Market Beats | Binance Sees $4.7 Billion in Net Outflows After Record Hack; South Carolina Senate Race Emerges as Key Test of Democratic Momentum; Private Jet Crashes in Florida; Marvell to Acquire Lumentum in Deal Valuing Data Center Optics Maker; Alstom Shares Plunge 28% as Trainmaker Cuts Forecasts Again; Supermarket Freezers Across Europe Hit by Suspected Cyber Attacks

—— Binance Sees $4.7 Billion in Net Outflows After Record Hack; South Carolina Senate Race Emerges as Key Test of Democratic Momentum; Private Jet Crashes in Florida; Marvell to Acquire Lumentum in Deal Valuing Data Center Optics Maker; Alstom Shares Plunge 28% as Trainmaker Cuts Forecasts Again; Supermarket Freezers Across Europe Hit by Suspected Cyber Attacks;

1. Binance Sees $4.7 Billion in Net Outflows After Record Hack

Traders have withdrawn billions of dollars from Binance since the cryptocurrency exchange suffered the largest cyber theft in the industry’s history late last week. Net outflows from the platform reached $4.7 billion by Monday morning in London, according to a Binance spokesperson.

The withdrawals amount to less than 3% of the $166 billion in assets held by the world’s largest crypto exchange, the spokesperson said. Binance said the outflows have remained within its expectations and that deposits have been steadily increasing, suggesting that the initial reaction from customers has not turned into a broader rush to leave the platform.

The withdrawals followed a $6.4 billion exploit that prompted Binance to temporarily suspend customer withdrawals. The company detected the attack on Thursday evening and quickly began working with industry partners, including stablecoin issuers, to contain the damage. Almost half of the stolen funds were frozen through those efforts. The FBI has attributed the attack to North Korean hackers.

Binance restored withdrawals on Sunday and pledged to cover the losses in full. By that point, the company said it had addressed about 95% of the total. The exchange has maintained that customer activity remains within expected levels, while deposits have continued to recover.

The broader digital-asset market has so far remained relatively stable despite the scale of the incident. Bitcoin, the industry’s leading cryptocurrency, was little changed on Monday, trading at around $77,700.

The relatively muted market reaction suggests that the hack has not yet triggered widespread selling across digital assets.

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2. South Carolina Senate Race Emerges as Key Test of Democratic Momentum

A surprisingly competitive Senate race in South Carolina could help determine whether Democrats achieve a major breakthrough in Tuesday’s midterm elections or whether the party’s recent momentum proves insufficient to overcome entrenched Republican advantages. The contest has become an important test of whether voter dissatisfaction can translate into Democratic victories in states that have traditionally favored the GOP.

Among the states Democrats are targeting as they seek to regain control of the Senate, South Carolina may be the most culturally conservative. President Donald Trump carried the state by 18 percentage points in 2024, and Democrats have not won a Senate race there since former Senator Fritz Hollings retired in 2005.

Yet several developments have created an unusual opening for Democratic candidate Annie Andrews, a pediatrician. Trump’s declining popularity, the war with Iran, economic frustrations and the limited political experience of Republican Senator Darline Graham have all contributed to a more competitive race. Graham was appointed to the Senate, while Andrews is seeking to capitalize on dissatisfaction with the political establishment. Registered Democrats account for only about 40% of South Carolina’s electorate, meaning Andrews would likely need substantial support from independents and at least some Republicans to win.

“This campaign is not just for Democrats who are daring to feel hopeful in this moment,” Andrews told a crowd of about 80 canvassers on Saturday in Mount Pleasant, a suburb of Charleston. She said the campaign was also aimed at independents seeking change and Republicans, including her own father, who put South Carolina’s interests ahead of partisan politics in Washington.

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3. Private Jet Crashes in Florida

A private jet crashed near a residential area in Florida on Sunday, killing all nine people aboard, after its pilot reported turbulence and precipitation to air traffic controllers before the aircraft entered an extreme descent. The Learjet 60 was flying from Austin, Texas, to the Bahamas and had been in the air for about two hours when the emergency unfolded.

