US WTI CRUDE PRICES FALL 3% TO $93.25 A BARREL
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IRAN'S STATE MEDIA CITING IRGC SAYS A US MQ1 DRONE WAS DESTROYED BY IRANIAN AIR DEFENSES OVER QESHM ISLAND
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*UAE MULLS THIRD CRUDE OIL PIPELINE TO AVOID STRAIT OF HORMUZ
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TESLA SHARES FALL 4.3% TO TWO-WEEK LOW, SPACEX DOWN 4.6% TO OVER TWO-MONTH LOW AFTER DEMOCRATIC SWEEP IN US MIDTERM ELECTIONS
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US HYPERSCALER STOCKS RALLY IN EARLY TRADE

AMAZON UP 7%
MICROSOFT UP 5.7%
ALPHABET UP 2.9%
META UP 1.7%
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US OCT FINAL SERVICES PMI 56.1 (57.9 FLASH, 58.8 SEP)

US OCT FINAL COMPOSITE PMI 55.9 (57.6 FLASH, 58.4 SEP)
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SPOT SILVER EXTENDS GAINS, UP NEARLY 5% TO $52.26/OZ
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*JOHNSON WILL NOT RUN FOR HOUSE GOP LEADER ROLE: CNN
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NORWAY'S $300 MILLION BET ON BATTERY STORAGE

Norway's sovereign wealth fund has made its first direct investment in battery storage, acquiring a 10% stake in Aypa Power for $300 million.

The transaction implies a valuation of approximately $3 billion for the North American battery storage platform.
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CBOE VOLATILITY INDEX HITS ABOUT ONE-WEEK LOW; LAST DOWN 3.87 POINTS AT 16.97
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TRUMP IMPEACHMENT ODDS SURGE AFTER MIDTERMS

Following Democrats’ congressional gains, prediction markets now price a 64% chance the House impeaches Trump before July 2027.

Odds stand at 53% before May and 45% before April.

The contrast: impeachment odds are climbing even as Democratic leaders stop short of committing to proceedings.
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US OIL INVENTORIES FALL AS DISTILLATE STOCKS DROP SHARPLY

EIA data showed another weekly decline in US petroleum inventories, with particularly large draws in distillate fuels.

🔸 Crude oil: -0.9 million barrels to 409.8 million
🔸 Distillates: -3.6 million barrels to 99.3 million
🔸 Gasoline: -0.2 million barrels to 209.0 million
🔸 Total petroleum stocks: -8.2 million barrels, excluding strategic reserves
🔸 Refinery utilization: 94.5%, up 1.7 percentage points

Total petroleum demand rose 4.2% year over year on a four-week average basis.
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MICROSOFT SHARES JUMP TO RECORD HIGH; LAST UP 6.1%
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US DIESEL SUPPLIES FALL BELOW 100M BBL, LOWEST SINCE 2003
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VANCE: RELATIONSHIP WITH ISRAEL IS ONE REASON GOP LOST
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SPOT PALLADIUM EXTENDS GAINS, UP 7% TO $999.00/OZ
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JD VANCE BLAMES IRAN WAR FOR REPUBLICAN MIDTERM DEFEAT

Vice President JD Vance says Republicans lost because Trump’s 2024 voters switched to Democrats, not because GOP turnout collapsed.

Citing internal polling, Vance said voters wanted an end to the Iran war, lower inflation, an America First agenda and a change in US relations with Israel.

“The reason we lost is the war,” Vance declared, acknowledging growing dissatisfaction among Republican voters.
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DEMOCRATS READY TRUMP PROBES AND AFFORDABILITY MEASURES
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Trump's Vice President Blames Israel for Republican Defeat: "We Lost Because of Four Things - The War in Iran, the Cost of Living, Not Putting America First, and Our Relationship with Israel"
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FRANCE'S 10-YEAR GOVERNMENT BOND YIELD EXTENDS FALL, LAST DOWN 12.5 BPS AT 4.80%
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