Americans vote in pivotal midterm elections on Tuesday, serving as the first national verdict on President Donald Trump's turbulent second term marked by high inflation and tariffs. Polls suggest Democrats are likely to reclaim the House, potentially stymieing the President's legislative agenda, while the Senate race remains tighter. Meanwhile, Californians vote on a proposed 5% billionaire tax projected to generate $100bn for healthcare, though some super-rich have threatened an exodus.
In the Pacific, New Zealanders vote for a new prime minister on Saturday, and South Africans head to the polls for municipal elections on Wednesday. In economics, the Bank of England is expected to raise rates by 25 basis points after UK inflation hit 3.5% in September. US October non-farm payrolls data on Friday follows a soft September report adding only 29,000 jobs.
Escalating Middle East tension, including potential US and Israeli strikes on Iran, threatens to further complicate the Fed's rate trajectory. Corporate earnings include Apple's Q4 results under new CEO John Ternus, analysts expecting bumper figures driven by the $2,000 iPhone Duo. Automakers Toyota and BMW may disappoint due to energy costs.
Middle East turmoil benefits AP Moller-Maersk and ConocoPhillips, reporting Thursday. Thursday marks Guy Fawkes Night and Sunday observes Diwali.
Source: Financial Times Companies · Summarized by HeadlinesBriefing