Economy
Mortgage purchase applications have fallen 60 percent from the pandemic peak to near 1995 levels, lower than during the 2008-2012 foreclosure crisis. The Mortgage Bankers Association purchase index was 139.3, down 16 percent from last year and 44 percent from 2019. About 70 percent of purchases use a mortgage. Active listings reached 1.16 million in September, up 59 percent from 2023 when demand was last this weak. More owners now hold 6 percent-plus rates, including 25 percent of Florida mortgaged homes and over 26 percent of Tennessee holders. That said, the National Association of Realtors reported that existing-home sales rose 1.5 percent in September.
Artificial Intelligence
Workplace Slack messages, emails, documents, and code are being sold by the terabyte to train AI, typically without workers’ knowledge or pay, according to reports. Brokers such as Polyshares and Micro1 make six-figure offers due in 48 hours. Micro1 plans to spend $1 billion on company data over the next 12 months. Emory professor Ifeoma Ajunwa said there is little recourse without a federal privacy law. Meta dropped a keystroke-logging plan after employees objected and private chats leaked inside the firm. Elon Musk told SpaceX staff Grok would train on their data. Stolen source code has been offered for millions. Google sought Spirit Airlines emails and personnel files after bankruptcy. An employer’s signature is reportedly sufficient.
US Politics
French entrepreneur Brivael Le Pogam warned Americans considering voting Democrat, stating that he comes from their future. He said France built free healthcare, free college, generous welfare, heavy regulation, and high taxes, with public spending at nearly 57 percent of GDP, then went 50 years without a balanced budget, piled up more than 3,300 billion euros of debt, watched hospitals fail despite record funding, and lost engineers and the rich. Debt is projected at 120 percent of GDP in 2027. He wrote that college, healthcare, and housing costs exploded where the state is most involved. He asked if the program on the ballot makes America more like America or more like France.
In other news, the Trump administration is seeking to denaturalize and deport Rep. Ilhan Omar. A Monday morning search of her Washington home seized her passport, phone, and computers. More than a dozen grand jury subpoenas went out, some to relatives. Investigators are examining whether she or her father listed her as 17 rather than 18 on 2000 paperwork, which would determine automatic citizenship through a parent versus an independent application. Omar’s office said there is no basis. Civil denaturalization has no time limit and requires clear, unequivocal, and convincing proof of a material lie. The Justice Department has filed more than 200 such suits this term versus about 12 a year before. Omar and other Democrats have called the probe politically motivated, while Vice President JD Vance said the administration would follow the evidence.
Separately, U.S. District Judge Timothy Kelly extended an injunction blocking President Trump from barring CNN, MS NOW, and Politico from the White House, finding likely success on a First Amendment viewpoint-discrimination claim. Trump banned them over what he called fake news reporting. Kelly had already said yanking passes without notice likely violated due process. He wrote that Trump likely acted over coverage he sees as biased, not national security, calling that unlawful. Letters citing national-security threats arrived after the ban. Trump said he would appeal. A White House official said the outlets have no place demanding a spot in the Oval Office and that their reporting consists of lies that tear at democracy.
Energy
Iranian drone attacks, 24 this month, including two Emirati ships that sank, have negatively affected oil flows through the Strait of Hormuz, according to reports. UBS expert Henri Patricot said Gulf of Oman crude and product flows fell to 9.1 million barrels a day recently and averaged 13.5 million last week versus a 17 million early-October peak. Combined Hormuz and bypass exports dropped to 9.5 million barrels a day. LNG remains about 25 percent of pre-conflict levels. Longer-dated Brent futures have continued to reprice higher. The IEA said a diesel squeeze will likely last into the first half of 2027. Iranian officials told Reuters they are deploying new tactics against ships they consider in violation of restrictions, seeking to keep oil prices high ahead of U.S. midterm elections.
