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Market commentary from the trading desk: trading and sales heads on flows and positioning in programs such as Goldman Sachs' The Markets, plus ZeroHedge's relays of desk market color (relays are leads only).
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Micron's Taiwan union plans to strike on Thursday over pay, pressuring the company to improve its profit-sharing offer. Micron has around 1,500 employees in Taiwan, producing DRAM and high-bandwidth memory chips for AI servers. The Taiwan facility is a key manufacturing hub for Micron's memory chips.
Read originalBolivia's proven natural gas reserves have fallen to 3.7 trillion cubic feet, and exports have dropped by nearly 60% over the past decade. Natural gas accounts for about 70% of the country's power generation. Long-term underinvestment in the sector, combined with dwindling reserves, has triggered severe fuel shortages and economic turmoil. In September, the country's congress approved a $1.9 billion loan from the IMF, which was cleared by the IMF's executive board on October 2. The program requires Bolivia to cut fuel subsidies and significantly reduce public spending, and is expected to unlock up to $4 billion in additional financing from institutions such as the World Bank.
Read originalAccording to Bloomberg, citing data from the Japan Electric Power Exchange, national electricity prices in Japan rose more than 25% on Monday from the previous week, reaching $0.19 (JPY 31.15) per kilowatt-hour. Spot LNG prices for December delivery in Northeast Asia averaged $29.30 per million British thermal units, the highest level since December 2022. Newcastle coal futures are up 30% from pre-war levels. Japan shifted to coal-fired power generation this summer due to high LNG prices, and some power plants are undergoing maintenance ahead of winter, further driving up electricity costs.
Read originalIn an overnight report, Canaccord's Critical Minerals team noted that despite strong rare earth market fundamentals—including rising NdPr prices and high premiums paid by Western buyers—rare earth stocks have underperformed, showing a disconnect from fundamentals. Year-to-date, NdPr prices outside China have risen 23%, while rare earth producers tracked by Canaccord have fallen an average of 28%, and developers have dropped 17%. The report argues that recent stock performance has been driven more by global macro factors than by supply and demand fundamentals in the rare earth market itself.
Read originalSpaceX released its second quarterly earnings report since going public, posting revenue of $14.58 billion and net income of $4.4 billion—both well above Wall Street expectations. Its shares rose about 5% in after-hours trading. On the earnings call, Elon Musk confirmed that both SpaceX and Tesla have formed special committees to discuss a merger, noting that the combination offers significant value, but also cautioning that markets may be overestimating the certainty of a deal.
Read originalAccording to ABC and The New York Times, U.S.-Russia negotiations have entered a final stage, with a deal expected to release several American citizens detained by Russia, including Stephen Hubbard, a 72-year-old retired teacher whom the U.S. State Department has determined was wrongfully detained. U.S. presidential envoy Steve Witkoff is set to arrive in Moscow on Wednesday to brief Russian officials on the outcomes of recent talks in Oslo with Ukrainian President Volodymyr Zelenskyy.
Read originalZeroHedge relays the updated S-1 draft of Anthropic reviewed by The Wall Street Journal: H1 2026 revenue was approximately $16.3 billion, with a net loss of $80.7 billion, of which about $72 billion was a non-cash loss from fair value remeasurement of convertible instruments; excluding this, operating loss was approximately $8.7 billion.
Read originalIran denied reports through its news agency that a U.S.-Iran deal was "close," stating that negotiations are ongoing. This follows a "compromise proposal" from Qatar and Pakistan that addressed both sides' demands, which had caused oil prices to fall; prices rebounded after Iran's denial. Iran's Islamic Revolutionary Guard Corps claimed it detonated mines in the southern Strait of Hormuz, causing two violating oil tankers to catch fire and be intercepted.
Read originalCME Group plans to launch the world's first tungsten futures contracts, with trading expected to begin in early Q1 2027, pending regulatory approval. The contracts will be settled against Fastmarkets' Western ammonium paratungstate (APT) benchmark price, introducing an exchange-based forward pricing mechanism to a tungsten market currently reliant on spot pricing. After China implemented export restrictions in early 2025, the Western APT benchmark price once surged to $3,000 per tonne, and has since fallen back to around $2,775 per tonne.
Read originalSpaceX (SPCX) will release its second quarterly earnings report since going public after today's close. Deutsche Bank expects Q3 revenue of $12.6 billion, EBITDA exceeding $6.6 billion, with AI cloud hosting contributing nearly $6 billion in revenue.
Read originalCredit markets have remained resilient even as rates have risen and investors have scrutinized the outlook for AI, Alex Finston, co-head of U.S. and Asia credit trading within Global Banking & Markets, said on The Markets podcast. Finston said that historically, as long as rates rise in an orderly fashion, investors often see higher bond yields as an opportunity. He also shared his views on high-quality AI credit, portfolio hedging and municipal bonds.
Read originalHedge funds are holding equities at historically low levels in their long-short strategies amid continued volatility in rates and oil, Mark Wilson, head of European equities franchise sales and hedge funds, said. He also pointed to opportunities in European defense and energy independence, and discussed big tech, German government spending beneficiaries and the outlook for U.S. third-quarter earnings on the podcast.
Read originalAI stock trades are evolving as investor interest shifts from semiconductor makers and companies that benefit from AI capital spending to those that help businesses implement AI and develop commercial AI agents, Peter Callahan, U.S. TMT specialist within Global Banking & Markets, said on The Markets podcast. He also discussed the impact of rising rates on tech stocks, the divergence among software companies and the outlook for semiconductors. Recorded September 30, 2026.
Read originalThe bond market could be the biggest risk to further equity gains after U.S. 10-year Treasury yields rose this week to their highest level since 2007, Tony Pasquariello, global head of hedge fund coverage within Global Banking & Markets, said. He also said that shorting bonds can be an effective hedge for equities, that S&P 500 earnings growth remains strong but will likely moderate, and that Japan's TOPIX offers opportunities amid shareholder reform and government spending on defense and industrialization.
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