Wednesday's News Links

[Yahoo/Bloomberg] Gold Tops $4,000 for First Time Fueled by US Shutdown 

[CNBC] Stock futures rise slightly after S&P 500 snaps 7-day win streak: Live updates

[Yahoo/Bloomberg] Yen Slumps to Weakest Since February in LDP-Results Aftermath

[Yahoo/Bloomberg] Federal Workers Go Unpaid, Adding Pressure to End Government Shutdown

[Axios] Staffing woes see flight delays spread to more U.S. airports amid shutdown

[Yahoo/Bloomberg] US Mortgage Activity Dips Again in Swift Reversal of Home Demand

[CNBC] Borrowers head back to riskier mortgages, looking for any potential savings

[Yahoo/Reuters] Bank of England warns of 'sharp correction' in markets if mood sours on AI or Fed

[Yahoo/Bloomberg] EU Sees New US Trade Demands Hollowing Out Deal Struck by Trump

[Axios] OpenAI's massive AMD deal: Welcome to AI's mega-blob era

[CNBC] The global M&A engine is roaring, fueled by megadeals and rate-cut bets

[CNBC] New Zealand delivers outsized cut, bringing policy rate to over 3-year low in bid to boost growth

[Yahoo/Bloomberg] Meet Sanae Takaichi, the Populist Poised to Break Japan’s Glass Ceiling

[Bloomberg] Argentina Pulls Out All Stops in Milei’s Defense of Fragile Peso

[NYT] Oracle Fears Add to Doubts About the A.I. Rally

[WSJ] Trump Calls for Jailing of Chicago Mayor and Illinois Governor

[WSJ] The Shutdown Is Already Squeezing These Businesses

[WSJ] The Unofficial Jobs Numbers Are In and It’s Rough Out There

[WSJ] What Is the Price of Gold Telling Us?

[WSJ] Homeowners Are Pouncing on the Tiniest Drop in Mortgage Rates

[WSJ] America’s Soybean Farmers Are Panicking Over the Loss of Chinese Buyers

[WSJ] Trump’s Wind Energy Assault Stings Red States

[WSJ] How China Threatens to Force Taiwan Into a Total Blackout

[FT] Jefferies reveals $715mn fund exposure to First Brands invoices

[FT] Bank of England flags risk of ‘sudden correction’ in tech stocks inflated by AI

[FT] Gold price tops $4,000 for first time

[FT] French PM sees ‘convergence’ in last-ditch budget talks

[FT] The populist shadow hanging over central banks and QE

[FT] Lessons for the Fed from my time at the helm of Argentina’s central bank

[FT] US tariffs are still *checks notes* around 10 per cent

Tuesday Evening Links

[CNBC] Stock futures were little changed after S&P 500 snaps 7-day win streak: Live updates

[Axios] Congress erupts over Trump's shutdown back-pay threat

[AP] Staffing shortages cause more US flight delays as government shutdown reaches 7th day

[CNBC] Consumer outlook sours as inflation expectations rise, New York Fed survey finds

[Yahoo/Bloomberg] Trump Says US and Canada Working on Formula for Tariff Deal

[Yahoo/Reuters] Trump mulls cutting billions in funds from list of clean energy projects

[Yahoo/Reuters] Private credit cash pivots from 'risky' West to emerging markets

[Bloomberg] Weakening Credit Market Exposes Growing Vulnerabilities, UBS Says

[Bloomberg] BOJ Faces Rate-Hike Dilemma After Takaichi Victory, Yen Slump

[Bloomberg] US Consumer Borrowing Rises at Slowest Pace in Six Months

[WSJ] Thin Air-Traffic Staffing Spurs Delays at U.S. Airports

[FT] China’s Golden Week tourism shows little sign of spending splurge

Tuesday Afternoon Links

[CNBC] S&P 500 heads for first decline in 8 days on Oracle slide, shutdown angst: Live updates 

[Reuters] Trump says government programs, jobs to be cut amid shutdown

[AP] Trump talks ‘love’ and ‘conflict’ with Carney during Canadian prime minister’s visit

[Yahoo/Bloomberg] Trump Threatens No Back Pay for Shutdown’s Furloughed Workers

[Reuters] IMF warns banks and supervisors of liquidity risks in $9.6 trillion FX market

[Yahoo/Reuters] Fed's Miran says calm bond market shows support for rate cuts

[Bloomberg] Consumers See Higher Inflation in Year Ahead, NY Fed Survey Shows

[Bloomberg] At $1.2 Trillion, More High-Grade Debt Now Tied to AI Than Banks

[Bloomberg] AI-Power Boom to Drive $1.1 Trillion in US Utility Grid Spending

[Bloomberg] Fed’s Balance Sheet Runoff in Focus as Bank Reserves Are Ebbing

[Bloomberg] Fed’s Kashkari Warns Drastic Rate Cuts Would Stoke Inflation

[Bloomberg] Dalio Echoes Griffin in Seeing Gold as Safer Than the US Dollar

[Bloomberg] Data Center Boom Brings Risks of Overbuilding, Ares’ Says

[NYT] E.U. Proposes 50% Steel Tariffs as Trump Effect Ripples Around World

[WSJ] The Vulnerability of a Divided Nation

[FT] Japan’s next PM needs Takanomics, not Abenomics

[FT] France’s political crisis leaves budget plans in disarray

[FT] El-Erian: What is happening in France may not stay in France