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Horizon — 25 October 2026

Sunday 25 October 2026

World Geopolitics Markets

Briefing for 25 October 2026. A building under construction collapses in Nairobi. Markets: Bitcoin $80,548 · VIX 19.45 · CAC 40 7,783 · Brent $111.7 · S&P 500 7,624 · Hang Seng 23,093

The last thirty days

World

In Kenya, a building under construction collapses in Nairobi with five people still missing, and a second Ebola death is confirmed, while Sydney inaugurates its new international airport.

Illustration : Nairobi
Illustration : NairobiDaryona · CC BY-SA 3.0 · Wikimedia Commons
Top story
01

A building under construction collapses in Nairobi

Kenya · 2 sources

A multi-storey building still under construction collapsed on Friday in Nairobi. Two people were rescued and five are still missing. Police have launched a search for the owner and the contractor.

Why it matters

A collapse of this type raises questions about compliance with construction standards and mobilizes rescue efforts to find the missing persons.

Kenya · 1 source
02

A second Ebola death confirmed in Kenya

A 65-year-old woman died of Ebola in Kenya. She was a close relative of the first victim, a man who had travelled from the Democratic Republic of the Congo.

Why it matters

Two deaths from the disease in the same country and in the same family show that the virus is now circulating outside the DRC.

1 source
Kenya
Illustration : Western Sydney Airport
Illustration : Western Sydney AirportBulbazaurREX · CC0 · Wikimedia Commons
Australia · 3 sources
03

Sydney opens its new international airport

The new international airport in western Sydney welcomed its first passengers. Unlike the current airport, limited to take-offs and landings until 23:00, it will operate 24 hours a day.

Why it matters

This infrastructure changes the air capacity of the Sydney region and serves as a basis for the planned growth of the western part of the city.

Australia
Japan · 1 source
04

Tokyo: 7.0 magnitude earthquake off the Ogasawara Islands

A 7.0 magnitude earthquake struck off the Ogasawara Islands, approximately 1,000 km south of Tokyo. No tsunami was triggered.

Why it matters

An earthquake of this magnitude is powerful, but the absence of a tsunami limits its consequences.

Japan
United States · 2 sources
05

Archdiocese of New York: 800 million dollars for abuse victims

The Archdiocese of New York has agreed to pay 800 million dollars to more than 1,300 victims of sexual abuse. This is the second largest settlement of its kind, after the 880 million agreement reached by the Archdiocese of Los Angeles in 2024.

Why it matters

This settlement ends a series of lawsuits and illustrates the cost of abuse scandals within the American Catholic Church.

United States
Germany · 2 sources
06

Fire at Hitler's "Eagle's Nest" in Bavaria

A fire ravaged Hitler's former alpine residence, the "Eagle's Nest", in Bavaria. Approximately 200 rescue workers were mobilized. A 33-year-old German man was arrested.

Why it matters

The site is a historically significant location visited by many tourists, and the arrest of a suspect suggests a deliberate act.

Germany

In brief

  • GabonThe Gabon government has restored social networks after eight months of suspension and made user identification mandatory.Le Monde ↗
  • United StatesA measles epidemic is severely affecting the Amish community in Pennsylvania, one of the worst recent outbreaks in the United States.ABC News (Australie) ↗
  • ChinaChina launched in August the first regular link between Asia and Europe via the Arctic Ocean, via the Northeast Passage.Courrier international ↗

Geopolitics

Brazil votes on Sunday between Lula and Flavio Bolsonaro, Serbia and Bulgaria are also at the polls, and Israel closes the West Bank ahead of its legislative elections on Tuesday.

Illustration : Palácio do Planalto
Illustration : Palácio do PlanaltoMichel Temer · CC BY 2.0 · Wikimedia Commons
Top story
01

Brazil: runoff between Lula and Flavio Bolsonaro

Brazil · 4 sources

Approximately 160 million voters are called to the polls on Sunday to decide between left-wing president Lula, 80, and senator Flavio Bolsonaro, son of the imprisoned far-right former head of state. The two candidates are neck and neck after a very tense inter-round campaign.

