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Last Week’s Headlines

Economy & World News

• Argentine Peso Jumps 10% After Milei’s Midterm Election Win
  Javier Milei’s party captured 41% of votes in Argentina’s midterms, defeating the Peronists’ 24.5%. The decisive result boosted investor confidence, sending the peso up 10% as markets anticipate the most reform-oriented Congress in the nation’s history. Milei’s strengthened position could help him advance pro-market policies aimed at stabilizing Argentina’s fragile economy.

• Trump and Xi to Discuss Lowering China Tariffs for Fentanyl Crackdown
  President Trump and China’s Xi Jinping are preparing to negotiate a trade framework that would cut U.S. tariffs on Chinese goods in exchange for Beijing’s crackdown on fentanyl-related chemical exports. The proposal would halve existing 20% levies on Chinese imports and marks an effort to ease tensions while addressing the global opioid crisis.

• Fed Cuts Rates Again as Growth Uncertainty Looms
  The Federal Reserve reduced interest rates by another quarter point in its second consecutive meeting, aiming to offset hiring weakness and slowing economic momentum. Officials also ended the runoff of Treasury holdings, signaling a cautious shift toward easing amid uncertain data.

• Eurozone Economy Posts Modest 0.2% Growth in Q3
  Europe’s economy grew slightly faster than expected, up 0.2% in the third quarter thanks to stronger French output. The mild rebound suggests the region is avoiding recession for now but continues to face structural headwinds from energy costs and weak industrial activity.

• China Resumes U.S. Soybean Purchases
  China bought its first cargoes of U.S. soybeans this season, a move seen as a goodwill gesture ahead of trade talks between Presidents Trump and Xi. The deal could signal renewed agricultural flows as part of a broader effort to stabilize U.S.-China relations

• European Central Bank Holds Rates Steady
  The ECB kept interest rates unchanged, signaling that its easing cycle may be nearing its end. The decision follows stronger-than-expected 0.2% growth in the eurozone and a modest uptick in inflation to 2.2% in September, underscoring resilience in the European economy.

• Prince Andrew Stripped of Titles by King Charles III
  King Charles III removed all remaining royal titles from Prince Andrew and evicted him from his residence following renewed scrutiny over his association with Jeffrey Epstein. The rare move marks a final step in distancing the monarchy from the long-running scandal.

Public Markets

• Qualcomm Debuts Chip to Rival Nvidia in AI Accelerator Market
  Qualcomm launched new data-center chips designed to compete directly with Nvidia’s AI accelerators. The move marks the mobile chipmaker’s entrance into one of tech’s fastest-growing segments as it seeks to diversify revenue beyond smartphones.

• Nvidia to Invest $1 Billion in Nokia for AI Networking Push
  Nvidia will acquire 2.9% of Nokia through a $1 billion equity investment at $6.01 per share. The partnership aims to integrate Nvidia’s chips into Nokia’s data-center and 5G/6G networking software, signaling Nvidia’s expansion into telecom AI infrastructure.

• Microsoft to Get 27% of OpenAI, Access to AI Models Until 2032
  Microsoft finalized a deal granting it 27% ownership of OpenAI. A stake worth $135 billion and exclusive access to AI models through 2032. The long-term partnership cements Microsoft’s dominance in enterprise AI and extends its integration across Azure and Office products.

• Alphabet Surpasses $100B in Quarterly Revenue for First Time
  Alphabet’s quarterly revenue hit $102.35 billion, beating estimates. Strong performance from its cloud division — up 34% — drove results, though the company raised its capital expenditure forecast to as high as $93 billion for 2025.

• Microsoft Shares Slip Despite Earnings Beat
  Microsoft reported strong revenue and profit growth, with its Azure cloud business expanding 40%. However, shares fell nearly 4% as the company forecast higher spending, signaling a reinvestment cycle to maintain AI leadership.

• Chipotle Shares Drop 13% on Slower Sales Outlook
  Chipotle stock tumbled after the restaurant chain cut its sales outlook, citing weaker spending from younger diners and slowing traffic. The company still met profit estimates but expects same-store sales to decline slightly through year-end.

• Amazon Raises Spending Forecast to $125B After Earnings Beat
  Amazon reported third-quarter earnings that topped expectations, with AWS revenue climbing 20% to $33 billion — its strongest pace since 2022. The company boosted its full-year spending forecast to $125 billion, signaling a continued push into infrastructure and AI capacity.

