably beyond the national budget’s means to fund in full, and foreign investors might not consider any of this to be profitable. The tunnel might thus remain a pipe dream.

Visual Capitalist’s Pallavi Rao ranks the 50 largest U.S. metropolitan areas by the share of adults under 30 who have a mortgage, painting a clear picture of where today’s twentysomethings can realistically afford a home.

Data for this visualization comes from LendingTree. They analyzed 32,000 anonymized fourth-quarter 2024 credit reports of adults under 30 in the 50 largest U.S. metros to create this ranking. Please see their methodology section for more details.

The American Dream is Still Within Reach In These Cities

At 9.4%, Nashville claims the highest share of under-30 mortgage holders in the country.

The Music City’s housing-price growth has slowed from its pandemic peak, and a steady influx of jobs in healthcare, tech, and entertainment is giving young workers both stable incomes and loan approval power.

Indianapolis (8.4%) and Pittsburgh (7.0%) follow, proof that mid-sized metros with diversified economies and moderate price tags remain happy hunting grounds for first-time buyers.

These leaders share several traits: median home prices well below the national average, shorter commute times that widen the geographic radius of affordable neighborhoods, and state-level programs that reduce down-payment hurdles.

ℹ️ Related: Here’s the latest median home prices by state.

Midwest Cities and South Dominate Home Affordability

Beyond the top three, the next dozen cities are heavily concentrated in the Midwest and South.

Cincinnati, Louisville, Oklahoma City, and San Antonio all break the 5% threshold.

Lower land costs and more flexible zoning keep construction pipelines open, while relatively low student-debt balances reduce the debt-to-income ratios that lenders scrutinize.

ℹ️ Related: See how Ohio, Kentucky, Texas, and Oklahoma perform on average student debt by state.

Even mid-tier Rust Belt metros such as Detroit (4.5%) and Minneapolis (4.3%) do better than larger coastal cities.

Their affordable starter-home inventories help offset slower wage growth. This illustrates that absolute price matters more than headline salary figures when it comes to qualifying for a mortgage before age 30.

Coastal State Economies Are Punishing for Home Ownership

At the other end of the spectrum stand San Jose (0.8%), New York City (1.2%), and Los Angeles (1.3%).

Sky-high property values inflate required down payments to six figures, while stricter land-use rules limit new supply and keep entry-level stock scarce.

Even Boston (1.4%) and Seattle (2.6%), cities with strong job markets, show that surging demand can overwhelm wage gains. This can and push homeownership beyond the reach of many young professionals.

ℹ️ Related: The median age of first-time home buyers in the U.S. is now 38, the oldest ever recorded.

For a broarder perspective, check out: Where Homes are Affordable in North America Voronoi, the new app from Visual Capitalist.

Authored by Rachel Roberts via The Epoch Times (emphasis ours),

The audacious theft of priceless jewels from the Louvre in Paris on Oct. 19 was called “the heist of the century” by several local newspapers, and commentators quickly drew parallels to similar headline-grabbing crimes over the years.

Questions about security arrangements at the world’s most visited museum, which attracts close to 9 million visitors per year, have been raised in the aftermath of the broad-daylight theft, along with speculation about who could be behind the crime.

As special investigators scramble to catch those involved, here’s what to know about how the heist was pulled off in mere minutes, what was stolen—and why experts fear the jewels may never be recovered.

How It Happened

Thieves wearing balaclavas broke into an upstairs gallery on the morning of Oct. 19 using a truck-mounted basket lift known as a “cherry picker” to smash an upstairs window before looting precious objects from an area that houses the French crown jewels.

The robbers struck at 9.30 a.m. local time, just half an hour after the museum opened its doors to the public, Paris prosecutor Laure Beccuau told French TV.

They pulled up on a road along the Seine River and climbed an extendable ladder on the cherry picker to break into a window of the Galerie d’Apollon building. Although the thieves didn’t carry conventional weapons, they threatened the museum’s guards with the angle grinders they used to slice through the museum’s window, according to Beccuau.

Le Monde and other French media outlets reported that there were four thieves, two of whom wore reflective yellow vests intended to make them look like construction workers. Two rode in the truck, while two were on scooters.

