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NEW YORK (Reuters) -Bitcoin hit a new record high on Monday as the world's largest cryptocurrency by market value continued to benefit from strong investor demand. The rally since the start of the year has been fueled by institutional investors, friendlier policies under U.S. President Donald Trump, and a bitcoin's increasing connection with global financial systems. Bitcoin rose as high as $125,835.92 after climbing above $125,000 for the first time on Sunday. It was last up 2.02% at $125,253.63, on course for the second straight session of gains. It has risen more than 33% this year. "Bitcoin is the hurdle rate. If you can't beat it, you have to buy it. And I think the next 12 weeks are going to be very fun for bitcoin holders," wrote Anthony Pompliano, founder and CEO of Professional Capital Management, in a letter to investors on Monday. Bitcoin's ascent has coincided with the weakness of the U.S. dollar against major peers as Trump's tariffs on U.S. trade partners and uncertainty about their impact have prompted investors to diversify away from U.S. assets. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was flat at 98.09. It is down nearly 10% this year. [FRX/] "Bitcoin has surged ever since it briefly broke below $110,000 just over a week ago. The current rally means that Bitcoin has added around 13% since 28th September," wrote David Morrison, senior market analyst at FCA-regulated fintech and financial services provider Trade Nation, in emailed comments. "Its daily MACD (Moving Average Convergence Divergence) has turned up sharply, and while this indicates a rise in upside momentum, it may be that bitcoin will need to consolidate before it has a chance to push up further."  (Reporting by Chibuike Oguh and Gertrude Chavez in New York; Editing by Chizu Nomiyama, Chris Reese and Richard Chang)

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By Stephen Culp NEW YORK (Reuters) -Wall Street stocks mostly advanced on Monday, as artificial intelligence-related dealmaking boosted investor sentiment even as the U.S. government shutdown extended through its sixth day.  The Nasdaq and the S&P 500 were on course to reach record closing highs, while the blue-chip Dow lingered barely in the red. Chips took the lead after AMD said it would supply AI chips to OpenAI in a deal that could generate tens of billions of dollars in yearly revenue and would allow the ChatGPT creator to buy a stake of up to a 10% in the chipmaker. AMD surged 26.1%, while the broader Philadelphia Semiconductor index rose 3.9%. "The economic backdrop, at least until the government shut down, has been fairly solid," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. "Earnings season is coming up and there are a lot of favorable themes, so the path of least resistance is higher." The federal government remained shuttered for the sixth day as lawmakers idled in a partisan impasse. The shutdown has postponed the release of key economic indicators, forcing investors to rely on secondary, non-government data to gauge the timing and extent of Federal Reserve interest rate cuts. Monetary policymakers have cautioned against rushing to lower the Federal funds target rate as inflation remains high, while others believe signs of softness in the labor market merit rate cuts. Financial markets have priced in an all-but-certain 94.6% chance of a 25 basis point interest rate reduction at the conclusion of the Fed's October meeting. Without new U.S. government data this week, market participants are monitoring reports on outstanding consumer credit, mortgage demand and the University of Michigan's preliminary take on October consumer sentiment. The Dow Jones Industrial Average fell 28.56 points, or 0.06%, to 46,729.72, the S&P 500 gained 32.63 points, or 0.49%, to 6,748.42 and the Nasdaq Composite rose 186.15 points, or 0.82%, to 22,966.16.  Among the 11 major sectors of the S&P 500, tech and consumer discretionary led the gainers, while consumer staples suffered the steepest percentage decline. Next week, investors will find catalysts as third-quarter earnings season gets underway, with results from large U.S. banks launching the festivities. Analysts estimate aggregate year-on-year S&P 500 earnings growth of 8.8% for the July-to-September period, up 0.8 percentage points from projections at the beginning of the quarter, according to LSEG data. Tesla advanced 4.4% after the electric carmaker teased an event scheduled for Tuesday on social media platform X over the weekend. TD Cowen cut its Starbucks price target, citing a weakening labor market affecting Generation Z, sending the coffee chain's shares down 4.2%. Bitcoin breached the $125,000 mark on Sunday, sending crypto-related firms Coinbase, Strategy, Riot Platforms and MARA Holdings all gained ground. Regional bank Comerica gained 14.3% after Fifth Third said it will buy the company in an all-stock deal valued at $10.9 billion. Verizon shares dipped 4.8% after the telecommunications company named former PayPal boss Dan Schulman as its new chief executive officer. Advancing issues outnumbered decliners by a 1.24-to-1 ratio on the NYSE. There were 547 new highs and 67 new lows on the NYSE. On the Nasdaq, 2,731 stocks rose and 1,885 fell as advancers outnumbered decliners by a 1.45-to-1 ratio. The S&P 500 posted 43 new 52-week highs and eight new lows while the Nasdaq Composite recorded 172 new highs and 48 new lows. (Reporting by Stephen Culp; Additional Reporting by Niket Nishant and Sukriti Gupta in Bengaluru; Editing by Richard Chang)

