Private credit turmoil eases as investor withdrawals slow
Turmoil in private credit is easing as redemption requests from retail investors decline. Market participants caution that it is still too early to say the market has reached its bottom.
Turmoil in private credit is easing as redemption requests from retail investors decline. Market participants caution that it is still too early to say the market has reached its bottom.
Nicaragua has granted Chinese mining companies dozens of concessions covering about a tenth of its territory. The deals deepen Beijing’s strategic foothold in Central America as it competes with the US for influence in the region.
An FT analysis says institutional investors are being blamed for soaring housing costs, putting private equity in the crosshairs of US midterm election campaigns.
Ukraine’s public debt rose by about $4–5 billion over the past month to approximately $223 billion by the end of September, according to TASS calculations based on Finance Ministry data. The ministry projects debt will reach about $240 billion by the end of 2026 and at least $290 billion by the end of 2027. Kyiv is also seeking an additional $27 billion from the EU for military spending.
Asia-Pacific property markets are expected to remain attractive despite increased monetary-policy uncertainty following the US Federal Reserve’s first rate increase in more than three years this month. Analysts say several asset classes and sectors could attract investors, while cross-border volumes in the region have risen about 30 per cent so far.

Crypto projects spent about $638 million on token buybacks through late August 2026, a record led by Hyperliquid and Pump.fun. SEC corporation-finance staff said a buyback announcement for a non-security token on a functional network is outside the Howey test’s essential-managerial-efforts promise, while warning that younger projects may invite investment-contract scrutiny by marketing buybacks as returns.

China and the United States said they agreed to reduce tariffs on $30 billion worth of U.S. goods and begin an artificial intelligence dialogue following President Xi Jinping’s visit to Washington.
Heathrow Airport said on Saturday that the opening of its planned third runway could be pushed back to 2039.
Minivan sales are increasing in the US as drivers look for ways to cut fuel costs. Hybrid minivans use less fuel than SUVs while still providing ample room.
The Federal Reserve’s proposed rules would give supervised payment stablecoin issuers 24 hours to report a reserve shortfall and submit a recovery plan. If the gap remains, they must begin liquidating reserves and redeeming tokens by 5 p.m. the next business day—often within 48 hours. The proposal also allows minting during the rescue window, to avoid signaling distress on public blockchains.


The Federal Reserve’s proposed framework would tie a payment stablecoin issuer’s baseline operational-risk capital charge directly to coins outstanding. A hypothetical supervised issuer with $1 billion in circulation and no non-reserve revenue would face a $20 million baseline charge, while also needing reserves equal to the coins’ par value. The OCC has proposed a different, business-specific approach.
The British government said on Saturday that it will confirm its new equity loan programme, called “Your First Home,” in next month’s budget.
Switzerland’s finance minister said UBS was unlikely to leave its Swiss base after the upper house of parliament voted this week in favor of tougher capital requirements.
Bitcoin ETFs attracted $2.4 billion in one week, their largest inflow since October, pushing year-to-date net flows back into positive territory. Two months earlier, the funds were about $5.8 billion in the red for the year.

Tether was once fined by Washington for misleading claims about the dollars backing its tokens. Now its heavy purchases of US government debt have made it politically valuable: the company says USDT held more than 60% of the stablecoin market at the end of June, while Tether directly held $114.96 billion in Treasury bills.

MAXYZ, a group of former Balancer contributors, is seeking up to 6 million non-circulating BAL to seed a successor protocol. If the tokens reach eligible holders before the proposed wind-down snapshot, the remaining treasury would be divided among more BAL, lowering illustrative redemption values. A potential future fork allocation is conditional and has no realized value today.

A federal appeals court ruled Friday that Kalshi had not adequately demonstrated that its sports event contracts qualify as swaps under the Commodity Exchange Act. The decision deepens a split among appeals courts over sports betting laws in Ohio and Tennessee.

Ethiopia is advancing a $660 million, 120-kilometer fuel pipeline linking Djibouti’s Damerjog petroleum hub with Dewele in Ethiopia’s Somali Region. Developed by Ethiopian Investment Holdings and the Dangote Group, the project will include storage at both ends and initially carry jet fuel, diesel and petrol. It is expected to be completed within two years.

Matthews Asia portfolio manager Andrew Mattock presents an investment strategy centered on the world’s second-largest economy for investors seeking greater exposure to artificial intelligence.

