zerohedge @zerohedge

Top Overnight News

The US government is set for a shutdown tomorrow, JD Vance said, seeking to pin the blame on Democrats. Senate Minority Leader Chuck Schumer said he wouldn’t support a seven- or ten-day stopgap funding bill. The impasse has raised concerns that data releases, including Friday’s jobs report, may be delayed. BBG

Senate Minority Leader Schumer said he met with President Trump, noting “we have large differences” and adding that the decision to avoid a government shutdown lies with Republicans. Democratic Leader Jefferies said Democrats will not support a partisan Republican bill that hurts healthcare: Reuters.

Vice President Vance said he had frank talks with Democratic leadership, adding “you don’t shut government over disagreements,” but said “I think we’re headed to a shutdown because the Democrats won’t do the right thing.”: Reuters.

Punchbowl’s Sherman said that from listening to Schumer, Jeffries, and Vance, it does not sound like there was a breakthrough in the meeting, adding that a shutdown is around the corner, via Punchbowl.

House Speaker Johnson said they want to allow more time for negotiations: Reuters.

Major airlines warned that a potential government shutdown could strain US aviation and cause flight delays

Schumer said he would not accept a 7–10 day stopgap bill: Reuters.

Trump said the tariff on upholstered furniture will start at 25% and rise to 30% on Jan 1, with kitchen cabinets/bathroom vanities starting at 25% before rising to 50% (although imports from the EU and Japan will be capped at 15%, with the UK ceiling 10%). NYT

Trump’s lumber/timber tariff details aren’t as bad as feared (the rate is only 10%, and payers of that tariff won’t be subject to the “reciprocal” tax). NYT

China’s NBS PMIs for Sept are mixed, with modest upside on manufacturing (49.8 vs. the Street 49.6 and up from 49.3 in Aug) and a small miss on services (50 vs. the Street 50.2 and down from 50.3 in Aug). WSJ

Japan's factory output fell more than expected while retail sales declined for the first time in over three years in August, government data showed, heightening uncertainties about the economic outlook. Industrial production (-1.2% M/M vs. the Street -0.9%), retail sales (-1.1% M/M vs. the Street +1.2%), and housing starts (-9.8% Y/Y vs. the Street -5.2%). RTRS

Taiwan Premier Cho Jung-tai said trade talks with the US have entered “the crucial closing stages,” indicating the global chip hub is finally nearing a deal with the Trump administration. Taiwan’s trade negotiators arrived in Washington late last week for discussions with their US counterparts aimed at lowering the 20% tariff imposed on the island. BBG

Iron ore advanced after China’s state-run iron ore buyer told major steelmakers and traders in the world’s largest importer to temporarily halt purchases of all new BHP Group cargoes. BBG

The SNB made its most significant sales of the franc in more than three years in the second quarter to stem a surge caused by Trump’s tariff push. BBG

French inflation picked up on an acceleration in the services sector but remained well below the ECB’s 2% target. Consumer prices rose 1.1% in September from a year earlier. BBG

https://twitter.com/zerohedge/status/1972999530288197991

Concerned Citizen

@BGatesIsaPyscho

Pfizer CEO Albert Bourla:- “We now have an electronic tracking pill”

“We know when people have taken the Pharmaceutical Pill because it sends a signal”

Now imagine your Big Pharma sponsored Government State Mandated Medication that automatically updates to your Digital ID once you’ve taken it.

Refuse to take the pill & ‘they’ know and you will be barred from doing what they don’t want you to do.

https://twitter.com/BGatesIsaPyscho/status/1972950742651548010

Global currency trading closing in on $10 trillion a day

By Alun John and Marc Jones

LONDON (Reuters) -Global currency trading volumes soared to a record $9.6 trillion a day in April as Donald Trump's 'Liberation Day' U.S. trade tariff blitz triggered widespread market volatility, the world's most comprehensive FX market survey showed on Tuesday.

The Bank for International Settlements survey, conducted every three years, also showed that the U.S. dollar remains by far the most traded currency, and that London has consolidated its position as the world's leading FX hub, even though sterling's share of the market has taken a tumble.

The headline $9.6 trillion average daily trading for April was a 28% increase from the last time the survey was done in April 2022 - another volatile period as Russia had just launched its full-scale invasion of Ukraine.

DOLLAR DOMINANCE ENDURES AMID VOLATILITY

The BIS, which draws its data from over 50 countries, said this year's near $10 trillion daily turnover reflected "elevated trading activity amid heightened FX volatility following U.S. tariff announcements in early April 2025".

