Is the US economy as narrow as its stock market?
No*
FTAV’s further read
Trump vs Norway; chōsen-seki; mathematicians and AI, RIP Quartz; Wallace and Gromit
EU budget battle intensifies ahead of leaders’ summit
Also in this newsletter: Don’t ban US tech without financial support, says Warsaw
Misery, thy name is pulled IPO
A Firmus post-mortem
Wall Street’s great money spinner
Plus, JPMorgan’s European ambitions, a surge in US corporate borrowing costs, and painting the French Riviera
Oil prices fall after Trump claims ‘energy ceasefire’ in Ukraine war
Announcement follows diesel deal with Putin as US president tries to contain impact of higher fuel costs ahead of election
FirstFT: US threatens to cut arms support for Ukraine over Russian refinery strikes
Also in today’s newsletter: EU-China ‘understanding’ and bank results fears
Transcript: Houthis attack Riyadh airport
Josh Gabert-Doyon speaks to Joshua Franklin, Ahmed Al Omran and Michelle Chan
The best of TV and streaming this week
A reboot of Stephen King’s classic ‘Carrie’, endearing romcom ‘Break Clause’ and more. Reviews by Rebecca Nicholson
Trump battles for the Senate
Losing the Republican majority in the chamber would be bruising for the president. A vote in rural Iowa may determine his fate
Heathrow needs Burnham green light for runway by end of year, warns boss
Airport will have to ‘reassess’ £33bn project if prime minister does not openly back expansion plan, Woldbye tells FT
UK ministers explore compulsory AI safety reporting
Kanishka Narayan to tell companies to exercise stricter control over autonomous models and build safeguards
Wall Street’s record-breaking trading streak set to cool
Analysts forecast sharp slowdown when banks report third-quarter results next week after a bumper start to the year
Nato should prepare for deadly Russian ‘hybrid’ attack, says Poland
Foreign minister Radosław Sikorski says risk of casualties is rising as Moscow escalates sabotage campaign on European soil
A classic English school story and a memoir by Bojack’s writer — the best new graphic novels
Paul B Rainey’s Murder School reads like Lindsay Anderson’s If . . . via Adrian Mole, while Lisa Hanawalt offers charming weirdness in I Can’t Stop Thinking About Horses and Sex
‘Worrying omens’ stalk global economy despite resilient growth
Research for the FT shows major economies are withstanding the Iran shock but concerns about rising public debt will loom over IMF and World Bank meetings
The uneasy spectacle of the catwalk fall
Every season, images of models tripping up go round social media. But is it time to move on and embrace more meaningful model moments?
There is a smarter way to tax the rich
Increasing US corporate tax raises government revenues without harming the tax base
Toshikazu Kawaguchi on the romantic appeal of Japan’s coffee shops
For the bestselling author of the ‘Before the Coffee Gets Cold’ book series, the country’s retro cafés have a dreamlike quality, as if time has stood still
What should a car smell like?
Alex Bilmes travelled to BMW’s Odour Laboratory to find out
Charles de Gaulle airport owner linked to services for sanctioned airline
Subsidiary of Groupe ADP, which is backed by the French government, has not stopped all work for Russia’s Ural Airlines
An exclusive look behind ‘that’ blue door in ‘Notting Hill’
The west London house is on the market. What’s inside is not at all what you might expect — though the possibility of love coming knocking remains intact
How the Man City cheating scandal created a geopolitical minefield
As the Abu Dhabi-owned club awaits sanctions, the UK government is trying to limit the damage to bilateral relations
The huge lurking leverage of AI hyperscalers
While equity investors look to sunny futures, creditors are scrutinising liabilities like leases on data centres