Why it matters

The vote will decide whether Brazil remains one of the few left-wing nations in Latin America or joins the regional rightward shift.

Illustration : Belgrade
Illustration : BelgradeZeks127 · CC BY-SA 4.0 · Wikimedia Commons
Serbia · 4 sources
02

Serbia: legislative elections facing the student movement

Serbs vote on Sunday for snap legislative elections demanded by a powerful student movement, which is presenting a list against president Aleksandar Vucic. In power for fourteen years, the latter faces the threat of defeat in a vote that polls suggest is tight.

Why it matters

The result will show whether the protest movement, born nearly two years ago, can end fourteen years of Aleksandar Vucic's rule.

Serbia
Palestine, Israel · 4 sources
03

Israel closes the West Bank ahead of legislative elections

Israel will close all land crossings with the West Bank on the day of Tuesday's elections, following an attack on a checkpoint near Hebron that killed two soldiers. Approximately 2,000 Palestinians have been displaced by the army, which announced a major military operation.

Why it matters

This offensive and these restrictions come during the election campaign and further worsen the situation in the occupied territories.

Palestine Israel
Israel · 4 sources
04

Israel: protest against Netanyahu ahead of legislative elections

Thousands of people demonstrated in Tel Aviv on Saturday against Benjamin Netanyahu's government, three days before legislative elections that are expected to be tight. The vote is widely seen as a referendum for or against the prime minister.

Why it matters

Tuesday's vote will decide Benjamin Netanyahu's political future in a divided country.

Israel
Bulgaria · 3 sources
05

Bulgaria: presidential election against the backdrop of war in Ukraine

Bulgarians elect their president on Sunday, among 27 candidates. Incumbent president Iliana Iotova, favourable to dialogue with Russia and opposed to military aid to Ukraine, is the favourite against interim former Prime Minister Andrey Gyurov. The vote follows deadly drone strikes in the Black Sea.

Why it matters

The result will weigh on the position of a European Union member state in the face of the war in Ukraine.

Bulgaria
Yemen, Saudi Arabia · 4 sources
06

Yemen: Houthis claim attacks in Saudi Arabia

The Houthis claim to have targeted three Saudi airports, including Riyadh, as well as energy facilities, an oil pipeline and an air base, and targets in Aden. The Saudi-led coalition says it intercepted three missiles and Saudi strikes killed at least four people in Sanaa.

Why it matters

The exchange of fire between the Houthis and the Saudi coalition marks a regional escalation affecting oil and airport infrastructure.

Yemen Saudi Arabia
Iran, United States · 4 sources
07

Iran: Trump evokes possible attack on Sunday or a deal

Donald Trump suggested that the United States could attack Iran as early as Sunday, or reach a major agreement with Tehran. Iran accuses Washington of the failure of negotiations and promises a response "several times greater" in case of strikes, even limited ones.

Why it matters

The outcome will decide between a resumption of war or an agreement, with direct consequences for the Gulf region.

Iran United States
Ukraine · 4 sources
08

Ukraine: Starlink restored, Elon Musk accuses Kyiv of violations

The Ukrainian military says its Starlink connection is "stable" after a week of restrictions that had affected its military operations and drones. Elon Musk accuses Ukraine of violating the network's terms of use, which he describes as a civilian system and not a means of killing.

Why it matters

The Ukrainian military depends on this satellite network, and the episode reveals its vulnerability to the decisions of a private company.

