FT News Briefing
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.
Martin Wolf on the US midterms: What’s at stake for the world?
As Americans prepare to vote in the November 3 midterm elections, FT chief economics commentator Martin Wolf asks what the result will mean for Donald Trump, the future of US democracy and America's place in the world. In the second of a six-part series of interviews with leading historians and political analysts, Martin speaks to Pulitzer Prize-winning historian and author Anne Applebaum about the global stakes of November’s elections. They discuss the parallels between Trump’s America and other authoritarian regimes and what the US’s changing role means for Europe and Ukraine. Even if Trump suffers a political setbac...
US prepared for protracted stalemate with Iran
Global stocks sold off as AI spending fears flare up, Brazilians will vote this weekend in a close presidential race, and the US is prepared for a lengthy stalemate in the war with Iran. Plus, how banks are reacting to a potential tax rise from UK chancellor John Healey, and why are western pharmaceutical companies heading to China?
Mentioned in this podcast:
Meta sell-off drags US tech stocks lower as AI spending fears flare up
US prepared for protracted Iran stalemate
Should UK banks be taxed more?
Lula...
Elon Musk’s $3.6tn gamble to merge SpaceX and Tesla
Meta plans to create a new class of non-voting shares, Mathias Döpfner, chief executive and co-owner of Germany’s Axel Springer, has sought to acquire a stake in TikTok’s European operations, and US envoy Steve Witkoff discussed resuming peace talks between Russia, the US and Ukraine. Plus, can Elon Musk pull off a merger of SpaceX and Tesla?
Mentioned in this podcast:
Meta to create new non-voting share class
Tesla’s profits slip on weaker vehicle sales
Politico and Telegraph owner pitched deal to buy European arm of TikTok<...
Israel pushes to restart strikes against Iran
The leaders of Ukraine, Finland and Norway hailed progress in talks in Oslo on Tuesday, SpaceX and Tesla are studying a merger, and Israeli Prime Minister Benjamin Netanyahu is pushing to restart large-scale strikes on Iran. Plus, UK gilts are catching back up with their peers after a sharp sell-off earlier this year.
Mentioned in this podcast:
Finnish president hails progress in talks about ending Russia’s war in Ukraine
SpaceX and Tesla boards are exploring potential merger
Benjamin Netanyahu pushes to resume strikes against Iran
Gilt market ca...
Can Big Tech calm investors' AI jitters?
Protests across Europe over the high cost of living have turned increasingly disruptive, investors are racing to buy credit default swaps to protect their portfolios in the event the AI boom unravels, and Big Tech starts releasing their earnings reports this week. Plus, India’s second-richest man will try to pull off the country’s biggest initial public offering and Saudi Arabia has postponed its flagship “Davos in the desert” investment conference following Houthi attacks.
Mentioned in this podcast:
Violent protests multiply across Europe
French bond sell-off intensifies after violent protests
‘Cheap...
French government in crisis mode after a weekend of riots
France is reeling after "unprecedented" violent riots, America’s debt-laden $10tn AI infrastructure boom is a reckoning for the data centre build-out underpinning the US economy, and Albertans gear up to vote today on whether to leave Canada.
Mentioned in this podcast:
France reels after ‘unprecedented’ violent riots
Macron faces political firestorm after riots
‘The Switzerland of North America’: Albertans vote on leaving Canada
America’s $10tn AI infrastructure boom is starting to fray
Microsoft pulls plug on Nscale data centre deal
Want to get...
Martin Wolf on the US midterms: Is American democracy safe?
As Americans prepare to vote in the November 3 midterm elections, FT chief economics commentator Martin Wolf asks what the result will mean for Donald Trump, the future of US democracy and America's place in the world. In the first of a six-part series of interviews with leading historians and political analysts, Martin speaks to the scholar and former Republican adviser Robert Kagan, who has spent a decade warning about Trump's authoritarian ambitions. They discuss how Trump has accumulated so much power, whether America's democratic institutions can still constrain him, and what might happen if Republicans lose control of Congress...
Investors fret over AI debt
UK Chancellor John Healey has dropped his strongest hint yet of higher taxes on banks, and Anthropic secured a credit rating one notch below investment grade earlier this year. Plus, investors are losing confidence that revenues from the AI boom will be sufficient to support the vast debt piles financing data centres.
Mentioned in this podcast:
Healey signals Budget bank tax raid
Anthropic secured highest junk credit rating in June
Anthropic tells investors quarterly revenue up nearly 50% to $16.8bn ahead of IPO
Investors dump data centre bonds as...
