Good morning. Supply chains that underpin the economy are facing ongoing stress from geopolitical tension, labor disruption and natural disasters. Some companies say they are gaining an edge in their markets with tools aimed at managing the risks, but it doesn’t come cheap or easy.  

A new generation of strategies and technologies to manage risk is growing as the strains in supply chains persist following the upheaval during the Covid-19 pandemic that left many companies scrambling to plug gaps simply to remain in business.

• Multiple stresses: A recent strike by dockworkers at a swath of U.S. ports raised the stakes for many American importers and exporters. Hurricane Helene, which pummeled the Southeast U.S. in September, disrupted businesses well outside the storm zone, including in auto plants in Texas and Michigan, according to an analysis from Everstream. The conflict in the Middle East over Gaza has also upended oceangoing transport.
   
• China pressure: New regulations are also adding to the urgency for companies to better understand their supply chains. U.S. businesses in particular face government pressure to reduce reliance on China.
   
• Backroom to boardroom: “It was sort of a niche area, supply chain risk management, and then came Covid, and then really it became a backroom-to-boardroom [issue],” said Mirko Woitzik, global director of intelligence for Everstream Analytics, a risk management firm. “All of a sudden, supply-chain management or risk management was a competitive advantage.”

JPMorgan Chase sues four customers for bank fraud seen in viral TikToks.

JPMorgan Chase is going after people who the bank says committed check fraud by withdrawing large sums of cash as part of a TikTok craze.

The bank sued four individuals in federal court Monday for exploiting a so-called glitch at Chase Bank ATMs that went viral on social media over the summer. The individuals deposited fake checks into their checking accounts and withdrew thousands of dollars, JPMorgan said in the lawsuits.

• Adidas reached an out-of-court settlement with Kanye West, ending any legal claims connected to the German sportswear company’s previous collaboration with the rapper, two years after they parted ways.
   
• McDonald's executives said they were committed to regaining consumers’ trust following an E. coli outbreak that sickened dozens. Chief Executive Chris Kempczinski apologized to customers on a Tuesday investor call, and said the company believes the food safety situation has been contained.

Some business leaders seek an insurance policy on neck-and-neck election.

After months of sitting out the heated contest, hoping to avoid the backlash that can come with picking a side, some CEOs are cozying up to Donald Trump, if stopping short of endorsing him.

“If Trump wins, I think it’s going to be great for the economy,” said Ken Langone, the billionaire co-founder of Home Depot.

Other chief executives still worry about Trump’s proposed tariffs and his foreign policy views, but a number now see engaging with him as a sort of insurance policy on the tight contest. They want to be better positioned for a second term by a businessman-turned-politician whose policy decisions can be swayed by both flattery and personal affronts.

• Volkswagen said it couldn’t rule out that its workers could strike as the carmaker pursues talks with unions over drastic cost cuts it says are crucial for its future.
   
• A tariff war with China might be good news for Brazil’s crops.
   
• The dollar and U.S. equities are likely to rise—at least initially—if Republican candidate Donald Trump wins the U.S. presidential election on November 5, MUFG Bank says.
   
• More money is set to flow into European assets and away from American ones—particularly toward corporate bonds—as political uncertainty clouds the U.S. policy outlook ahead of the presidential election, AXA Investment Managers says.
   
• Chinese state-controlled oil producer PetroChina posted lower profit and revenue in the third quarter, rounding out mixed results for China’s big three oil companies as they flagged slower demand and weaker crude prices in the world’s second-largest economy.
   
• The eurozone’s economy grew more rapidly than expected in the three months to the end of September, a boost to hopes that the bloc is set for a soft landing from the surge in inflation that followed Russia’s invasion of Ukraine.
   
• Australia’s inflation fell back to within the Reserve Bank of Australia’s target band for the first time since mid-2021, but the third-quarter data is unlikely to be a trigger for an immediate cut to interest rates.
   
• A large fire broke out at BAE Systems’ nuclear submarine shipyard in northwest England, local police said.

• Starbucks is stepping up efforts to enforce its return-to-office mandate with a warning: Comply with the policy or risk termination.
   
• Elon Musk’s xAI is in talks with investors for a funding round that would value it around $40 billion, according to people familiar with the matter, escalating the tech industry’s race to build advanced generative AI technology.
   
• Visa plans to lay off around 1,400 employees and contractors by the end of the year, according to people familiar with the matter, as part of a plan to streamline its international business.
   
• The price of bitcoin crossed $72,000 Tuesday, hitting its highest level since March. Analysts say the sudden climb is in part driven by robust flows into exchange-traded funds holding bitcoin in recent days.

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