Warren Buffett's penultimate quarter as Berkshire Hathaway CEO saw the company's operating earnings soar and its cash pile grow to a fresh record of over $350 billion, but the legendary investor once again struggled to find bargains. Berkshire's third-quarter earnings report on Saturday showed a 34% year-on-year surge in operating income to $13.5 billion, as insurance underwriting income nearly tripled to $2.4 billion.Profits also climbed at the BNSF Railway and in the manufacturing, service, and retailing ...

October 31, 2025 05:01 AM GMT China Economics | Asia Pacific Oct PMI: Payback, But Some Greenshoots Key Takeaways Manufacturing PMI held up better than it appears: The sharp drop in Oct manufacturing PMI was mainly due to the timing shift of the Mid-Autumn Festival to October this year, which led to front-loaded production in September. Removing the distortion, Sep-Oct combined manufacturing PMI was at 49.4, the same as the Aug reading. Signs of fiscal pass-through: Both construction and service PMIs underp ...

Key Takeaways Cost of sales and services makes up about half of Berkshire's total costs and 45% of total revenues.Controlling these costs supports margin growth, cash generation and reinvestment opportunities.A decentralized model lets subsidiaries manage expenses independently, boosting long-term value creation.For Berkshire Hathaway (BRK.B) , the cost of sales and services is an important driver determining profitability, operational efficiency and long-term growth. Being a holding company, it owns subsid ...

Zebra Technologies (NasdaqGS:ZBRA) Q3 2025 Earnings Call October 28, 2025 08:30 AM ET Speaker2Welcome to the third quarter 2025 Zebra Technologies earnings Conference Call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Mike Steele, Vice Pr ...

Economic Indicators - The October preliminary manufacturing PMI came in at 52.2, slightly above the expected 52 and marking the best performance since August of this year [1] - The services PMI reported at 55.2, significantly higher than the expected 53.5 and also up from the previous month's 54.2, representing the best reading since July when it was 55.7 [2] - The composite PMI reached 54.8, exceeding the September final read of 53.9 and noted as the best since July of 2025 [3] Inflation and Interest Rates - The Consumer Price Index (CPI) was cooler than expected but still above the Federal Reserve's 2% target, with the 10-year yield settling at 4% and the 2-year yield at 3.48% [3][4] - Yields have increased over the week, indicating a potential shift in market expectations regarding interest rates [4]

Core Insights - Berkshire Hathaway Inc. has announced a definitive agreement to acquire Occidental's chemical business, OxyChem, for an all-cash transaction value of $9.7 billion, expected to conclude in Q4 2025 [1][2]. Group 1: Acquisition Details - The acquisition involves OxyChem, which manufactures essential commodity chemicals used in water treatment, pharmaceuticals, healthcare, and both commercial and residential development [2]. - OxyChem will become an operating subsidiary within Berkshire Hathaway, enhancing its portfolio of diverse businesses [3]. Group 2: Company Overview - Berkshire Hathaway Inc. is a multinational company engaged in various sectors, including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services, and retailing [3].

Bank of America Institute is out with its consumer checkpoint for October. Debit and credit card spending increased by 2% year-over-year. That was actually the largest increase since December of 2024.Gains were up on a month-over-month basis as well. And joining us right now for a closer look is Liz Everett Chrisberg. She is the head of Bank of America Institute.Um Liz, this is really interesting because just this week we got NRF data that suggested the consumer actually slowed down in September. Your data ...

Economic Overview - The American economy is facing slowing growth, persistent inflation concerns, and a significant shift in societal values [2] - The U.S. services sector experienced a notable slowdown in September 2025, with the ISM Services PMI dropping to 50.0 from 52.0 in August, indicating a halt in expansion for the first time since January 2010 [3] - The Business Activity Index fell into contraction territory at 49.9%, marking the first contraction since May 2020 [4] Labor Market and Inflation - The Employment Index in the services sector remained in contraction for the fourth consecutive month at 47.2%, indicating ongoing labor market weakness [4] - Despite slowing activity, price pressures intensified, with the Prices Index reaching 69.4% in September, remaining above 60% for ten consecutive months [4] - Economists warn of a potential "stagflation-lite" scenario due to stagnant growth and elevated inflation [4][6] Federal Reserve Actions - The Federal Reserve has initiated interest rate cuts, reducing rates by 25 basis points in September 2025 to a range of 4.00%-4.25% [5] - Further rate cuts are anticipated, with projections suggesting a decline to 3.5%-3.75% by year-end [5] Societal Trends - A Gallup poll indicates that the perceived importance of a college education among Americans has dropped to a 15-year low, with only 35% considering it "very important" in 2025, down from 75% in 2010 [7] - The decline in perceived importance spans all major demographic groups, with the percentage of Americans viewing college as "not too important" more than doubling since 2019 [8][9] Political Context - Vice President Kamala Harris's claim regarding the 2024 presidential election being the "closest of the 21st century" is challenged by data, as the 2000 election had a narrower popular vote margin [10][11]