Zelenskyy doesn’t mince words about Trump
Ukrainian President Volodymyr Zelenskyy criticized US President Donald Trump in an interview with the FT, US inflation jumped to 3.7% and leaked emails reveal that Freshfields law firm considered a carve-out of itsAI unit that would be worth billions. Plus, leading AI labs are responding to the alleged bugging incident at OpenAI and salmon producers are changing up the diet for their fish.
Mentioned in this podcast:
Ukraine to resume strikes on Russian refineries, Zelenskyy says
US inflation jumps to 3.7% as Iran war drives up prices
Freshfields partners explore carve-out of...
France’s Marine Le Pen readies for fight with EU
France’s far-right leader Marine Le Pen is gearing up for a fight with the EU if elected president next year, investors in Accenture cannot decide if AI will be an existential threat or an incredible boost, CoreWeave is chasing insurers’ vast pools of capital, and the US Treasury has fined Bank of America more than $1bn for “egregious and continued” money laundering and sanctions violations. Plus, can Saudi Arabia stop the Houthis?
Mentioned in this podcast:
France’s Marine Le Pen gears up for fight with EU
Will Accenture survive or thrive in...
An election supercycle could push Europe to the right
The IMF is warning that the world’s leading economies need to take “urgent” action to rebuild their public finances, Pakistan is stuck in a tricky place as its ally Saudi Arabia fights off the Houthis, and Mark Zuckerberg says Meta has caught up with rivals at the “frontier” of AI. Plus, a number of elections in Europe could fundamentally shift the EU, and the UK has imposed new sanctions on Iran over a security incident at a RAF base.
Mentioned in this podcast:
Top economies heading for biggest budget deficits since Covid, IMF warns
...Houthis attack Riyadh airport
The Iran-backed Houthis have struck Riyadh airport in Saudi Arabia multiple times this week, US president Donald Trump claims an “energy ceasefire” between Russia and Ukraine, and AI companies are pulling back new debt issuance. Plus, US bank earnings this week suggest the good times may be over.
Mentioned in this podcast:
US threatens to block arms for Ukraine over attacks on Russian refineries
Ukraine’s allies vow to pressure Moscow as Trump claims ‘energy ceasefire’ in place
Missile strike on Riyadh airport kills 12 and injures hundreds
Houthis show milit...
SoftBank wants Gulf money to expand AI bet
SoftBank founder Masayoshi Son is seeking to raise as much as $100bn from Gulf investors to further his massive bet on AI, the Flydubai co-pilot who tried to hijack a flight to Tel Aviv expressed misogynistic views online, and Donald Trump has said Washington will not strike Iran ahead of the US midterm elections. Plus, two Latvian men allegedly trespassed at a UK military base, and two crypto groups with links to a Trump family-backed company are embroiled in a $141mn legal battle.
Mentioned in this podcast:
SoftBank seeks $100bn from Gulf to expand...
Oil companies are full speed ahead in the Middle East
Oil executives expressed their appetite for investing in the Middle East despite the war, the conflict has blown a near-£12bn hole in Britain’s public finances, and big investors are “bottom fishing” among beaten-down assets, including Italian bonds and corporate debt. Plus, China is building data centres at rapid speed across Inner Mongolia and a measure of credit risk at Elon Musk’s SpaceX rose to a record high.
Mentioned in this podcast:
Oil majors look beyond Middle East war to access region’s vast reserves
Iran war blows near-£12bn hole in Brit...
Skydance’s debt pile takes the spotlight
Paramount Skydance is tackling a huge pile of debt following its takeover of Warner Bros Discovery, oil tanker captains are being paid rates equivalent to $100,000 a month for travelling through the Strait of Hormuz, and the UK’s tax authorities probed Manchester City in 2018. Plus, the battle for control of the $265bn Tata Group hinges on India’s motorbike billionaire, and Brussels is considering taxing big US tech companies through a broad levy on large corporations.
Mentioned in this podcast:
Debt in the spotlight as Paramount closes $111bn deal for Warner Bros
Ship...
The bond sell-off comes for corporate America
A sharp rise in US government borrowing costs this year is bleeding into the corporate debt market and Hong Kong’s de facto central bank questioned HSBC on why its new AI hub would be established in Singapore. Plus, Brazil’s currency, stocks and bonds jumped after rightwing presidential candidate Flávio Bolsonaro won a first-round victory, and insurers are preparing for multimillion-dollar claims stemming from AI agents going “rogue”.
Mentioned in this podcast:
Surge in borrowing costs hits corporate America
Brazil’s markets surge as investors bet on Flávio Bolsonaro election win...
