Source: Bloomberg, 6:19
https://www.bloomberg.com/news/audio/2025-11-05/don-t-count-on-china-to-boost-your-portfolio-macro-man-podcast
Month: November 2025
USD/JPY consolidates around 153.60 amid divergence – BBH
USD/JPY remains around 153.60 as Japan’s on-hold policy stance keeps the pair elevated despite yield-based valuation concerns, BBH FX analysts report.
Japan’s Vice Finance Minister for International Affairs, Atsushi Mimura, highlighted that USD/JPY is trading above the level implied by US-Japan bond yield differentials. “We agree,” the analysts noted.
However, the Bank of Japan’s on-hold policy stance means this divergence is unlikely to close anytime soon.
The swaps market continues to see a 50% chance of a December 25 basis points rate hike to 0.75%, with a full 25 basis points move priced in for January or March.
https://bitcoinethereumnews.com/finance/usd-jpy-consolidates-around-153-60-amid-divergence-bbh/
Crypto recovery remains slow despite global liquidity boost: Wintermute
**Why Crypto Markets Are Not Bouncing Back Despite Favorable Macroeconomic Conditions: Insights from Wintermute**
Global liquidity is rising, stocks are soaring, and interest rates are falling — yet the cryptocurrency market continues to underperform. According to Wintermute’s latest market update dated November 3, despite a supportive macroeconomic environment, capital is not flowing into crypto markets at the same pace as other risk assets.
### Expanding Liquidity but Limited Crypto Inflows
The report highlights that global liquidity is expanding as central banks cut interest rates and wind down quantitative tightening (QT). Stock markets are sitting near all-time highs, reflecting overall positive financial conditions. However, this improvement has not translated into substantial inflows into the crypto space.
Wintermute attributes this underperformance to a redirection of liquidity. While inflows are primarily targeting equities, particularly sectors like artificial intelligence (AI) and prediction markets, crypto-specific channels have largely stalled.
### Slowdown in Key Crypto Growth Drivers
Earlier in the year, ETF inflows and Digital Asset Treasury (DAT) activities were significant drivers of crypto growth. Today, both have significantly slowed. The report notes: “The tap isn’t off, it’s just pointed somewhere else.”
The only crypto-related metric still showing growth is stablecoin supply, which has increased by over $100 billion year-to-date. In contrast, Bitcoin ETF assets under management have stagnated near $150 billion, and secondary DAT volumes have plummeted.
### Market Performance Reflects the Trends
Market data echoes this slowdown. Bitcoin (BTC) and Ethereum (ETH) have remained range-bound, with Bitcoin trading near $101,000 and Ethereum around $3,300. Meanwhile, the broader crypto market has recently experienced heavy losses, with gaming tokens, layer-2 solutions, and meme coins suffering double-digit declines over the past week.
### Wintermute Declares the Four-Year Bitcoin Cycle “Dead”
Wintermute challenges the traditional four-year Bitcoin cycle theory, arguing that it no longer holds relevance. The firm contends that in mature markets like crypto, price movements are now driven primarily by liquidity flows rather than miner supply or halving events.
This represents a fundamental shift requiring investors to adjust expectations and place greater emphasis on monitoring macroeconomic conditions and institutional behaviors.
### Crypto Market Structure Remains Healthy
Despite the current stagnation, Wintermute emphasizes that the crypto market structure remains fundamentally healthy. Leverage has been significantly reduced, volatility is subdued, and market positioning is cleaner compared to earlier in the year.
The firm remains cautiously optimistic that renewed ETF or DAT inflows could trigger the next leg of the crypto recovery. However, for now, crypto remains the weakest performer among global risk assets.
### Outlook: Recovery Hinges on Capital Inflows
Bitcoin and Ethereum ETFs have recently seen a five-day outflow streak. Until capital starts flowing back into crypto-specific instruments, a robust recovery will likely remain elusive — even in an environment characterized by abundant liquidity.
