Magnum Ice Cream Prepares for Triple Listing Following Unilever Demerger
Magnum Ice Cream Co (MICC), currently operating as a standalone entity within Unilever (UL) since July 1, 2025, is on track for its highly anticipated demerger and public listing in mid-November 2025. The company plans to list its shares on the London Stock Exchange, the New York Stock Exchange, and Euronext Amsterdam under the ticker "MICC". The demerger process is estimated to incur costs of €800 million, with approximately 55% already incurred to date.
Following the separation, Unilever (UL) will retain a minority stake of less than 20% in Magnum (MICC) for up to five years, which will be sold down to cover separation costs and maintain capital flexibility. Magnum Ice Cream Co (MICC) has outlined a stable dividend policy, targeting a payout ratio of 40-60% of adjusted net income, with its first dividend for fiscal year 2026 expected in the first half of 2027. The company reported €7.9 billion in revenue and €1.3 billion in adjusted EBITDA for 2024, holding an approximate 21% global retail market share.
Risk Assets Slide Amid Valuation Concerns
Global risk assets experienced a notable downturn as warnings from Wall Street CEOs about stretched valuations and an overdue market pullback rattled investors. The selloff was led by technology and cryptocurrency sectors, with the S&P 500 declining by approximately 1.2%, the NASDAQ falling around 2%, and Bitcoin dropping about 6%. Despite ongoing fears of an overheated, narrow AI-driven rally, strategists suggest a broader market adjustment may be underway.
Gold Tumbles as Dollar Strengthens and Fed Rate Cut Hopes Fade
Gold prices slumped on Tuesday, with spot gold falling to $3,970.08 per ounce and U.S. Gold Futures declining to $3,980.31 per ounce, as the U.S. dollar climbed to a three-month high. This strengthened dollar made bullion more expensive for overseas buyers, dampening demand. Traders also scaled back expectations for a December Federal Reserve rate cut, further pressuring gold prices. Federal Reserve officials expressed divergent views on the economy, adding to the uncertainty surrounding future monetary policy.
US Space Force Deploys New Satellite-Jamming Systems
The U.S. Space Force is rolling out two new ground-based satellite-jamming systems, Meadowlands and Remote Modular Terminal (RMTs), significantly enhancing America's counter-space capabilities. These systems are designed to disrupt Chinese and Russian intelligence and reconnaissance operations, bringing the total number of active U.S. counter-space weapons to three. The Meadowlands system, developed by L3Harris Technologies (LHX), is in its final testing phase and is expected to be operational before the end of the fiscal year. Meanwhile, RMTs, developed by Northstrat and CACI International (CACI), are already in "limited early-use" at undisclosed overseas locations. The Pentagon plans to procure up to 32 Meadowlands units and 24 RMT systems in the coming years.
In related geopolitical news, Russia is awaiting clarification from the U.S. regarding President Trump’s remarks about resuming nuclear tests. Kremlin spokesman Dmitry Peskov clarified that Russia's recent trials of nuclear-powered missiles like Burevestnik and torpedoes like Poseidon do not constitute nuclear tests under international treaties. Trump had stated he instructed the Pentagon to resume nuclear weapons testing, accusing other nations of conducting secret underground experiments.
Corporate Earnings: Amgen Soars, Super Micro Stumbles
Amgen (AMGN) reported strong third-quarter results, beating Wall Street's revenue and profit expectations. The biotech company's sales surged 12.4% year-on-year to $9.56 billion, driven by robust performance from newer inflammation drugs and cholesterol therapy Repatha. Following this strong performance, Amgen (AMGN) raised its full-year profit and revenue guidance, with adjusted EPS now expected between $20.60 and $21.40 and revenue between $35.8 billion and $36.6 billion. The company is also heavily investing in pipeline bets, including its experimental obesity drug MariTide.
Conversely, Super Micro Computer (SMCI) issued a weak profit forecast for the current quarter, causing its shares to plunge. The company adjusted its first-quarter fiscal 2026 revenue estimate to approximately $5 billion, down from an earlier guidance of $6-$7 billion, primarily due to delayed AI server deliveries by some customers. Despite this short-term setback, Super Micro (SMCI) maintained its full-year revenue forecast of at least $33 billion, citing strong AI demand and a $12 billion backlog of new orders slated for later delivery. Meanwhile, AMD (AMD) beat its Q3 expectations with revenues of $9.25 billion and adjusted EPS of $1.20, but its Q4 outlook was not explosive enough to satisfy investors who had priced in an AI supercycle, leading to minimal stock movement.
Canada's Financial Sector Reforms and Economic Outlook
Canada's government is actively targeting competition within its financial sector, pledging to tackle fees, simplify the process for consumers to switch banks, and reduce regulatory burdens for smaller lenders. This initiative includes prohibiting investment and registered account transfer fees, which currently cost Canadians an average of $150 per account. Additionally, the government plans to increase the amount of immediately available deposited cheque funds to $150 from $100.
In other Canadian economic news, Bombardier (BBD.A) anticipates creating 500–600 jobs over the coming years, attributing this growth to Canada’s recent removal of the luxury tax on business jets. Furthermore, Mark Carney's first budget is projected to increase Canada's deficits by an additional C$167 billion over five years, with significant spending directed towards defense, infrastructure, and housing, even as economic growth remains subdued and tax revenue softens. This spending is expected to push Canada's debt to approximately 43% of GDP.
New Zealand Unemployment Rises, US Crude Inventories Surge
New Zealand's unemployment rate for Q3 rose to 5.3%, aligning with estimates but up from the previous quarter's 5.2%. Employment change quarter-over-quarter was 0.0%, while year-over-year saw a decline of -0.6%. The participation rate slightly decreased to 70.3%, and private wages excluding overtime increased by 0.5% quarter-over-quarter. The Reserve Bank of New Zealand (RBNZ) had forecasted unemployment to peak at 5.3% in Q3, with no employment growth and a participation rate of 70.4%.
Meanwhile, in the United States, API crude oil inventories surged by 6.5 million barrels, significantly exceeding forecasts that anticipated a draw of 2.4 million barrels and contrasting with the prior week's draw of 4 million barrels.
Other Market Movements
A debate surrounding the health of private credit has recently impacted the shares of some of its largest players, though there are indications that their efforts to defend themselves may be yielding positive results. Separately, observers note that the world's bond markets have seemingly transformed into a "giant blob," indicating complex and interconnected dynamics. The US House Freedom Caucus is pushing for a year-long stopgap bill to address government funding. The U.S. government is currently in a shutdown, which began on October 1, 2025, due to a failure to pass appropriations legislation.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.