FT News Briefing

Joe Biden edged closer to a presidential victory on Thursday night while Donald Trump claimed without evidence that the Democrats were trying to “steal” the election. Plus, the Federal Reserve kept monetary policy steady, the Bank of England took more robust measures as the UK entered a second coronavirus lockdown, and Uber missed Wall Street’s expectations on earnings in the third quarter despite reporting an uptick in its ride-sharing business.  Donald Trump calls for vote counting to stop as US awaits result https://www.ft.com/content/b922453a-166c-446f-a50e-6727309b8375 Federal Reserve keeps monetary policy steady as Covid cases rise https://www.ft.com/content/3b577f14-c638-4536-aeb0-f63508e7e295 Bank of England launches £150bn stimulus to boost consumer spending https://www.ft.com/content/18ade542-d2a9-438a-ba5c-37b51475993b Uber and Lyft in driving seat to remake US labour laws https://www.ft.com/content/78e619f4-fabe-4077-a51a-491e24492263 Uber claws back business as lockdowns ease but misses Wall Street target https://www.ft.com/content/933458fc-4bd8-407f-be0f-6467e83b6173  See acast.com/privacy for privacy and opt-out information.

Joe Biden won Wisconsin and Michigan on Wednesday in two critical victories that boosted his chances of winning the presidential election while the Trump campaign launched lawsuits to delay vote counting. Meanwhile, investors are now changing course after Democrats missed an opportunity for a blue wave. Plus, the FT’s environment correspondent, Leslie Hook, explains how the outcome of the election is crucial for global efforts to tackle climate change.  Biden boosted by Wisconsin and Michigan wins as count drags on https://www.ft.com/content/874f4401-aa3f-46c0-b4ca-2d06066c1f7e Investors hold their poise in face of knife-edge US election result https://www.ft.com/content/732afbb8-af6f-4bfa-9cd2-e7dab82873af US formally withdraws from Paris climate agreement https://www.ft.com/content/54f600e0-183f-41fd-8d4b-69ab4403e331  See acast.com/privacy for privacy and opt-out information.

The US presidential election appeared to be headed towards prolonged uncertainty as critical battlegrounds continued to count mail-in ballots. The FT’s Peter Spiegel reports on the early morning results, and Andrew Edgecliffe-Johnson explains what it means for business.  Plus, China has suspended the $37bn listing of Ant Group, which had been set to become the world’s largest IPO. Our Asia capital markets correspondent, Hudson Lockett, explains what happened.  Follow the FT’s US election coverage https://www.ft.com/us-presidential-election-2020 Trump’s corporate trouble: CEOs keep their distance from the party of business https://www.ft.com/content/f74f00db-decc-4fb2-8c86-e95dd0b0d42e China halts $37bn Ant Group IPO, citing ‘major issues’ https://www.ft.com/content/c1ee03d4-f22e-4514-af46-2f8423a6842e  See acast.com/privacy for privacy and opt-out information.

US election day begins as Americans brace themselves for what could be a drawn-out result, Nvidia’s $40bn deal for the UK-based chip designer Arm is facing fresh problems in China, and Volkswagen will be within only “a gram or so” of tough new EU carbon emission limits. Plus, the FT’s US capital markets correspondent, Richard Henderson, explains which policies from Mr Trump and Joe Biden are most appealing to investors.  Democrats fight back as Trump pledges to challenge result in court https://www.ft.com/content/fd0ed792-2945-48a1-a896-efd0ecc7586f Trump vs Biden: 4 policy plans US stock investors are watching https://www.ft.com/content/4930af61-c51a-4782-a1cd-a0cd1a9a0cde?shareType=nongift Battle at Arm China threatens $40bn Nvidia deal ft.com/content/49889c43-70b8-45d7-b0b0-44e98d3bf89f? Volkswagen within ‘a gram’ of compliance with EU carbon targets ft.com/content/b8751714-fe99-4cd6-9935-2fb4ad9929f4?  See acast.com/privacy for privacy and opt-out information.

Fresh lockdowns in Europe announced have triggered a flurry of downgrades to economic growth forecasts, and UK business leaders have called for more financial help from the government to support crisis-hit companies. Plus, the FT’s Peggy Hollinger explains how Brexit will affect an already hard hit aerospace industry.   Eurozone economic forecasts slashed as fresh lockdowns imposed https://www.ft.com/content/3269f590-1cac-411f-8320-110c91c1f12e Business seeks state support as it faces England lockdown https://www.ft.com/content/adfebb62-2f01-4c4a-bdc6-8bf8ff621850  See acast.com/privacy for privacy and opt-out information.

