Day Lila
Day Lila

Wednesday, 4 November 2026

4 Nov · Finance · In brief

Finance · Wednesday, 4 November 2026

Finance, in brief

31 stories · 50 sources

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What is moving · 1 of 4

Money for AI getting dearer

Building ↑

Meta is borrowing up to $25 billion days after S&P Global warned its grade could fall. [10] Blackstone's Jon Gray said AI building will need more money from shareholders. [11] Tech firms now pay the most extra interest since 2003. [12]

What is moving · 2 of 4

Companies cutting jobs

High ↑

Schaeffler, a German car-parts maker, will cut 3,460 jobs in Europe. [13] Virgin Media O2, a UK phone company, will cut its wage bill by 30%. [14]

What is moving · 3 of 4

Governments stepping into markets

Building ↑

China's state-backed funds put 76.7 billion yuan into shares on Tuesday. [15] India's central bank made bets against the rupee dearer. [16] Japan's state fund plans to sell JSR, a chip-chemicals maker. [17]

What is moving · 4 of 4

Shops losing shoppers

High ↑

David Jones, an Australian department store, has not paid rent since September. [18] Asda's sales fell 0.5% in three months. [19] Primark's sales in mainland Europe fell 4.7%. [20]

Japan's Nikkei falls as much as 4.5% and the dollar slides as Democrats are projected to win both houses of the US Congress, putting the AI building boom in doubt

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Japan's main share index, the Nikkei 225, fell as much as 4.5% on Wednesday, to its lowest level since May. [1]

By the midday break in Tokyo it was down 3.56%, at 60,835.36. [2]

both houses of the US Congress projected for Democrats

Traders were selling as the AP projected that Democrats will win both houses of the US Congress. [3]

Who is involved

Who is involved

Why it matters

three kinds of rule that could change

Pepperstone's Dilin Wu said AI rules, chip export limits and data-centre energy policy could all change after the vote. [5]

How it works

Governors control zoning and building permits, so a governor can pause new data centres in a state. [1]

How it works

Economists call this irreversible investment: a build that cannot be undone waits for its rules, as Texas's may. [1]

Seen it before

wait for the map, then buy

A family waits to buy a house near a school until it knows the new catchment map.

The truth

The AP's calls are projections, and two Democratic-held Senate seats were still being counted. [7]

What comes next

the Treasury's borrowing plan, Wednesday

The US Treasury sets out on Wednesday how it will sell its debt in the coming months. [8]

What's really going on

Traders sold AI shares because they expect Democrats in the US Congress, and new governors in Texas and Ohio, to slow the building of data centres. [1]

What's really going on

Several analysts said AI shares were already falling for weeks, so the vote added to a fall that had started before it. [4]

Who pays

They sell into the US data-centre build, so a slower build delays their orders. [5]

Nobody knows yet

How much of the fall was the vote, and how much was AI doubts already there.

Tai Hui and Jesper Koll told Reuters the AI worries began weeks earlier. [4] ING had said a Democratic win was already expected by markets. [8]

Nobody knows yet

Whether Texas will actually pause new data centres.

Hinojosa pledged a pause, but no plan, date or law has been set out. [3]

Part of a signal

Voters turning on the president's party

Also seen in World, Money, Climate and Space.

Voters angry about prices, tariffs and the Iran war turned on the president's party, and on the same ballots they cut local taxes.

The whole signal →

The short version

That's the story in short.

The whole story has 5 more parts.

or swipe up for the next storyor scroll on for the next story ↓

The whole story, in 5 parts ↓

Part 1 of 5 · How it unfolded

Part 2 of 5

Investors fear the Democratic gains, and new governors in Texas and Ohio, will slow the building of AI data centres. [1]

Part 2 of 5

The AP projected Democrat Gina Hinojosa beat Texas governor Greg Abbott. [3] She has pledged a pause on new data centres there. [3]

Part 2 of 5

Texas and Georgia, about a third

Texas and Georgia make up about a third of all AI data-centre spending, a Moomoo strategist told Reuters. [4]

Part 3 of 5

Asian firms that make chips and machines for those buildings fell sharply. [1] SoftBank, which owns about 13% of OpenAI, fell 9.1%. [1]

Part 3 of 5

Falls on Wednesday in Tokyo

Kioxia, a memory-chip maker, fell 11.55%. [2] Advantest, which makes chip-testing machines, fell 7.8%. [2]

Part 3 of 5

South Korea's two big memory-chip makers

SK Hynix and Samsung, the biggest makers of AI memory chips, fell 6.5% and 5.9%. [1]

Part 4 of 5

South Korea's Kospi index rose as much as 3.2% early, then swung to a 4% loss. [5]

Part 4 of 5

Singapore's Straits Times index fell 1.4% to 5,193.61, about 11% below its September high. [6]

Part 4 of 5

India's Nifty 50 bucks the fall

India's Nifty 50 rose 0.5%, against the trend in Asia. [6]