Ukraine

In brief

  • FranceThe suspect in the Trappes attack, Kevin T., 39, sees his custody extended after the shooting that killed one person and wounded five.France 24 ↗
  • FranceA decree published on Saturday authorizes the release of strategic diesel stocks in France, to reduce the price by 12 to 18 cents.Les Échos ↗
  • ItalyIn Italy, demonstrations against the rising cost of living had limited scope after the massive deployment of law enforcement forces.Le Monde ↗
  • TanzaniaTanzanian opposition figure Tundu Lissu threatens to begin a hunger strike to protest his detention conditions.Le Monde ↗
  • MaliThe Malian army has raised to 54 deaths the toll of an attack in the country, with nine survivors evacuated to Ménaka.The Hindu ↗
  • NigeriaIn Nigeria, armed men killed at least ten villagers and looted shops in the northeast of the country.BBC World ↗
  • North KoreaChinaKim Jong-un returned from China after a visit to a war memorial, crossing a newly opened bridge between the two countries.The Straits Times ↗
  • AlbaniaAlbanian police fired tear gas during anti-government student demonstrations that turned violent in Tirana.The Hindu ↗

Markets

Markets ended slightly lower on Friday: the CAC 40 fell 0.36%, Brent remained at 111.7 dollars and natural gas surged 9.08%.

Theme illustration : Container ship
Theme illustration : Container shipTrougnouf · CC BY 4.0 · Wikimedia Commons
Top story
01

Indonesia: decline in gas exports to Singapore

Indonesia, Singapore · 2 sources

Indonesia has reduced its pipeline gas exports to Singapore by approximately 9%, with 15 mmscfd withdrawn from Natuna and 16 mmscfd from Sumatra. Singapore's Prime Minister Lawrence Wong expects all suppliers to honour their commercial commitments.

Why it matters

This cut weighs on Singapore's gas supply in a context of energy tension.

Illustration : United States — San Francisco
Illustration : United States — San FranciscoLightandtruth · CC BY-SA 4.0 · Wikimedia Commons
United States · 1 source
02

Volkswagen announces 4.2 billion dollar Audi plant in Georgia

Donald Trump announced at a rally in Georgia that Volkswagen had agreed to build a new 4.2 billion dollar Audi plant in the United States. He defended his tariff policy, which he says has enriched the country.

Why it matters

The announcement illustrates the intended effect of American tariffs on foreign industry investment.

United States
China, United States · 2 sources
03

China: Beijing urges United States to abandon new investment restrictions

China has urged the United States to abandon its plan to extend restrictions on outbound investment. Beijing believes the proposed rule on sensitive technologies would disrupt trade relations.

Why it matters

This American plan adds tension to trade relations between the world's two largest economies.

China United States

In brief

Closing prices on 25 October 2026

Last close recorded for the briefing of 25 October 2026 (crypto: price at publication time, in US dollars). Information only, not financial advice. All markets and charts →

Today's indicators

Deterministic data, calculated by threshold or taken as-is from official sources — never judged by the model.

Markets

Closing prices and changes
ValueCloseChange
CAC 40 7,782.82 ↓ -0.36 %
DAX 25,181.65 ↓ -0.75 %
FTSE 100 10,690.36 ↓ -0.32 %
S&P 500 7,623.68 ↓ -0.52 %
Nasdaq 25,955.34 ↓ -0.21 %
Nikkei 225 62,693.16 ↓ -0.34 %
Hang Seng 23,093.37 ↑ +0.69 %
VIX 19.45 ↑ +2.21 %
Petrole Brent 111.7 ↓ -1.30 %
Gaz naturel 3.05 ↑ +9.08 %
Or 4,007.9 ↓ -1.29 %
EUR/USD 1.12 ↓ -0.16 %

General, non-personalized information. Does not constitute investment advice, a recommendation, or a solicitation to buy or sell.

Crypto

Prices and changes of major cryptocurrencies
ValuePrice24h change
Bitcoin 80,548 USD ↓ -0.19 %
Ethereum 2,348.47 USD ↓ -1.18 %
BNB 744.35 USD ↑ +0.83 %
Solana 101.81 USD ↓ -0.26 %
XRP 1.3 USD ↑ +0.91 %

aucun seuil franchi, marchés crypto calmes

General, non-personalized information. Does not constitute investment advice, a recommendation, or a solicitation to buy or sell.

Supply chain

A combined reading of traffic through strategic straits and energy prices: two signals of the same possible tension on global supply chains. The more severe of the two prevails.

