US stocks retreated from ATHs as high yields kept traders on guard

US yields had the biggest quarterly surge since 1994

US Treasury auctioned 10Y bonds at a 5.3% yield, the highest this century

UK 30Y gilt yield rose past 6% against 

France 30Y soared 14 bps back above 5.4%

Levi's beat Q3 earnings estimates and hiked its profit guidance on tariff refunds but gave a less optimistic sales outlook on slight weakness in its D2C segment ahead of a crucial holiday quarter (CNBC)

What we're watching this week:  

Full calendar here

Is Sam Altman not embarrassed?? It's almost 2027 and Anthropic just continues to mog OpenAI everyday

Get a $25 bonus with code LIT on signup, only on the Polymarket US app

Warren Buffett binges late-night YouTube just like us (WSJ)

AI boom puts US earnings on course for third quarter of 25% growth (FT)

PE managers demand "super carry" as 20% feels not enough (BBG)

Return of M&A is affecting secondaries market (PB)

Quant funds are beating the S&P 500 YTD (CNBC)

Hedge funds deliver mixed September results on AI swings (RT)

Bull case for risky stocks tied to economy expected to flourish (BBG)

Bonds are in rare competition with stocks (BBG)

African governments launch rating agency to challenge global 'big three' (FT)

Japan will slash hundreds of stocks from TOPIX index in record revamp (FT)

Korean investors lost $1.7B from leveraged ETFs (BBG)

Samsung investors want evidence profit boom has staying power (BBG)

Blue Owl will launch a 'big push' into insurance (FT)

HSBC plans sweeping job cuts in UK wealth in AI push (FT)

K&E will stop disclosing financial performance (FT)

SEC warns asset managers over collaborating on activist campaigns (BBG)

Anthropic launched third Claude 5.5 model to expand lineup before IPO (RT)

US is probing Wells Fargo over efforts to boost Black homeownership (WSJ)

EU looks to capture Big Tech through tax on large corporations (FT)

China slapped down EU request for voluntary curbs on hybrid exports (FT)

Marco Rubio urged western countries to uphold traditional values (FT)

Apollo submitted a non-binding offer ‌for the privatization of German state-owned energy firm Uniper, which could fetch a $11.2B valuation

Germany's biggest power producer RWE played down prospects of taking a major role in Uniper amid its partnership with KKR on a bid

Canada's Weston family agreed to acquire UK ‌pharmacy chain Boots from Walgreens-owner Sycamore Partners for $8.9B, including debt

South Africa's biggest insurer Sanlam offered to acquire the 37% stake it doesn't already own in peer Santam for $1.2B cash

Russian state-owned nuclear energy firm Rosatom will acquire founder Sergey Shishkarev's stake in his Russian transport and logistics group Delo to take full control for $900M

Brookfield will acquire and develop the portfolio of Indian industrial parks firm ESR Indian for $444M

Indian photonic quantum startup Quanfluence raised a $10M funding round led by Chiratae Ventures

Authors First, a media technology startup, raised a $10M seed round from Brand Foundry, Robert Hamwee, The Family Office of David Blitzer, and others

Altro Health, a clinical wellness infrastructure startup, raised a $7M seed round led by NFX

The Netherlands plans to cut its stake in $40B-listed ABN Amro Bank by half to 10.5%

Vietnamese banks are planning $7B in share sales

AI chipmaker Biren is seeking to raise $515M in another Hong Kong share sale

Chinese smartphone maker Transsion is seeking to raise $430M in a Hong Kong listing

Spanish miner Abenojar Tungsten announced plans for a London IPO

Rwanda tungsten miner Trinity Metals is in talks for a US IPO

Medical device maker Centinel Spine filed for an IPO

FireFly Robotics filed for a direct listing

Jeff Bezos' Blue Origin is likely to IPO in the coming years

Korea Quantum Computing will merge with Charlton Aria Acquisition Corp. at an $80M pre-money equity value

Paramount's $52B debt deal for Warner Bros. offers few safeguards to investors

Morgan Stanley is offloading parts of a $3B loan meant to fund Royal Caribbean Cruises' purchase of a 50% stake in Sandals Resort International

Blackstone-backed data center firm AirTrunk raised a $1B green loan led by SMBC, MUFG, ​United Overseas Bank, and others

State-owned QatarEnergy secured a $3B loan from Chinese banks

Ghana raised $290M in its first cocoa bills sale since a debt default

The co-founder brothers of collapsed auto parts supplier First Brands will blame each other for fraud in their federal criminal trial  

2x major winner Jon Rahm quit LIV Golf in a blow to the league's Chapter 11 exit plan

Creditors to car rental firm Hertz Global are organizing across at least two groups ahead of potential debt negotiations 

Struggling financial software firm ION will not deploy aggressive LME tactics and will seek to make all creditors whole as it struggles with its $11B debt pile

Lesser-known Texas-based VC firm Disruptive is raising $10B for a new fund

SEC approved first-ever 3x leveraged Bitcoin and Ethereum ETFs

Crypto firm Ripple takes on Wall Street with swap financing for leveraged ETFs

Tax season is a nightmare, and if you've got non-W2 income (K-1s, carry, a rental) you probably relate. If you're tired of a firm that only reacts, check out OLarry. They offer year-round advisory and filing all for one flat fee. Some friends have already switched. Get a free consultation.

It's getting harder to ignore the wealth effect and Ben Carlson has some interesting views on the same. Check out his take on the growing wealth across households in America.

Ditch the dating apps. Connect over some fine wine instead. Off-Market Vol. 2