Part 5 of 5

Where trading before the open pointed

Before New York opened, trading pointed to a 2.1% fall in the Nasdaq 100, a measure of big tech shares. [1]

Part 5 of 5

Europe and New York lower

It pointed to falls of 1.2% in the S&P 500 and 1.3% in Europe's Stoxx 600. [1]

Part 5 of 5

The Nasdaq 100 had already fallen nearly 10% since its October record. [1]

The dollar falls to a one-month low

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The dollar fell 0.5% against its trading partners' currencies, to its lowest in more than a month. [1]

The dollar index weighs the dollar against six other currencies. [22] Reuters had it 0.32% lower at 101.39. [23]

The euro rose 0.4% to $1.1239, and the pound rose to $1.3464. [23]

The Japanese yen strengthened to 158.30 per dollar in early trading. [22]

Who is involved

Carol Kong of Commonwealth Bank of Australia said a Democratic US Congress would limit government spending. [22]

Why it matters

MUFG, a Japanese bank, said less US spending would weigh on US interest rates and the dollar. [9]

How it works

Currency economists call this the interest-rate link: lower US rates weigh on the dollar, as MUFG expects. [9]

Seen it before

money moves to the better rate

Savers move money to the bank that pays more interest, and away from the one that pays less.

The truth

trade stays with the president

MUFG said tariffs and trade stay mostly under the president's control, which limits what the US Congress changes. [9]

US government borrowing costs fall

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The rate on 10-year US government bonds fell nearly 5 basis points to 4.902%. [24]

lowest in nearly two months

That is its lowest level in nearly two months. [9]

The 2-year rate fell 6 basis points to 4.55%. [24] A basis point is one hundredth of one percent. [24]

Investors bought US government bonds for safety as share prices fell overnight. [24]

Why it matters

US budget gap stays large

ANZ, an Australian bank, said a Democratic US Congress makes US budget plans harder to change. [9] The budget gap may stop growing but stay large. [9]

How it works

Bond traders call a bond's return its yield. [24] A bond's yield and its price move in opposite directions. [24]

How it works

So the rush to buy bonds pushed their prices up, and the 10-year yield fell to 4.902%. [24]

Seen it before

a popular ticket costs more

A sought-after concert ticket sells for more, so each pound spent buys a smaller share of the show.

Who gains

When bond yields fall, bond prices rise, so bonds bought before Tuesday are worth more. [24]

Nobody knows yet

Whether the fall in US bond rates lasts.

ANZ said strong US data still support more rate rises. [9]

Solar shares rise as tech falls

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Solar company shares rose in late trading on Tuesday as most tech shares fell. [3]

The Invesco Solar fund, which holds shares in solar firms, was up 3% on the Robinhood app. [3]

South Korea's solar shares up

In South Korea, shares of solar companies also rose on Wednesday. [5]

How it got here

policies against solar

President Trump's government has taken steps against the solar industry. [3]

Why it matters

Traders bet a Democratic US Congress would halt those policies, CNBC reported. [3]

The truth

orders the US Congress cannot easily block

Analyst Ed Yardeni noted that Trump has made many policies by his own orders. [21] The US Congress cannot easily block those. [21]

SpaceX and Tesla shares fall

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Shares of SpaceX, Elon Musk's rocket company, fell more than 6% in overnight trading. [3]

Overnight falls, more than

Tesla, his electric-car company, was down more than 4%. [3]

How it got here

Musk said in 2024 he would move both companies' headquarters from California to Texas. [3]

How it got here

Musk spent $212 million backing Ken Paxton for a Texas Senate seat. [7] The AP projected Democrat James Talarico won it. [7]

Why it matters

Jay Woods, a market strategist, said firms that moved to Texas to escape California now face the same risk. [3]

The truth

prices from overnight app trading

Those overnight prices come from the Robinhood app, before the main New York market opens. [3]

AMD's data-centre sales nearly double

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AMD, a US chip maker, said its sales rose 45% to $13.38 billion in July to September. [25]

AMD's data-centre business

Sales in its data-centre business nearly doubled. [25] That business is now 64% of AMD's sales, up from 47% a year ago. [25]

AMD expects about $17 billion of sales in the last three months of the year. [6]

Its shares rose 8% in trading after the New York market closed on Tuesday. [25]

Who is involved

Chief executive Lisa Su said she expects AMD's server sales to double in 2027. [25]

How it got here

Intel's shares fell 29% last Friday over a weak forecast. [25]

Why it matters

Asia's chip shares fell anyway

Asian chip shares still fell on Wednesday, despite AMD's strong numbers. [6]

How it works

Analysts judge results against the consensus, the average forecast: AMD made $2.09 a share against $1.95 expected. [25]

Seen it before

results judged against hopes

A pupil who expected a C and got a B is happier than one who expected an A.

