Market Overview

Quebec is nearly out of its strategic maple syrup reserve after American buyers rushed to stockpile supplies ahead of US tariffs, Fortune reported. The Quebec Maple Syrup Producers predict the stockpile, which holds about 218,000 barrels across three warehouses, will be completely empty by February. Total syrup exports jumped nearly 16% last year, accelerating from 9% growth in 2024. Exports through the first eight months of 2026 slowed to an annual growth rate of 2.5%, while production fell 5% last year. Canada accounted for more than 75% of global maple syrup production in 2025, with 90% of that output originating in Quebec. About 65% of Canadian syrup exports currently go to the United States, down from 80% two decades ago. To expand capacity, Quebec has increased its number of taps by 50% over the past six years, adding more than 21 million new taps for sap collection. Simon Dore-Ouellet, deputy general manager at the Quebec Maple Syrup Producers, stated that the market supply is secure for the coming year, though the strategic reserve will require replenishment over the next few years. The reserve will be empty by February.

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Dime Community Bancshares agreed to acquire ES Bancshares, the parent of Empire State Bank, for roughly $58 million in a transaction combining 720,000 common shares and $30 million in cash. The deal values each Empire share at $8.39, representing about 1.09 times tangible book value. Empire operates five branches across Staten Island and Brooklyn, holding approximately $596 million in assets, $518 million in net loans, and $491 million in deposits as of September 30. The acquisition expands Dime into Staten Island and gives the holding company a ground-level branch presence across all five boroughs of New York City. Dime expects the transaction to deliver about 3.5% earnings-per-share accretion alongside roughly 2% tangible book value dilution, with an earn-back period of less than three years. Pre-tax deal costs are projected at $12 million to $13 million. The transaction requires regulatory approval and a vote of Empire shareholders, with closing targeted for the first quarter of 2027.

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An Argentine federal judge dismissed a criminal investigation into President Javier Milei and his sister Karina Milei over the collapse of the LIBRA memecoin. Federal Judge Marcelo Martinez de Giorgi ruled that the reported events did not constitute a crime and that the president's promotion of the token on social media did not establish fraud. The inquiry examined Milei's February 2025 post on X endorsing the Solana-based cryptocurrency, which he claimed would fund small businesses before its value plunged by more than 90 percent. Blockchain researchers found that eight wallets linked to the token's creator withdrew around $99 million in cryptocurrency during the crash. The dismissal also cleared U.S. businessman Hayden Davis, who described himself as a launch adviser and acknowledged holding close to $100 million after the collapse while denying wrongdoing. The ruling covered 11 individuals in total, including lobbyist Mauricio Novelli and KIP Protocol CEO Julian Peh, none of whom had been formally questioned. Prosecutor Eduardo Taiano requested the dismissal, which the president's office characterized as vindication against an attempt to damage Milei's reputation ahead of the 2025 midterm elections.

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Democratic groups and voting-rights advocates filed motions to join a federal lawsuit seeking to block the Justice Department from preventing Alaska from certifying its U.S. Senate election results if incumbent Republican Senator Dan Sullivan loses, CNBC reported. The legal challenge stems from a ballot dispute involving a non-incumbent challenger, Daniel J. Sullivan, who shares a near-identical name with the senator and was ordered onto the ballot by the Alaska Supreme Court in June. President Donald Trump confirmed on Friday that he personally directed the Justice Department to file the Oct. 22 lawsuit, which asks the court to halt certification and investigate voter intent. The proposed intervenors include Alaskans for Mary, the campaign for Democratic Senate candidate Mary Peltola, the Democratic Senatorial Campaign Committee, the League of Women Voters of Alaska, and Common Cause. These groups argue that the executive branch lacks legal authority under the National Voter Registration Act to interfere in state-administered elections or dictate ballot layout. The intervention requests aim to secure defendant status so the groups can formally move to dismiss the litigation. Alaska Republican Senator Lisa Murkowski criticized the federal action on social media, stating that the Department of Justice should never have filed the lawsuit.

