General

HSBC to book $1.1bn provision for Madoff-linked Luxembourg lawsuit

• HSBC will book a $1.1 billion provision to cover potential losses from a lawsuit in Luxembourg tied to the Bernard Madoff fraud. The Luxembourg Court of Cassation denied the bank’s appeal on one part of the case but allowed another to proceed. HSBC’s subsidiary plans a second appeal before the Court of Appeal.

I'll be at the 'Australia FIX Conference 2025' on Wednesday, Sydney time - come say hello!

• The Australia FIX Trading Community Conference is a landmark event in the nation’s trading calendar, its on Tuesday, October 21, 2025.

Reports that the US military have struck another drug boat in the Caribbean

ICYMI: China accuses US of fuelling global panic over rare earth export curbs

• China accused the U.S. of exaggerating its rare earth export controls to stir panic, rejecting calls to roll them back.

Goldman Sachs warns U.S. shutdown could be one of the longest in history

• Goldman Sachs warns the current U.S. government shutdown could be among the largest and most prolonged on record, potentially shaving 0.11 percentage points from quarterly GDP for each week it continues.

US Tsunami Warning System: Tsunami threat after 7.4 earthquake strikes Philippines

• Magnitude 7.2 earthquake strikes Mindanao, Philippines (EMSC)

Germany's Munich Airport closed - drones spotted over the airport

• Germany's Munich Airport has been closed following drones spotted over the airport, a federal Police spokesperson tells BILD

Madrid authorities confirmed an outbreak of highly pathogenic avian influenza (H5N1)

• Around 450,000 chickens are affected across five farm buildings.

More on Tik Tok - Trump now awaits approval from China

• Trump has signed an executive order to keep TikTok running in the U.S., subject to Beijing’s approval.

The never ending Tik Tok saga continues, Trump says he signed an EO

• Trump says China is on board

Magnitude 6.1 earthquake slams Venezuela

Super Typhoon Ragasa to hit Hong Kong. Hong Kong's Stock Exchange will remain open.

• The Hong Kong's Stock Exchange changed its policy late last year to continue trading whatever the weather.

Saks Global is considering selling 49% of Bergdorf Goodman for about $1 billion

• Potential buyers include Middle Eastern sovereign-wealth funds and strategic investors.

Three police officers have been fatally shot - Pennsylvania, USA

• Another gun mass murder in the US

Swatch is trolling Trump with a "WTF Tariffs" watch design

• Trump slammed Switzerland with a 39% tariff, Swiss watch maker Swatch is poking fun at the President about it