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• Official data shows that fewer Germans are moving to the US since Trump took office.

  Official data released on Monday showed that the number of Germans moving to the United States will drop sharply after the second term of Donald Trump. According to preliminary data from the German federal statistics office, between January and September, emigration into the U.S. dropped by 17.8% on an annual basis, to 17,100. The office released a statement saying that departures to the U.S. were at the lowest level since 2021, the year when the pandemic hit. In the same time period, migration from the U.S. into Germany increased by 3.4%. This is the first time that the U.S. has seen more people move to Germany. The tourism between the two countries has also decreased. In the period January-August, 1,96 million U.S. tourists visited Germany, a decline of 3.2% compared to 2024. Arrivals in July fell by 10.2%, the most dramatic drop. The U.S. remains the most popular non-European airport destination despite a decline of 1.3% in air travel to the U.S. Spain, Turkey, and Italy were the top three foreign travel destinations for Germans during this period. After several Germans were arrested at the border, Germany updated their travel advice for the U.S. in March. (Reporting and writing by Rene Wagner; editing by Thomas Seythal).

• Bousso: Trump's sweet spot for oil prices is a 'no-man's-land' for the rest of us.

  In recent months, oil prices have fluctuated within a relatively small range between $60 and $70 per barrel. This reflects both warnings about rising oil supplies and concerns over trade wars or geopolitical conflict. This may be a'sweet spot' for U.S. president Donald Trump but it's a 'no-man's land" for oil producers. The low end of the range was reached in mid-October. This allowed Trump to carry out his threats to impose severe sanctions against Russia's two giant oil companies, Lukoil & Rosneft. These two firms account for 5% of world output. Trump calculated that the escalation in the economic war against Moscow would not cause severe disruptions and price spikes, as the oil market today is oversupplied. Despite the low prices, the United States remains the top oil producer in the world. In October, the U.S. Energy Information Administration increased its production forecasts by 100,000 barrels a day to 13.5 millions bpd. It also raised output forecasts for next year. CONFUSION REIGNS ON MARKET DIRECTION Does the U.S. President have a right to expect that prices will stay rangebound? Who you ask is important. The International Energy Agency predicts a massive oversupply next year of nearly 4 million bpd, or nearly 4% of the global demand. This could cause prices to plummet, forcing many producers into drastic production cuts. The world's leaders in energy do not appear to be too concerned. During a gathering of oil traders in Abu Dhabi, last week, some suggested that the feared oil oversupply might not be as great as the IEA estimates. This is due to disagreements over demand. While IEA analysts expect consumption to increase by 700,000 bpd in this year, OPEC analysts put growth at almost twice that rate, at 1.3million bpd. China's massive stockpiling, about which Beijing has not provided any data this year, has further complicated the picture of demand. The assessment of supply has also been distorted by the reduced visibility of a large part of the oil markets due to the increased use of tankers that violate sanctions to transport Russian oil, Iranian oil, and Venezuelan oil. The OPEC+ coalition is clearly hedging their bets. Last week, it called for a modest rise in production in December to 137,000 bpd. This would be followed by a break through the first quarter next year. MAJOR MUDDLE THROUGH Western oil majors have signaled that they do not expect to see dramatic changes in prices in the near term. Exxon Mobil, Chevron, and ConocoPhillips are among the major U.S. producers of shale gas. They plan to increase their output in coming years. Exxon, America's largest oil company, increased its production forecast for 2025 in the oil-rich Permian Basin by 100,000 barrels per day, to 1.6 millions boed. It maintained the 2027 output of 2 million boed. Chevron has also increased its Permian production in the third quarter, and plans to keep it at 1,000,000 boed. In recent years, these firms have made significant cost reductions to be able to pay dividends and generate profits even when crude prices are around $60 per barrel. Oil majors have even indicated that they can continue to repurchase shares at current prices. However, they may need debt markets in order to do this. SWEET SPOT OR "NO MAN'S LAND"? Does this mean everyone will be satisfied if the prices stay within the narrow band of today? Hardly. Many OPEC producers need oil prices to be much higher than the current range for their national finances. Saudi Arabia's fiscal breakeven is $92 per barrel, according the International Monetary Fund. The current oil price range also poses a problem for the market in general. The supply-demand equilibrium will be in limbo until prices break through the floor of this range. If OPEC's optimistic forecasts of demand do not materialize, a violent price correction could occur. This is because swing producers, especially U.S. Shale Drillers, won't be forced to drastically reduce production until prices drop below $60 per barrel over a long period of time. According to a survey conducted by the Federal Reserve Bank of Dallas, existing wells in big shale areas can produce profit at U.S. crude oil prices of between $26 and $45 per barrel. According to the survey, companies are also planning on drilling new wells between $61-$70 per barrel. Big offshore projects can also generate profits for much lower prices, between $40 and $50 per barrel. The risk of oversupply will continue to increase if these producers maintain production. There are certainly signs that drilling activity is slowing down in the U.S. Shale. According to Baker Hughes, the number of rigs operating onshore has decreased by 10% this year. If the IEA oversupply scenario becomes reality, a larger correction will be required. Oil would need to fall to $50 per barrel for a prolonged period of time to force producers into a sharp reduction in drilling and to allow supply and demand rebalance. President Trump – and U.S. customers – might be okay with it, but U.S. manufacturers and many OPEC member states would not. Subscribe to my Power Up newsletter to receive my weekly column, plus additional energy insights and links trending stories in your mailbox every Monday and Thursday. Subscribe to my Power Up Newsletter here. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.

