Top Overnight News Disappointing reports from technology heavyweights including https://t.co/Y8MuytR4rZ have fueled fears over massive AI spending, with Nasdaq 100 constituents already wiping out more than $1.2 trillion in market capitalization this month. BBG Intel plummeted in late trading after its revenue forecast missed analysts’ estimates, hurt by a PC slump and supply snags. https://t.co/Y8MuytR4rZ also dropped after reporting greater-than-anticipated capital spending and the slowest growth in the core e-commerce business in three years. BBG Binance estimated $6.3 billion in funds was impacted in crypto’s biggest-ever hack, which TRM Labs attributed to North Korea. The exchange suspended withdrawals and pledged to cover losses. Digital tokens fell. BBG Brent topped $117 on signs the US may resume strikes on Iran after the midterms. Qatari mediators returned to Tehran for deal talks coordinated with Washington. BBG Iran claims 2 oil tankers hit by incidents, stopped in Hormuz. BBG Vance messaged an Iranian hardliner, Mohsen Rezaei, and said he was prepared to meet in person to discuss a settlement to the war. WaPo The US reportedly informed mediators that Iran abandoning its nuclear programme is a prerequisite for negotiations: Al Arabiya citing sources. Mediators are discussing allowing inspectors access to Iranian nuclear sites in exchange for the release of some frozen funds. Exxon, Chevron cancel plans to attend Abu Dhabi oil conference. BBG The Bank of Japan has said that underlying inflation has reached its 2% target, in effect declaring victory in a war against deflation that had defined the Japanese economy for decades. The long-awaited breakthrough was announced on Friday in the BoJ’s quarterly outlook for economic activity and prices, which accompanied a decision to keep interest rates on hold at 1.25%. The rate decision, by an 8-1 margin, was widely expected by markets. FT The BOJ also announced it would step up the pace of ETF sales, accelerating the unwinding of its massive holdings. BBG The euro-area economy rose 0.4% in the third quarter, twice the pace analysts predicted, despite an unexpected 0.1% contraction in France. BBG Chinese stocks suffered their worst month in more than a decade as fading policy support for a weak economy and doubts over AI earnings deepened investor pessimism. BBG Ukraine’s military has paused its strikes against Russian oil refineries, people with knowledge of the operations said, after weeks of pressure from President Trump shook Kyiv’s confidence in U.S. support. WSJ The Pentagon is quietly preparing for a $400 billion cut to President Donald Trump’s military budget, as officials realize the president’s record-breaking request is effectively dead. Politico Donald Trump scrapped appearances in Republican-friendly Kansas and Iowa in the closing days before the midterms, shifting to tele-rallies as his party faces unexpectedly tough races in traditionally safe states. BBG Anthropic is SpaceX’s largest single customer, a person familiar with the matter said, accounting for more than a third of the revenue for Elon Musk’s artificial intelligence, satellite and rocket venture during the third quarter of this year. BBG Chevron 3Q adj EPS $5.28, est. $4.93. BBG Cursor AI said it has identified a security incident impacting a modified Claude Code extension, impacting up to 5k users. BofA weekly flow data shows USD 56.2bln into stocks, USD 15.4bln into bonds, USD 3.4bln into cash, USD 0.5bln out of crypto, USD 1.7bln out of gold. Bull & Bear Indicator fell to 7.1 (from 7.2). Goldman's commodities team estimates Brent at ~$112 embeds a ~$27/bbl geopolitical risk premium over its ~$85/bbl fair value, noting "essentially all of the recent increase in crude prices reflects a higher risk premium rather than an increase in underlying fair value." GS Retail investors poured record amounts into leveraged ETFs over the past couple of weeks, supporting the bottoming out of AI-related stocks, while short interest of the QQQ ETF rose to its highest level since 2023. JPM(Historical earnings: For fiscal 2026Q2 (period ended 2026-06-30), SpaceX reported basic and diluted EPS of -1.12, net loss of USD 4.817 billion, and revenue of USD 12.508 billion. Consensus expectations: For the upcoming 2026Q3 event, consensus expects EPS of 0.1674 and revenue of USD 12.978 billion.)