Tuesday Watch

Around X:

• @Business  

• The end of an era of essentially free money in Japan, a flurry of dealmaking and the AI boom have unleashed record overseas borrowing by the nation’s firms whose renewed swagger is shaking up global markets.
• As voters across the US prepare to cast ballots Tuesday, election officials are operating with reduced support from a federal government agency that previously helped states and localities counter threats and cyberattacks.
• Three employees at cybersecurity companies spent years moonlighting as criminal hackers, launching their own ransomware attacks in a plot to extort millions of dollars from victims around the country, US prosecutors allege.
• Flight delays are rising as the US government shutdown stretches on. Here's what to know.
• The current environment for large mergers and acquisitions is quite “constructive” for 2026 and 2027, particularly in the US, according to the CEO of Goldman.
• Get up to speed on what's moving global markets.
• Here's what you need to know to start your day.

• @ZeroHedge

• Trump Boasts He "Pushed" Netanyahu Into Gaza Ceasefire In Candid Reveal. 
• A Cautionary Solar Tale: Billions Wasted Thanks To A Rush To Market.
• "We're Seeing Demand Explode": UAE, US Sign AI And Energy Pact As Microsoft To Invest $7.9B On Infrastructure
  .
• *STARBUCKS SELLS 60% STAKE IN CHINA UNIT TO BOYU AT $4B VALUE.
• “Most Expensive Stock I've Ever Seen": Palantir Smashes Estimates But Stock Fades After Hours Surge As Valuation Questions Swirl.
• Short-Squeezers Shredded As Dash-For-Trash Disappoints; Breadth Abysmal, Bitcoin Bad, Bullion Better.

• @CNBC

• Stock futures are little changed after AI stocks start November off strong: Live updates.
• Goldman just updated its global list of top stocks — and gives 5 over 70% upside. 
• Ether falls 7% following a multimillion dollar hack of a decentralized finance protocol.
• Stocks making the biggest moves after hours: Palantir, Hims & Hers Health, Clorox and more. 
• Asia markets mostly poised to fall despite Wall Street tech rally.
• Tuesday's big stock stories: What’s likely to move the market in the next trading session. 
• CNBC Daily Open: Outside AI, the market isn't looking that hot. 

• @WSJ  

• Exclusive: Anthropic signed up professional-services firm Cognizant in one of its biggest deals yet as the artificial intelligence startup looks to make its flagship Claude models the preferred AI for businesses.
• From @WSJopinion: For those of us who ride the commuter rails and subways daily, Saturday night’s mass stabbing on a London-bound train is a nightmare brought to life, writes @MattHennessey.
• Two startups aiming to produce an American supply of rare-earth magnets have sealed a $1.4 billion deal with the Trump administration.
• Administration’s order to keep coal plant open ignites debate in Michigan.

• @TheTranscript

• Palantir double beat + raises FY guidance. CEO: "We are yet again announcing the highest sequential quarterly revenue growth guide in our company’s history, representing 61% Y/Y growth." $PLTR: +0.1% AH. (pic)
• $PLTR CEO: "We also generated a staggering $476 million in profit this past quarter, again a record in our company’s history—and to be clear, nearly half a billion dollars in profit in only three months. It is worth remembering that the business is now producing more profit in a single quarter than it did in revenue not long ago." (graph) 

• @GenFlynn

• Now you all know why @elonmusk & @DOGE were shut down. The UNIPARTY was caught with their pants down and no longer wanted the exposure. It was butt ugly! (video)

• @winwithwinsome

• Our campaign is backed by 80+ sheriffs — Republicans, Democrats, Independents. They know who actually protects them. Abigail took AOC PAC money to defund police and voted to strip qualified immunity. If she won’t protect them, she won’t protect YOU.
• I asked Abigail what if one of her girls came home crying because she was forced to undress next to a man. Her silence was deafening. (video)
• Hanover, it was great meeting all of you! Thank you for your love and support! Get out to vote tomorrow! This election is about common sense over nonsense. We will win if we show up and vote! We will win this for all of Virginia! (pic)

• @KobeissiLetter

• The downfall of tech jobs in California will be studied for years to come. The % of US tech jobs located in California is now below 2008 levels. (graph)

• @EricLDaugh

• WOW! In an INCREDIBLE moment, Jack Ciattarelli's son Jake came home from KUWAIT to join his father on the New Jersey campaign trail for governor in a surprise visit. CROWD: "USA! USA! USA!" We're rooting for you, Jack! (video)

• @DC_Draino

• Virginia Governor race is this week. Hundreds of thousands of federal government workers live in VA and 85%+ are Democrat. Gov’t shutdown means all of them have time to go vote on Tuesday. Democrats are starving Americans to seize power in Virginia. (video) 
• Guy who rigged the CIA to spy on a sitting President now endorsing CIA officer for Governor. I’ve never seen Obama this involved with politics. It’s not a coincidence that as his operatives start getting indicted, he’s getting more openly desperate. (pic)

• @ElijahSchaffer

• Massive psyop underway to dehumanize @TuckerCarlson. Notice whose coordinating this and participating. He’s too big to fail, and I’m afraid like Charlie, they’ll get desperate as their plans to cancel him fail. And his popularity only rises. Pray for his safety.

• @HealthRanger

• Tyler Robinson is clearly not the shooter. That much is now obvious. (video)

• @matt_vanswol

• I’m naturally not a conspiracy theorist. I’ve been in science fields / data science for over a decade. …but after seeing all the evidence. I’m becoming more and more convinced that Democrats are cheating to win elections at every available opportunity. It’s everywhere. (pic)

• @ClayTravis

• Houston has a three hour TSA line right now. Democrats have to end these shutdowns. Ridiculous. (video)

• @Geiger_Capital

• WOW. Final NYC poll from Atlas Intel… Zohran Mamdani is now leading Andrew Cuomo by just 4.5%, election day tomorrow. Most accurate pollster in 2020 and 2024.

Night Trading 

• Asian equity indices are -.75% to +.25% on average. 
• Asia Ex-Japan Investment Grade CDS Index 65.75 +2.0 basis points.
• China Sovereign CDS 40.5 +1.0 basis point.
• China Iron Ore Spot 103.5 USD/Metric Tonne -1.5%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.81 -.03%.
• Bloomberg Emerging Markets Currency Index 36.18 -.06%.
• Bloomberg Global Risk-On/Risk Off Index 85.5 -1.5%.
• US 10-Year Yield 4.10% -1.0 basis point.
• Volatility Index(VIX) futures 21.0 +1.0%.
• Euro Stoxx 50 futures -.2%. 
• S&P 500 futures -.3%.
• NASDAQ 100 futures -.5%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and commodity shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the day.