• Amazon expands its low-cost service to the world

  Amazon.com announced on Friday that it has expanded its low cost e-commerce services Amazon Bazaar (known as Haul in America) to 14 more markets. This will increase competition with Chinese competitors like Shein, PDD Holdings Temu, and Shein's Shein in the race to sell ultra cheap goods such as $10 dresses and $5 accessory. The impact of the massive import tariffs that President Donald Trump imposed on U.S. consumers, particularly those with lower incomes, has been felt, as they often look for cheaper deals. Amazon Bazaar, a standalone app, offers merchandise similar to Amazon Haul, a budget-friendly section of the Amazon app launched last year. Amazon Bazaar will be delivering a large number of products under $10, and even some for as little as $2, to its new markets. These include everything from fashion to home goods. Hong Kong, Nigeria, Taiwan and the Philippines are among the newest markets for this low-cost online service, according to the company. Bazaar has expanded from Mexico to Saudi Arabia and United Arab Emirates since its launch. D.A. Gil Luria, analyst at Davidson & Co. "Amazon only entered a new market when it thought it could scale up to the point where it would delight consumers and build a profitable business." Luria stated that Amazon takes many years to reach profitability when entering new markets and countries. The company reported a third-quarter revenue of $40.9billion, an increase of 10% over the previous period. Luria stated that if the company can develop a business of selling low-cost products with a high level of service, they could expand to almost every country around the globe. Amazon Bazaar products are delivered directly to customers via the network of its service partners. They come from Amazon's global fulfillment center. Shein and Temu are also expanding outside of the United States. According to Shein's website, the company now has operations in over 160 countries, including the U.S.A., Brazil and Ireland. Temu ships at least to 70 countries. Both companies' U.S. operations were hit by the Trump administration's ban on de minimis. This trade exemption allowed packages worth less than $800 into the country duty free. Amazon launched Haul as an in-app service in the U.S. back in 2024. Since then, the company has expanded it to Britain, Germany France, Italy, Spain and Australia. Reporting by Arriana Mclymore in New York, and Anuja Bharata Mistry in Bengaluru. Editing by Anil d'Silva and Matthew Lewis.

• AXSMarine reports that despite the overall decline, orders for less polluting cargo vessels are holding share.