Energy prices and changes
ValuePriceChange
Petrole Brent 111.7 USD ↓ -1.30 %
Gaz naturel 3.05 USD ↑ +9.08 %
  • Bab el-Mandeb — traffic at 88% of normal levels data from 18 October
  • Ormuz — traffic at 75% of normal levels data from 18 October
  • Malacca — traffic at 98% of normal levels data from 18 October
  • Suez — traffic at 105% of normal levels data from 18 October
  • Panama — traffic at 100% of normal levels data from 18 October
  • Bosphore — traffic at 88% of normal levels data from 18 October
  • Gibraltar — traffic at 94% of normal levels data from 18 October
  • Douvres — traffic at 108% of normal levels data from 18 October
  • Taïwan — traffic at 96% of normal levels data from 18 October
  • Cap de Bonne-Espérance — traffic at 101% of normal levels data from 18 October

Gaz naturel en hausse de 9.08 % sur la séance

International sanctions

Daily movement on the consolidated lists of OFAC (US Treasury) and the UN Security Council: the total almost never moves from one day to the next — the signal is the new entries since the last reading.

No new entries since the last reading.

19,471 entries tracked at OFAC (US Treasury) · 1,007 entries tracked at the UN

Connectivity

Significant internet outages detected by IODA (Georgia Tech) over the last 48h.

  • Netherlands — traffic at 9% of normal levels
  • St. Pierre And Miquelon — traffic at 40% of normal levels

The world in figures

The background to that day's news: public data (conflicts, earthquakes, commodities, agenda). They are not part of the colours or the risk index.

Coming up

as of 25 October 2026

Major central bank decisions and national elections in the following weeks, as known that day.

  • 25 Octobersame day Bulgaria · President
  • 25 Octobersame day Serbia · Parliament
  • 25 Octobersame day Brazil · President (2nd round)
  • 27 OctoberD+2 Israel · Knesset
  • 28 OctoberD+3 Fed: interest rate decision
  • 29 OctoberD+4 ECB: interest rate decision
  • 3 NovemberD+9 United States · House of Representatives and Senate
  • 5 NovemberD+11 Grenada · Parliament
  • 7 NovemberD+13 New Zealand · Parliament

Source : Fed, ECB, Wikipedia (electoral calendar)

Armed conflict

September 2026

13,286 estimated deaths · 43 countries

  • Ukraine 6,202
  • Yemen 2,924
  • Pakistan 667
  • Ethiopia 609
  • Nigeria 451
  • Sudan 277
  • Mexico 262

Central estimate, provisional monthly data; change versus the previous month.

Source : UCDP, Uppsala University (CC BY 4.0) ↗

Earthquakes

previous 7 days

189 of magnitude 4.5+ · 9 of 6+

  • 7.0 China 22 October · orange alert
  • 7.0 Bonin Islands, Japan region 24 October
  • 7.0 Bonin Islands, Japan region 24 October
  • 6.9 Vanuatu 24 October
  • 6.5 Bonin Islands, Japan region 25 October

Source : USGS (public domain) ↗

Commodities

September 2026

Monthly average world prices in US dollars; indices 2010 = 100.

Level1 month1 year
Energy149+25.7 %+70.0 %
Food124+3.8 %+15.8 %
Fertilizers147+0.4 %−1.7 %
Base metals166+0.8 %+35.1 %
Precious metals339−1.9 %+22.6 %
Detailed prices
Level1 month1 year
Brent crude117 $/bbl+28.5 %+71.8 %
Natural gas (Europe)25.42 $/MMBtu+20.4 %+128.6 %
Wheat347 $/t+5.2 %+48.4 %
Maize240 $/t+7.0 %+21.4 %
Rice482 $/t+2.3 %+28.9 %
Cocoa5.92 $/kg−0.5 %−15.8 %
Arabica coffee7.26 $/kg−8.9 %−17.8 %
Copper14,474 $/t+1.0 %+45.0 %
Gold4,319 $/oz−2.1 %+17.7 %

Source : World Bank, Pink Sheet (CC BY 4.0) ↗

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