With the US alcohol industry facing a gloomy environment, Aperol’s parent company hopes a brightly colored aperitif imported from Italy will attract drinkers.
Concerns about affordability are helping drive a resurgence in minivans, long regarded as the least cool category of vehicle.
Kraken parent Payward is betting billions on evolving beyond a crypto exchange into financial infrastructure. Co-CEO Arjun Sethi said the company is bringing trading, payments, asset management and institutional services together on shared rails.

The Regula has made 18 trips to Cuba this year. It is part of a flotilla of at least 45 vessels carrying increasing amounts of cargo from the US to the island, including gasoline, food, cars and solar panels, despite Trump’s blockade.
Diamond prices are falling to record lows, prompting investors and others to question whether the gemstones are losing their appeal amid excess supply and the rise of lab-grown alternatives.

Analysts told CoinDesk that the five-year agreement could expand USDC’s reach in emerging markets, although Tether’s liquidity advantage remains difficult to overcome.

Cash accounted for only 8% of UK payments in 2025, down from 58% in 2009, yet the value of banknotes on the Bank of England’s balance sheet nearly doubled to £99 billion. The article argues that people still value cash as an immediately usable fallback when digital payments fail, while also offering greater privacy and independence from financial institutions.

Talks between Xi Jinping and Donald Trump produced a plan for reciprocal tariff relief covering $30 billion in goods.

Chinese President Xi Jinping and US President Donald Trump agreed during Xi’s visit to the United States to support each other in successfully hosting the informal APEC leaders’ meeting and G20 summits. Both leaders said they intended to attend events organized by the other side, Xinhua reported.
A White House fact sheet says Donald Trump advocated trilateral arms control negotiations among the United States, Russia and China while hosting Chinese President Xi Jinping in Washington. The leaders also discussed global concerns involving Russia, North Korea and Iran, agreeing that Iran must never obtain a nuclear weapon and that no country or institution may impose tolls on international waterways.

Chinese President Xi Jinping returned to Beijing on Saturday afternoon after completing his state visit to the United States. His entourage, including Peng Liyuan, Cai Qi, Wang Yi and He Lifeng, traveled back on the same flight.
The summit’s scale and glitter might suggest that US-China relations are thriving. But diplomacy without substance can also signal grave danger, as the history of the 1930s demonstrates.
The Washington summit was marked by elaborate pageantry and a panda announcement, but produced few concrete outcomes.
Chinese leader Xi Jinping has concluded a three-day visit to the United States that included tea at the White House and a tour of the National Archives. CNN’s Alayna Treene breaks down his visit with President Trump.
Chinese President Xi Jinping concluded his state visit to the United States on Friday. Senior U.S. officials saw him off at the airport in Washington, where a 21-gun salute was fired. The visit began Wednesday and was his first state visit to the U.S. in 11 years.
Chinese President Xi Jinping and U.S. President Donald Trump agreed during a White House tea chat to build a constructive relationship of strategic stability grounded in respect, fairness and reciprocity. They also cited mutually beneficial economic and trade outcomes and pledged to guide bilateral ties together.

As Chinese President Xi Jinping and Donald Trump meet at the White House, nearby economists are assessing tariffs, trade imbalances and the wider economic relationship between the two largest economies, while considering possible ways forward for both countries and the global economy.

With nearly 130 world leaders gathered at the UN, international organizations and business leaders are watching the Xi-Trump meeting closely. They hope U.S.-China cooperation can help tackle global security concerns, supply chain disruptions, artificial intelligence and climate change.
A new study found that online lenders were more likely than brick-and-mortar counterparts to approve mortgages in areas at high risk of wildfires, while also offering better interest rates.
Brazilian digital bank Nubank is in early discussions with British digital bank Monzo over a possible combination that could value Monzo at between £8 billion and £10 billion, Sky News reported on Saturday.
UK fintech Monzo is discussing a possible sale with Brazil’s Nubank and is also in talks with private equity firms about selling a significant stake in the business.
China and the United States concluded their eighth round of economic and trade consultations in New York, reaching agreements on tariff arrangements and trade and investment cooperation. They also held their first artificial intelligence dialogue under the bilateral consultation mechanism.

Overseas investors bought more than $940bn of US equities in the year to July, as the S&P 500 posted strong gains. The record inflows coincided with waning demand for debt.
Swiss luxury watchmaker Audemars Piguet says its bold Royal Pop collaboration with Swatch has driven record sales and engagement, despite a downturn in luxury watches and the impact of tariffs.

