A rundown of the most important global business stories you need to know for the coming day, from the newsroom of the Financial Times. Available every weekday morning. Hosted on Acast. See acast.com/privacy for more information.
Tesla investors have overwhelmingly backed Elon Musk’s $1tn pay deal, Hungary’s prime minister travels to Washington to make the case for a Russian oil sanctions exemption, and the Bank of England keeps rates on hold. Plus, why UK bond markets are keeping calm and carrying on despite turmoil ahead of Labour’s Budget announcement.
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US Supreme Court justices appeared sceptical of Donald Trump’s use of emergency powers to impose tariffs, and Argentine President Javier Milei has rejected investor calls to allow the peso to float freely. Plus, contentious bankruptcy proceedings for First Brands begin today.
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Investors could face a bonfire night surprise on Trump tariffs
‘A glorious mess’: First Brands creditors brace for Houston c...
US voters issued a rebuke of President Donald Trump, US stocks dropped on Tuesday as jitters over highly elevated valuations for many artificial intelligence companies intensified, and some investors are worried there’s an AI bubble in Asian stocks as well. Plus, UniCredit’s ambition to become a European banking powerhouse has hit a series of roadblocks.
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Palantir lifted its 2025 revenue guidance and Pfizer has filed a second lawsuit against Novo Nordisk and obesity drug start-up Metsera. Plus, OpenAI inked a $38bn computing deal with Amazon, and the FT’s Claire Jones explains how the Trump administration is considering pushing for wider global dollar adoption.
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Palantir lifts 2025 sales outlook after posting strong quarterly growth
The US Supreme Court begins hearing arguments this week for President Trump’s tariff policy. Plus, voters will head to the polls for state races seen as a referendum on the first year of Trump’s second term, and private equity may be full of zombie firms in the next decade. Then, a look at how China is filling a gap in the solar-energy space.
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Businesses press Supreme Court to strike down Trump’s emergen...
Amazon and Apple delivered solid earnings reports, and the FT’s Gideon Rachman explores whether Donald Trump’s foreign policy wins in Asia will hold. Plus, the European Central Bank has left its benchmark interest rate unchanged and the FT’s Jennifer Hughes says India’s initial public offering boom is not too hot, not too cold – it’s just right.
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Meta and Microsoft had mixed earnings reports, the Federal Reserve cut interest rates and said it would halt quantitative tightening and South Korea has agreed to invest $350bn in the US in return for lower tariffs on car exports. Plus, John Malone is stepping down as chair of his media and telecoms empire, marking the end of an era in which the “cable cowboy” reshaped both industries.
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OpenAI said it had completed a long-awaited restructuring, and Tesla’s chair has stepped up her campaign to win shareholder support for Elon Musk’s $1tn pay package. Plus, South Korea’s Kospi is the world's top-performing major stock index by far this year.
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Microsoft valuation passes $4tn as OpenAI completes restructuring
Tesla chair warns Musk could quit if shareholders reject $1tn pay deal
US companies struck more than $80bn worth of deals, Argentina’s currency and government bonds surged after a landslide electoral victory for President Javier Milei’s party. Plus, JPMorgan Chase has invested $75mn in an Idaho-based mining company, and Apple’s services revenue is projected to climb to record highs.
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US companies strike $80bn in mergers as Trump boosts dealmaking
US President Donald Trump is in Asia this week ahead of high-stakes trade talks with Chinese President Xi Jinping. Plus, the UK chancellor is pushing for her own trade deal in the Gulf, and the US Federal Reserve is heading into its next meeting without some important economic data.
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‘Positive framework’ agreed for Trump-Xi summit, says Scott Bessent
Laura Hughes receives a tip that horses are dropping dead in Wales. As she investigates, she finds decades of academic studies researching the problem. She learns these aren’t isolated incidents. Something is spreading across the countryside. It’s undetectable to humans, nobody knows it’s there — until they fall ill. Subscribe to Untold: Toxic Legacy, for the rest of the series.
US President Donald Trump’s sanctions on Russian oil companies shook energy markets on Thursday, and the US president pardoned Binance co-founder Changpeng Zhao. Plus, President Javier Milei’s economic plan rests in the hands of this weekend’s midterms elections in Argentina.
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Trump’s oil sanctions shake India and energy markets
Tesla said its quarterly profit fell by more than a quarter, Sequoia Capital’s chief operating officer resigned over comments made by partner Shaun Maguire that she regarded as Islamophobic, and UK inflation unexpectedly held steady at 3.8 per cent in September. Plus, the Trump administration has been quietly suppressing climate change data.
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Netflix shares fell as a dispute with Brazilian tax authorities cut into its profits, Unilever said it has delayed the spin-off of its €15bn ice cream division because of the US government shutdown and gold had its worst day in more than a decade yesterday. Plus, critics are questioning whether South Africa’s Black empowerment policies are really paying off.
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European governments have rallied behind Ukrainian President Volodymyr Zelenskyy and are rushing to secure a deal on the use of Russia’s frozen assets, a coalition deal in Japan paves the way for Sanae Takaichi to become the country’s first female prime minister, and Amazon Web Services experienced a major outage on Monday. Plus, Marc Rowan, chief executive of Apollo Global Management, has said Europe is “at war with itself” over f...
US President Donald Trump urged his Ukrainian counterpart to accept Russia’s war terms during Friday’s volatile White House meeting, and five-year plans still have a place in Chinese politics despite massive changes to its economic system. Plus, global hedge funds are listing in Hong Kong again after an extended slowdown, and the battle for control of rare earth metals is turbocharging stock prices in this sector.
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Shares in US regional banks fell on Thursday after two lenders disclosed that they were exposed to alleged fraud by borrowers, and the UK economy grew 0.1 per cent in August. Plus, Japan is having a hard time keeping up with demand for matcha.
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US regional bank shares sink on credit worries after fraud disclosures
UK economy grew 0.1% in August
Japan buckles under matcha mania
Today’s FT News Brie...
Big investors are cutting back their exposure to riskier corporate debt, the IMF doled out some advice to the US and the UK, and China’s economy remained mired in deflation last month. Plus, Turkey’s business community is being rattled by an anti-corruption drive that has swept up hundreds of companies.
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Big investors scale back risky bond exposure after storming rally
The leaders of Goldman Sachs, JPMorgan Chase and Citi warned that investor exuberance risked driving financial markets into bubble territory, and US investors are hunting for private data as the federal government shutdown is blocking the release of crucial reports. Plus, silver hit a record on Tuesday, and investors are facing a growing concern that European defence start-ups are oversaturating the market.
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US stock markets rebounded on Monday, and the Netherlands has taken control of a Chinese-owned semiconductor company. Plus, US President Donald Trump visited Jerusalem on Monday to celebrate the release of Israel’s hostages, and Europe’s lagging IPO market is starting to pick back up.
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US stocks rebound after Donald Trump takes softer tone on China
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