Gavin Newsom announces $48.5 million in grants to support California’s maritime industry and implored a local county board to support a proposal that would speed a massive new shipyard and innovation hub

NEWS: Starlink receives its 10-year licence to provide satellite internet service across the UAE. The approval covers individuals, businesses and government entities, including aviation and maritime connectivity, strengthening the UAE’s digital infrastructure and resilience. Around 80% of the UAE is desert. Starlink can bring high-speed connectivity to remote areas where terrestrial infrastructure is harder to deploy, further strengthening the country’s digital reach and readiness.

Big news for the Philippines! 🇵🇭 Globe has received official approval to launch Starlink Direct-to-Cell service This makes the Philippines the first country in Southeast Asia where regular LTE phones can connect directly to satellites No extra hardware No special app needed Just a compatible phone, an active Globe SIM, and a clear view of the sky This can bring mobile coverage to remote islands, mountains, maritime areas, and disaster-hit regions where traditional cell towers simply can’t reach For a country with thousands of islands, this is a massive connectivity upgrade

Top Overnight News The White House has asked the Pentagon to develop strike options against Iranian targets that could be exercised ahead of the midterms, according to two administration officials. The planning underscores just how much the president wants to reduce gas prices and demonstrate progress in the conflict before the vote. The Atlantic The US military has been ordered to be ready for possible Iran strikes as President Trump weighs the timing, with the Pentagon said to have instructed CENTCOM several days ago to conclude preparations for resuming major combat operations in Iran; any campaign is expected to be a joint US-Israeli one including large bombing of Iranian energy, infrastructure and nuclear targets. Axios Attacks on tankers sailing through the Strait of Hormuz hit their highest last week of any week since the Iran war began, according to maritime security sources tracking incidents, amid a bigger export push by Gulf producers. RTRS The EU is taking a more assertive approach to China as it heads into talks aimed at avoiding a trade war. The meeting comes as the EU prepares to curb Chinese hybrid-car imports. BBG Japan’s 30-year government bond auction drew firm demand as elevated yields attracted investors. The bid-to-cover ratio at Thursday’s sale was 3.88 compared with 3.79 at the previous auction and a 12-month average of 3.56. Japan’s bonds were steady after the sale. The BoJ said price increases driven by higher raw material costs were spreading to consumer goods with some firms hiking prices more often, signaling its concern over broadening inflationary pressure. RTRS France is considering boosting issuance of shorter-term debt, as investors grow more hesitant to lend to the debt-laden country for longer periods. WSJ France Finance Minister Roland Lescure told the BBC that there is still investor demand for government bonds. About 38% of France’s high-grade corporate bonds now trade at lower yields than comparable sovereign debt. BBG Broadcom is said to be in talks to arrange about $30 billion in debt financing to help OpenAI buy custom AI chips the companies are developing together. Tencent is mulling a $5 billion bond sale, people familiar said. BBG The Fed’s Christopher Waller said further rate hikes will probably be needed, though officials have some flexibility on timing. BBG Crescent Energy to buy Devon's Eagle Ford assets for $4.22 billion in cash. BBG Hurricane Isaias is in the US Gulf with 80 mph winds and still strengthening, with Gulf producers shutting in wells and evacuating personnel. BBG Saudi Arabia is in talks to formalize Hormuz shuttle services in a fight for market share. BBG Germany doubled its 2026 growth outlook as manufacturing rallies. BBG NatWest is pulling back from dealing US and European government bonds, exiting as a primary dealer. BBG Goldman's special bonus for top brass is set to exceed $500 million. BBG US President Trump administration moves towards temporary sales of some unapproved peptides: Washington Post. US is set to announce commitments from AI firms to provide more than USD 1bln in computing credits: Washington Post. BofA Total Card Spending (w/e Oct 3rd) +3% Y/Y (prev. +5.6%); lower income spending growth continued to outpace higher income. Newsquawk Net exposure to the Mag7 on Goldman's Prime book is ~22% of total US exposure, the highest on record since the start of 2022; US Tech saw its largest monthly % buying since Feb '25 in September. GS Prime JPM Positioning Intel flags crowding in NDX longs (98th percentile) and RTY shorts (3rd percentile), warning of near-term RTY outperformance risk. JPM