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**In summary, while macroeconomic conditions are favorable, capital redirection and stalled inflows have kept crypto markets subdued. Investors should monitor liquidity trends closely to identify signs of a potential turnaround in this evolving landscape.**
https://bitcoinethereumnews.com/crypto/crypto-recovery-remains-slow-despite-global-liquidity-boost-wintermute/
CoinDesk 20 Performance Update: SUI Gains 9.6%, Leading Index Higher
Avalanche and AVAX (+9.0%) showed strong performance, while laggards included ICP (-18.1%) and BTC (+2.4%). The CoinDesk 20 is a broad-based index traded on multiple platforms across several regions globally.
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### Inside Zcash: Encrypted Money at Planetary Scale
*By CoinDesk Research | Nov 3, 2025*
*Commissioned by Gen Zcash*
Zcash has undergone a significant transformation in 2025, evolving from niche privacy technology into a fully functioning encrypted-money network. This evolution is marked by substantial growth in shielded adoption and a shift towards privacy becoming standard practice.
Currently, between 20-25% of circulating ZEC is held in encrypted addresses, while 30% of all transactions involve the shielded pool. This increase in privacy usage is largely attributed to the Zashi wallet, which has made shielded transfers the default option, pushing privacy from being optional to a standard feature.
Additionally, Project Tachyon, led by Sean Bowe, is underway to amplify transaction throughput to thousands of private transactions per second, further enhancing Zcash’s scalability and usability.
Zcash’s advancements have recently led it to surpass Monero in market share, establishing it as the largest privacy-focused cryptocurrency by capitalization.
Stay tuned for more updates as Zcash continues to develop its zero-knowledge architecture and expand its encrypted transaction ecosystem.
https://www.coindesk.com/coindesk-indices/2025/11/05/coindesk-20-performance-update-sui-gains-9-6-leading-index-higher
Humana Reports $195 Million Profit As Costs Land Within Expectations
Humana Reports $195 Million in Q3 Profits as Medical Cost Trends Stabilize
Humana reported $195 million in third-quarter profits on Wednesday, with the health insurer’s medical cost trends aligning with previous company forecasts. Like its industry peers, Humana has faced increased costs, particularly within its Medicare Advantage plans—a substantial component of the company’s business.
Medicare Advantage plans are government-contracted and offer seniors additional benefits and services, such as disease management, nurse helplines, vision, dental care, and wellness programs. To improve performance, Humana exited certain “unprofitable” plans and counties during the quarter.
“Our 3Q25 insurance segment benefit ratio of 91.1% is in line with our guidance of ‘just above 91%,’” Humana stated in prepared management remarks released alongside its earnings report. The benefit expense ratio, which is the percentage of premium revenue allocated toward medical costs, was 91.1% compared to 89.9% in the same quarter last year.
Despite the elevated expense ratio, Humana’s net income dropped to $195 million, or $1.62 per share, down from $480 million, or $3.98 per share, a year ago. However, revenue increased to $32.6 billion, up from $29.4 billion in the prior-year period.
Humana attributed some stability to less volatile industry cost trends over the past year, reaffirming its full-year 2025 adjusted earnings per share outlook of “approximately $17.00” and maintaining insurance segment benefit ratio guidance of 90.1% to 90.5%. This outlook, Humana noted, is “supported by solid execution and results.”
The company also reported improvements in its Medicare Advantage enrollment, reaching over 5.2 million individual enrollees by the end of the third quarter. “We now anticipate a FY 2025 decline of approximately 425,000 Individual Medicare Advantage (MA) members, improved from our previous expectation of a loss of up to 500,000, driven by stronger retention and better-than-expected sales,” the company said.
Meanwhile, Humana’s CenterWell healthcare services business continues to expand, reporting growth of 56,600 patients, or nearly 15%. “CenterWell Pharmacy continues to drive strong growth across payor-agnostic offerings, with increased Specialty volumes and strong Direct-to-Consumer growth, both exceeding previous expectations in 3Q25,” the company said.
