1. U.S. Job Openings Unexpectedly Rise in September
2. Netflix’s Ad Tier Reaches 15 Million Users
3. Insurance Firm Hamilton Files for IPO
4. Charlesbank Launches $1.25 Billion Credit Fund
5. Charles Schwab to Cut 6% of Workforce, Reduce Office Space
6. Treasury Yields Prompt Fed to Hold Rates Steady
7. Barclays Recommends Buying GM, Ford Stock
1. U.S. Job Openings Unexpectedly Rise in September
The U.S. Bureau of Labor Statistics reported that job openings rose unexpectedly to 9.6 million in September, marking a second consecutive monthly increase. The data highlights continued strong hiring demand.
The U.S. Treasury also announced a slowdown in the pace of long-term bond issuance, boosting equities and bond yields.
The quit rate remained at 2.3% for the third straight month—the lowest since early 2021—suggesting Americans feel less confident about switching jobs.
Persistent hiring demand may fuel wage inflation, which could challenge the Fed’s goals.
______
2. Netflix’s Ad Tier Reaches 15 Million Users
Netflix announced that its $7-per-month ad-supported subscription plan has surpassed 15 million users globally, one year after launch.
Subscribers can download movies and shows, and watch on up to two devices. Netflix also said users will be able to binge up to three episodes in a row without ads.
The tier was launched after Netflix saw a rare drop in subscribers last year.
In the last quarter, Netflix added 9 million new users—exceeding expectations.
______
3. Insurance Firm Hamilton Files for IPO
Hamilton Insurance Group filed with the SEC to sell 6.25 million Class B shares and 8.75 million existing shareholder shares in its upcoming IPO, targeting a total raise of $270 million.
If priced at the top of its range, Hamilton’s valuation could reach $2 billion.
With recent IPOs like Arm and Birkenstock underperforming, Hamilton’s decision to go public now is bold.
Backed by KKR, the company sells specialty insurance and reinsurance and was founded in 2013.
______
4. Charlesbank Launches $1.25 Billion Credit Fund
Charlesbank Capital Partners is targeting $1.25 billion for its third opportunistic credit fund to buy distressed private debt and issue high-yield corporate bonds.
The fund has already raised $1.2 billion and deployed $900 million.
Credit Opportunities Fund III focuses on lending to high-risk companies and buying discounted private credit from other funds.
Charlesbank also offers debt-for-equity swaps to help struggling firms gain liquidity.
______
5. Charles Schwab to Cut 6% of Workforce, Reduce Office Space
Charles Schwab announced plans to lay off 5%–6% of its workforce, or approximately 2,154 employees, as part of its latest cost-cutting strategy.
The firm said the move is difficult but necessary to remain competitive. Affected employees will be supported.
Back in August, Schwab said the cost-cutting effort, including layoffs and office space reductions, could save $500 million annually.
Severance and lease termination costs may reach $500 million.
______
6. Treasury Yields Prompt Fed to Hold Rates Steady
The Federal Reserve announced it would hold interest rates steady for a second consecutive meeting, citing concerns over high bond yields.
In its FOMC statement, the Fed said tighter financial conditions could weigh on economic activity, hiring, and inflation. Chair Jerome Powell emphasized that the full impact of earlier hikes hasn’t yet materialized.
The Fed remains data-dependent, and rate cuts are not currently under consideration.
______
7. Barclays Recommends Buying GM, Ford Stock
Barclays upgraded GM and Ford stocks to “Buy,” citing extremely low valuations following months of labor strikes and EV-related challenges.
Analyst Dan Levy noted that although labor costs and EV transition hurdles remain, improving sentiment could spark a rebound in the stocks.
GM and Ford shares are down 16% and 15% year-to-date, underperforming the S&P 500’s 10% gain.
Recent labor deals with the UAW have also removed a major overhang on the stocks.
______
This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.