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FAW-Volkswagen's budget marque Jetta secured over 10,000 locked orders for its first electric vehicle, the M6 sedan, in the 19 hours following its October 22 launch in China, Carnewschina reported. The M6 starts at 79,800 yuan, or roughly 11,900 USD, and ranges up to 99,800 yuan, or about 14,900 USD. Buyers who place locked orders forfeit their 3,000 to 5,000 yuan deposit, equivalent to 450 to 650 USD, if they back out. The entry model uses a 113 kW front motor paired with a 42.9 kWh LFP battery supplied by CALB, delivering 465 km of CLTC range. Higher trims upgrade to a 145 kW motor and a 51.9 kWh battery, extending the CLTC range to 555 km while cutting the zero-to-100 km/h acceleration time from 8.3 to 6.8 seconds. The brand also pledged to compensate owners for all assisted driving system incidents within the first year of ownership. Top trims feature Horizon Robotics' Journey 6M chip for urban and high-speed Navigate on Autopilot capabilities. Measuring 4,806 mm long with a 2,820 mm wheelbase, the front-wheel-drive sedan includes a built-in fold-flat double bed and vehicle-to-load power output up to 3.5 kW.

Carnewschina

France's borrowing costs hit their highest level since 2002 last week as ongoing unrest fuels investor anxiety over the country's fiscal trajectory, CNBC reported. The yield on benchmark 10-year French government bonds, known as OATs, climbed 11 basis points on Thursday, pushing the spread over 10-year German Bunds to its widest level since November 2011. France's CAC 40 has fallen 4.5% over the past month. The government aims to reduce its budget deficit to 5% of GDP in 2027 from a projected 5.4% in 2026, though opposition lawmakers are resisting tax measures due for debate in the National Assembly on Oct. 27. Moody's kept its Aa3 credit rating on France on Friday but maintained a negative outlook, citing the risk that political fragmentation will impair legislative institutions. ING expects French GDP growth of just 0.3% in 2026 and 0.6% in 2027, with risks of further weakness if market tensions intensify. Carrefour shares plunged more than 14% on Wednesday after the supermarket giant cut its profit outlook and reduced investment due to the unrest and rising energy costs. Fresh demonstrations are planned for Oct. 24, followed by a union-backed national day of strikes and protests on Nov. 5.

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Moody's kept France at Aa3 with a negative outlook on Friday while warning that political paralysis threatens the government's ability to curb its deficit, Fortune reported. France's public debt reached a record $4 trillion, or 119% of GDP, pushing bond yields to their highest levels in 24 years. A proposed 2027 budget aims to narrow the deficit from 5.4% to 5% of GDP, but Moody's expects political gridlock and weaker growth will limit the reduction to 5.2%. The debt burden is projected to climb to 122% next year, requiring significant fiscal efforts that the ratings agency doubts fractured leadership can deliver amid ongoing social protests and riots. Average debt maturity stands at 8.5 years, shielding the country from immediate borrowing shocks, though persistent political instability threatens key credit metrics through the end of the decade.

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Block released a new local voice model called Dessa that runs on a single NVIDIA GPU and simulates human speech patterns including laughs, pauses, and cries, TechCrunch reported. The full-duplex model processes speech directly without relying on text pipelines or large language models for knowledge retrieval. Block designed the system to run locally on consumer-grade hardware such as a MacBook M4 Max or better. The company has restricted public access while seeking safety researchers to test potential impersonation risks. Square already employs voice artificial intelligence for order handling, and the new model could reduce operational costs across consumer and business applications.

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Italy deployed 500 additional soldiers to Milan and locked down major European cities as the newly formed Oct. 17 Movement sparked widespread protests on Saturday, Fortune reported. The demonstrations span pensions, housing, anti-war movements, education, and corruption, stretching from Tirana to Madrid. Milan authorities backed the troop deployment with drone surveillance and railway checks after riots last week resulted in 45 arrests, including 34 minors. Prime Minister Giorgia Meloni announced tougher penalties for minors following the clashes, while luxury boutiques in Milan boarded up storefronts. In Albania, riot police deployed water cannons in Tirana as students demanded lower tuition and called for the resignation of Prime Minister Edi Rama. Meanwhile, thousands of retirees marched in Madrid to protect public pensions ahead of next month's snap election.

Fortune

NASA will launch Artemis III next summer on a two-week orbital docking exercise featuring lunar landers from Elon Musk's SpaceX and Jeff Bezos' Blue Origin, Fortune reported. The mission will carry four astronauts aboard the Orion capsule for a sequence requiring three launches in quick succession from Cape Canaveral, docking first with Blue Origin's Blue Ghost about 270 miles above Earth before meeting SpaceX's Starship in a slightly lower orbit. Administrator Jared Isaacman noted that Artemis IV remains scheduled for 2028 as the agency's first lunar landing by astronauts since Apollo. NASA plans to keep its options open before selecting between SpaceX and Blue Origin for that landing. The updated timeline follows the Artemis II flight around the moon six months prior.

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