Looking forward, Humana executives expressed confidence in the company’s strategy and outlook. “Our strategy of putting the consumer at the heart of everything we do is working, with solid year-to-date performance and strong momentum heading into the Annual Election Period,” said President and CEO Jim Rechtin. “We feel positive about the direction we’re headed and the value we are creating for our members, patients, and investors.”
https://bitcoinethereumnews.com/finance/humana-reports-195-million-profit-as-costs-land-within-expectations/
Don’t panic over tech, AI stocks selloff, analysts dismiss fears
There was a clear change in mood across world markets on Wednesday as tech stocks experienced sharp declines from record highs and some stretched valuations. Until this week, traders had been happy to overlook warnings, rising prices, and doubts about whether the most popular companies had justified the surge in their share prices.
Now, the drop has forced investors to reflect on whether the gains had gone too far and too fast. However, even with some large names losing billions in value in a matter of hours, most heavyweight fund managers insisted this was not a full-blown crisis moment, but more of a short wobble after a long winning streak.
### Experts Still Favor AI and Tech Stocks
Shares across Asia were sold down for the second day in a row, with indices in Seoul and Tokyo roughly 5% below earlier highs logged only on Tuesday morning. Nasdaq futures were also weaker, even after the US benchmark had already fallen 2% the day before.
The biggest hits were taken by the same stocks that had ridden the boom on the way up. Nvidia, which only a year or two ago was little known outside specialist circles, has since become the most valuable company on the planet due to the AI rush. The company slid nearly 4% on Tuesday and was around 7% below last month’s top.
Palantir, another strong favorite during the boom, fell almost 8% on the day and then slipped a further 3% in after-hours trade.
### Profit-Taking and Market Timing
Some managers blamed timing. With the year-end window in sight, there is little incentive to let paper gains reverse if the market begins to swing the wrong way.
One investor in Hong Kong described the decline as more about locking in profits than abandoning AI. Meanwhile, another investor in Sydney said he was not afraid to step in and buy while others were rushing for the exits, though he admitted he could be wrong.
There was also a warning from South Korea’s exchange regarding the chipmaker SK Hynix. The statement was routine, but because the firm had already tripled in value over twelve months, the caution was enough to spark a two-day drop of about 6%.
### Underlying Market Concerns
The market had already been wrestling with a long list of worries in recent weeks: high borrowing costs, stubborn inflation, and ongoing trade disputes. However, US markets still climbed by more than 50% from April before the latest fall, showing how strong the momentum behind AI names had become.
Sentiment in Europe softened as well. Tech was the weakest part of the main European index, and the German DAX also dipped. The Dutch AEX, where ASML—a key supplier to Nvidia—trades, also slipped.
Some top Wall Street bosses, including the chiefs of Morgan Stanley and Goldman Sachs, have wondered aloud whether stock prices can remain at these heights without further proof of sustained profits. One economist in Europe said conditions generally still looked favorable but acknowledged that valuations had become severe, leaving almost no space for mistakes.
### Market Movers Before US Opening Bell
Among the names moving before the US opening bell were AMD and Super Micro Computer, both down more than 4%, while some of the older tech giants held steadier. Meta even managed a small gain.
Chinese markets bucked the trend slightly, lifting in response to news that Beijing would suspend part of its tariffs on US goods for a year.
### Safe Haven Assets and Cryptocurrency
Safe haven assets firmed as gold rose by almost 1% to sit near $1,963 an ounce, and government bonds were steady, holding yields near 4.09% on US ten-year paper. Bitcoin, which has swung wildly for months, briefly dipped below $100,000 before bouncing back above that level.
### Conclusion
Even after the turbulence, no major investor said the AI boom was dead. The recent downturn appears to be a pause rather than a pivot, with many experts still bullish on the long-term potential of AI and tech stocks.
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https://bitcoinethereumnews.com/tech/dont-panic-over-tech-ai-stocks-selloff-analysts-dismiss-fears/
Blake Snell’s wife Haeley gives major shoutout to Mookie Betts’ spouse Brianna for hosting glamorous World Series after-party
The Los Angeles Dodgers celebrated their back-to-back World Series victory in style, thrilling fans across the city.
Thousands of supporters flocked to the streets of downtown LA for the official victory parade held on Monday.