  AXSMarine data showed that 37% of orders for cargo vessels in 2025 were for cleaner fuel-burning vessels, the same as the previous year, because buyers are uncertain when the global regulations for cutting maritime emission will come into effect. AXSMarine's data shows that the total gross tonnage, a measure of vessel capacity used by the industry, was 78 million tons from January through October. This is down from 113 millions tons in the same period last year. AXSMarine data showed that orders for 2024 reached a record high of 17 years after ships were rerouted in order to avoid Houthi attacks in the Red Sea. This required more ships to be used to maintain schedules during the longer journeys. Operators also prepared for the new environmental regulations set by the United Nations standard-setting body for international shipping. AXSMarine's data shows that orders for alternative fuel vessels were down to 29 million GT from 42 million GT during the same period last year. The uncertainty was heightened again last month, when under pressure from delegates of the United States and Saudi Arabia - member countries of U.N.'s International Maritime Organization - voted to delay for one year a vote that would have set global targets to reduce carbon emissions and punish or reward adherence. Alexander Hadzhigaev is AXSMarine’s vice president for data. He said that the IMO’s Net-Zero Framework has been delayed. "A 'wait-and-see" approach seems to be the most likely outcome, he added. About 80% of the world's trade is transported by maritime shipping. The shipping industry is responsible for 3% of the climate-warming, greenhouse gases. This percentage will continue to rise without any curbs. Maersk, Hapag-Lloyd and other major container shipping lines have announced that they will continue to reduce carbon emissions from their vessels. Hadzhigaev stated that more than 70% of the container ships and vehicle carriers ordered from January to October were alternative fuel capable. Bulkers and tankers only accounted for 10-15%, while Hadzhigaev noted that bulkers and tanks accounted for less than 10%. Liquefied Natural Gas (LNG) remained the most popular alternative fuel. It accounted for 29% of all orders this year. He said that methanol is 9% and ammonia, along with other fuels, represents about 1%. AXSMarine's data shows that methanol is no longer a popular fuel in the container industry. Its share of new orders has dropped from 48% in 2020 to 18% in 2024, and now only 10% in 2025. Fuel availability and costs remain major challenges. (Reporting and editing by Richard Chang; Lisa Baertlein)

• IAG, the owner of British Airways, reports a third-quarter profit that is in line with expectations

  IAG, the owner of British Airways, reported on Friday a slight rise in operating profit in the third quarter. This was in line with expectations, but it highlighted a continuing weakness in their U.S. economy cabin point-of sale offering. The airline is the latest to announce a decline in transatlantic travel since the election of Donald Trump. His policies, which are seen by many as anti-foreigner, anti-trade and anti-trade abroad, have impacted the market. The group, which owns Iberia and Vueling, also said that its passenger load factors - a measure of performance used to evaluate the performance of airlines - had fallen in all regions. Most pronounced being A 2.4-point decline on lucrative North Atlantic routes. The company's consensus estimate for its three-month profit ended on September 30 was 2.1 billion euro, which is 2% higher than the previous year. Reporting by Yamini Kalya and Shashwat AWASTHI in Bengaluru, Editing by Sherry Phillips and Josephine Mason

• US Government Shutdown Continues as Senators Failed to Find a Way Out

  Senate Democrats in the United States continued to resist an agreement to end the record-long shutdown of federal agencies on Thursday, despite Republican attempts to reverse layoffs and reopen closed agencies. Democrats held their second caucus closed-door meeting in just two days, on the 37th of the longest shutdown in U.S. History. The government shutdown has resulted in the furloughing of 750,000 federal workers, the forcing of thousands to work for free, and the cutting off of food assistance and Head Start subsides for millions of Americans including children. In the coming days, a new pressure point would be created as major U.S. Airports prepared for a 10% reduction in airline flights because air traffic controllers are not being paid. After 14 failed votes, the Senate will vote again on a short term funding measure on Friday. However, this time the Senate will do so with the understanding that in the coming days the bill will be amended to include bipartisan legislation reopening federal agencies and funding some programs for the entire year. John Thune, the South Dakota Senate majority leader, told reporters that he always hopes and expects to see enough Democrats for us to move forward. "We'll see. "They seem to be slowing walking or walking backwards this." The Republicans have a majority of 53 to 47, but they need 60 votes in order to reopen government. Thune needs at least eight Democrats who are willing to leave their party, as one Republican is opposed to the short-term funding. Only two Democrats, plus an independent member of their caucus, have so far been willing. Chuck Schumer, the New York Senate Democratic leader, described the meeting of his caucus as "a very productive and good meeting". Other speakers also expressed optimism. Some Democrats, however, were not so optimistic. "I don’t know how effective it was there," said Pennsylvania Senator John Fetterman. He is one of three Senate Democrats who voted for a bill that would reopen government on a short term basis. Republicans offered Democrats a way to reopen the government, which included a stopgap measure for funding and a full-year package of appropriations bills that would pay for agricultural programs, including food assistance, construction projects, veterans affairs, and the legislative branch. Possible Reversal of Layoffs In bipartisan discussions, Republicans also showed an openness towards reversing the massive layoffs of federal workers ordered by President Donald Trump’s White House as well as protecting federal jobs against future cuts. "The discussion started as a healthcare conversation, but in recent days it has also evolved into a discussion of what I have called the moratorium on mischief," Democratic senator Tim Kaine from Virginia told reporters. Before reopening government, Democrats insist that Republicans negotiate an extension of federal health subsidies. Republicans insist that the government has to reopen before reopening. "We need to ensure that the deal we reach can be supported by both sides," said Democratic Michigan Senator Gary Peters, who was involved in bipartisan discussions. The deal has been discussed in many ways. "Nothing's really been crystallized." Uncertainty about the move of a house Thune offered Democrats a Senate Floor vote as an incentive for reopening government. This would extend federal tax credits expiring that help lower income Americans pay private health insurance. There was no such guarantee in the Republican-controlled House of Representatives . House Speaker Mike Johnson, of Louisiana, told reporters: "I am not a part of the negotiations." "I don't promise anything to anyone." Peters responded, "That is a serious problem." Democrats have repeatedly urged Trump to start negotiations on healthcare. Republicans, however, say that this should only happen after the government has reopened. Thom Tillis, a Republican senator, said that the White House would intervene to ensure a vote in the House on ACA tax credit legislation if the Senate passes it. Tillis of North Carolina said, "That's an important task that the White House should take on." "They can at the very least signal that we will allow voting if all of you get out of here." Even if Senate Democrats and Republicans were able to reach an agreement to reopen government this week agencies would likely be closed for several days. Before Trump could sign such a measure into law, it would need to be approved by the House. House Republican leaders have promised to give 48-hour notice to members before they are called back to Washington, and 72-hours to review the legislation before any votes. (Reporting and editing by Scott Malone, Diane Craft and Scott Malone)

