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U.S. companies announced the most October job cuts in more than two decades, Saudi Arabia trimmed December crude prices for Asia, and a push emerged to secure Taiwan’s seat at next year’s APEC summit.

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U.S.-based employers announced more than 150,000 job cuts in October, the highest for that month in over 20 years, according to new data. Cuts spanned tech, media, and corporate services.

The report follows months of cooling hiring and signals a tougher season for discretionary spending.

Companies cited AI adoption, slowing demand, and cost control as drivers.

Why it matters: Sharp layoff announcements often precede weaker hiring and softer consumption, shaping rate-cut expectations and holiday sales.

Saudi Aramco reduced December official selling prices to Asian buyers, aligning with ample supply after recent OPEC+ output increases, per pricing guidance. Flagship Arab Light fell to $1 over Oman/Dubai.

The adjustment follows a multi-month easing in spot premiums and concerns about demand. Other grades saw reductions of roughly $1–$1.40 a barrel.

Why it matters: Cheaper crude can relieve inflation but also telegraphs weaker industrial and travel demand heading into winter.

Washington urged “full and equal participation” for Taiwan at next year’s APEC meeting hosted by China after Taipei reported added conditions on its attendance, according to fresh statements. The issue spotlights cross-strait tensions.

Taiwan participates in APEC as “Chinese Taipei,” a longstanding compromise that Beijing seeks to narrow. The discussion comes amid higher military pressure around the island.

Why it matters: APEC access is a test of Indo-Pacific economic diplomacy and broader U.S.–China competition over Taiwan’s international space.

Kabul and Islamabad agreed to restart negotiations in Istanbul after earlier sessions failed to cement a truce, following border clashes and militant activity, per joint updates. Talks will address cease-fire monitoring and cross-border security.

Berlin expressed fundamental support for Brazil’s proposed “Tropical Forests Forever Facility,” while leaving contributions undecided, according to government sources. The plan targets large-scale conservation finance ahead of COP30 in Belém.

Taipei said China added conditions to its APEC attendance, escalating a procedural fight that predates next year’s summit, in a separate readout. The island insists its participation must follow established APEC practices.

A widespread IT disruption that hit airlines, banks, and broadcasters stemmed from a software malfunction in a popular endpoint tool, not a cyberattack, according to new details. Remediation required manual resets across many Windows systems.

The U.S. advertising market is forecast to grow about 15% this year (excluding political advertising), boosted by stimulus spending and a rebound in small-business ad activity. The jump suggests marketing budgets are recovering ahead of other business investments, and could bolster media and tech revenues.

Markets monitored Washington policy risk as legal and legislative debates over tariff powers simmered alongside political crosscurrents, with broader investor caution reflected in daily views. Rate expectations and earnings remain key drivers.

A leading chipmaker forecast revenue and profit above expectations on stronger premium-phone demand and AI features, even as shares wavered on supply questions, in its fresh outlook. Management cited upgrades in China and India.

Equities stabilized following a sharp tech-led pullback as stronger data and earnings offset valuation jitters in late trade. Positioning remains cautious regarding central bank decisions.

A seven-year, $38 billion cloud deal positioned AWS to power advanced AI workloads, underscoring hyperscaler arms races and capex cycles, as detailed in a new agreement. Investors weighed broader implications for tech spending.

Global COVID activity showed signs of resurgence, with clinicians tracking symptoms tied to circulating variants and urging vaccination ahead of winter, according to a latest overview. Health agencies continue to monitor severity and immune escape.

Bipartisan proposals to restrict AI companions for minors gained traction in recent weeks, part of a broader push to set safety standards for youth interactions with chatbots, summarized in policy trackers. Lawmakers are debating age checks and liability frameworks.

The AI infrastructure race intensified as big-ticket cloud commitments highlighted demand for compute and advanced chips, with ripple effects for data centers and power, outlined in a major cloud pact. Capital needs remain a market focus.

A dramatic night featured a 24-point comeback capped by a last-second three and multiple tight finishes, with highlights in an overnight roundup. Conference races remain bunched early.

Novak Djokovic reached the semifinals of the ATP Finals with a straight-sets win in Turin, as detailed in tournament results. The defending champion remains on track for a record seventh title at the year-end event.

Portland erased a 24-point deficit to beat Oklahoma City 121–119, ending the Thunder’s unbeaten start behind Deni Avdija’s near triple-double and late stops. Read the roundup.

A franchise revival targeted a mid-$20 million domestic debut this weekend, testing audience appetite after a soft Halloween frame, per opening projections. Holdover momentum remains a key swing factor.

The industry database expanded recognition for roles such as intimacy coordination and choreography, reflecting evolving on-set practices, in a credit update. The changes aim to standardize attribution.

A new London museum pitched programming for Gen Z as part of a larger cultural campus, spotlighting diverse creators and community input, outlined in a director interview. Its main site opens next spring.

Announcement data is not the same as jobless claims, but large monthly layoff plans can presage weaker hiring and consumption.

October’s tally—the highest for that month in over 20 years—arrives after months of mixed labor signals and softening surveys, as documented in new figures.

Historically, big layoff cycles hit discretionary categories first, from travel to retail, before filtering into services and durable goods.

The rate backdrop complicates the picture.

While policymakers signaled openness to easing as inflation cools, a sharper labor downshift could accelerate cuts—or, if inflation proves sticky, constrain the pace.

Markets are already toggling between growth worries and hopes for cheaper credit, a tension visible in recent cross-asset moves.

Energy adds another layer: lower crude prices—helped by Saudi December price trims—reduce headline inflation but can also signal cooling demand.

Corporate strategy is shifting in parallel.

Automation and AI adoption have become common justifications for restructuring, with managements aiming to protect margins and redirect spending toward growth bets.

Yet productivity gains take time to realize, and severance plus retraining costs can dent near-term earnings.

Watch for guidance cuts in consumer-exposed sectors, widening credit spreads for lower-quality borrowers, and potential policy responses if unemployment rises more quickly than expected.

The next checkpoints: weekly claims, consumer sentiment, and early holiday sales trackers.

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—The Five Minute Daily Team