The festive atmosphere captured the excitement and pride of the team’s historic achievement, uniting fans in a memorable celebration.
https://www.sportskeeda.com/baseball/news-blake-snell-s-wife-haeley-gives-major-shoutout-mookie-betts-spouse-brianna-hosting-glamorous-world-series-after-party
CNN’s Van Jones among those raising alarm at Mamdani’s instant ‘character switch’ after winning power
Lefty luminary Van Jones was among those raising alarm at Democratic socialist mayor-elect Zohran Mamdani’s rage-filled victory speech, noting his instant “character switch” upon winning power.
A roaring Mamdani wasted no time claiming a mandate for his potentially budget-busting progressive agenda, even taunting former President Donald Trump as he rallied his fired-up supporters soon after Tuesday night’s victory.
Jones was quick to point out live on CNN that the 34-year-old’s triumphant demeanor was a far cry from the cool, calm, and collected candidate seen on the campaign trail.
“I think he missed an opportunity. I think the Mamdani that we saw on the campaign trail, who was a lot more calm, who was a lot warmer, who was a lot more embracing, was not present in that speech,” Jones told a post-election CNN panel.
“I think his tone was sharp. I think he was using the microphone in a way that he was almost yelling. That’s not the Mamdani that we’ve seen on TikTok and in the great interviews and stuff like that.”
“I felt like it was a little bit of a character switch here,” he continued, noting that the once “warm, open, embracing guy” had seemingly vanished.
The Democratic pundit, who served as an adviser in the Obama administration, suggested Mamdani would have been better off trying to appease New Yorkers who are wary of his agenda.
“There are a lot of people trying to figure out, ‘Can I get on this train with him or not? Is he going to include me? Is he going to be more of a class warrior even in office?’ I think he missed a chance tonight to open up and bring more people into the tent,” Jones said.
“He’s very young and he just pulled off something very, very difficult. I wouldn’t write him off, but I think he missed an opportunity to open himself up tonight and I think that that will probably cost him going forward.”
Mamdani, who will be New York City’s first Muslim, first South Asian, and first socialist mayor, declared victory about two hours after polls closed.
The Democrat carried 50.4% of the votes to independent candidate Andrew Cuomo’s 42%, with nearly 98% of precincts reporting, according to the city Board of Elections.
“The conventional wisdom would tell you that I am far from the perfect candidate. I am young, despite my best efforts to grow older. I am Muslim. I am a democratic socialist. And most damning of all, I refuse to apologize for any of this,” Mamdani declared during his 20-minute victory speech.
“New York, tonight you have delivered a mandate for change, a mandate for a new kind of politics, a mandate for a city that we can afford, and a mandate for a government that delivers exactly that.”
https://nypost.com/2025/11/05/media/cnns-van-jones-among-those-raising-alarm-at-zohran-mamdanis-instant-character-switch-after-winning-nyc-mayoral-race/
Harshvardhan Rane joins John Abraham starrer Force franchise; actor reveals he will take the legacy forward
Harshvardhan Rane, who is currently basking in the success of his recent action romance *Ek Deewane Ki Deewaniyat*, has officially joined the cast of one of Bollywood’s most popular action franchises — *Force*. The announcement has generated massive buzz, as the actor revealed his association with *Force 3* through a heartfelt post on social media.
### Harshvardhan Rane Joins the Force Franchise
Harshvardhan Rane is set to join the *Force* franchise, which stars John Abraham. The actor revealed that he will be taking the legacy forward, stepping into a role that follows the momentum built by John Abraham in the first two installments.
Taking to his Instagram story, Harshvardhan shared a photo of himself at the revered Trimbakeshwar Temple in Maharashtra. Dressed in a traditional dhoti and performing prayers, he accompanied the image with an exciting announcement:
“John Abraham locks Harshvardhan Rane for taking FORCE franchise forward, under him.”
Expressing his gratitude, Harshvardhan further added,
“All I can do at this moment is thank this angel of a man called John Sir, while I look upwards and thank whoever is doing this from up there. Can’t wait to begin shoot in March 2026. (No other details till I begin the shoot.)”
### About the Force Franchise
The *Force* series is well-known for its high-octane action sequences combined with emotional depth. The franchise first hit theatres in 2011 under the direction of Nishikant Kamat. The film starred John Abraham and Genelia D’Souza and quickly became a fan favorite due to its gripping storyline and powerful action.