Big tech companies reported mixed earnings for the most recent quarter, and Donald Trump is pointing to strong third-quarter GDP days before the US presidential election. Plus, the FT’s Washington Bureau chief Demetri Sevastopulo explains how early votes could affect election day.  Google ad sales bounce back sharply from pandemic slump https://www.ft.com/content/07c22dcb-9747-4bd3-a01c-bb51d6e9e9bb Donald Trump touts economy to boost re-election bid https://www.ft.com/content/dbe15063-8955-42e2-a757-b8d9b4bd9c60 Early voting surge points to huge turnout in US election https://www.ft.com/content/8d8fa717-8923-4223-af75-bd6d31d25d9a  See acast.com/privacy for privacy and opt-out information.

Stocks in Europe and the US dropped on Wednesday as Germany and France re-entered lockdowns to slow the spread of coronavirus. The FT’s Michael Peel explains how the European Commission is handling the latest wave of the virus. Plus, investors worry about its spread in Europe and the US, and China’s leadership discusses the country’s next Five-Year Plan.   Germany and France impose fresh curbs to slow Covid-19 spread https://www.ft.com/content/cc928df5-8c4f-4b16-b5e8-78547069c9d5 US stocks close down 3.5% as Covid concern mounts https://www.ft.com/content/617f7ad3-6831-4e47-b66a-3efccd1972a6 Chinese leadership meets to set policy direction for next 5 years https://www.ft.com/content/91b74acd-15fc-402a-9644-3c662d3ba04c  See acast.com/privacy for privacy and opt-out information.

Apple is stepping up efforts to develop its own search technology, Boris Johnson’s plan to flout international law over Brexit is set to be blocked by the House of Lords, LVMH is in talks to renegotiate its $16.6bn takeover of US jeweller Tiffany. Plus, the FT’s Kiran Stacey will explain why US Senators are going after big social media groups ahead of the US presidential election.  Apple developing alternative to Google search ft.com/content/fd311801-e863-41fe-82cf-3d98c4c47e26 Boris Johnson faces Brexit defeat at key moment ft.com/content/807e1c15-7632-4a42-adc7-562ffc57e232? Zuckerberg backs reform of legal protections for social media https://www.ft.com/content/9e9b8a33-74af-4a42-9c6f-1e24958de46c?  See acast.com/privacy for privacy and opt-out information.

US stocks on Monday notched their biggest one-day drop in a month on fears that rising coronavirus infections will dampen business activity, and European banks get a lift from equities revenue. Plus, the FT’s China corporate tech reporter, Ryan McMorrow, explains how Alibaba is making a push into a crowded grocery delivery field.  Alibaba to pay $3.6bn to take control of Chinese supermarket chain Sun Art https://www.ft.com/content/fb6dee7d-704e-444e-aa7f-32969296fb51 US stocks have worst day in a month as virus cases hit a record https://www.ft.com/content/770938ee-c511-4332-968c-c290dd89cc33 Barclays recovers as bad debt charges fall https://www.ft.com/content/8374dd0e-87c1-4b58-8c29-5cc4f45d3960 UBS pledges to boost payouts as pandemic impact diminishes https://www.ft.com/content/10005024-87dc-41b8-abc4-728261b34bf0  See acast.com/privacy for privacy and opt-out information.

Pandemic-struck EU member states are worried about debt and are hesitant to reach for recovery fund loans, and a Covid-19 vaccine trial out of the University of Oxford and AstraZeneca has shown promise in a recent trial. Plus, the FT’s Peter Foster and Judith Evans explain what kind of complications will occur at the UK border after the Brexit transition period ends.  Italy and Spain introduce new pandemic measures ft.com/content/8d14f560-427c-451f-90df-8b464901d190 EU capitals hesitate over recover fund loans ft.com/content/1621a33b-b05e-4b2d-b6d1-862a0455c1b9? Astrazeneca Oxford Covid vaccine trials offer hope for the elderly  ft.com/content/b15446e5-66f7-4e6a-947a-1b638769ff79? British sausage makers face EU freeze after Brexit https://www.ft.com/content/a6b205e4-6171-4995-80d8-3f19b42d340a Private jets take off as wealthy flyers seek to avoid virus https://www.ft.com/content/17282807-ab86-4333-b6c2-b8128f87fd4f  See acast.com/privacy for privacy and opt-out information.

