Preliminary vote counting shows that neither of Israel's two major blocs has secured a majority in parliament.

The Bank of Canada raised its benchmark interest rate by 25 basis points to 2.50% on Wednesday. The central bank projects inflation will remain well above its 2% target level through 2028. Bank of Canada Governor Tiff Macklem said further policy rate hikes may be necessary to curb inflation, though officials pledged to proceed with policy adjustments cautiously. In a prepared statement, Macklem noted: "Raising the policy rate is necessary to reduce the risk that the impact of high energy prices will spread and eventually become entrenched broad-based inflation." He also pointed out that "current uncertainty remains elevated" amid U.S.-Canada trade disputes and Middle East conflicts, with the central bank remaining vigilant. Additionally, the Bank of Canada upgraded its economic growth forecast, driven mainly by strong consumer spending and export performance, as well as a projected rebound in business investment. Business investment is expected to increase further as companies increasingly adopt artificial intelligence and leverage new tax incentives introduced by Prime Minister Carney.

IREN Limited has closed a $363 million equipment financing transaction with Wingspire Equipment Finance to advance its AI computing power business. The equipment financing agreement refinances the company’s AI computing infrastructure, covering GPU servers and network systems deployed in data center environments. Wingspire Equipment Finance partnered with six other lending institutions to execute the deal, with Eldridge Capital Management and Silver Point Capital serving as the primary capital providers. The financing structure is secured by the relevant equipment and backed by multi-year customer contracts. The transaction enables IREN to recoup a portion of the original cost of the equipment.

Oct 28 Update: #Bitcoin ETFs: 1D NetFlow: +2,189 $BTC(+$176.48M)?? 7D NetFlow: +193 $BTC(+$15.57M)?? #Ethereum ETFs: 1D NetFlow: -27,418 $ETH(-$64.04M)?? 7D NetFlow: -96,485 $ETH(-$225.35M)??

Morgan Stanley’s Chief US Equity Strategist Mike Wilson said in a recent client report that AI financing pressures, the November 3 US midterm elections, and tightening financial conditions could push the S&P 500 index to around 7,100 points in the coming weeks, a roughly 8% drop from current levels. This would mark the largest correction since market volatility sparked by the Iran war earlier this year. Morgan Stanley’s data shows that since early June, around 60% of Russell 3000 constituents have fallen more than 20% from their peaks, and roughly 96% of semiconductor stocks have dropped over 20%. The bank forecasts the semiconductor sector could fall another 10% to 15% before mid-November. Credit spreads on data center-related bonds have widened, and CoreWeave’s debt has entered distressed territory this month. The Federal Reserve raised its policy rate to 3.75% to 4.00% in September, driving bond yields higher and tightening financial conditions. Despite its cautious near-term outlook, Morgan Stanley maintains its year-end S&P 500 target of 8,000 points, with a base 12-month target of 8,300 points. The bank notes that markets typically perform better after midterm elections; data from 1950 to 2022 shows the S&P 500 rises an average of around 8% in the three months following an election.

Bankless published an article discussing the controversy over Zcash’s excess development funding, noting that the funding pool of Zcash’s development grant program has continued to expand, with its current net size estimated at around $125 million, far exceeding current expenditure needs. Zcash co-founder and current Tachyon head Sean Bowe has put forward a draft proposal suggesting the 8% block reward currently allocated to ZCG be terminated in an upcoming network upgrade. Four proposals have emerged in the community regarding the development funding mechanism, covering terminating ZCG allocations, scrapping the entire development fund allocation framework, or phasing out the allocation rate to zero. Supporters argue the current mechanism allows funds to accumulate as ZEC’s price rises, but ZCG is not directly controlled by token holders; opponents, meanwhile, worry that cutting development funding without an alternative could hinder the protocol’s future development and maintenance. All proposals remain under discussion and have not been finalized.

The World Bank said Wednesday that global commodity prices are projected to rise 23% in 2026, driven by factors including surging energy prices, disrupted freight, blocked Black Sea grain shipments amid the Middle East war, and strong demand for safe-haven assets such as gold. In its latest *Commodity Markets Outlook* report, the bank noted that prices of oil, natural gas, food and metals have all risen sharply this year as global shocks intensify. If the Middle East conflict escalates further and Russia’s oil infrastructure continues to be damaged, the situation could deteriorate. The report forecasts commodity prices will fall 7% next year. However, if such shocks persist—including the occurrence of the most severe El Ni?o event since 1950—food commodity prices may stay elevated, raising risks of inflation and tighter monetary policy. The World Bank added that global oil inventories have been continuously depleted amid the Middle East war. It projects global oil supply will drop 5.2% in 2026, the largest decline over the past 40 years excluding the 2020 global recession period.