Crypto News: Good, not great

Good morning. China details support for markets after economic growth slowed. Joe Biden pushes for a cease-fire in Gaza. And 'insufferable' posts on LinkedIn prove to be a savvy move, for some. Listen to the day's top stories.

Markets Snapshot

S&P 500 Futures

5,896.5

Bloomberg Dollar Spot Index

1,252.11

-0.22%

Market data may be delayed depending on provider agreements.

China ramped up support for its stock market just minutes after data showed the world's second-largest economy grew at the slowest pace in six quarters. Still, any boost may bring little joy to those pouring billions into Chinese-stock exchange-traded funds: Short-term rallies aside, they're among among the biggest wealth destroyers among US ETFs. Better news for Apple, though: China's iPhone 16 sales soared 20% in their debut compared with the previous model in 2023.

The US is pushing for a cease-fire in Gaza after Israel killed Yahya Sinwar, the mastermind of the Oct. 7 attack. "It's time for this war to end," President Joe Biden said, adding that Secretary of State Antony Blinken will head to the region in coming days for his 11th trip since the assault. Israel said it would keep fighting until Hamas frees all hostages.

Gold topped $2,700 an ounce for the first time as investors flock to safety in the face of geopolitical uncertainty. Bitcoin is also on a tear—it's only about 9% below it's all-time peak—but there's seemingly little retail-trader FOMO at play as institutional investors drive demand.

Headhunter Used Fake Identities to Dupe Wall Street Traders, People Familiar Say

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Donald Trump chided Kamala Harris for skipping a white-tie charity dinner, calling her absence "deeply disrespectful" to the Catholic community. He also said he'd consider religious exemptions for his pledge to cover the costs of IVF care. As for Harris, the Obamas will join the Democratic nominee on the campaign trail in two swing states next week, a senior official said.

Workers repair damage to the main pipeline that connected the North Fork plant to Asheville's pipe system on Oct. 4. Photographer: Michael Smith/Bloomberg

Dirty tap water in Asheville is a warning to the rest of US about how aging infrastructure and climate change risks pushing systems to collapse.

After Hurricane Helene dumped almost 14 inches of rain, water blasting from the North Fork Water Treatment plant created a 50-foot-deep crater and, according to a supervisor, turned the lake into "chocolate milk."
Without mitigation efforts, what happened in North Carolina may play out elsewhere as weather and climate threats pile pressure on already-decrepit infrastructure. Getting systems up to scratch may cost $625 billion over the next 20 years, the Environmental Protection Agency estimates, but that may be a major undercount.
The aging power grid is no exception. After Helene and Milton put on "stark display" the impacts of extreme weather, the White House is allocating $2 billion to fortify and expand the network.

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Hurricanes Helene, Milton Expected to Cost Insurers as Much as $55 Billion

Illustration: Daybreak/Getty Images

Google should be split—but the US can't do it alone, Parmy Olson writes. Regulators on both sides of the Atlantic will need to combine their brainpower to avoid botching the job.

More opinions

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Marc Champion

Hamas Leader's Death Is Both Victory and Opportunity for Israel

The Billionaire Property Queen on Death Row in Vietnam

Nobody is untouchable as the Communist Party's anti-corruption drive ensnares a growing roll call of the wealthy and powerful.

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Cringey LinkedIn posts are landing on the fast-growing subreddit, LinkedIn Lunatics. But it's proving to be a smart networking move for some, and proof that the platform has morphed from a buttoned-up site for networking and job listings into… something a little more like some of its social media peers.

One More Thing

Donald Trump Can't Stop Talking About Elon Musk

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