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Tuesday, 3 November 2026

Australia raises rates and oil swings on Iran talks as Americans vote

322 stories · 12 beats · 4 signals

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Oil prices swinging between war and talks High → · Day 14
High→
Seen in 5 of the 12 beats
  • Climate

    Adnoc's chief says the war has drained nearly 1 billion barrels from the world's oil stocks. Shipping now makes up over 30% of the cost of a barrel, he says.

  • Finance

    Brent, the world's main oil price, fell 7.63% to $104.77 a barrel on Monday as Iran held a third day of talks in Qatar. Ryanair, an Irish airline, may freeze pay as its fuel costs rise.

  • World

    US diesel hit a record $6.52 a gallon in September. US planes then struck Qeshm Island, an Iranian island in the Strait of Hormuz, hours after talk of a deal.

  • Food

    Oatly, an oat-milk maker, will raise its US prices as diesel climbs. A Cambridgeshire farmer quit growing sugar beet because fertiliser and diesel costs made it a gamble.

  • Money

    Pakistan cut diesel by Rs7.76 a litre from Tuesday. British Gas says unpaid household energy bills in Britain are forecast to pass £7 billion.

What is going on

The fighting around the Strait of Hormuz has emptied oil stores, and firms that burn diesel pass the cost on to shoppers, workers and farmers. The UAE gains, because it pipes its oil around the strait and at times sold more than before the war.

Where it is heading

The next test is the Iran talks in Qatar, which sent oil down 7.63% on Monday.

Central banks raising interest rates High ↑
High↑
Seen in 2 of the 12 beats
  • Finance

    Australia's central bank raised its main rate for a 5th time this year, to 4.85%, as prices rise 4.3% a year. Traders see a 74% chance that the US central bank raises rates in December.

  • Money

    More than 2.3 million UK households come off fixed-rate mortgage deals in 2027. The average US 30-year fixed home loan rate is still 7.07%.

What is going on

Central banks raise rates to slow rising prices, so borrowers pay more each month and savers earn more. In Britain more than 8 in 10 homeowners are on fixed deals, so 2.3 million households will feel the rise only when their deals end in 2027.

Where it is heading

Britain's central bank decides on Thursday, and economists polled by Reuters expect a rise to 4%.

Data centres wanting more power than grids have Building ↑
Building↑
Seen in 3 of the 12 beats
  • Climate

    UK data centre builders want grid connections of 72 gigawatts, more than the country's 45 gigawatt peak demand. At least 7 cities around San Francisco have paused data centre building.

  • Tech

    Of 10,202 public comments at US council meetings this year, 90.5% opposed data centres. Google dropped a request for $80 million in tax breaks to win a vote in Hermantown, Minnesota.

  • Finance

    Lenders now want more interest from QTS, a data-centre firm, than 6 months ago. Oracle, a US software company, must pay 8.65% a year on its new bonds due in 2046.

What is going on

Data centres want more power than grids can give, so towns push back and bargain: Hermantown expects about $3 million a year in tax from Google. Lenders now charge the builders more, as doubts about AI spending grow.

Where it is heading

In the US, lawmakers from both parties hope to pass a bill to speed up building power lines before January.

Firms cutting staff in tech and entertainment Building ↑
Building↑
Seen in 2 of the 12 beats
  • Tech

    Squarespace, a website builder, is cutting about 300 of its 1,800 staff, mostly people who build its products. SUSE, a software company, is cutting about 190 jobs, and its boss said some roles are 'greatly diminished'.

  • Gaming

    Disney is preparing thousands more job cuts, its fourth round this year, and some managers must find 20% in yearly savings. Astragon, a games publisher, is closing a German studio of more than 40 people.

What is going on

In software, bosses say AI now does parts of some jobs, so they keep fewer people. At Disney, the savings are meant to pay for new shows and park rides, and thousands in its TV and film teams are waiting to learn whether their jobs survive.

Where it is heading

Disney has not yet said how many jobs will go, and that number will show how deep this round runs.

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