Donald Trump and his Democratic challenger, Joe Biden, clashed over issues from the pandemic to foreign policy in their final presidential election debate. Then, the FT’s Demetri Sevastopulo will explain why local races in Texas and around the US could dictate the political make-up of the country for years to come. Plus, Gilead has received the first US regulatory approval for a Covid-19 drug, and Intel reported a decline in data centre revenues and said its earnings fell by nearly a quarter from a year ago due to the pandemic. Donald Trump and Joe Biden clash over coronavirus in final debate https://www.ft.com/content/bef48683-9bde-4ac2-8906-797779593b22 Gilead secures FDA approval for remdesivir  https://www.ft.com/content/07a321de-109b-46aa-99bc-f884e0ed7703  See acast.com/privacy for privacy and opt-out information.

The US director of national intelligence has warned that Iran and Russia are attempting to influence American voters before the November 3 US election, Tesla delivered a fifth straight quarterly profit in the three months to the end of September, and one of the biggest US public pension funds has frozen new investments with Apollo Global Management over concerns regarding Leon Black’s connections to Jeffrey Epstein. Plus, the FT’s West Africa bureau chief,Neil Munshi, reports on the violent crackdown by security forces on peaceful demonstrators in Lagos.  US official warns of Iranian and Russian election interference ft.com/content/82d92abf-2dd2-4fb6-8d0a-1f12f7aedcb4 Tesla delivers its fifth straight quarterly profit  https://www.ft.com/content/e782cac4-cbdf-4d39-986e-8b7b7971de1d Apollo investor halts new commitments over Leon Black’s Epstein ties https://www.ft.com/content/7aa15cae-0baf-488b-8713-c4dc29bf193c Violent crackdown on Nigerian protests prompts outrage https://www.ft.com/content/1e06b3c1-f453-4e7e-b71b-b0dba31faaa3  See acast.com/privacy for privacy and opt-out information.

Snap posted record revenues and attracted the highest-ever number of advertisers to its platform in the third quarter, and the US Department of Justice has accused Google of suppressing competition in internet search. Plus, the FT’s west coast editor, Richard Waters, explains how the US and Europe are handling the regulation of big tech in very different ways.  Netflix subscriber growth slows as lockdown boost fades https://www.ft.com/content/de870037-4859-4660-87c8-b6bba656bd02 Snap reaps the benefits of Facebook boycott fallout ft.com/content/cb762955-10bb-4d1e-bfb3-87c4ecf9d915? US election: Facebook’s political balancing act https://www.ft.com/content/ebbf9be3-307b-4fdd-a582-069099e3096c Nick Clegg: Europe should tear down digital walls not build new ones https://www.ft.com/content/98cf847c-96f9-4558-9a30-7d72ea4e79c2  See acast.com/privacy for privacy and opt-out information.

US stocks slid on Monday as a deadline on US stimulus talks looms and coronavirus cases continue to rise, and ConocoPhillips is betting on a post-pandemic oil recovery with its plans to buy Concho Resources for $9.7bn. Plus, the FT’s greater China correspondent, Kathrin Hille, explains why Chinese companies of all stripes are rushing into the country’s semiconductor industry.  US stocks slide as stimulus deadline looms https://www.ft.com/content/6c0fd8ae-618e-42e9-8537-b6f6a4558ac2 ConocoPhillips to buy rival Concho in $9.7bn deal https://www.ft.com/content/1da54146-244a-4e42-a90d-415298db3866 Chinese groups go from fish to chips in new ‘Great Leap Forward’ https://www.ft.com/content/46edd2b2-1734-47da-8e77-21854ca5b212  See acast.com/privacy for privacy and opt-out information.

Economists worry rising coronavirus infections and fresh government restrictions will cut short the region’s recent recovery, and UK chancellor Rishi Sunak is preparing to release tens of millions of pounds to end a coronavirus restriction deadlock with leaders in Greater Manchester. Plus, investors are keeping a close eye on sterling as the Brexit transition period nears the end. The FT’s Katie Martin will take a look at Brexit’s impact on sterling and the markets.  Europe’s economy is sliding towards a double-dip recession https://www.ft.com/content/700355e2-362c-4f9f-a24e-ddc9f6ea9cb0 Sunak ready to release ‘tens of millions’ to secure Manchester Covid deal  https://www.ft.com/content/68e8e775-e69c-492c-bef2-a1c2863f5167  See acast.com/privacy for privacy and opt-out information.