Investor uncertainty around U.S. policy has led to speculation about the dollar's status as the world's anchor currency.

The survey, however, showed no reduction in willingness to trade the currency, though this was partly due to investors responding to its fall in value.

The BIS said the dollar's depreciation led asset managers with U.S. exposure to limit further FX losses on their portfolios by selling dollar forward contracts, turnover in which was sharply higher than in 2022.

An FX forward contract locks in an exchange rate for a future date, and is often used to hedge against currency fluctuations.

YUAN'S RISE, STERLING'S FALL

The survey also showed the ongoing rise of China's yuan, which increased its share of FX trading to 8.5% from 7% in 2022.

The euro's share, meanwhile, dropped nearly two percentage points to just under 29%, while sterling's slumped to 10.2% from its average of 13% over the past three surveys.

Questions have resurfaced over the pound's standing as a reserve currency, especially amid renewed concerns about Britain's elevated debt levels.

The survey collected data from more than 1,100 banks and dealers in 52 countries.

It found FX sales desks in Britain, the United States, Singapore and Hong Kong combined accounted for 75% of total trading activity, largely in line with recent years.

Sand Console

The BIS also found that over-the-counter trading in interest rate derivatives surged to $7.9 trillion, up 59% since 2022.

Here there were signs of a move away from the dollar. Euro-denominated contracts nearly doubled to $3 trillion to account for 38% of the global total, the highest share, while trading in yen derivatives soared 684% to account for 5.2% of global turnover.

The Bank of Japan, after years of holding rates steady in negative territory, began raising rates in 2024.

https://m.piqsuite.com/reuters/global-currency-trading-closing-in-on-10-trillion-a-day-2025-09-30-13-01-46

jedimarkus77 reposted

Bloomberg @business

Massage therapist James Lakin only recently learned he could buy private company stakes — now his savings are frozen after Linqto’s bankruptcy

https://www.bloomberg.com/news/articles/2025-09-30/private-market-blowups-highlight-dangers-for-retail-investors (paywalled, unquestionably)

https://twitter.com/business/status/1973015248173965404

The Sale of CDLs by politicians is not new. It's "Standard Practice" of the political class and knows NO party lines. George Ryan was removed for being GOP, and exposing the practice, because Madigan's loyalists needed a GOP scalp after the Dem necessity of ousting Blago for trying to displace The Dem IL Machine with his own crew..::

I-Team: George Ryan's journey from governor to prison

By ABC7

–Wednesday, January 30, 2013

January 30, 2013 (CHICAGO)–

For 78-year-old Ryan, this is a story that began nearly 20-years ago.

When George Ryan was Illinois Secretary of State in 1994, a truck driver who illegally obtained his commercial license, killed six children in a blazing crash.

"The depth of the pain is indescribable," the victims' father Reverend Scott Willis said.

Four years later, Ryan was running for governor when the ABC7 ITeam revealed that the driver of the truck had bought the license through a scandal of selling commercial drivers licenses in exchange for bribes to employees of the Secretary of State's office.

"Was I involved in selling drivers' licenses to people illegally? Hell no I wasn't. Would I have tolerated it? Hell no," then Governor Ryan said in 2000.

He was convicted three years later while governor with 18 counts of federal corruption in the U.S. Department of Justice's Operation Safe Roads.

Joe Power, an attorney who represented the Willis family, spoke to them Tuesday night.

What does the family think of Ryan's release?

"Well, his day of reckoning will also come later, and it's up to him, not to them. They're praying for him. But he's the one who has to be accountable for what occurred, and it's not a question of them forgiving, ultimately there's someone upstairs who's gonna make that decision on forgiveness or not," Power said.

So far Ryan has been unsuccessful in his appeal, led by his attorney, former Illinois governor and friend, Jim Thompson.

While serving five and a half years in a federal Terre Haute, Ind. prison, Ryan's wife and brother died.

Ryan is nearly 80 years old, no longer has a state pension and says he is penniless.

"He's an old timer he'll get along," Thompson said. "He's led a long productive life. People forget sometimes apart from all the issues that led him to his conviction he was in many respects a very good governor."

Seventy-five people were prosecuted in Operation Safe Roads, including more than 30 public officials and employees.

At least nine people were killed by truckers who illegally obtained their Illinois commercial licenses.

https://abc7chicago.com/archive/8974415/