FirstFT: Wall Street sheds $3.2tn as Democratic midterm landslide upends AI bet
Also in today’s newsletter: China blocks SoftBank’s $5.4bn takeover of ABB’s robotics division and Blue Origin delays launches until 2027
Transcript: What Trump’s setback means for Britain
Lucy Fisher talks to Jim Pickard and Miranda Green
Stocks tumble as the post-midterm bubble pops
Taking stock of the fall in stocks
Los Angeles elects democratic socialist Nithya Raman as mayor
Win follows Zohran Mamdani’s rise in New York and resounding victories by other progressives in Washington and Providence
Wall Street sheds $3.2tn as Democratic midterm sweep triggers brutal AI rout
Tech-heavy Nasdaq 100 tumbles 6.4% in day of chaotic trading
Will Democrats stall the AI boom?
Newly elected officials have pledged to curb data centre construction, rattling the trade that has powered US stock markets
Wall Street mega-donors clobbered by Democratic sweep
Top hedge fund managers and private equity executives spent more than $300mn on Republican campaigns to little or no effect
Hedge fund Walleye hands back capital as it slims down equity business
Multi-strategy fund with $17bn in assets tells clients move comes after it endured worst month since coronavirus crisis
Tech leaders need an urgent rethink of their political strategy
America’s data centre backlash is emblematic of AI anxiety and a scepticism of the industry’s power and wealth
Goldman Sachs elevates record number of engineers to coveted partner ranks
Wall Street bank expands elite cohort as trading and dealmaking boom fuels profits
What Trump’s setback means for Britain
Plus, is Labour softening on immigration?
UK prepares to extend Palantir’s NHS contract as it draws up plans for potential replacement
Ministers planning to not trigger break clause but instead pitch US company against British alternatives in fresh procurement process
What Trump’s setback means for Britain
Plus, is Labour softening on immigration?
Russell Brand found guilty of rape and sexual assault
Verdict on four counts marks dramatic downfall for comedian-turned-online polemicist
Paraguay’s pro-Trump president resigns over bank collapse
Santiago Peña quits amid impeachment proceedings after digital lender’s insolvency leaves millions unable to access savings
Bank rate rise ‘puts tracker mortgage trend at risk’
Most fixed-rate borrowers are cushioned from the impact of this week’s decision but those coming off a five-year deal face a payment shock
More than 600,000 join latest protests in France
Demonstrations over cost of living on Thursday appeared to attract the biggest turnout since the movement began in September
The UK-EU reset is a deal worth doing
But Britain’s hard-pressed universities should not be left worse off
Monzo explores fundraising at £7.5bn valuation as private equity talks stall
Lender had shifted focus to talks with buyout groups after failing to clinch a £10bn takeover by Brazilian fintech Nubank
European stocks overtake Wall Street following Democratic sweep
Stoxx Europe 600 index ahead of S&P 500 for this year as US stocks tumble
BoE leaves door open to further rate rises amid fears of entrenched inflation
First interest rate increase for three years accompanied by hawkish message that marks a sharp change in tone for the institution
Farewell to ‘SI’, an initialism gone before its time
What’s in a name? Quite a lot under the Trump administration. But picking a side can backfire when the political climate changes
Follow live: US chip stocks plummet
BoE raises interest rates to 4% in bid to tame inflation
Governor Andrew Bailey signals further rate rise to come as projections show increasing price pressures