Democrats celebrated historic midterm victories and pledged to reshape America, buoyed by their electoral success. Ken Martin, Democratic National Committee chair, vowed to maintain trust with the American people, emphasizing that candidates and voter mood matter. Democrats won in traditionally conservative rural and southern states, with Hakeem Jeffries set to become House Speaker and a leading antagonist to Donald Trump.
Chuck Schumer is expected to lead the Senate. However, Democrats must maintain unity on affordability, tariffs, and corruption investigations into the Trump administration. Meanwhile, Republicans face lessons from Michael Strain, who argues Trump promised but failed to deliver higher employment for native-born Americans.
Asian semiconductor and data centre stocks fell on fears Democratic Congress control will slow AI infrastructure build-out. Stephen Roach warns of an AI bubble risk despite narratives of a new era. The Bank of England announces its interest rate decision, with inflation expected to peak at 4.4% in 2027 according to FT survey.
Strikes hit France over cost of living. Major companies including Air France-KLM, Airbnb, AP Moller-Maersk, ArcelorMittal, Commerzbank, and Rheinmetall report earnings. Russia agreed to supply Iran with 90 advanced missile launchers, deepening support despite war strain.
UK inflation is projected to peak at 4.4% around early 2027. UBS cut over $800mn in external spending while integrating Credit Suisse and cutting jobs. Nscale's $35bn IPO faces headwinds after a UK AI start-up lost a potential Microsoft deal worth billions.
Source: Financial Times Companies · Summarized by HeadlinesBriefing