US stocks rallied after Donald Trump’s election victory, but inflation fears hang over bonds 

US stocks rallied after Donald Trump’s election victory, but the euphoria could be short-lived if his policies drive up inflation. Plus, German opposition leader Friedrich Merz has called for snap elections as early as January following the collapse of Olaf Scholz’s government, and Trump’s victory is set to cast a pall over the UN COP29 summit next week. Mentioned in this podcast:<a href="https://on.ft.com/3AEE5tu" rel="noopener noreferrer" target="_blank">Risk assets rally but bond market views Donald Trump’s victory with caution</a><a href="https://on.ft.com/3O0GphE" rel="noopener noreferrer" target="_blank">Federal Reserve cuts interest rates for second consecutive meeting</a>&nbsp;<a href="https://on.ft.com/3NWMPyb" rel="noopener noreferrer" target="_blank">German opposition leader Friedrich Merz calls for snap elections&nbsp;</a><a href="https://on.ft.com/3YHuTN9" rel="noopener noreferrer" target="_blank">Trump victory seen as blow to climate action ahead of COP summit</a>&nbsp; The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. <a href="https://www.ft.com/content/9a4f5c0f-ace2-46cd-b4cd-307bc9338c83" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

The highs and lows of the ‘Trump trade’

Republicans will return to pinnacle of global power with Trump’s ‘America First’ agenda

Wall Street stocks hit a record high but investors dumped bonds after Donald Trump’s historic US election victory, and the FT’s Lauren Fedor explains what to expect from his agenda. In Europe, leaders have vowed to preserve a united front and work with Trump, and export-reliant economies across the world brace for his promised tariff increases.&nbsp; Mentioned in this podcast:<a href="https://on.ft.com/3YzQp6p" rel="noopener noreferrer" target="_blank">US stocks hit record high after Donald Trump clinches victory</a>&nbsp;<a href="https://on.ft.com/3CkfIC8" rel="noopener noreferrer" target="_blank">Donald Trump elected US president in historic comeback</a>&nbsp;<a href="https://on.ft.com/48BDjtO" rel="noopener noreferrer" target="_blank">Donald Trump unleashed: what a second term will bring</a>&nbsp;<a href="https://on.ft.com/4eoMr6q" rel="noopener noreferrer" target="_blank">European leaders vow to work with Donald Trump despite fears</a><a href="https://on.ft.com/3NUGCmi" rel="noopener noreferrer" target="_blank">Global economy prepares for the Trump ‘macro shock’ </a>&nbsp;&nbsp;<a href="https://on.ft.com/4fyab93" rel="noopener noreferrer" target="_blank">Trump’s tariff obsession is worse than before</a>&nbsp; The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. <a href="https://www.ft.com/content/3d4a7685-2776-4146-aa39-6ea28619ab50" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

Trump’s second chapter begins

Voters make their choice in historic election

A divided US electorate made their choice at the polls yesterday, after candidates Kamala Harris and Donald Trump spent a combined $3.5bn in their race for the White House. Plus, Germany’s government is in talks on next year’s budget amid fears the coalition could collapse.&nbsp;&nbsp; Mentioned in this podcast:<a href="https://on.ft.com/3CgJ1p5" rel="noopener noreferrer" target="_blank">US election 2024 live results: US voters make their choice in historically tight election</a><a href="https://on.ft.com/3AtmHYG" rel="noopener noreferrer" target="_blank">Donald Trump and Kamala Harris spend $3.5bn in most expensive presidential election</a><a href="https://on.ft.com/3UEMmVd" rel="noopener noreferrer" target="_blank">German vice-chancellor extends olive branch to avert coalition collapse</a> The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. <a href="https://www.ft.com/content/3f9b4382-0270-4f7e-a8a0-c01e73c9b98d" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