It was followed by *Force 2* in 2016, directed by Abhinay Deo, with Sonakshi Sinha joining John Abraham in an espionage-driven narrative that broadened the series’ universe.
Now with *Force 3*, the franchise is poised to enter a new chapter as Harshvardhan Rane takes on the mantle to carry forward its legacy. Though specific plot details remain under wraps, his inclusion has already stirred excitement and speculation about a fresh storyline and a new wave of stylized action.
### Harshvardhan Rane’s Growing Career
Harshvardhan has seen a strong career trajectory, especially after the renewed success of his romantic drama *Sanam Teri Kasam*, earlier this year following its re-release. His recent hit *Ek Deewane Ki Deewaniyat* continues to perform well at the box office.
In addition, Harshvardhan has *Silaa* in the pipeline, a fantasy romance action drama co-starring Sadia Khateeb and Karan Veer Mehra.
With filming for *Force 3* expected to begin in March 2026, fans can look forward to seeing Harshvardhan Rane bring his signature intensity and energy to one of Bollywood’s most adrenaline-fueled franchises.
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**Also Read:**
[EXCLUSIVE: ECSTATIC Harshvardhan Rane talks about Ek Deewane Ki Deewaniyat’s roadshows and being mobbed by fans like never before](#)
“Har sheher mein fans ke nakhuno se mera thoda sa khoon nikla hai. Lekin mera khoon ab mera nahi, unka hai.”
—
**More Pages:**
– [Force Box Office Collection](#)
– [Force Movie Review](#)
– [Bollywood News Live Updates](#)
https://www.bollywoodhungama.com/news/bollywood/harshvardhan-rane-joins-john-abraham-starrer-force-franchise-actor-reveals-will-take-legacy-forward/
Coeur Mining Acquires New Gold: When 2 Buys Create A Strong Buy
**Coeur Mining Acquires New Gold: When Two Buys Create a Strong Buy**
*By IWA Research | 42K Followers*
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**Summary**
Coeur Mining (CDE) is acquiring New Gold (NGD) in an approximately $7 billion all-stock deal, creating a leading North American miner specializing in gold, silver, and copper. The combined company stands to benefit from complementary assets, diversified production, strong free cash flow, and enhanced financial flexibility, positioning it well for future expansion.
Both companies have been upgraded to a **Strong Buy** rating, as the merger brings scale, stability, and significant potential for accretive growth despite initial market skepticism and industry volatility.
Key advantages include synergies, cost savings, and robust cash inflows driven by NGD’s ramp-ups, all of which position the new entity for further expansion and value creation in a favorable gold price environment.
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**Introduction**
Recently, Coeur Mining (CDE) announced it is acquiring New Gold (NGD) in an approximately $7 billion all-stock transaction. This strategic move creates a leading North American mining company with substantial operations in gold, silver, and copper. The merger unlocks significant potential by combining complementary assets and resources.
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**About the Author**
With over 10 years of experience researching companies, I have in-depth knowledge of more than 1,000 companies across various sectors. These include commodities such as oil, natural gas, gold, and copper, as well as technology firms like Google and Nokia, along with numerous emerging market stocks.
After running my own blog for about three years, I transitioned to a value investing-focused YouTube channel, where I have researched hundreds of companies. My primary focus is on metals and mining stocks, though I am also proficient in covering sectors like consumer discretionary and staples, REITs, and utilities.
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**Analyst’s Disclosure**
I/we hold a beneficial long position in the shares of CDE, NGD, B, and NEM through stock ownership, options, or other derivatives. This article reflects my own opinions and I am not receiving any compensation other than from Seeking Alpha. I have no business relationship with any company mentioned herein.
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**Seeking Alpha’s Disclaimer**
Past performance is not indicative of future results. This article does not constitute a recommendation or financial advice. Opinions expressed in this article may not reflect those of Seeking Alpha. Seeking Alpha is not a licensed securities dealer, broker, US investment adviser, or investment bank. Articles are written by third-party authors, including professional and individual investors who may not be licensed or certified by any regulatory body.
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