• Air France-KLM announces third-quarter sales despite rising costs

  Air France-KLM announced third-quarter results that were in line with expectations on Thursday. It also confirmed its outlook for 2025, despite some expenses increases and expensive challenges faced by its Dutch subsidiary KLM. As the summer travel season is lucrative and busy, the third quarter of the year is typically the most profitable for European airlines. Travel from Europe to the United States is down under U.S. president Donald Trump. His policies are seen by many as anti-foreigner, anti-trade and anti-foreigner. Analysts polled by LSEG had predicted an operating profit of 1,27 billion euros (1,48 billion dollars) for the airline group. This was a significant increase from the 732 million euro operating profit the group had for the same period last year, when it took a large hit due to the Paris Olympics. Air France-KLM has once again shown its resilience during the third quarter in a difficult environment. Ben Smith, Chief Executive of Air France-KLM, said in a press release that the company had maintained a solid revenue growth with a stable margin. Air France-KLM’s operating margin in Q3 was 13.1%. This is a slight decrease from the same period last year. CAPACITY GROWTH MIDDLE BOOKING CHALLENGES The group stated that capacity is expected to grow between 4 and 5% in 2025 compared to the previous year, despite the ongoing challenges, as well as the somewhat sluggish bookings for Transavia's budget airline this summer. This was attributed to higher airport taxes in Amsterdam at Schiphol Airport, which resulted in higher ticket prices. The group saw a reduction in fuel costs, and a steady flow of bookings for its premium cabins. However, it continued to face pressure in the economy cabin, when traveling to the United States. KLM was particularly affected by the lower yields of its economy cabin as well as expensive labour disputes in September. Air France-KLM's debt increased slightly compared to the previous year due to costs associated with maintenance and other services.

• Air France-KLM's third-quarter results are in line with expectations

  Air France-KLM announced third-quarter results that were in line with expectations on Thursday. It also confirmed its outlook for 2025, despite some expenses increases and expensive challenges faced by its Dutch subsidiary KLM. As the summer travel season is lucrative and busy, the third quarter of the year is typically the most profitable for European airlines. Travel from Europe to the United States is down under U.S. president Donald Trump. His policies are seen by many as anti-foreigner, anti-trade and anti-trade. Analysts polled by LSEG had predicted an operating profit of 1,27 billion euros (1,48 billion dollars) for the airline group. This was a significant increase over the operating profit of 732 millions euros for the same period last year, when the group suffered a substantial loss due to the Paris Olympics. Air France-KLM has once again shown its resilience during the third quarter in a difficult environment. Ben Smith, Chief Executive of Air France-KLM, said in a press release that the company had maintained a solid revenue growth with a stable margin. When it came to traveling to the United States, the group saw a continued pressure on its economy cabin yields. KLM was particularly affected by the lower yields of its economy cabin as well as expensive labour disputes in September. Air France-KLM's debt increased slightly due to costs associated with maintenance and other services.