How election day unfolded in the US

Don’t anticipate results tonight, but there will be some early indicators 

The dollar weakened on Monday as global markets reined in their bets on a victory for Donald Trump in the US presidential election, and the Financial Times’ James Politi explains what to look out for as results trickle in. Plus, Spain’s prime minister is facing political backlash over the country’s historic flooding and the Nigeria-based fintech Moniepoint has gained “unicorn” status. Mentioned in this podcast:<a href="https://on.ft.com/3YRWegX" rel="noopener noreferrer" target="_blank">Dollar weakens as investors rein in bets on Trump victory</a>&nbsp;<a href="https://on.ft.com/3YQc77m" rel="noopener noreferrer" target="_blank">Spain’s political leaders turn on each other over flood catastrophe</a>&nbsp;<a href="https://on.ft.com/4edhCS7" rel="noopener noreferrer" target="_blank">US election 2024: a comprehensive guide to the presidential race</a>&nbsp;&nbsp;<a href="https://on.ft.com/3UBlUfa" rel="noopener noreferrer" target="_blank">Nigeria-based fintech Moniepoint gains ‘unicorn’ status</a>Credit: AFP The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. <a href="https://www.ft.com/content/2a721e39-84b0-463f-9f16-2cfab965a0b5" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

What to expect on US election night

The candidates’ differing tax policies pave two starkly different futures for corporate America 

Chinese authorities are demanding wealthy individuals and companies double-check their taxes for unpaid liabilities, and the largest US companies are facing two starkly different financial futures after the election. The UK Conservative party elects right-wing Kemi Badenoch as leader, and share prices of clean hydrogen companies have collapsed due to delayed projects and dwindling demand.&nbsp; Mentioned in this podcast:<a href="https://on.ft.com/4f9U4yU" rel="noopener noreferrer" target="_blank">China piles pressure on rich people and companies to cough up taxes</a>&nbsp;<a href="https://on.ft.com/3UwG367" rel="noopener noreferrer" target="_blank">What’s at stake in US election? $250bn in taxes for corporate America</a><a href="https://on.ft.com/48Boesb" rel="noopener noreferrer" target="_blank">Kemi Badenoch wins Conservative party leadership race</a>&nbsp;<a href="https://on.ft.com/4fcQ14Q" rel="noopener noreferrer" target="_blank">US and European hydrogen stock prices collapse as prospects deflate</a>&nbsp;<a href="https://on.ft.com/4hzMnn6" rel="noopener noreferrer" target="_blank">The FT Alphaville pub quiz returns to New York City this November</a>&nbsp;&nbsp;&nbsp;The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Mischa Frankl-Duval, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. <a href="https://www.ft.com/content/2d30f7c1-8bf1-4769-921a-f1c732199fcb" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

The $250bn in corporate taxes riding on US election 

Polls say the 2024 US presidential race is a coin-flip. Could the final days make a difference?

In a campaign full of twists and turns, one thing has stayed surprisingly steady: the polls. On this final pre-election episode of Swamp Notes, the FT’s senior data journalist Oliver Roeder and deputy Washington bureau chief Lauren Fedor explain why the polls have barely budged this cycle, and how Donald Trump and Kamala Harris are motivating their voters in the race’s final days.&nbsp; Mentioned in this podcast:<a href="https://on.ft.com/3C6oxiN" rel="noopener noreferrer" target="_blank">One week to go: what is the state of the US presidential race?</a><a href="https://on.ft.com/3AmAzUD" rel="noopener noreferrer" target="_blank">What the polls can’t tell us about America’s election</a><a href="https://on.ft.com/40oPMyU" rel="noopener noreferrer" target="_blank">Trump rally’s Puerto Rico slur lands with a thud in Pennsylvania</a><a href="https://podcasts.apple.com/us/podcast/behind-the-money/id1376303362?i=1000674961962" rel="noopener noreferrer" target="_blank">‘Behind the Money’: US election betting is on a roll</a><a href="https://ep.ft.com/newsletters/56a64b704f693a0300dfab7e/subscribe" rel="noopener noreferrer" target="_blank">Sign up for the FT’s Swamp Notes newsletter here</a> Swamp Notes is produced by Ethan Plotkin, Sonja Hutson, Lauren Fedor and Marc Filippino. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. <a href="https://www.ft.com/content/9b2d2548-163e-44a3-a2b0-3c08c4011be2" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

Swamp Notes: Why the polls aren’t budging 

UK borrowing costs hit the highest level this year after Budget announcements sink in

