1. JPMorgan CEO to Sell Over $100M in Shares
2. Fed’s Key Inflation Gauge Rises Again
3. Charter Communications Loses Hundreds of Thousands of Users
4. Inter Milan Borrows $206 Million
5. Gold Tops $2,000 Amid Middle East Tensions
6. Google Paid Billions to Maintain Search Monopoly
7. U.S. Government Backs Office-to-Housing Conversions
1. JPMorgan CEO to Sell Over $100M in Shares
According to newly released filings, JPMorgan Chase & Co. CEO Jamie Dimon plans to sell shares worth $141 million—his first stock sale since becoming CEO 18 years ago.
Dimon and his family will begin selling 1 million shares next year, aiming to diversify their assets and optimize taxes.
Under Dimon’s leadership, JPMorgan’s stock has climbed over 250%, helping him become a billionaire. During the 2009 financial crisis, he bought 500,000 shares to show confidence in the firm.
The shares to be sold represent less than 12% of his total holdings.
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2. Fed’s Key Inflation Gauge Rises Again
The U.S. Bureau of Economic Analysis reported that the core personal consumption expenditures (PCE) price index rose 0.3% in September—the fastest pace in four months. This indicator is closely watched by the Federal Reserve and raises the chances of another rate hike before 2024.
While economists anticipate consumer spending may cool in the coming months, strong demand has kept inflation elevated into Q4.
Service prices—another focus of the Fed—rose 0.5% in September, the highest so far this year.
Top spending categories included automobiles, prescription drugs, and international travel.
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3. Charter Communications Loses Hundreds of Thousands of Users
Charter Communications, the second-largest U.S. cable provider, announced that it lost over 100,000 pay-TV subscribers after a dispute with Disney over programming led to a 10-day blackout.
Charter’s Spectrum brand lost access to Disney-owned channels, including ESPN, during key events like the U.S. Open.
In Q3, Charter lost 320,000 household subscribers, exceeding analyst estimates of 230,000.
Charter’s stock dropped 9.4% today—its steepest decline since late 2022.
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4. Inter Milan Borrows $206 Million
Italian football club Inter Milan’s parent company said on an investor call that it drew €195 million (approx. $206 million) from a credit facility provided by Oaktree Capital Management. Around €80 million remains available for future use.
Suning Holdings owns Inter Milan via an entity called Grand Tower Sarl, which also provided a new €51 million loan and converted a previous €86 million loan into equity.
Inter Milan has been operating at a loss for several years. In the most recent fiscal year (ending in June), the club reported a €55 million loss—an improvement from the previous year’s €85 million.
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5. Gold Tops $2,000 Amid Middle East Tensions
Spot gold rose as much as 1.2% today, surpassing $2,000 per ounce for the first time since May, as escalating conflict in the Middle East triggered risk aversion in financial markets.
Israel announced plans to intensify its ground operations in Gaza. Since Hamas’s October 7 attack on Israel, gold has risen 9%.
TD Bank’s Bart Melek said geopolitical risk is growing, pushing up gold and oil prices.
Demand for safe-haven assets, along with expectations around the Fed’s policies, supported gold’s rally.
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6. Google Paid Billions to Maintain Search Monopoly
In court testimony today, Google’s search and ads chief Prabhakar Raghavan revealed that the company paid $26.3 billion in 2021 to keep Google as the default search engine on devices.
The U.S. Department of Justice is suing Google for antitrust violations, arguing that such payments stifle competition.
Google contends that users would choose its search engine regardless, and that these payments don’t limit competition.
That year, Google spent a total of $45.6 billion on traffic acquisition costs.
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7. U.S. Government Backs Office-to-Housing Conversions
The White House announced new measures to support converting vacant office buildings into affordable housing, offering financial and technical assistance to building owners.
Transportation Secretary Pete Buttigieg said office vacancies have reached multi-decade highs, while many cities face housing shortages and poor public transit access.
Converting offices into housing poses challenges: office layouts often don’t meet residential building codes, and empty business districts often lack nearby grocery stores and amenities for residents.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.