Market news: British police arrested three people related to Russia under the National Security Act.

Uber (UBER.N) rose slightly in the short term and is now up 3.4%.

1. Cancelled Summit with Putin – Trump said Wednesday he had canceled plans for a summit with Russian President Vladimir Putin, citing a lack of progress in diplomatic efforts and inappropriate timing. Trump also expressed frustration with the deadlock in negotiations. 2. Denied Approval of Ukraine's Use of Long-Range Missiles against Russia – US media reported that the US had allowed Ukraine to use long-range missiles against Russia, to which Trump responded: "Fake news!" 3. Sanctions on Russia's Two Largest Oil Companies – US President Trump on Wednesday imposed sanctions on Russia for the first time during his second term over the Ukraine war, targeting Lukoil and Rosneft. 4. In Talks to Invest in Quantum Computing Companies – The Wall Street Journal reported that several quantum computing companies are in talks to offer equity to the US Department of Commerce in exchange for federal funding, suggesting that the Trump administration is expanding its intervention in economic sectors it deems critical. 5. Planned Meeting with Lula in Malaysia – Trump is reportedly interested in meeting with Brazilian President Lula da Silva, and the two sides are discussing arranging a meeting in Malaysia on the occasion of the Association of Southeast Asian Nations summit, with the meeting potentially taking place as early as October 26. 6. Proposed New Targets for Oil Drilling in the Atlantic and Pacific Coasts – Politico reports that two sources said the Trump administration plans to propose opening federal waters in the Atlantic and Pacific Oceans to offshore drilling. 7. First-ever Strike on Drug Trafficking Vessel in the Eastern Pacific – U.S. Defense Secretary Hegseth said Wednesday that the U.S. military attacked a suspected drug trafficking vessel in the eastern Pacific, killing two people. This was the first such action by the U.S. military in the Pacific since Trump launched a new round of military strikes against the drug trade. 8. Preparing for a "Heavy Blow" Against Land-Based Drug Cartels – U.S. President Trump said Wednesday that the administration may seek congressional authorization to launch a crackdown on drug cartels smuggling drugs on land.