Model ships and small vessel prototypes line the Development Center for Ship Technology and Transport Systems in Duisburg, Germany. Some could eventually operate on the Rhine, one of Europe’s busiest waterways, as companies adapt to persistently low water levels and a new climate normal.
China and the United States agreed on a reciprocal tariff-reduction arrangement worth $30 billion and will begin dialogue on artificial intelligence under an eight-point consensus reached during Chinese President Xi Jinping’s visit to the US, Xinhua reported.
Delivering low-cost clean energy to consumers will require a fundamental rethink of power grids, not just cheaper renewable generation.
Euractiv columnist Thomas Moller-Nielsen questioned Kyiv’s claim that Ukraine faces a $27 billion budget deficit and needs more funding. He noted that earlier warnings Ukraine would run out of money in April proved unfounded, and concluded that the latest demands are politically rather than economically motivated.
Disrupted oil exports, costlier imports and a weaker dinar are exposing Iraq’s dependence on oil and foreign goods. Prime Minister Ali al-Zaidi says the war has cost Iraq about $60bn in oil revenue after around 90 percent of exports were temporarily blocked through usual Gulf routes. Shipping disruption has also delayed supplies, raised transport costs and pushed imported-goods prices up by 25 to 30 percent.

French Cognac producers are facing declining sales as trade disputes involving China and the US squeeze the export-dependent industry. Growers are seeking support from the EU.
The European Banking Authority has asked the European Commission to assess possible MiCA changes covering crypto firms that connect customers with DeFi lending. Its proposals include rules for intermediated borrowing, disclosures, leverage and consumer safeguards, but do not change current law. The Commission’s consultation closes September 30.

EVs make up more than 95% of new car registrations in Norway, the highest proportion worldwide. Roughly one in four newly registered electric vehicles comes from brands that are wholly or partly Chinese-owned.
Apax is nearing an agreement to buy Warburg Pincus’s stake in the €6.5bn telecoms group Odido. The deal would come after the private equity owners shelved plans to list the Dutch operator because of market instability.
People who once warned repeatedly about climate catastrophe are now dreading a blowout in sovereign debt, while continuing to make the same criticisms and arguments.
Canadian crude shipments are skipping a stop off California and traveling directly to Asia as soaring freight rates make the detour less economical. Oil producers are also seeking to reduce their reliance on the US amid an ongoing trade war.
Moody’s downgraded Botswana’s long-term issuer ratings for both domestic and foreign currency to Baa2 from Baa1 on Friday, citing an expected deterioration in the country’s public finances.
Treasury Secretary Scott Bessent said his latest meeting with Japanese Finance Minister Satsuki Katayama included a discussion about the “desirability” of a strong yen.
Apollo Global Management’s Torsten Slok warned that record diesel prices could create a larger inflation threat than the Federal Reserve recognizes, as fuel costs feed into the core consumer price index.
Millennium Management’s latest capital raise drew billions of dollars more in demand than the firm could accept, signaling surging interest in the largest multistrategy hedge funds.
Pacific Investment Management Co. is facing severe losses on a commercial mortgage-backed security linked to a two-tower office complex in downtown Philadelphia after the property suffered an 85% writedown.
Citadel is growing its quantitative investing operation and expanding its talent search to artificial-intelligence labs as hedge funds compete with Silicon Valley for researchers.
China is the world’s largest soybean importer, prompting producers to compete for access to its huge market. Jim Sutter, CEO of the U.S. Soybean Export Council, explains the competition.

A Bitcoin address transferred 4,499.99987779 BTC on Sept. 25 to a single destination, worth an estimated $379 million to $382 million at the time. The coins had been largely dormant for more than four years, but the on-chain move does not show a sale, exchange deposit or change in beneficial ownership. The full output remained unspent at the time of the check.

SEC Commissioner Hester Peirce, sometimes called “Crypto Mom,” will leave the agency on Oct. 2. Her long-anticipated departure was announced as the SEC released its latest crypto-related work.

During U.S. President Donald Trump’s visit to Beijing, President Xi Jinping and senior Chinese officials attended a state dinner that also attracted some of America’s wealthiest and most powerful business leaders, all competing for access to China’s huge market. Former Assistant U.S. Trade Representative for China Jeff Moon explains the significance.

Energy experts warn that a US diesel export ban could raise fuel costs at home and abroad. Prices have reached $6.50 a gallon as tensions involving the US and Iran and the Russia-Ukraine war disrupt trade routes, prompting the Trump administration and Republican lawmakers to consider export restrictions before the midterm elections.