Data from Flightradar24 shows the aircraft began its rapid descent at about 12:48 p.m. local time. Before the situation deteriorated, the pilot had told air traffic controllers the plane was experiencing moderate turbulence and precipitation and requested a “better ride.” As the aircraft began climbing, the pilot suddenly issued a series of distress calls, shouting, “Mayday! Mayday!”

In an audio recording posted online by LiveATC.net, the unidentified pilot initially reported that the aircraft was descending at 8,000 feet per minute and accelerating. She then shouted: “We are in an overspeed condition, descending 20,000 feet per minute! We’re going to crash into the ground!” Her final transmission indicated that the crew was “out of time.” According to Flightradar24, the plane’s vertical descent rate eventually exceeded 32,000 feet per minute.

The aircraft crashed near Cresthaven, Florida, at about 12:50 p.m., US Transportation Secretary Sean Duffy said in a post on X. Dashboard-camera footage showed the jet plunging almost vertically before striking the ground and exploding alongside a highway. Phillip Konz, fire chief of the nearby city of Greenacres, said by email that the crash site was just outside the city.

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4. Marvell to Acquire Lumentum in Deal Valuing Data Center Optics Maker

Marvell Technology has agreed to acquire data center optics maker Lumentum Holdings in a transaction with an enterprise value of about $115 billion, making it one of the largest technology deals on record. The acquisition underscores how companies are racing to expand their exposure to the artificial intelligence boom and the infrastructure needed to support it.

The all-stock transaction will give existing Marvell shareholders about 67% of the combined company, according to a statement from the companies. The announcement confirms an earlier Bloomberg News report that the two Silicon Valley-based businesses were nearing an agreement.

Lumentum shares closed at $840.70 on Friday, up 128% this year, giving the San Jose-based company a market value of about $76 billion. Marvell has gained 131% over the same period and was valued at $172.2 billion at Friday’s close.

Lumentum makes lasers and other optical components that allow enormous volumes of data to move at high speeds. Its technology is increasingly central to AI infrastructure, enabling data centers and telecommunications companies to transmit information between servers, facilities and other destinations. As AI workloads expand, the ability to move data quickly and efficiently has become a critical part of data center design.

Marvell is already a customer of Lumentum, purchasing laser technology from the company. It has also been expanding its investments in optical and photonic technologies to connect data center equipment. Earlier this year, Marvell acquired photonics company Celestial AI as part of that broader push.

Nvidia has also established a relationship with Lumentum. In March, the chipmaker announced plans to invest $2 billion in the company alongside an agreement to collaborate on photonics. Unlike conventional copper-based connections, photonic technology uses light to transmit data, offering the potential for faster and more energy-efficient communications.

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5. Alstom Shares Plunge 28% as Trainmaker Cuts Forecasts Again

Shares in French train manufacturer Alstom plunged on Monday after the company cut its profit and cash flow forecasts for the second time since April, deepening a crisis at the world’s second-largest trainmaker.

The company also announced a plan to reduce its debt by €2 billion, blaming delays to several large German contracts for the deterioration in its cash position. Alstom now expects free cash flow to fall to negative €1.5 billion for the full year, a sharp reversal from its previous guidance for positive cash flow. Its forecast for adjusted operating profit margin has been cut to about 1%, down from 6.5%. The company also lowered its sales growth outlook for the 12 months to March to between 2% and 4%, compared with roughly 5% previously.

Investors reacted sharply to the announcement. Alstom’s Paris-listed shares fell as much as 28% in morning trading before recovering slightly, and were still down about 25% by midday. The decline has brought the stock’s losses for the year to 54%.

The warning marks the second forecast reduction since Martin Sion became chief executive in April. His first downgrade shortly after taking the role triggered a roughly 30% fall in the company’s shares. Sion has been focusing on execution problems that have affected the French maker of TGV high-speed trains for years, sending specialist teams to review projects across the business.