Gold Market - Gold is set to achieve its seventh consecutive weekly gain, with spot prices around $3,851.99 per ounce, following an all-time high of $3,896.49 [2][9] - The surge in gold prices is driven by expectations of further U.S. interest rate cuts, with a near-certain 25 basis-point cut anticipated this month [2][3] - Year-to-date, gold has seen a remarkable 47% increase, bolstered by concerns over a potential U.S. government shutdown that could delay key economic data [3][9] Geopolitical Tensions - Russia has launched a significant attack on Ukraine, deploying 381 drones and 35 missiles targeting energy infrastructure, which is viewed as a strategy to undermine civilian infrastructure ahead of winter [4][9] - The UK Space Command reports ongoing Russian attempts to jam military satellites, indicating heightened geopolitical risks [5][9] - Denmark is investigating drone sightings over military facilities, labeling them as a "hybrid attack," while assessing the risk of direct military confrontation as low [6][9] Economic Impact of Trade Tariffs - The U.S. trade tariff policy poses a potential 0.1% reduction in Italian GDP for this year and 0.5% in 2026, with a cumulative contraction of 1.4% projected between 2025 and 2026, potentially erasing €30 billion from the economy [8][10] - Despite these projections, Italy's Economy Minister maintains the government's growth forecasts, projecting a tax burden of 42.8% in 2025 [8][10] Spanish Services Sector - Spain's HCOB Services PMI for September rose to 54.3, indicating accelerated expansion in the services sector, attributed to a robust increase in new business and improved business confidence [11] - Employment in the Spanish service sector has continued to grow for 36 consecutive months, although challenges remain from lagging export growth and rising input costs [11] Cybersecurity Incident - Japan's Asahi beer production faces potential shortages due to a cyber attack that disabled ordering and delivery systems, leading to production halts across numerous factories [12] - The incident has raised concerns about panic buying and has forced Asahi Group to suspend new product launches [12] Tech Sector Performance - Financial market volatility is decreasing as investors focus on the AI-driven rally in megacap tech shares, with the S&P 500 and Nasdaq Composite reaching new all-time highs [13][14] - Nvidia has achieved an all-time high, reflecting the sustained momentum in the AI sector, with OpenAI's valuation reportedly soaring to nearly $500 billion [14]

Core Insights - An elevated level of bankruptcies continues to affect corporate America, with 117 large companies filing for Chapter 7 or Chapter 11 over the 12 months ending June 30, marking an 81% increase from the annual average of 44 from 2005 to 2024 [1][2] Bankruptcy Trends - "Mega-bankruptcies," defined as those by companies with over $1 billion in assets, rose to 32 during the studied period, up from 24 in the previous year and above the 20-year annual average of 23 [2] - The first half of 2023 saw 17 mega-bankruptcies, the highest in any half-year period since the COVID outbreak in 2020 [3] Drivers of Bankruptcies - Major factors cited by large filers include reduced demand or increased costs due to inflation, changes in consumer preferences, high operational and financing costs from elevated interest rates, and challenges in the regulatory and legal landscape [4] - Approximately half of mega-bankruptcy filers reported lasting negative impacts from the COVID pandemic, a decrease from 79% in the previous year [5] Industry Breakdown - The manufacturing sector accounted for the highest share of bankruptcy filings at 30%, followed by services (24%), finance/insurance/real estate (13%), transportation/communications/utilities (10%), and retail trade (10%) [5] Cryptocurrency Sector - The cryptocurrency sector has not experienced any bankruptcies since the first half of 2023, contrasting with the overall trend [6] Market Signals - U.S. financial markets have shown a complex landscape since early 2024, with equities experiencing strong but volatile gains amid economic uncertainties [6][7] - While the S&P 500 has rallied due to optimism around the Federal Reserve's easing monetary policy, credit markets have shown growing concerns, evidenced by widening high-yield credit spreads and increasing delinquency rates in the commercial real estate market [7] Liability Management Transactions - Liability management transactions (LMTs) are on the rise, with 46 completed in 2024, setting a new annual record, and an additional 27 transactions in the first half of 2025 [7]