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By Manya Saini and Saeed Azhar (Reuters) -Fifth Third on Monday agreed to buy regional lender Comerica in an all-stock deal valued at $10.9 billion, striking the biggest U.S. bank deal of the year that would create the nation's ninth-largest lender. Dealmaking has gained momentum under a Trump administration that has pledged to streamline the process for approving mergers. At the same time, regional lenders are looking to diversify their revenue, strengthen balance sheets and expand in growing markets as they seek to compete with larger rivals. "I expect we will see more combinations amongst regional banks because we are in an environment where bank M&A of equals or near equals makes a lot of sense," said Michael Ashley Schulman, partner and CIO at Running Point Capital Advisors. The regional bank index was up 2.2% in afternoon trading. The latest transaction could usher in more combinations, especially for banks with assets of up to $100 billion, two investment banking sources said. Two large regional lenders that have long been discussed as M&A candidates have done deals in the last two months. Comerica has long been seen as a target, while PNC announced the purchase of FirstBank last month. Other banks that have been floated as deal candidates include Zions Bancorp, Flagstar, First Horizon, East West , Popular, Western Alliance and Webster Financial, one of the sources said. Shares of First Horizon were up 3.6% and Flagstar was up almost 2%.  "That group is going to outperform from a price point of view because there is a bid for them," said a banker who advises financial institutions, who said the companies' shares had been supported by deal speculation. The banker declined to be identified discussing specific companies.  LIGHTER REGULATORY ENVIRONMENT Analysts have said consolidation is crucial for smaller lenders to compete with the nation's banking giants, with regional banks looking to take advantage of a potentially lighter regulation under the Trump administration. Comerica shareholders will receive 1.8663 Fifth Third shares for each Comerica share, valuing the deal at $82.88 per share based on Fifth Third's closing price on October 3. "Following the acquisition, Fifth Third will rank among the top five banks in every major Midwest MSA (Metropolitan Statistical Area)," TD Cowen analysts said.     The deal, adding to Fifth Third's large presence in the Midwest, will create a bank with $224 billion in deposits and $174 billion in loans. Shares in Comerica jumped 14%, while Fifth Third fell 1.5%. "Record bank stock prices have also allowed for a greater currency to do deals," said Stephen Biggar, analyst at Argus Research. The S&P 500 Banks Index has surged nearly 21% this year, outpacing the benchmark S&P 500's roughly 14% rise, through the previous close.  "Today's announcement will likely encourage more boardroom discussions about possible tie-ups, both large and small," Biggar said. The deal comes months after activist investor HoldCo Asset Management revealed it had built a stake in Comerica and urged the lender to pursue a sale. CROWN JEWEL FRANCHISE  Mergers and acquisitions are seen as crucial for regional lenders seeking to become more competitive in the U.S., which has more than 4,400 banks. "This is a crown jewel middle market banking franchise," a Fifth Third executive said on a conference call, adding his optimism about building its consumer network. The deal, which would create a lender with $288 billion in combined assets, expands Fifth Third's reach to 17 of the 20 fastest-growing U.S. markets, including Texas, California and parts of the southeast.  By 2030, more than half of the combined company's branches are expected to be located in these regions.  "This combination marks a pivotal moment for Fifth Third as we accelerate our strategy to build density in high-growth markets and deepen our commercial capabilities," Fifth Third CEO Tim Spence said. Many lenders are looking to build more diverse businesses with steadier revenue from fees collected in wealth management, payments or treasury services, to reduce the reliance on revenue from interest payments.  "This deal will accelerate FITB's expansion into high growth markets, and we believe FITB's consumer banking strength has the potential to improve growth in legacy CMA," Baird analysts said in a note.  Comerica CEO Curt Farmer will assume the role of vice chair in the combined company, while Peter Sefzik, its chief banking officer, will lead Fifth Third's wealth and asset management business. The deal is expected to close by the end of the first quarter of 2026, after which three board members of Comerica will join Fifth Third's board. Fifth Third shareholders will own about 73% of the combined company.  Goldman Sachs was the exclusive financial advisor to Fifth Third, while J.P. Morgan Securities and Keefe, Bruyette & Woods advised Comerica, with J.P. Morgan acting as lead advisor. (Reporting by Manya Saini in Bengaluru; Additional reporting by Arasu Kannagi Basil and Tatiana Bautzer in New York; Editing by Nick ZieminskiEditing by Arun Koyyur and Lananh Nguyen)