A panel of the Sixth Circuit Court of Appeals ruled that sports-related event contracts offered by prediction markets are not swaps. As a result, they fall outside federal regulatory oversight but remain subject to state regulations.

Bitcoin is holding near $84,000 despite a historic selloff in U.S. Treasurys that pushed the 10-year yield to 5.22% and the 30-year yield to a fresh 22-year high. Higher risk-free returns and financing costs are raising pressure on Bitcoin and other risk assets, but crypto has so far absorbed the bond rout relatively calmly.

Bond markets endured a turbulent week, with yields around the world climbing to their highest levels in decades. Volatility rose at its fastest pace in more than a year, prompting concern that the turmoil could spill over into stocks.
Oura’s initial public offering, which could raise as much as $2.2 billion, has attracted roughly four times more orders than the number of shares available, according to people familiar with the matter.
U.S. President Donald Trump is seeking to reduce Canada’s control over potash supplies by turning to alternative imports from Belarus, but the move exposes a critical vulnerability in American agriculture. The analysis explains why U.S. farmers rely so heavily on Saskatchewan’s potash reserves and why depending on a Russian ally may be easier said than done.
Coca-Cola has hired Rob Gehring from Monster Beverage to run its North American operations.

Mortgage rates have climbed above 7.45% for the first time in years, as inflation, government spending and a strong economy contribute to a housing crunch.

SEC staff said that promoting a network’s current uses generally would not create an expectation of profit, as the agency’s crypto FAQ covers token buybacks, network upgrades and promises of profit.

Insurance firm TFP Group, better known as the Fidelis Partnership, filed on Friday for an initial public offering in the United States.
The president of Los Angeles Customs Brokers and Freight Forwarders says cooperation between China and the United States can help businesses move goods.

Joseph Baratta, one of Blackstone’s highest-paid employees, plans to leave the group after nearly three decades, potentially to move into public service.
The Blockchain Association is set for a leadership change after a lengthy congressional battle over the crypto Clarity Act fizzled. Summer Mersinger will leave, and the trade group will again be led by its original CEO, Kristin Smith.


The Blockchain Association is changing its leadership, with CEO Summer Mersinger scheduled to leave next month and Kristin Smith set to return as interim CEO.
Investors say rising bond yields and borrowing costs have so far shown no sign of slowing activity in the world’s biggest economy, despite the sharp increase in financing costs.
US consumer sentiment dropped to its second-lowest recorded level in September, with elevated gas prices further worsening Americans’ perceptions of the economy.
Russian stocks ended Friday’s session lower, according to Moscow Exchange data. The MOEX Russia Index fell 1.66% to 2,273.87 points, while the RTS Index declined 1.01% to 849.31 points. The yuan slipped nine kopecks to 12.51 rubles.
Russian President Vladimir Putin said trade turnover between Russia and China currently stands at $240 billion and continues to grow. He added that the two countries have several important areas for further development.
Mike Khouw says Meta’s strong hardware funnel and an options market offering attractive short-term premiums leave the stock positioned for a powerful breakout into 2027.

Shareholders of British automotive software company Pinewood Technologies approved on Friday a £545 million ($721.14 million) take-private deal led by U.S. private equity firm Ridgeview Partners.
SK Hynix’s U.S. subsidiary Solidigm is considering an initial public offering as early as next year that could value the unit at up to $150 billion, according to three people familiar with the matter.
Saudi crude exports have reached their highest level since the Iran war began, even as a pipeline outage persists. Exports are rising despite escalating attacks on Saudi infrastructure by Iran-backed militants in Yemen and Iraq.

As the average price of regular gasoline climbs more than $1.50 since the war with Iran began, Americans are struggling with the record increase. GasBuddy’s Patrick De Haan offers his outlook for gas prices over the coming week.

EU countries have injected more than 46 billion cubic meters of gas into underground storage since the 2026 summer season began in April. Facilities were 70.35% full on September 23, below the five-year average and last year’s level, while at least 68 bcm must be injected to meet the 2026–2027 filling standard.
KoBold Metals’ top executive said Western mining companies could match China’s pace in developing critical-minerals projects in Africa without lowering compliance standards, provided governments streamline approvals and improve coordination among regulators.
Port Alliance handled 29.24 million tons of export cargo in the first eight months of 2026, up 13% year on year. China, India and Turkey made up two-thirds of the group’s exports, with China leading thermal coal shipments at 10.8 million tons, or 37% of the total.
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