Top Overnight News Global bond yields surged Tuesday as renewed tension between the U.S. and Iran reinforced inflation expectations, which increased the prospect of interest-rate hikes in the coming months. The 10-year U.S. Treasury yield rose to 4.792%, the highest since January 2025, according to LSEG data. 30-Year Treasuries are on their worst run since 2006. The 10-year Japanese government bond yield crossed 3% to hit a 30-year high. The 10-year German Bund yield reached 3.364%, unseen since 2011. WSJ / BBG Two oil supertankers attempting to exit the Strait of Hormuz were struck late Monday by projectiles in quick succession, maritime security consultant Marisks said, the latest sign of renewed hostilities around the critical waterway. BBG Iranian President Masoud Pezeshkian told the Shanghai Cooperation Organization Summit on Tuesday that Tehran would immediately reciprocate if Washington agreed to return to its commitments under the interim deal signed in June. CNBC Anthropic has signed a cloud-computing deal worth $35 billion with Nvidia backed cloud provider Lambda, with Nvidia itself holding the lease on the data center, according to people familiar with the deal. The data center is being developed by Hut 8, a bitcoin miner and data-center developer, in Nueces County, Texas. Nvidia signed an agreement with Hut 8 a few weeks ago to secure the capacity, the people said. WSJ China’s factory activity expanded more than forecast in August after three straight months of slowdown, according to a private survey, showing resilience among the country’s export-oriented firms despite a broader slowdown in the economy. The RatingDog China manufacturing purchasing managers index rose to 51.5 from 50.9 in July, according to a statement on Tuesday. It’s been above the 50-threshold separating expansion from contraction for nine months, the longest upswing in five years. BBG South Korea’s exports for Aug came in ahead of expectations at +68.7% (vs. the Street +63%). BBG South Korea’s key policy chief Kim Yong-beom resigned. He had drawn criticism over the rapid introduction of single-stock leveraged ETFs and his proposal for a citizen dividend from the AI boom. BBG Eurozone CPI was inline w/the Street on the headline at +3.3% (up from +2.9% in Jul), but core ran a bit cooler at +2.4% (vs. the Street +2.5% and down from +2.5% in Jul). BBG Micron's Taiwanese labour unions are reportedly moving toward a possible strike unless the Co. agrees to reform its bonus system. Shipping costs at risk of rising further as the White House escalates its crackdown on immigrant commercial truck drivers Both the Department of Homeland Security and the Transportation Department are demanding licensing data across the U.S. about immigrants driving trucks, in a hunt for what they say is a rash of drivers with improper certifications. WSJ "Diesel remains at the epicenter of the rally, accounting for over 40% of the $40/bbl increase in average global refined product wholesale prices since February...Global exports of refined products declined 6mb/d (25%) year-over-year (yoy), with the Persian Gulf and Russia accounting for 75% of the decline." - Goldman Delta One

The IRGC has said that southernly maritime routes transit routes through the Strait of Hormuz will be blocked by the IRGC soon. The statement was made through Iran’s state-backed news agency Fars today. The transit scheme, where smaller vessels transit through the archipelagic southern routes and transfer oil to larger tankers will be shut down, likely by Iranian strikes, per reporting by Fars.

In the recent episode of the “Worldview with Swasti” podcast by the Indian newspaper ThePrint, our CEO Pierroberto Folgiero took part in a wide-ranging dialogue on the evolution of the global geopolitical landscape. In a rapidly changing world, the sea continues to be a crossroads of opportunities and challenges, and the centrality of the maritime domain emerges as a key element for the security and prosperity of nations. During the interview, he highlighted how India represents a strategic partner for us, capable of sharing a vision of growth based on innovation, advanced technologies, and industrial cooperation that looks to the future. This vision is aligned with Prime Minister Narendra Modi’s recognition of shipbuilding as a strategic pillar for India’s economic and maritime ambitions. We are convinced that the strength of a partnership is measured by the ability to create value together, integrating expertise and visions to address the challenges of our time. Our ambition is to play a leading role in a future where international cooperation is a driver of progress and sustainability, for this reason, we continue to invest in building bridges between industrial cultures, with the awareness that the sea is the great pathway that allows us to navigate together towards new frontiers. 👉 Watch the full interview: @narendramodi @ThePrintIndia