Top World News — October 12, Update
Here is a round-up of the day’s biggest developments: the United States has opened a patent investigation against several Chinese technology firms, oil prices are steady above $100 a barrel after a volatile Monday, and cryptocurrency markets are holding firm ahead of a busy week of events.
US launches patent investigation against Chinese IT firms
The US International Trade Commission has opened a formal Section 337 investigation following a complaint by the company Vicor over “vertical power supply systems and components”. The investigation names Chinese IT companies, including Gongyefulian and Luxshare Precision, alongside Germany’s Infineon. If the commission finds violations, it could issue orders blocking the companies’ products from the US market. Chinese stocks fell on Monday — Shanghai dropped 0.43% and Shenzhen 2.03% — partly on the news.
Oil steadies above $100 after Monday’s sharp moves
Brent crude traded at around $104.61 a barrel and US WTI at about $91.36 by midday Pakistan time, recovering from early-session lows of $103.18 and $90.31. Prices slipped at the start of the week after US President Donald Trump announced an “energy ceasefire” between Russia and Ukraine, alongside news of a Russian diesel-supply deal — though neither Ukraine nor Russia has confirmed the ceasefire, and some US senators called the diesel deal potentially illegal. IEA chief Fatih Birol said on Sunday that member countries should consider releasing additional diesel supplies. Continued Houthi strikes and tanker attacks near the Strait of Hormuz are keeping oil prices above $100 a barrel.
Bitcoin holds above $83,000 as XRPN prepares Nasdaq debut
Bitcoin traded at around $83,992, up 1.18%, holding above the $83,000 level, with resistance expected near $84,700 to $85,200. Ethereum was at $2,542, XRP at $1.41, and Solana at $113. The Fear & Greed index stood at 60 (Greed). The Ripple-backed XRP treasury company Evernorth begins trading on Nasdaq under the ticker XRPN today at the US market open (around 6:30 PM Pakistan time), backed by investors including SBI Group, Pantera and Kraken, and holding 473 million XRP plus $300 million in cash. Markets are also watching Wednesday’s US inflation report (CPI), with the headline figure expected near 3.7%.
Market snapshot
Crypto: BTC ~$83,992, ETH ~$2,542, XRP ~$1.41, SOL ~$113; Fear & Greed 60 (Greed). Oil: Brent $104.61, WTI $91.36. Key events this week: the XRPN Nasdaq debut today, US CPI inflation data on October 14, PPI data on October 15, the EU leaders’ summit on October 15–16, and the Federal Reserve meeting on October 28.