According to the Wall Street Journal: Nvidia-backed startup doubleAI has launched a new model designed to reduce computing costs.

China Q3 GDP YoY 4.5% (consensus 4.4%; prior 4.3%).

Energy: 1. China's National Bureau of Statistics: Coal production decline narrowed in September, while crude oil production growth accelerated. 2. China's National Bureau of Statistics: Industrial value-added above designated size increased by 5.3% year-on-year in the first three quarters. 3. US Energy Secretary: Diesel trade aimed at incentivizing Russia to de-escalate the conflict with Ukraine. Trump suspended sanctions against Russia but did not lift them. 4. US Treasury Secretary Bessenter: The US energy crisis continues; inflation will slow after the war ends. Europe continues to "scalp up" Russian energy purchases. 5. US Treasury Secretary Bessenter: (Responding to Trump's waiver of Russian sanctions) No sanctions have been lifted. There was a 60-day period at the time. Looking at the current situation, the only thing that has been lifted is the diesel embargo. 6. Venezuela expects to invest nearly $76 billion in the oil and gas industry over the next five years. Agriculture/Mining: 1. India restricts the use of sugarcane as a raw material for ethanol production to curb rising sugar prices. 2. Singapore has identified seven companies suspected of involvement in causing the Indonesian forest fires and plans to issue notices to these companies requiring them to take preventative measures. 3. Peru's Ministry of Energy and Mines: August copper production fell 5.0% year-on-year to 230,676 metric tons. 4. Mao Shengyong, Deputy Director of China's National Bureau of Statistics, said at a press conference held by the State Council Information Office on the 19th that the total output of summer grain and early rice in China this year reached 179.04 million tons, an increase of 780,000 tons, or 0.4%, compared with the previous year. 5. China's National Bureau of Statistics: In the first three quarters, 537.39 million pigs were slaughtered, an increase of 1.4%. 6. Japan plans to strengthen customs enforcement and crack down on gold smuggling and tax refund fraud. 7. The Centinela copper mine union in Chile reached a preliminary agreement, ending a strike that lasted more than a week. 8. Japanese electricity prices hit a four-year high. Global Shipping Situation: 1. Iran: An "illegal" oil tanker struck a mine and exploded in the Strait of Hormuz. 2. Russian Foreign Minister Lavrov stated that the root causes of the conflict in the Strait of Hormuz must be eliminated. 3. US Vice President Vance stated that gasoline prices in the US are high, but without the US Navy's presence in the Strait of Hormuz, prices would be twice as high. 4. The US Embassy in the UAE issued a security alert, stating that "hostile actions could escalate rapidly." 5. The Egyptian Presidential Palace stated that Egypt will provide Saudi Arabia with all necessary and feasible support to maintain Saudi Arabia's security and stability.