Crypto News: A world rewired

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If Donald Trump’s disdain for US partners is going to rewire global alliances, today’s Canada-EU summit in Montreal is perhaps the clearest example of what it might look like.

Prime Minister Mark Carney has made this his flagship effort in lessening Canada’s overwhelming reliance on the US, with the goal of developing a far deeper relationship with Europe on defense, critical minerals, advanced manufacturing and more.

The recent controversy over Starlink’s throttling in Ukraine has only added urgency for both European and Canadian leaders to ensure they have alternatives to American technology.

EU-Canada summit signage in Montreal yesterday.

Still, the summit has made it obvious that the two sides are very much at the beginning of this process, not the end.

For one thing, they can’t agree on what to call this budding new partnership. EU chief Ursula von der Leyen is using the phrase “associate membership,” despite dissent from the bloc’s member states concerned about setting precedents for other countries.

“The name doesn’t matter,” Carney told reporters in response.

Yet it’s a sign of how internal politics will make it difficult to formalize the pact, whatever form it takes.

Canada itself isn’t immune: The newly elected leader of Quebec — who helms a separatist party — has protested that he doesn’t have his own seat at the table, and refused to attend.

Von der Leyen and Carney at the European Parliament in Strasbourg, France, on Sept. 17.

The summit is taking place less than an hour’s drive from the US border, a reminder that Canada can’t escape its geography.

Despite many prior attempts and a recent resumption of talks, Carney has so far been unable to strike a trade deal with Trump.

The Montreal meeting’s timing on the eve of the US midterm elections is unlikely to endear the Canadian leader any further to the president.

Even as Carney works to build a new alliance across the Atlantic, he has to make sure he isn’t provoking too much backlash from his southern neighbor. — Brian Platt

Global Must Reads

Trump canceled appearances in Kansas and Iowa for the closing days of the midterm campaign and will instead hold “a large number of tele-rallies,” the Republican National Committee announced. The president has been canvassing support nonstop chiefly in states where Republicans are usually assured of victory but this year face robust challenges from Democratic candidates who’ve taken advantage of voter discontent over rising costs and the Iran war.

Trump departs the White House yesterday.

Israeli Prime Minister Benjamin Netanyahu and his allies secured 53 seats in this week’s general election, ahead of the main opposition bloc’s 48 but short of a majority. Two Arab parties are set to occupy 19 of the 120 seats in parliament, nearly doubling their representation, and while they oppose Netanyahu it’s unclear if his main challenger Gadi Eisenkot will agree to cooperate with them to form a government.

Christine Lagarde will leave the European Central Bank in February with one victory notched up over inflation, camaraderie restored among policymakers and the euro on track to join the digital age. But her presidency has featured stumbles too, and her drawn-out exit to speak out on political matters has irked colleagues. Euro-area leaders will meet Nov. 26-27 to discuss her replacement.

The Chinese Communist Party appointed Zhang Shengmin, the vice chairman of the Central Military Commission, to its powerful Politburo and announced plans to hold a congress next year, where it’s set to unveil new leadership. The rare promotion reflects the pivotal role Zhang played in President Xi Jinping’s drive to root out corruption in the military.

Thousands of young Indians have repeatedly turned out to protest perceived unfairness in national exams and elections in recent months, posing one of the biggest challenges yet to Prime Minister Narendra Modi. He has used mass detentions to try and stop the latest wave of demonstrations before they get a chance to gain momentum, as opposition groups expect tens of thousands to hit the streets again on Sunday.

Students protest in Bengaluru, India, on Oct. 10.

A phone call with Vladimir Putin has put two unlikely leaders at the center of global diplomacy, but it’s no accident that Ukraine wanted Finnish President Alexander Stubb and Norwegian Prime Minister Jonas Gahr Støre on the line with the Russian leader.

Novaya Gazeta, the Russian newspaper formerly led by Nobel Peace Prize laureate Dmitry Muratov, announced it’s shutting down after more than three decades, blaming persecution by the Kremlin and security services.

Hungarian Prime Minister Péter Magyar and a top French official rejected the idea of former strongman Viktor Orbán being chosen as the next head of the United Nations.

Japan is facing an intense wave of artificial intelligence-powered cyberattacks that’s laid bare the vulnerability of one of the world’s largest economies to a new breed of hacking.

Don’t miss from Bloomberg Weekend: Mishal Husain speaks with Nobel-winning economist Daron Acemoglu on liberal democracy and how the center-left needs to adapt. Flavia Krause-Jackson and Brian Platt examine the blossoming ties between the EU and Canada, Michelle Jamrisko writes about Iran’s long game, while Todd Woody describes his first-hand experience of climate change. Subscribe to the newsletter here.

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Chart of the Day

This week’s earnings reports and ensuing selloffs expose the tensions that are escalating over Big Tech’s transition to new AI-powered products and the spending required to get there. The core businesses of America’s technology giants — the advertising, consumer and retail machines propping up a collective $750 billion in AI spending this year — are starting to show signs of slowing. And in some cases, they’re being cannibalized by the very technology the firms are betting the house on.

And Finally

Johannesburg, South Africa’s biggest and richest city, is caught in a cycle of urban decline after years of mismanagement and underinvestment in basic services. Potholed roads hinder travel, power cuts disrupt work and education, and public safety has deteriorated. But for many residents, the latest crisis of a lack of water has become the most pressing issue as the nation readies for next week’s municipal election.

Residents collect water from a groundwater source in Kensington, Johannesburg.

Pop Quiz (no cheating!) Which Chinese leader was French football star Kylian Mbappé accused of insulting? Send your answers to balancepower@bloomberg.net

Crypto News

Friday, October 30, 2026

A world rewired

Global Must Reads

Chart of the Day

And Finally

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