The gang tried unsuccessfully to set fire to the crane as they fled the scene of the crime on motorbikes.

The museum was evacuated as the alarm sounded following the smash and grab, remaining closed through Oct. 20.

What Was Stolen?

While nine objects were targeted, eight were successfully stolen. The thieves dropped the ninth, the crown of Napoleon III’s wife, Empress Eugénie, during their escape, the prosecutor said. The piece is adorned with 1,354 diamonds and 56 emeralds, according to the museum’s website.

Drouot auction house President Alexandre Giquello told Reuters that the auction house would value the crown at “several tens of millions of euros,” noting that in his opinion, it was “not the most important item” in the targeted haul.

The Culture Ministry said the eight stolen items include:

• A tiara from a sapphire jewelry set belonging to Queen Marie‑Amélie and Queen Hortense
• A necklace from the same sapphire set
• A single earring (one half of a pair) from that sapphire set
• An emerald necklace from the jewelry set of Empress Marie‑Louise (Napoleon I’s second wife)
• A pair of emerald earrings from the Marie-Louise set
• A brooch known as the “reliquary brooch”
• A tiara belonging to Empress Eugénie (wife of Napoleon III)
• A large bodice-knot brooch (corsage bow brooch) belonging to Empress Eugénie

Mystery surrounds why the thieves did not also steal the Regent diamond, which is housed in the Galerie d’Apollon and has an estimated value of more than $60 million, according to Sotheby’s.

Who Could Be Behind It?

Beccuau said in the immediate aftermath of the crime that nothing was being ruled out and that all lines of inquiry were open—although foreign interference was not among investigators’ main hypotheses.

She said it was likely that the robbery was either commissioned by a collector—in which case there was a chance of recovering the pieces in a good state—or carried out by thieves interested only in the monetary value of the jewels and precious metals.

“We’re looking at the hypothesis of organized crime,” the prosecutor said, noting that the culprits could be thieves working on spec for a buyer or seeking jewels that could be used to launder criminal proceeds.

“Nowadays, anything can be linked to drug trafficking, given the significant sums of money obtained from [this crime].”

The probe is being led by a specialized police unit with a high success rate in solving high-profile robberies, according to French Interior Minister Laurent Nuñez.

Why Wasn’t Security Tighter?

The heist has reignited a debate around funding for museums, which are far less secure than banks, despite being increasingly targeted by thieves.

Earlier this year, officials at the Louvre urgently requested funding from the French government to restore and renovate the museum’s aging exhibition halls and better protect its countless works of art.

French President Emmanuel Macron said on X that a new government plan for the Louvre announced in January “provides for strengthened security.” Despite the French president’s promise of a 700 million euro refurbishment, museum staff went on strike in June over what they said was dangerous overcrowding.

Culture Minister Rachida Dati said on a visit on Oct. 20 to the scene of the crime that the issue of museum security is not new.

“For 40 years, there was little focus on securing these major museums, and two years ago, the president of the Louvre requested a security audit from the police prefect. Why? Because museums must adapt to new forms of crime,” she said. “Today, it’s organized crime—professionals.”

Justice Minister Gérald Darmanin said the crime cast France in a “deplorable” light. Opposition politicians criticized the government for what they branded a national humiliation at a time when the country is already deep in political crisis.

Christopher Marinello, founder of Art Recovery International, an organization that specializes in recovering stolen art, said, “The Louvre is one of the most well funded museums in the world. And if they’re going to be hit, every museum is vulnerable.”

France will review the protection of cultural sites across the country and beef up security if needed, officials said on Oct. 20.

Does the Theft Surpass Previous Heists?

This is far from the first theft from the famous Parisian museum, which has been targeted many times, with some of those headline-hitting heists being made into films.

In one of the most famous and daring art thefts in history, the Mona Lisa was stolen from the museum in a 1911 theft carried out by a former employee who had knowledge of the layout and security of the building.

Read the rest here…

Measuring stress levels through hair samples could provide important clues about mental health risks in children living with chronic physical illnesses, research suggests.

