Overview

• U.S.–China frictions intensified after President Trump’s threat of a 100% tariff and a Chinese counterstrike, keeping trade risks elevated across assets.
• Crypto stabilized unevenly after sharp losses, with bitcoin fluctuating near $112,000 as derivatives stress lingered following more than $19 billion in long liquidations earlier in the week.
• ETF flows turned positive on Oct. 15—bitcoin ETFs saw a $102.7 million net inflow led by Fidelity’s FBTC, and ether ETFs drew $236.2 million—after Oct. 14 outflows driven by Grayscale’s GBTC and Bitwise’s BITB.
• Equities were mixed by region: Paris’s CAC 40 rose 1.99% on luxury-sector strength led by a ~12% jump in LVMH and signs of political easing in France, while London and Frankfurt retreated.
• Policy commentary shaped intraday moves as Fed official Stephen Miran argued for faster rate cuts, the dollar eased, Wall Street finished mixed, and Brazil’s real firmed with the Ibovespa up 0.65%.