• Volvo Cars targets an operating profit margin of more than 8% with a new strategy

  Volvo Cars announced on Thursday it was aiming for a long-term profit margin of more than 8% as part of a new strategy. It also said that its collaboration with Geely, the majority owner, would be intensified to reduce costs and create a positive cash flow. Last year, the Swedish automaker scrapped its goal of being all-electric by 2030. It said it would still offer some hybrids in its lineup due to a decline in demand for electric vehicles. It brought back the former CEO Hakan Samsson in early 2025 for a two year term to help revive an all-time low share price. They launched a cost-saving plan and cut 3,000 white collar jobs. The company stated that this included pulling forward the then-outlook of the group, such as delivering an operating profit margin core of 7-8% by 2026 and generating strong free cash flow. Volvo Cars announced on Thursday that it hopes to reduce variable costs through a closer relationship with Geely, an Chinese conglomerate. It also expects to lower indirect costs using the same software for a variety of models including hybrids. Volvo Cars released a statement saying that the company was finalising major investment in new technology and infrastructure. This will allow it to lower investments to a level which is affordable.

• Wall Street Journal, November 6,

  These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. - Due to the U.S. Government shutdown, the Federal Aviation Administration has ordered a 10% reduction of airline traffic in 40 major airports. The UK's Intermediate Capital Group has advanced discussions to sell Singapore’s PSB Academy for almost $382.5million to Sun Venture. Cathay Pacific is buying back Qatar Airways' 9.5% stake for $6.97 billion Hong Kong Dollars ($896.5 Million). Pfizer will sweeten their offer for Metsera again, the weight loss drug startup that is at the heart of a bidding battle with Novo Nordisk. Snap's share price rose by 25% after the announcement of a deal that will integrate Perplexity AI into Snapchat Chat's interface by early 2026. CoreWeave CEO Michael Intrator dismissed fears about an AI infrastructure boom, citing the potential for economic acceleration.

• Tesla's German auto sales fell by more than half in October, as EV sales grew across the board

  The German road traffic agency KBA reported on Wednesday that Tesla's German sales volume had more than halved from the same period last year. However, sales of battery-electric vehicles were up overall. KBA reported that Tesla sold 750 vehicles in Germany in October. This is a 53.5% decrease from the previous year. Teslas were sold at a 50.4% lower rate in January-October, to 15,595 cars, than the same period a year ago. KBA said that the number of electric vehicles registered in October increased by 47.7% to 52.425 units. Tesla's sales in October fell in several European countries, including Spain and the Netherlands. The latest indication that the U.S. electric car maker continues to struggle on the continent is the drop in sales in October in Spain. The German agency said that sales of electric vehicles manufactured by BYD in China increased ninefold from October 2013 to October 2014, and have reached 15,171 units.

• Sources say that Mexico's Asur is the leading bidder for Motiva Latin American Airports.

  Two sources familiar with the negotiations said that Mexico's Grupo aeroportuario del sureste (Asur), the largest bidder for Motiva's airports, was the Mexican group. Motiva Infraestrutura de Mobilidade (formerly CCR), a Brazilian company, announced in May that it had started the sale process to shift its focus back on its core business of highway concessions. Sources say that Mexico's Asur outbid Spanish operator Aena as well as Argentina's Corporacion America Airports for Motiva’s 17 Brazilian airports, international hubs, and the capital of Ecuador, Quito, Costa Rica’s San Jose, and Curacao. One source said that Asur valued the assets around 5 billion Reis ($925m), excluding the debt. In its annual report, the group said that its airports will serve around 45 million passengers by 2024. Aena and Motiva refused to comment on the transaction. Asur and CAAP declined to comment on the sale. Last week, during the third quarter earnings call, Motiva CEO Miguel Setas stated that the group expects to announce the sale of assets by the end of 2025. Motiva maintains and manages a network that includes highways, airports, passenger transport services and subways. In the first nine months 2025, adjusted earnings before interest taxes, depreciation and amortization (EBITDA), for Motiva's Airports business, rose 15% to reach 912 million reais. ($1 = 5.4039 Reais) (Reporting from Andres González in London and Luciana Madry in Sao Paolo, with additional reporting by Kylie Madry and Alexander Smith).