“Hair cortisol offers a non-invasive, easy-to-collect biomarker that could one day be used to screen children and track whether treatments or support programs are helping to reduce stress,” study co-author Mark Ferro, a professor in the University of Waterloo’s School of Public Health Sciences, said in a press statement.

An estimated 40 percent of children in Canada live with chronic physical illnesses (CPI)—a number that has been increasing over the past decades.

As George Citroner details below for The Epoch Times, those with higher cortisol levels are more likely to develop mental health problems at rates ranging from 20 percent to 50 percent, significantly higher than the prevalence in healthy children, researchers noted.

These conditions can lead to lower quality of life, suicidal thoughts, and greater use of health care services.

Chronic Illness Linked to Mental Health Difficulties

Published this year in Stress and Health, the study tracked 244 Canadian children with chronic physical illnesses over four years. Researchers used hair cortisol, a biological marker that reflects stress over time, to measure stress levels.

The results showed that more than two-thirds of the children had consistently high cortisol levels.

When comparing these stress patterns to reports of emotional and behavioral difficulties, scientists saw that children whose cortisol levels declined showed fewer symptoms of anxiety, depression, and behavior problems than those whose levels remained high.

Why Hair Testing Matters

Unlike current screening methods that rely on behavioral assessments after problems emerge, hair cortisol testing could identify at-risk children years earlier. The hormone cortisol accumulates in hair over months, providing a long-term picture of stress levels that blood or saliva tests cannot capture.

According to researchers, this discovery could help guide prevention and treatment strategies to better support children’s well-being.

“Our findings suggest that chronically high stress, measured through hair samples, could help identify children with CPI at the highest risk for developing mental health problems. This opens the door to earlier and more targeted support,” lead study author Emma Littler, a University of Waterloo doctoral candidate in public health sciences, said in the press statement.

As hair develops, cortisol from the bloodstream and from secretions of sweat and sebaceous glands becomes embedded within the hair shaft.

Human scalp hair typically grows at a fairly consistent rate of about 1 centimeter per month, which allows a 1 centimeter segment of hair to serve as a reliable indicator of the average stress level during that month.

To create a historical record of cortisol exposure, hair is often sectioned into segments; for instance, a 3-centimeter sample can be divided into three 1-centimeter segments, each representing a separate month. In laboratory analysis, the hair sample undergoes washing to eliminate external contaminants, followed by pulverization and incubation in a solvent such as methanol to extract the cortisol.

The extracted hormone is then measured using highly sensitive techniques such as enzyme-linked immunoassay or liquid chromatography-mass spectrometry. The resulting measurement is expressed as the amount of cortisol per milligram of hair, typically in picograms per milligram.

Dr. Molly McVoy, an associate professor of psychiatry at Case Western Reserve University’s School of Medicine, who was not involved in the study, noted that anxiety and mood disorders such as depression are most commonly associated with chronic medical conditions. She pointed out that in these conditions, changes in cortisol are signs that a child is more at risk for an anxiety or mood disorder.

Warning Signs Parents Should Watch For

McVoy listed specific signs or symptoms parents should watch for in children that might indicate they’re experiencing high stress or they have mental health concerns.

“I recommend parents think about what their [kids are] supposed to [be] doing at that age,” she added. “Are they able to do it? If not, we wonder what’s getting in the way.”

For example, school-aged children who struggle to learn, make friends, or enjoy those activities—and teenagers who are not engaged with peers—may be showing warning signs of stress or mental health concerns, McVoy said.

Other warning signs include disrupted sleep patterns in children without access to devices that could keep them awake, and the inability to engage in age-appropriate activities.

How to Reduce Stress in Children

McVoy emphasized that children with chronic diseases need their lives kept as “typical” as possible, while acknowledging their different needs.

Do:

• Help them attend school regularly when possible

• Encourage participation in sports and activities they can manage

• Facilitate time with friends

• Maintain healthy sleep and physical activity routines

Don’t:

• Remove all expectations you would have for healthy children

• “Overcompensate” by making life too easy

• Treat them so differently that they feel socially separated from their peers

Parents often overcompensate in how they treat their chronically ill children, by removing all expectations they would have for a healthy child, McVoy said. However, this can make kids feel more stressed and increase feelings of social separation.