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WASHINGTON (Reuters) -All medium and heavy duty trucks imported into the United States will face a 25% tariff rate staring November 1, President Donald Trump said in a post on his social media platform on Monday. Trump last month had said heavy truck imports would face new duties as soon as Oct. 1. (Reporting by Christian Martinez and Susan Heavey; editing by Costas Pitas)

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By Doyinsola Oladipo and David Shepardson NEWARK/WASHINGTON (Reuters) -The number of air traffic controllers calling in sick since the government shutdown began last week has seen a slight "tick up", U.S. Transportation Secretary Sean Duffy said on Monday, cutting air traffic staffing by 50% in some areas at times, though he did not specify where the staffing issues were occurring. Air traffic controllers and Transportation Security Administration officers must still turn up for work during the shutdown, but are not being paid. Duffy said there had been a "slight tick up in sick calls" in certain areas, noting that in some areas there was a 50% reduction in air traffic staffing on certain days, without indicating which airports were affected or for how long. "You'll see delays that come from that… if we have additional sick calls, we will reduce the flow consistent with a rate that's safe for the American people," Duffy said. He said controllers are set to miss their first paycheck on Oct. 14. Duffy and the president of the National Air Traffic Controllers Association spoke at a press conference at Newark Liberty International Airport to discuss the effects of the shutdown. The airport, one of three giant facilities that service New York City, is a major United Airlines hub. The union representing more than 13,000 U.S. air traffic controllers urged workers to remain on the job during the ongoing partial government shutdown that requires them to work without pay. President Donald Trump has made transportation a focal point in a government shutdown battle with the Democrats, cutting off more than $28 billion of aid for climate programs, subways, tunnels and mass transit in Democratic-leaning states like New York and Illinois. Last week Vice President JD Vance pulled air travelers into the shutdown debate when he said they "may not arrive on time because the TSA and the air traffic controllers are not getting paid today," on Fox News. No flights are believed to have been delayed because of the shutdown. In 2019, during a 35-day shutdown, the number of absences by controllers and Transportation Security Administration officers rose as workers missed paychecks, extending checkpoint wait times at some airports. Authorities were forced to slow air traffic in New York, which put pressure on lawmakers to quickly end the standoff. (Reporting by David Shepardson; Editing by Bill Berkrot and Chris Reese)

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By David Shepardson WASHINGTON (Reuters) -The Trump administration said on Monday that funds from a U.S. government program that subsidizes commercial air service to rural airports are set to expire as soon as Sunday because of an ongoing partial government shutdown. The U.S. Transportation Department said the subsidies in the Essential Air Service program are expected to expire as soon as Sunday after the department transferred unrelated funding from the Federal Aviation Administration as an advance. The department is in the process of notifying carriers of the shortfall and alerting communities of the potential impacts. The government has about $350 million in annual funding. In May, the White House proposed cutting funding by $308 million for Essential Air Service, which is popular with Republican lawmakers because it provides services to rural, largely Republican areas. During the first Trump administration, the White House proposed killing the Essential Air Service program, but Congress opted to boost funding. The program generally subsidizes two round trips a day with 30- to 50-seat aircraft, or additional frequencies with smaller aircraft. The department says under the program about 65 communities in Alaska receive service and 112 communities in the other 49 states and Puerto Rico that otherwise may not receive any airline service. "Every state across the country will be impacted," Transportation Secretary Sean Duffy said at a press conference, noting it has bipartisan support. "We don't have the money for that program moving forward." (Reporting by David Shepardson; Editing by Aurora Ellis)