The Tories go back to basics
Tory leader Kemi Badenoch will solidify her role at the head of the party during this week’s conference, and corporate dealmaking was on the decline last quarter after the collapse of mega-deals. Plus, Estonia is moving troops to its border with Russia and Israel’s prime minister Benjamin Netanyahu’s government supports aggressive settler expansion in the run-up to the country’s elections.
Mentioned in this podcast:
Dealmaking slowdown threatens early end to M&A boom
Estonia shifts troops closer to Russia in ‘active defence’ push
Israelis rush to get new sett...
Unhedged: An ode to stock picking
We're bringing you a recent episode from our fellow FT podcast, Unhedged.
Over the summer, the FT held a revamped version of its stock picking game – think fantasy football for the global equity markets. Some 13,000 people took part – a shocking number considering how unfashionable active fund management has become in the real world. Katie Martin and Rob Armstrong invite their FT Money colleague Nathan Brooker, who runs the competition, to discuss the psychology of stock picking, and whether it has a future in real life. Plus, Nathan shorts holiday spoilers, Katie shorts pesky kids, and Rob thro...
Zelenskyy says Putin’s gloves are off
UK Prime Minister Andy Burnham’s government is searching for a British alternative to Palantir, and Russian President Vladimir Putin has instructed his military leaders to abandon the rules of war, according to intelligence intercepted by Kyiv. Plus, Eurozone borrowing costs surged, and Brazil’s election pits the leftwing incumbent against a rightwing former president’s son.
Mentioned in this podcast:
Andy Burnham searches for UK alternative to Palantir
Putin has told military leaders to abandon rules of war, Zelenskyy says
Eurozone borrowing costs surge in global bond rout
US s...
US Big Tech gets the most facetime with EU
One pilot of a flight from Dubai to Tel Aviv stabbed the other and attempted to crash the aircraft. An FT analysis reveals US Big Tech companies have an outsized influence in Brussels. Plus, RSM, one of the world’s largest accounting firms, is exploring a possible initial public offering, and Nike is struggling to compete in China.
Mentioned in this podcast:
What we know about the Flydubai flight to Israel
Big Tech out-lobbies European companies in Brussels
Auditor RSM explores IPO to ward off private equity-backed rivals
Ho...
Trump shrugs off AI regulation
UK businesses react to Prime Minister Andy Burnham’s speech to the Labour conference, US and French bonds are in hot water, and could an American ban on diesel exports backfire? Plus, US President Donald Trump has dismissed calls for stricter AI regulation, in a show of dominance over tech executives who he summoned to the White House.
Mentioned in this podcast:
UK bosses left in dark by Burnham and Healey’s emphasis on ‘cost of business’
Donald Trump held crunch talks on diesel export
US 30-year Treasury yield hits highest...
Nvidia turns to insurers to offset AI risks
UK chancellor John Healey has told the Labour Party conference that the economic conditions enjoyed by New Labour are “simply not there now”, Nvidia has held talks with insurance companies about shouldering the risks of lending against its chips, and oil prices and US Treasuries are locked in their tightest relationship since the first Gulf war in 1990. Plus, an oil field project in the Falkland Islands has put even more pressure on its relationship with neighboring Argentina, and Japanese convenience store chain FamilyMart has enlisted global pop megastar Lady Gaga to help offset the country’s acute labour shortage.
...
Andy Burnham’s first Labour conference as prime minister
UK Prime Minister Andy Burnham returns to the Labour conference to sell his vision, EU countries are considering a Nato-style joint response to Russia’s hybrid war, and foreign investors have been buying up Panama’s debt despite social unrest and threats from US President Donald Trump.
Mentioned in this podcast:
‘Hope again’: Burnham returns to Labour conference to sell his vision
EU countries consider Nato-style joint responses to Russian hybrid attacks
Foreign investors bet Panama can shrug off social unrest and Trump threats
Want to get in touch...
Bond rout pushes US mortgage rates past 7%
Xi Jinping said the US and China should avoid being drawn into a “conflict” in remarks at the White House, and Brussels has warned Britain needs to raise tariffs on Chinese cars if it wants to avoid barriers that would hit crucial exports. Plus, dozens of foreign officials walked out of the UN General Assembly as Israeli Prime Minister Benjamin Netanyahu began his address, and the FT’s Kate Duguid explains what the bond market sell-off means for US mortgage rates and the health of the economy.
Mentioned in this podcast:
Xi Jinping says US and...
