Here is the latest world news digest, covering the biggest stories of the day — from US-EU trade action against China, to rising oil prices and a big crypto sell-off.
US and EU Team Up Against China’s Industrial Overcapacity
Washington and Brussels are building a multilateral coalition against China’s industrial overcapacity, according to SCMP and CCTV commentary. The EU is aligning with US momentum to pressure China, and France and Germany are pushing a rapid-response trade tool. Beijing has warned it will respond firmly to discriminatory measures. Tariff and duty risks on Chinese goods are now rising across the US, EU, and UK at the same time, with EU leaders set to discuss the issue on October 15–16.
US Sanctions 17 Vessels in Iran’s “Shadow Fleet”
The US Treasury imposed fresh sanctions on 17 vessels in Iran’s “shadow fleet,” accused of moving millions of barrels of Iranian oil and petrochemicals to south and east Asia. The move marks escalation through sanctions alongside President Trump’s “productive discussions” rhetoric. Separately, Iran’s Foreign Minister Araghchi said Tehran is reviewing the US response to its proposal under which the Strait of Hormuz could be reopened within seven days.
France and Saudi Arabia Study Options to Protect Yanbu Oil Terminal
France and Saudi Arabia are studying options that could involve French military assets in protecting the Yanbu oil terminal, French Armed Forces Chief of Staff General Fabien Mandon said. A third US aircraft carrier, the USS Theodore Roosevelt, along with thousands of troops, could arrive in the region by the end of October. Oil prices closed Thursday sharply higher: Brent at $104.28, up 4.1%, and WTI at $91.49, up 3.6%. Hurricane Isaias is expected to make landfall east of New Orleans early Saturday, shutting in about 25% of US oil and 16% of gas output.
Bitcoin Liquidations Hit Nearly $1 Billion as Crypto Slumps
Bitcoin liquidations reached about $974 million on Thursday, including $896 million in long positions, with Ethereum leading at $311 million. Bitcoin fell to an intraday low of $80,900 before recovering to around $81,100. Despite the drop, institutional interest is growing: a State Street survey of 300 institutions found that 51% expect digital assets to become mainstream within five years, up from just 11% in 2024. Bitcoin is trading near $81,000, while ETH, XRP, and SOL are down 6–9% on the day.
Market snapshot
Bitcoin is trading near $81,000 after a nearly $1 billion liquidation wave, with ETH down alongside it. Brent crude closed at $104.28 and WTI at $91.49 as Gulf tensions and a hurricane keep oil markets tight. The two-day China–EU trade round ended on October 9 with no verified outcome yet. Upcoming market catalysts: the China–EU outcome, US CPI data on October 14, the Fed meeting on October 28, and the Israeli election on October 27.