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By David Shepardson WASHINGTON (Reuters) -The Trump administration said on Monday that funds from a U.S. government program that subsidizes commercial air service to rural airports are set to expire as soon as Sunday because of an ongoing partial government shutdown. The U.S. Transportation Department said the subsidies in the Essential Air Service program are expected to expire as soon as Sunday after the department transferred unrelated funding from the Federal Aviation Administration as an advance. The department is in the process of notifying carriers of the shortfall and alerting communities of the potential impacts. The government has about $350 million in annual funding. In May, the White House proposed cutting funding by $308 million for Essential Air Service, which is popular with Republican lawmakers because it provides services to rural, largely Republican areas. During the first Trump administration, the White House proposed killing the Essential Air Service program, but Congress opted to boost funding. The program generally subsidizes two round trips a day with 30- to 50-seat aircraft, or additional frequencies with smaller aircraft. The department says under the program about 65 communities in Alaska receive service and 112 communities in the other 49 states and Puerto Rico that otherwise may not receive any airline service. "Every state across the country will be impacted," Transportation Secretary Sean Duffy said at a press conference, noting it has bipartisan support. "We don't have the money for that program moving forward." (Reporting by David Shepardson; Editing by Aurora Ellis)

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LONDON (Reuters) -Qualcomm is fighting a 480 million-pound ($646.8 million) London lawsuit brought on behalf of smartphone owners, which alleges the chipmaker has abused its dominant position to force Apple and Samsung to pay inflated royalties. A British consumers' association that goes by the name of Which? is bringing the case and its lawyers say around 29 million people who bought iPhones or Samsung devices since 2015 are entitled to compensation. The group alleges Qualcomm made the manufacturers pay inflated royalties even if its chips are not used in a device under a worldwide so-called no licence, no chips policy. Lawyers representing Which? said in court documents prepared for a five-week trial starting on Monday that this operates as "an industry-wide private tax which ensures higher profits for Qualcomm and inflates the cost of devices." Qualcomm, however, says the lawsuit mischaracterises its long-standing requirement for manufacturers to obtain a licence for its standard essential patents before buying chipsets. The company's lawyers also rejected the suggestion by Which? that Qualcomm could demand certain royalties from Apple and Samsung, who "can and do exert enormous buyer power". The case brought by Which? at London's Competition Appeal Tribunal is to determine whether Qualcomm is liable to the claimant class, with a further trial to determine any damages if Which? is successful. A similar consumer lawsuit against Qualcomm in California, which challenged the company's patent licensing and exclusive-dealing chip agreements with Apple and other manufacturers, was dismissed in 2023. ($1 = 0.7421 pound) (Reporting by Sam Tobin in LondonEditing by Matthew Lewis)

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By Jesús Aguado, Andres Gonzalez and Tommy Reggiori Wilkes MADRID/LONDON (Reuters) -BBVA has 8 billion euros ($9.4 billion) in capital for a mandatory cash offer for Sabadell should it fail to convince enough of its smaller rival's shareholders to accept its hostile offer, Chief Executive Officer Onur Genc said. In an interview with Reuters on Friday, Genc said his base case was that BBVA would get more than 50% of shares in Sabadell to clinch the all-share 17 billion euro ($19.96 billion) takeover offer. Sabadell's shareholders have until October 10 to decide. If BBVA secures more than 30% but less than 50% of Sabadell shares, it must make a mandatory offer in cash to remaining investors, or walk away from a deal it has been trying to complete since April 2024. A combined entity would become one of the largest lenders in Europe by assets, with about 1 trillion euros. Should it decide to make a mandatory cash offer, "we don't need to raise capital in our view", Genc said. Whether BBVA makes such an offer would depend on several factors, including the percentage of shareholders it would need to buy Sabadell out, he said. "If it's between 30% and 50%, it might, it might not happen. Depends on the take-up, depends on the price, depends on market conditions," Genc said. If BBVA needed to buy out 70% of shares in cash, currently with a market value of 11.7 billion euros, the 8 billion euros would not be enough and it would need alternative sources of finance such as raising capital, something its chairman has ruled out. BROKERS DIFFER ON MOST PROBABLE OUTCOME Citi assigned a 45% probability that the take-up would be in the 30% to 50% range, while broker Autonomous assigned an around 25% probability to that scenario. BBVA's CEO said the bank estimated it would end 2025 with a core tier-1 capital ratio of 13.75%, which would imply excess capital of 7 billion euros above its 12% solvency target, without including the suspended 1 billion euro share buy-back. Jefferies analysts believe a cash bid for the remaining capital would be more realistic if the take-up rate approaches 50%. A mandatory offer would be conducted at the same price as the current offer, Genc said, although the fair-value price would be set by the supervisor. Shareholders of Sabadell are widely dispersed and around 40% are retail investors. BBVA's chances of clinching the deal improved after it increased the bid and David Martinez, Sabadell's largest individual shareholder, agreed to tender his 3.86% stake although Sabadell's board reiterated that BBVA's improved bid undervalued the lender. ($1 = 0.8514 euros) (Reporting by Jesús Aguado; Editing by Edmund Klamann and Tomasz Janowski)