• Netflix Announces 10-for-1 Stock Split
  Netflix will split its stock 10-for-1, making shares more accessible to retail investors while keeping fundamentals unchanged. The move comes after the stock topped $1,000, placing it among the S&P 500’s most expensive shares.

• Fiserv’s $30B Wipeout Follows Client Revolt Over Fees
  Fintech giant Fiserv lost roughly $30 billion in market value amid client backlash over rising fees. New CEO Mike Lyons faces pressure to restore confidence after a wave of customer frustration and potential account migrations.

Real Estate & Private Equity

• Huntington Bancshares to Acquire Cadence Bank for $7.4 Billion
  Huntington Bancshares will buy Cadence Bank in an all-stock deal valuing the Mississippi-based lender at $7.4 billion. The acquisition broadens Huntington’s reach across southern and southeastern U.S. markets, signaling continued regional bank consolidation amid a crowded finance sector.

• Bending Spoons to Acquire AOL for $1.5 Billion
  Italian tech firm Bending Spoons — known for apps like Evernote and Splice — agreed to acquire AOL from Yahoo for $1.5 billion. The deal, backed by $2.8 billion in financing from major banks including Goldman Sachs and JPMorgan, will close by the end of 2025, marking a rare European-led acquisition of a legacy U.S. internet brand.

• Boeing Takes $4.9B Charge, Delays 777X Jet to 2027
  Boeing announced a $4.9 billion charge as it pushed back the debut of its 777X jet to 2027, citing program costs and certification delays. The setback underscores ongoing challenges in Boeing’s recovery despite strong aircraft demand.

• Novo and Pfizer Battle Over $6.5B Metsera Deal
  Novo Nordisk and Pfizer are in a bidding war for U.S. drugmaker Metsera Inc., targeting its promising obesity treatment. Novo’s unsolicited $6.5 billion offer seeks to top Pfizer’s earlier agreement, intensifying competition in one of pharma’s fastest-growing categories.

• Buffett’s Berkshire Hathaway Cash Pile Hits $382B
  Berkshire Hathaway’s cash reserves climbed to a record $381.7 billion, fueled by strong insurance profits and lower disaster losses. Operating earnings rose 34%, while Buffett sold $6.1 billion in equities during the quarter, positioning the conglomerate for future acquisitions.

M&A, IPO’s, Bankruptcies

• Amazon to Announce Largest Layoffs in Company History
  Amazon plans its biggest corporate layoffs ever, cutting thousands of jobs starting Tuesday. The reductions follow rolling layoffs since 2022 that have already eliminated 27,000 positions as the company focuses on efficiency and profitability.

• Paramount to Cut 1,000 Jobs in First Round of Layoffs
  Paramount Skydance will eliminate 1,000 positions this week as part of a larger restructuring to stabilize its balance sheet and prepare for strategic options amid mounting streaming competition.

• Cigna to End Drug Rebates in Private Health Plans by 2027
  Cigna Group will abolish prescription drug rebates from its commercial plans in 2027, shifting toward a rebate-free pricing model. The policy change aims to increase transparency but faces political scrutiny as a major departure from industry practice.

• Gmail Passwords Exposed in 183 Million-Account Data Breach
  A massive dataset of 183 million email passwords, including millions of Gmail accounts found in a public database. Google denies its systems were breached, citing the data came from malware-infected devices and previous leaks compiled by hackers.

• GM to Lay Off 5,500 Workers as EV Demand Cools
  General Motors will cut 5,500 jobs across plants in Michigan, Ohio, and Tennessee after slower EV sales and policy changes under President Trump’s removal of the $7,500 federal EV credit. It’s GM’s third round of layoffs in five days, signaling pressure across the EV supply chain.

• Nvidia and General Atomics Unveil AI-Powered Fusion Reactor Model
  Nvidia and General Atomics introduced an AI “digital twin” for fusion reactors, allowing scientists to simulate plasma behavior 10x faster. The collaboration marks a leap in fusion research, positioning Nvidia deeper in scientific and clean-energy computing.

• European Central Bank Signals End of Easing Cycle
  While not a merger headline, the ECB’s decision reverberated across financial markets, particularly banking and insurance M&A activity, as higher-for-longer rates stabilize valuations and temper speculative dealmaking.