As such, Asian thermal coal has reached two-year highs as utilities stockpile for winter. Newcastle futures are up more than 40 percent this year, the highest since August 2024. Ukraine and Hormuz disruptions have been cited as prompting a switch from gas and heating oil. Morgan Stanley said the refining crisis made long-term coal demand more resilient and lifted its Newcastle outlook 4 percent to $125 a ton. China’s output is down more than 3 percent in the first eight months of the year after mine-safety shutdowns. El Niño warmth could ease Asian heating demand.
Separately, President Trump said Taiwan will take 30 percent of Alaska LNG for 20 years, involving $70 billion to $80 billion of offtake plus $4.4 billion in equity, with permits secured. Bloomberg reported plans for 6 million tons a year from as early as 2032. Taipei said binding terms remain open after CPC Corp.’s nonbinding letter of intent. A $54 billion South Korean stake Trump cited still depends on commercial viability, Seoul said. The cargoes would avoid Hormuz by crossing the Pacific.
Education
Oxford University’s style guide now advises staff to avoid idioms such as “learn the ropes” and “find your feet,” which it states may confuse international students or perpetuate stereotypes. Suggested replacements include “learn how to do that.” “Spokesman” and “mankind” are to be replaced with “spokesperson” and “humankind.” About a third of students are international, and overseas fees have grown in importance. An Oxford spokesman said the advisory guide helps staff write clearly for a global audience. Others call it more Newspeak. Lord Young of the Free Speech Union said students come to immerse themselves in the culture and master colloquial English.
Health
On-the-ground accounts from Irkutsk and China have disputed reports of a Chinese lockdown, a ban on Russians, or plague stockpiling. A traveler who flew from Irkutsk to Beijing on October 8 reported no temperature checks, no tests, no restrictions, and free movement before a Yangtze cruise. Chinese contacts were not discussing the story or stocking up, according to the account. She is guiding 60 Russians on open flights. Visa-free travel to Russia still extends through 2027. More than 5,500 tests found nothing infectious after a lab worker’s death. Contacts remain healthy, and 200-plus people were quarantined under protocol. The claims were traced to an Instagram post later taken down.
Sources
Oxford’s Newspeak: Staff Told to Drop Everyday Idioms Like ‘Learn the Ropes’
Oxford University has advised its staff to avoid common English idioms such as “learn the ropes” and “find your feet,” on the grounds that they may confuse international students or that they perpetuate negative stereotypes.
Iran’s Hormuz Drone Spree Chokes Oil Flows Again, UBS Warns
A surge in Iranian drone attacks on commercial ships appears to be weighing on Middle Eastern energy exports through the Strait of Hormuz, with 24 attacks reported so far this month.
Asia Scrambles for Coal as Prices Hit Two-Year Highs Ahead of Winter
As the Northern Hemisphere winter quickly approaches, Asian thermal coal prices have climbed to two-year highs
Trump Admin Eyes Stripping Omar Citizenship After Dawn Raid Seizes Passport
The Trump administration wants to strip Rep. Ilhan Omar (D-MN) of her US citizenship and then deport her
“I Come From Your Future”: Don’t Vote America Into France’s Debt Trap
The promise was protection. The result is stagnation.
Trump Touts Taiwan Alaska LNG Pledge as Taipei Says Binding Terms Still Open
Taipei, however, said binding terms remain under negotiation.
Judge Extends Block on Trump’s White House Ban of CNN, Politico
Simply put, that is unlawful viewpoint discrimination
Your Work Life Is Now AI Training Data—Sold Without Your Knowledge or Pay
Without a federal privacy law, the only thing that is needed for the data to be sold is the employer’s signature.
Homebuyers Go on Strike: Mortgage Demand Hits 1995 Lows, Worse Than the Foreclosure Crisis
Homebuyers have effectively gone on strike.
China Not on Lockdown: On-the-Ground Reports Debunk Russian Plague Panic as Western Clickbait
There were no restrictions, no lockdown, nothing.
Source | Submitted by Sam W.
In addition to sources submitted by community members, the following were also used in the creation of this report: @JosephPConlon, Reuters, Fox News, CNN, @EmmanuelMacron, and National Association of Realtors.