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By Deena Beasley LOS ANGELES (Reuters) -Amgen on Monday launched direct-to-consumer U.S. sales of its cholesterol-lowering medication Repatha at a discounted cash price, becoming the latest pharmaceutical company to respond to U.S. political pressure to lower drug prices. The cash price of $239 a month is nearly 60% below Repatha's current list price, but is not available for people using health insurance. Amgen says on its website that 98% of commercially insured U.S. patients have coverage for the drug with monthly co-pays as low as $15. Few people in the U.S. pay cash for prescription medications. Most have insurance – either commercial or public plans like Medicare – that charge them a fixed co-pay or percentage of a drug cost. Insurers typically receive confidential discounts or rebates directly from drug manufacturers, bringing their costs well below list prices.  For people without health insurance, drugmakers, including Amgen, offer reduced-cost or free drug programs. "There are problems with the insurance market and people's ability to navigate that, but making brand-name drugs available through a direct consumer pathway at a brand-name price is not going to make those drugs available to all but a vanishingly small number of people who can afford to pay cash prices," said Harvard Medical School Professor Aaron Kesselheim. Repatha, given by injection, had sales of $2.2 billion last year. To keep the costs of expensive drugs under control, insurance plans can require doctors to seek authorization for a new prescription or try older medications first. People purchasing through the new portal dubbed AmgenNow will not be subject to those requirements, Amgen said. Amgen was one of 17 major drug companies to receive a letter from President Donald Trump in July demanding they charge U.S. patients the same price as people pay in other high-income countries, create direct-to-consumer channels and increase investment in the U.S. Trump threatened to impose 100% tariffs on branded drugs to those that failed to comply. Amgen said its new cash price for Repatha matches the lowest it now receives in any economically developed country. Shares of Amgen were down about 1.5% on Monday. Pfizer last week agreed to reduce prescription drug prices for the government Medicaid program, which covers low-income people, to match lower prices overseas, and said it would launch direct-to-consumer sales of a handful of its drugs. Pfizer also said it would offer most-favored-nation pricing on new drugs launched in the U.S., and Trump flagged that other drugmakers would follow suit. The Trump administration said it plans to launch, likely early next year, a website called TrumpRx that will help consumers search for a drug to see if they can buy it directly from its manufacturer. Amgen said its portal will be accessible through TrumpRx. The Thousand Oaks, California-based drugmaker said it intends to eventually add other medicines to AmgenNow. Separately, prescription savings program GoodRx said on Monday it has collaborated with Amgen to offer Repatha at a cash price of $239 through its platform at more than 70,000 pharmacies across the U.S.       Repatha targets PCSK9, a protein that maintains "bad" LDL cholesterol in the blood, and helps people who don't benefit from older statin pills, which block the liver's production of LDL cholesterol. Amgen last week said a large study found that Repatha, which was approved by regulators in 2015, reduced the risk of major cardiovascular events, including death, in people without a prior history of heart attack or stroke. (Additional reporting by Sneha S K in Bengaluru, Editing by Cynthia Osterman and Bill Berkrot)

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