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Stay information updates from November 7: Ukraine receives air defence methods, Apple warns of iPhone cargo delays

Stay information updates from November 7: Ukraine receives air defence methods, Apple warns of iPhone cargo delays

The biennial occasion of a nationally vital American election is upon us with the US midterms. All 435 Home seats and 35 of the 100 Senate seats are on the poll on Tuesday. Joe Biden is so involved that final week he hit the marketing campaign path, ramping up the rhetoric.

The Democrats are more likely to lose management of the Home and the higher chamber is on a knife edge. That (or relatively the divided authorities it’s going to create) is dangerous information for buyers, in keeping with Unhedged’s Rob Armstrong. FT columnist Janan Ganesh blames the voters.

Need to know extra? This Thursday, FT journalists Edward Luce, Rana Foroohar and James Politi shall be joined by veteran commentator Norm Ornstein for a subscriber-exclusive occasion assessing the US midterm outcomes. Register free at the moment and you’ll submit questions upfront for our panel.

You will get additionally subscribe to the Swamp Notes publication, which does a wonderful job probing the intersection of cash and energy in American politics, and is presently free to learn.

Throughout the Atlantic, the COP27 gathering in Sharm el-Sheikh, Egypt, supplies a spotlight for local weather change information over the approaching days (and weeks). Greater than 100 world leaders shall be attending, together with Rishi Sunak after he discovered time in his diary, however not King Charles.

Once more, you will get extra insights from the FT. Beginning Monday, FT Stay shall be internet hosting a collection of in-person, digital and hybrid discussions with main thinkers on sustainability and senior FT journalists. Every one will complement the themes set out within the presidency programme that day. Register your curiosity right here.

Financial knowledge

Line chart of Implied fed funds rate in May 2023 (%) showing Fed rate rise expectations jump after hot US inflation data

Inflation is the principle theme of financial information this week with client value index and producer value index updates from the US, China, Germany and Japan. Regardless of the US determine, Fed chair Jay Powell made it crystal clear in his feedback final week that his crew will do what it takes to squeeze inflation out of the financial system. The consensus is for a 0.7 per cent enhance within the month-to-month US determine to create an annual determine of 8.1 per cent.

The Financial institution of England’s gloomy projections final Thursday that the UK is coming into its longest recession for the reason that second world struggle units the tone for this week’s large UK financial information merchandise: the primary estimate of third-quarter GDP on Friday. That is anticipated to indicate a contraction of about 0.2 per cent quarter on quarter.


With excessive avenue gross sales down within the UK and speak of a protracted recession, British retail just isn’t in a great place. However this week, would possibly present some respite — and we’re not simply speaking in regards to the return of free espresso at Waitrose.

Marks and Spencer will on Wednesday current its first outcomes underneath new administration after the retirement of former chief government and firm lifer Steve Rowe over the summer time. His alternative, Stuart Machin, has already set out his stall by way of accelerating the overhaul of the shop property and redoubling cost-cutting efforts so the main focus is more likely to be on present buying and selling. Rival Subsequent final week caught by its full-year steerage after gross sales held up in early autumn. M&S buyers — who haven’t had a dividend since November 2019 — shall be hoping Machin does likewise.

WHSmith income are set for a bounce because the world’s journey trade recovers from Covid lockdowns. Journey income, a lot of which comes from airport shops, was already working effectively forward of pre-pandemic ranges at its final replace in early September. In the meantime, there have been few hints of a slowdown in quarterly outcomes from airport duty-free group Dufry final week.

The important thing constraint is capability limits at main airports, notably London Heathrow. Little doubt there shall be additional dialogue of this on Monday when Ryanair stories first half numbers. Low-cost airways like Ryanair are having to adapt to the tip of, er, low-cost air journey, the reply to which has been to attempt to take enterprise from the dearer carriers.

The tail-end of the season’s tech earnings information is more likely to proceed the gloomy temper. Lyft, reporting on Monday, final week introduced vital job cuts, its second spherical of redundancies in current months. Lyft just isn’t alone amongst tech companies having to tighten their respective belts, nevertheless it doesn’t look good for the trip hailing service, a smaller rival to Uber, which can also be promoting its automobile service enterprise.

Elsewhere, we’ve got a clutch of drugmaker updates. BioNTech, which stories on Monday, is amongst a number of Covid-19 vaccine producers which have begun elevating the worth of their jabs amid considerations about falling demand in 2023. Airfinity, a well being knowledge analytics group, forecasts gross sales of Covid vaccines falling by a couple of fifth to $47bn subsequent yr. There are additionally considerations about AstraZeneca, which reveals third-quarter figures on Thursday, after the nasal model of its Covid vaccine failed in trials. Higher information is predicted from German medicine and chemical compounds group Bayer, whose figures are out on Tuesday.

Learn the total week forward calendar right here.

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