Point of View: The Federal Reserve Has Over-Eased, with a 65% Chance of Stagflation in the United States

According to Yonhap News Agency, in response to the sharp valuation drop of South Korean domestic stocks held by the National Pension Service amid the recent stock market slump, South Korean President Lee Jae-myung said on the 19th: "We are continuously assessing what policy measures are needed to normalize the stock market. We will hold a comprehensive review soon and take necessary actions." Lee noted that "adjustments are inevitable after a sharp rise in stock prices, and no one knows how far the correction will go. Unlike in the past, the government now finds it difficult to directly intervene in financial or securities markets, and such intervention is also not advisable." However, he pointed out that "South Korea’s stock market is severely undervalued. One of the biggest reasons for this is that negative perceptions regarding market transparency and fairness have not been fully eliminated." On market trends and prospects, he said the government is closely monitoring the situation. He added: "Many people in the stock market keep telling themselves, 'It won’t fall, it won’t fall,' only to end up trapped. We need to minimize such situations as much as possible."

SpaceX is set to release its third-quarter earnings report after Tuesday’s market close, with investors closely monitoring its revenue performance and capital expenditures to assess the company’s valuation and the feasibility of a potential merger with Tesla. Barclays analysts project that if the two companies merge, the deal would likely be structured as an all-stock swap, with the higher-valued SpaceX serving as the surviving entity. Barclays’ reference valuations stand at $2.1 trillion for SpaceX and $1.5 trillion for Tesla, respectively; based on these figures, Tesla shareholders would likely receive approximately 0.7 SpaceX shares for each Tesla share held. Analysts note that strong revenue growth and manageable capital expenditures at SpaceX would help boost market confidence in the merger plan. Conversely, if massive AI infrastructure spending continues to weigh on cash flow, the market may reevaluate SpaceX’s valuation and the deal’s rationale. Market forecasts put SpaceX’s quarterly revenue at around $128.9 billion, while capital expenditures could reach as high as $196 billion, resulting in a free cash flow of negative $116 billion. It is important to note that neither company has officially announced a merger, and the above deal structure and share swap ratio are purely analyst projections.

Galxe officially announced that as the Gravity Alpha mainnet is being phased out, most of its core services have been migrated to the Gravity Layer 1 (L1) network. Given that unstaking and fund withdrawals require a 7-day waiting period, users holding G tokens in staking or Smart Savings balances must complete relevant operations before 11:00 AM (UTC+8) on October 26, 2026. The G staking page will be officially taken offline at that time. Smart Savings users who fail to manually withdraw or migrate funds by the deadline will have their remaining assets automatically transferred to Smart Balance, and these funds will no longer be withdrawable afterward.

Revolut’s newly established cryptocurrency entity, Revolut Global Digital Assets Limited, has obtained a Distributed Ledger Technology (DLT) license from Gibraltar. The approval will support its international crypto business expansion strategy. Revolut states it currently has over 80 million retail customers, including 16 million crypto users.

，中国证监会主席吴清在参加 2026 金融街论坛年会开幕式时表示，坚持稳字当头，全力维护资本市场安全稳定。密切跟踪境内外市场动态，加强风险研判和政策工具储备，巩固完善稳市机制建设，着力加强新型业务风险防范，高度警惕境外挂钩 A 股个股的杠杆产品等新风险点，持续筑牢资本市场风险防波堤防浪堤。

，中国人民银行行长潘功胜在参加 2026 金融街论坛年会开幕式时表示，全球人工智能快速发展，对生产力、投资、就业、收入分配、金融稳定等产生深刻影响。从人民银行的角度，将密切跟踪研判人工智能发展的宏观影响，做好金融支持人工智能产业发展工作，稳妥推进人工智能在金融领域的应用。