Apple reported solid revenue growth in the past quarter, and investors are worried about the additional borrowing set out in UK chancellor Rachel Reeves’ Budget. The US warned that North Korean troops are expected to enter combat alongside Russia’s army in the coming days, and Spain is set to become the world’s fastest-growing major advanced economy this year.&nbsp; Mentioned in this podcast:<a href="https://on.ft.com/48C9SrO" rel="noopener noreferrer" target="_blank">Apple’s revenue beats Wall Street expectations on higher iPhone sales&nbsp;</a><a href="https://on.ft.com/3NKADR4" rel="noopener noreferrer" target="_blank">UK borrowing costs hit highest level this year after Budget</a><a href="https://on.ft.com/4hrdi4A" rel="noopener noreferrer" target="_blank">Ukraine and US warn Kyiv’s troops could face North Korean forces ‘in days’&nbsp;</a><a href="https://on.ft.com/48uhz30" rel="noopener noreferrer" target="_blank">Spanish growth soars as Eurozone stumbles</a> The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. <a href="https://www.ft.com/content/c2c4bbee-06ad-46e8-8260-d93232ae6b4f" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

UK Budget spooks bond markets

Chancellor Rachel Reeves announced a £40bn tax increase and a sharp rise in borrowing

Microsoft’s quarterly revenue rose 16% on strong cloud computing demand, the UK’s Labour party reveals bold tax increases and borrowing, and the US economy grew at an annualised rate of 2.8% in the third quarter. Plus, critics cry foul over a proof of citizenship law in Arizona.&nbsp; Mentioned in this podcast:<a href="https://on.ft.com/3Yp0Ppn" rel="noopener noreferrer" target="_blank">Microsoft’s revenue beats estimates on strong cloud demand from AI boom</a>&nbsp;<a href="https://on.ft.com/3C4VwE5" rel="noopener noreferrer" target="_blank">Rachel Reeves announces £40bn tax increase in UK Budget</a>&nbsp;<a href="https://on.ft.com/4fncR9F" rel="noopener noreferrer" target="_blank">Arizona’s proof of citizenship complicates voting in US swing state</a>&nbsp;<a href="https://on.ft.com/3YHPUs1" rel="noopener noreferrer" target="_blank">US GDP rose at a 2.8% rate in third quarter on strong consumer spending</a>&nbsp;Play the FT’s Budget game: <a href="https://ig.ft.com/chancellor-game/" rel="noopener noreferrer" target="_blank">https://ig.ft.com/chancellor-game/</a>&nbsp; The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Michela Tindera, Katya Kumkova, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. <a href="https://www.ft.com/content/83d4216e-7850-418a-bcb7-4312478a3fd2" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

UK Labour’s Budget borrows big, taxes more

Shares in the British chip designer have soared lately, but its ambitions go much further

Alphabet’s profit jumped 34 per cent in the third quarter, and Israel’s parliament approved legislation on Monday that will ban a UN agency for Palestinian refugees from operating within Israeli territory. The US and Taiwan are preparing to negotiate a new tax agreement, and mobile chip designer Arm may try to rival Nvidia.&nbsp; Mentioned in this podcast:<a href="https://on.ft.com/3YIRxWK" rel="noopener noreferrer" target="_blank">Google’s profits beat expectations on strong cloud computing growth</a><a href="https://on.ft.com/40oREaV" rel="noopener noreferrer" target="_blank">Israeli parliament passes law banning UN Palestinian refugee agency</a>&nbsp;<a href="https://on.ft.com/3Yn2A6l" rel="noopener noreferrer" target="_blank">US and Taiwan set for talks to end double taxation for companies&nbsp;</a><a href="https://on.ft.com/3A8OEVI" rel="noopener noreferrer" target="_blank">The rise and rise of Arm</a>&nbsp;<a href="https://on.ft.com/4e7sxgj" rel="noopener noreferrer" target="_blank">Giant African rats join crackdown against illegal wildlife trade</a> The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. <a href="https://www.ft.com/content/05a0a3a9-84ee-4bcc-a816-786478c0e5bd" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

Arm enters the AI race

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.

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.

FT News Briefing

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