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Top Overnight News

Chinese and US trade negotiators struck a slew of agreements on issues spanning tariffs and shipping fees to fentanyl and export controls. Donald Trump said he’ll have a great talk with Xi Jinping later this week as his visit to Asia continued. BBG

Argentine President Milei’s libertarian party has won a big victory in midterm legislative elections, giving his free-market reform drive fresh impetus after a financial market crisis threatened to derail it. Milei’s La Libertad Avanza party garnered 40.7% against 31.7% for the Peronist opposition alliance with 98% of the vote counted. FT

President Donald Trump said a decision on the next Federal Reserve chair might be made by the end of the year. The pool of candidates has been narrowed to five, including Trump's aide Kevin Hassett, former Fed Governor Kevin Warsh, current Fed Governor Christopher Waller, Fed Vice Chair for Supervision Michelle Bowman and BlackRock executive Rick Rieder. RTRS

American employers are increasingly making the calculation that they can keep the size of their teams flat—or shrink through layoffs—without harming their businesses. Part of that thinking is the belief that artificial intelligence will be used to pick up some of the slack and automate more processes. WSJ

Mark Carney said Canada is ready to resume talks, but Trump ruled out meeting him for a while. Brazil’s Lula da Silva said he had a “surprisingly good” meeting with the US president, and predicted a “definitive solution” within days. BBG

Apartment rents nationally are advancing at their slowest pace in years, thanks to the glut of new units that has taken longer than expected to absorb. More recently, job concerns among young people are posing a new threat to the rental market. The U.S. unemployment rate for people aged 20 to 24 was 9.2% in August, more than double the overall rate. WSJ

China’s industrial profits rose sharply in September, extending momentum from a stronger-than-expected increase in August. Industrial profits rose 21.6% from a year earlier in September, following a 20.4% rise in August that ended a three-month run of declines. WSJ

South Korea’s President Lee Jae Myung warned its property market is a bubble that’s about to burst as he backed the central bank decision to hold rates.BBG

French lawmakers didn’t vote on a Socialist proposal for a wealth tax Saturday, delaying a possible compromise in a budget debate. French assets wavered after Moody’s cut the country’s credit outlook to negative. BBG

After 2 straight weeks of selling, HFs reversed course and net bought US equities this week, driven by short covers in Macro Products and to a lesser extent long buys in Single Stocks – nearly all of the ETF shorts raised last week (+6.1%) were covered this week (-5.9%). GS PB

Fed proposed changes to boost bank stress test transparency on Friday, with the Fed to disclose and solicit feedback on stress test models and scenarios for the first time under the new proposal. Fed Vice Chair for Supervision Bowman said the changes would improve bank capital planning, while Fed's Barr objected to the proposed changes and warned that it would weaken the test and lower bank capital.

https://x.com/zerohedge/status/1982784020254445703

https://x.com/kmcnam1/status/1982339327578501272

Wall Street Apes

@WallStreetApes

Here’s how Gavin Newsom steals California elections

San Joaquin County Sheriff says voting records show people from outside the country vote in California elections, including Pakistan

“The online voter registration system, it seems to be an honor system — You're able to register and cast a vote if you don't live in the country”

“Anybody can put information in there. To register to vote, all you have to do is click a box and say that you're not lying, and then you'll get an email from the Secretary of State or something in the mail saying thank you for registering to vote, and there you are.

Once you're on the voter rolls, anytime an election comes around, guess what. You get mailed a ballot

You get mailed something to vote. So we found that a little bit problematic.”

He says people from other counties always vote across county lines

Gavin Newsom’s Prop 50 Redistricting is going to be rigged

https://x.com/WallStreetApes/status/1982764213790507223

>>675dc5

Pretty weak sauce from the Klownie off of Team Vati's bench

Ancient Egyptians mastered arsenical bronze on Elephantine Island 4,000 years ago

https://archaeologymag.com/2025/10/ancient-egyptians-mastered-arsenical-bronze/

Professors’ study disputes long-standing claim conservatives are more rigid thinkers

A group of professors from several universities recently published a study challenging the long-standing claim in psychology that conservatives are less likely to change their beliefs.

The study, titled “An adversarial collaboration on the rigidity-of-the-right” and published in the journal Political Psychology, argues that much of the previous scientific literature on the subject is “discordant.”

It found that “broad claims about strong associations between ideology and belief updating are likely unwarranted.”

The “rigidity-of-the-right hypothesis” states that “conservatism stems from rigid, inflexible thinking and needs for certainty that coalesce to form an authoritarian ‘syndrome’ that exists predominantly among conservatives,” according to the study’s introduction.

https://www.thecollegefix.com/professors-study-disputes-long-standing-claim-conservatives-are-more-rigid-thinkers/