Global Political Shocks, Market Pause, and Luxembourg’s Bitcoin Bet: PALvatar Market Recap, October 10 2025

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1:34OK, let's muster some more energy and look through the headlines. With little economic data to pass, political turmoil in some of the world's biggest economies is taking up a lot of mindshare today. Japan's ruling coalition has split after 26 years, leaving the newly elected leader of the Liberal Democratic Party in need of support from two other parties to form a majority. That's put Sanai Takaichi's bid to become Japan's first female prime minister in jeopardy. As of early afternoon in Paris, we still don't have a new French Prime Minister either. This has produced opposite movements in the value of the two countries' currencies, with the euro sliding and the yen strengthening.

2:16Of course, we also have the ongoing government shutdown in the US, so that's now three G7 economies dealing with a significant political upheaval. Global stock markets are taking a breather from their relentless rally. US indices closed lower on Thursday after Powell's remarks were a nothing burger and futures were virtually flat The Nikkei fell 1 % and Chinese stocks retreated from a 10-year high they hit on Thursday There's also a bit of a collective shrug in Europe underscored by small gains in the CAC 40 and stocks more broadly being virtually flat around halfway through the trading day Italy's industrial production fell much more than anticipated at minus 2.4 % in August contrasting with an increase the month before and indicating potential economic weakness ahead.

3:04Investors are also awaiting US consumer sentiment data from the University of Michigan. The lack of government-issued data means analysts are giving more weight than usual to figures that do get released. Economists at Goldman and JP Morgan say weekly jobless claims increased last week in lieu of official data. In the crypto land, Luxembourg has become the first Eurozone country to officially invest in Bitcoin. Finance Minister Gilles Roth revealed that the country's intergenerational sovereign wealth fund has invested 1 % of its holdings in Bitcoin ETFs. Elsewhere, Fortune reports that Coinbase and Mastercard are in advanced talks to acquire BVNK, a UK-based stablecoin startup.

3:47According to Fortune's sources, Coinbase is closer to sealing the deal, which is estimated to be worth between$1.5 and$2.5 billion. And the New York Times reports the so-called Bitcoin Jesus Roger Ver has struck a preliminary deal with the US Justice Department to settle tax fraud charges. OK, team, that's it from me for this week. Join OSF and Mando for their latest monthly drink session, where you can ask them anything you want. Then Nico and Bijan will close out the week as usual. Have a great weekend. See you Monday.