The latest revision is more severe, following the belated discovery of problems during the testing phase of a German regional train programme. Alstom said the issues would lead to a series of knock-on delays and penalties, further weighing on its financial performance and cash flow.

The company’s difficulties follow several profit warnings since 2021 and its acquisition of Canadian rival Bombardier, which left Alstom with a portfolio of low-margin contracts. The integration and execution challenges have added to pressure on the business.

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6. Supermarket Freezers Across Europe Hit by Suspected Cyber Attacks

Freezers at supermarkets across several European countries have suddenly overheated in what is suspected to be a coordinated cyber attack, destroying food worth millions of euros. Retailers in Sweden, Belgium and Ireland have reported problems, just weeks after hundreds of supermarkets in France suffered similar incidents.

On Monday, refrigeration units at Swedish supermarket chains ICA and Coop were set to temperatures as high as 55C. Equipment at stores operated by Ahold Delhaize and Carrefour in Belgium, as well as outlets belonging to Irish retailer Supervalu, was also affected. During the earlier attacks in France, the temperature in one refrigerator reportedly climbed to 80C.

In Belgium, about 40 Delhaize stores were affected. Carrefour said 15 outlets in Flanders and Wallonia had been hit but remained open. Musgrave, the owner of Supervalu, reported that refrigeration systems at 13 of its stores had been compromised.

Swedish retailer Coop said unidentified hackers had gained access to refrigerators and freezers at seven of its roughly 800 stores and altered their settings. The company had planned to strengthen the security of its internet connections on Wednesday in response to the earlier incidents in France. At least four ICA stores were also affected. Camilla Nilsson, manager of ICA St Olof in Sweden’s Österlen region, said the attackers had managed to access the stores’ refrigeration management systems and change the settings.

Musgrave said the incident was confined to a specific model of refrigeration equipment and that it took immediate action after its monitoring systems detected the problem. But the consequences for individual stores were severe. Rickard Nilsson, head of an ICA shop in Sjöbo in southern Sweden, told newspaper Aftonbladet that staff could no longer adjust the temperatures and that hot air was being blown into the freezers. He said food worth hundreds of thousands of Swedish kronor had been destroyed after temperatures rose above 50C.

Stephan Moelans, chief executive of Belgian refrigeration company Sabcobel, whose equipment was affected, said the hackers had targeted the defrost mode on the freezers, causing temperatures to rise rapidly.

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7. Moderna, Merck Shares Fall on Possible Leak of Melanoma Vaccine Data

American households that rely primarily on heating oil are facing significantly higher energy costs this winter. The US Energy Information Administration (EIA) expects heating bills for these households to rise about 21% from last winter.

The forecast adds to the energy-cost pressures facing the Trump administration. With the midterm elections just four weeks away, Republicans are expected to face voter dissatisfaction over higher gasoline, electricity and other energy costs.

Heating oil prices are closely linked to diesel, which has surged as the US-Iran war and Ukrainian drone strikes on Russian refineries have tightened fuel supplies.

The EIA expects heating oil prices across the US to rise about 30% this winter from a year earlier. However, milder weather in the Northeast is expected to partially offset the impact on household bills, as homeowners may consume less fuel.

About 3% of US households primarily rely on heating oil, with the vast majority located in the Northeast. Maine has the highest share of heating-oil-dependent households in the country. As of Sept. 28, heating oil prices in the state stood at $5.96 per gallon, nearly 80% above the level a year earlier.

The EIA also raised its forecast for crude oil prices. It now expects Brent crude to average $105 a barrel in the fourth quarter, $14 higher than its previous estimate. US retail diesel prices are expected to remain above $6 a gallon through October before falling toward $4.50 a gallon next year.

On the supply side, the agency expects Middle Eastern oil production and exports to gradually recover. Increased shipments through the Strait of Hormuz, combined with alternative transportation routes and other supply workarounds, could eventually ease pressure on global oil markets.

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