US Treasury yields soar
US Treasury yields soared on Wednesday, Iran’s President Masoud Pezeshkian said Tehran was prepared to negotiate with the US, and the FT’s Sam Fleming explains why the UK budget is in a tight spot. Plus, billions of dollars of Rosneft’s foreign earnings were funnelled through a Kremlin-backed money-laundering network, and Syria’s search for justice for Assad-era crimes could spark more unrest.
Mentioned in this podcast:
US Treasury yields soar most since ‘liberation day’ tariffs shook markets
Treasury open to smaller fiscal headroom to reduce tax hikes
The FT’s Bud...
Will Trump and Xi extend their trade truce?
Donald Trump and Xi Jinping will discuss a potential extension of their trade war truce this week, UK Prime Minister Andy Burnham met Trump for the first time, and the cost of hiring an oil supertanker has passed $1.2mn a day for the first time on routes between the Middle East and Asia. Plus, billionaire financier Todd Boehly has secured the backing of the US government and Gulf power brokers with ties to the Trump family to bid for the international assets of Lukoil.
Mentioned in this podcast:
What happened to the US’s Ch...
How a Russian forgery scheme evaded sanctions
Standard Chartered, Citigroup and other international banks have handled billions of dollars from a Kremlin-backed fintech company that tricked its way into the global financial system, and Polymarket is lobbying to win over European financial watchdogs. Plus, Germany’s election might impact the EU’s budget.
Mentioned in this podcast:
Kremlin-backed forgery scheme moved $6.9bn through global banks
Polymarket starts European lobbying blitz to win over financial watchdogs
Merz’s woes cast doubt over EU’s €2tn budget
Philippines’ ube export ban threatens end of purple patch
Want to...
Germany’s Merz vows to stay despite ‘disaster’
German chancellor Friedrich Merz faces a crisis of confidence as exit polls show his party missed the threshold for representation in Mecklenburg-Vorpommern. The right-wing Alternative for Germany won there instead. Plus, Volkswagen is getting the boot from the Eurostoxx50 index. And Georgia’s Senator Jon Ossoff attempts to revitalise moderate politics in the upcoming US midterms.
Mentioned in this podcast:
German chancellor Merz vows to stay on despite ‘disaster’ in regional elections
Jon Ossoff’s Georgia race stirs talk of 2028 US presidential audition
Volkswagen ejected from European blue-chip index in blow...
Reform UK mega-donors stir controversy
The Venezuelan government and the country’s opposition are close to reaching an agreement to transfer the central bank’s gold reserves, critics are scrutinising donations to UK Reform by crypto billionaires Ben Delo and Christopher Harborne, and Glencore has suspended one of its senior executives in the wake of an escalating scandal. Plus, OpenAI’s listing delay raises stakes for SoftBank’s $50bn data centre IPO.
Mentioned in this podcast:
Venezuela nears deal to move $4bn gold reserve to New York
Reform UK’s mega-donor backed a friend’s libel claim. Now he contr...
Fed interest rate rises are back
The Federal Reserve has raised rates for the first time since 2023, and the EU has asked China to restrict exports of hybrid cars as part of a deal to prevent a trade war. Plus, AI has revolutionized warfare.
Mentioned in this podcast:
Federal Reserve defies Donald Trump with first rate rise since 2023
EU asks China to voluntarily limit car exports
Von der Leyen to paint EU as the only port in a global geopolitical storm
AI is transforming warfare. But not making it easier to win
...
US billionaires bankroll Republican election push
US and Chinese experts meet to discuss mitigating AI risks despite an ongoing tech rivalry, and US megadonors are largely backing Republicans in this midterm election season. Plus, Prime Minister Mark Carney strikes out on his pitch for a “unique alliance” between Canada and the EU, and the Dangote Petroleum Refinery is expected to be Africa’s biggest IPO.
Mentioned in this podcast:
Can the US and China work together on AI risk?
US billionaires line up to bankroll Republicans’ election push
EU rebuffs Mark Carney’s ‘unique alliance’ with Canada
T...
What an AI slowdown could mean for investors
Tech stocks fell yesterday as markets reacted to ongoing talk of an AI apocalypse, industrial America is contending with a fresh wave of supply chain inflation, and foreign investors are now buying more US stocks than government bonds. Plus, China has implemented sweeping new controls on overseas travel for Chinese citizens.
Mentioned in this podcast:
US manufacturers hit by fresh burst of supply chain cost inflation
Ten-year Treasury yield hits 5% for first time since 2023
Foreign investors prefer US stocks to Treasuries as debt worries grow
Why delaying an A...
