North Korea fired about 10 short-range ballistic missiles into the sea on Thursday, while the Bank of Canada raised interest rates for the first time in more than three years and Israel's election count moved closer to completion without breaking the political deadlock. Here is the latest from Thursday evening.
North Korea fires about 10 short-range ballistic missiles
North Korea launched around 10 short-range ballistic missiles from the Wonsan area at about 12:30 local time, according to reports citing South Korea's military. The missiles flew roughly 250 kilometres before landing in the East Sea, in the North's first ballistic missile launch in 17 days, since October 12. Seoul convened an emergency meeting of its National Security Council and described the launches as a serious violation of United Nations Security Council resolutions. Tensions were already high ahead of Pyongyang's end-of-month deadline over loudspeaker broadcasts, and after mine blasts near the demilitarised zone on September 21.
Bank of Canada raises rates to 2.5% in first hike since 2023
The Bank of Canada raised its benchmark interest rate by 25 basis points to 2.5 percent, its first increase since July 2023 after seven consecutive holds at 2.25 percent. The move was driven by energy-led inflation, with consumer prices rising 3.2 percent in September and the bank raising its 2027 inflation forecast to 3.1 percent. Further increases remain possible, with markets pricing roughly a 45 percent chance of another hike in December. The decision fits a hawkish turn among central banks following the US Federal Reserve's decision to hold rates and stronger-than-expected American growth and inflation data.
Israel's count nears completion with deadlock unchanged
Israel's election count has now reached about 97 to 99 percent, with Likud gaining one seat to 27 at the expense of Shas, which fell from seven seats to six. The overall balance of power is unchanged: 53 seats for Prime Minister Benjamin Netanyahu's bloc, 48 for Gadi Eisenkot's bloc and 19 for the Arab parties, leaving no bloc close to the 61 seats needed for a majority. Eisenkot has accused Netanyahu of trying to undermine the official results, as the country waits for final results expected by November 4.
Iran's formal reply to US proposal expected Thursday
Iran is expected to deliver its formal reply on Thursday to the proposal put forward by US Vice President JD Vance, according to reports. Details reported by Axios suggest Washington could offer limited sanctions relief in return, including waivers on oil exports and the release of frozen funds for humanitarian purchases. At the time of reporting, the reply had not yet been received, and the talks remain the thread to watch: mediators have warned that accepting the proposals on the table may be the only way to avoid a major military campaign after next week's US midterm elections.
US genomics import ban takes effect
A US ban on imports from three Chinese genomics companies took effect on Thursday, with US Customs and Border Protection barring goods from BGI Group, BGI Genomics and MGI Tech. The companies were added to the US forced-labour entity list earlier in the week, and BGI has denied the forced-labour allegations. Beijing condemned the listing on Thursday, vowing to safeguard Chinese interests, though it announced no specific countermeasures. The measure is sector-specific and does not change the broader tariff picture for consumer goods.
Exchange and trade watch: no new announcements
No new spot exchange delisting announcements emerged in the latest check, and no new general China-US or China-UK tariff moves were found beyond the genomics ban taking effect. Traders should still note a busy deadline day tomorrow, October 30: Coinbase converts 14 restricted assets for retail users in the European Economic Area, Binance removes 12 spot pairs and 10 margin pairs, Balancer pools move to withdrawal-only, and public comments are due on the US Trade Representative's shipping-fee suspension.
Market snapshot
Bitcoin traded at about $80,100 on Thursday, down roughly 1.4 to 1.5 percent on the day after dipping below $80,000 intraday to around $79,600, while Ethereum traded near $2,324, down about 1.4 percent. Oil prices eased, with Brent crude at about $114.10 a barrel, down 1.1 percent, and West Texas Intermediate at about $101.45, down 1.3 percent, as hopes for diplomatic progress continued to weigh on prices. Looking ahead, the US midterm elections take place on November 3 and Israel's final election results are due by November 4.
Sources
North Korea missile launches: Reuters, via BusinessWorld, GMA and The Hindu, October 29; corroborated by same-day social media reports from Seoul-based outlets. Bank of Canada rate decision: Reuters, October 28. Israel election count: Haaretz and Wikipedia, October 29. Iran reply and sanctions-relief details: The New York Times via Gulf News and SANA, and Axios, October 29. Genomics import ban: Associated Press via The Week and Tribune, October 29. Bitcoin, Ethereum and oil prices: Morningstar and CoinDesk, October 29; oil figures via Reuters.