Fed and BoJ expect rate hikes as US bond market flails
US Treasury secretary Scott Bessent’s interventions in the American bond market haven’t worked so far, but could interest rate decisions from the Federal Reserve and Bank of Japan this week change things? Plus, Russia hit a Ukrainian train line moments after foreign dignitaries transited it, and the FT’s Zehra Munir explains how protesters cancelled a data centre project in Virginia.
Mentioned in this podcast:
Warsh and Trump on collision course as investors expect Fed to raise rates
Scott Bessent fails to break ‘fever’ in US bond market
Russia stri...
Oil hits $108 ahead of Iran’s meeting with Gulf states
US long-term borrowing costs surged to their highest level in more than two decades, and Gulf foreign ministers plan to meet their Iranian counterpart to negotiate a deal temporarily managing shipping through the Strait of Hormuz. Plus, Brics – the developing world’s answer to the G7 – meets this weekend during a unique moment of opportunity to remake the global order.
Mentioned in this podcast:
Global bond sell-off reignites as oil jumps to $107
Iran and Gulf states to meet in push for Hormuz deal
Houthis capture Red Sea port in blow to Sau...
AI rewrites the venture capital playbook
US government bond yields jumped to their highest level in almost three years, and the Japanese yen has strengthened this week. Plus, the IMF ditched a top candidate for chief economist at the last minute, and AI is writing the playbook for venture capital.
Mentioned in this podcast:
US Treasury yields jump as plans for $6bn buybacks disappoint investors
‘I am the house now’: Bessent warns currency traders not to bet against yen
IMF ditched top candidate for chief economist job over Trump tariff remarks
Moonshot capitalism: AI rewrit...
DeepSeek mania spawns shadow market
Anthropic declined to submit its latest model to Britain’s AI Security Institute for testing before release, Greece wants to become the next hedge fund hub, and crude prices jumped to nearly $100 a barrel after the US launched fresh strikes on Iranian oil tankers. Plus, as DeepSeek’s valuation climbs to more than $70bn, investors are clamouring to get a piece of the Chinese AI company through a secondary market.
Mentioned in this podcast:
Anthropic withheld latest AI model from UK testing agency
How Greece is wooing hedge funds
DeepSeek fundr...
Is the global maritime order breaking down?
Chinese tech giant Huawei faces a US racketeering trial. Bankers for Anthropic and OpenAI push for top-tier credit ratings. Plus, the EU signals greater openness to mega mergers.
Mentioned in this podcast:
Was Huawei’s rise built on crime? A US jury will decide
Want to get in touch? Email us at [email protected]
Note: The FT does not use generative AI to voice its podcasts
The FT News Briefing was produced by Josh Gabert-Doyon, Sonja Hutson, Saffeya Ahmed, and Mischa Frankl-Duval. Our sho...
A foldable iPhone: John Ternus’s first test as Apple CEO
Alternative for Germany (AfD) is projected to surge to first place in regional elections in Saxony-Anhalt, John Ternus faces his first test as Apple CEO, and the US and Ukraine held talks on how to end the conflict with Russia. Plus, defence officials think Europe isn’t deterring Moscow’s “hybrid” war.
Mentioned in this podcast:
Far-right AfD surges in German state elections
John Ternus’s first test at Apple: selling a $2,000 foldable iPhone
Trump envoys hold talks with Zelenskyy in Kyiv after meeting Putin in Moscow
Europe failing to...
Extended chat: Top US trade official defends Trump’s record
US trade representative Jamieson Greer is President Donald Trump’s top trade official. He has played a critical role in negotiations between Washington and its trading partners. This includes recent talks with Canada, whose retaliatory tariffs against the US go into effect later this week.
The FT's Aime Williams sat down with Greer for a wide-ranging interview. They covered everything from the trade war with Ottawa, friction points with the UK, to Trump’s expected meeting with China’s leader Xi Jinping later this month.
Mentioned in this podcast:
UK is failing...
Top US trade official reveals ‘problem’ in UK negotiations
The US trade representative says the UK is choosing the EU over America and Deutsche Bank organised almost $1bn of loans to a Hollywood studio landlord now in default. Plus, Nvidia has agreed to buy AI model platform Hugging Face for $13bn, and a look at how chicken became the world’s favourite protein.
Mentioned in this podcast:
UK-EU alignment is ‘problem’ for US trade deal, says top Trump official
Deutsche Bank led $1bn of troubled lending to Hollywood studio landlord
Nvidia to buy open-source AI platform Hugging Face for $13bn
...