Meta borrows up to $25 billion

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Meta, which owns Facebook and Instagram, sought to borrow $20 billion to $25 billion by selling bonds on Tuesday. [10]

a third in euros

People familiar with the sale told CNBC a third would be in euros. [10] Semafor said it is Meta's first euro borrowing. [26]

Meta expects to spend $135 billion to $145 billion on buildings and equipment this year. [10]

Last quarter, $2.12 billion more cash went out of Meta than came in. [10]

How it got here

outlook cut to negative

Days earlier, S&P Global Ratings changed Meta's outlook to negative, citing that spending. [10]

Why it matters

Tech firms now pay the most extra interest over other big borrowers since 2003, Bloomberg data show. [12]

How it works

Credit analysts call this a negative outlook: a warning a grade may fall, as S&P gave Meta's AA- grade. [10]

Seen it before

more questions each time

A friend who keeps borrowing for one big project gets asked more questions each time.

Part of a signal

AI builders short of power and cheap money

Also seen in Tech and Climate.

AI builders want electricity faster than grids can connect it and money faster than lenders will give it cheaply, so they burn gas on site and borrow at dearer rates.

The whole signal →

Blackstone says AI needs more shares sold

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Jon Gray, president of the investment firm Blackstone, said building AI will need more money from shareholders. [11]

Hong Kong summit

He spoke on Tuesday at a summit held by the Hong Kong Monetary Authority, Hong Kong's central bank. [11]

Pimco's chief Emmanuel Roman said AI spending could reach about $10 trillion over 5 years. [11]

Roman's comparison

He compared it with a world market for company bonds of about $20 trillion. [11]

About $550 billion of AI debt has been issued this year, Roman said. [11]

Why it matters

lenders too exposed

Gray said lenders are now too exposed to the same few companies. [11]

How it works

Corporate finance calls lent money debt and owned money equity. [11] Shareholders share growth, but lenders get only interest, Gray said. [11]

Seen it before

a loan, or a share

A friend who lends to a lemonade stand gets the money back; a part-owner gets part of the profit.

Japan's state fund to sell JSR

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Japan Investment Corp, a state-backed fund, plans to sell JSR to Mitsui Chemicals, two people told Reuters. [17]

The deal could be worth more than 1.3 trillion yen, about $8.2 billion. [17]

JSR's chip chemicals

JSR makes photoresists, chemicals used to print circuit patterns onto chip wafers. [17]

How it got here

The fund bought JSR about two years ago for some 900 billion yen. [17]

How it got here

the old plan: merge chip-materials firms

It had planned to use JSR to merge Japan's chip-materials firms. [17]

What comes next

a decision within the month

A decision could come within the month. [27]

Why it matters

The fund is selling while AI spending has raised what chip firms are worth. [17]

How it works

JIC's exit, as fund managers call a sale, could fetch 1.3 trillion yen for a firm bought for 900 billion. [17]

Seen it before

buy, fix, sell

Someone buys a bike, fixes it up, and sells it once bikes are in demand.

Nobody knows yet

Whether the JSR sale goes ahead, and whether it tops 1.3 trillion yen.

It comes from two unnamed people, and none of the three companies replied to Reuters. [17]

Schaeffler cuts 3,460 jobs in Europe

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Schaeffler, a German maker of car parts, will cut 3,460 jobs and close five sites in Europe. [13]

About 2,660 of the jobs, and four of the sites, are in Germany. [13]

engine-part plants close

Two of the closing plants, in Dortmund and Morbach, make parts for petrol and diesel engines. [13]

Schaeffler's sales fell 0.2% to 5.8 billion euros in July to September. [13]

How it got here

New cars sold in the EU

New-car sales in the EU fell from 15.3 million in 2019 to 10.8 million in 2025. [13]

Why it matters

Electric cars need fewer parts, so suppliers sell less, said Rico Luman, an ING economist. [13]

Why it matters

The cuts should add about 300 million euros a year to earnings from 2030. [13] They cost about 480 million euros first. [28]

How it works

Economists call it overcapacity when factories can make more than buyers want, as Schaeffler says of its plants. [28]

Seen it before

too many ovens

A pizza shop with ten ovens and customers for five turns some ovens off.

Who pays

About half the jobs cut are in production, where the plant closures fall. [28]

Good news

Schaeffler's managers, starting with its board, will take a voluntary pay cut so that fewer of its workers lose their jobs.

Aramco's profit rises on dear oil

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Saudi Aramco, the world's biggest oil producer, made $36.25 billion of net profit in July to September. [29]

That was 34% more than a year earlier, it told the Saudi stock exchange. [29]

Aramco's revenue

Its revenue rose to $140.5 billion, from $111.6 billion. [29]

The average price it got for its oil rose 35%. [30]

How it got here

less oil out through Hormuz

It sold less oil and fuel, as attacks hit its plants and Iran disrupted the Strait of Hormuz. [29]

Its board approved a $21.9 billion dividend, a payout to its owners, for the quarter. [29]

Why it matters

oil money for the state

Aramco's profits fund Saudi Arabia's government, which still relies on oil sales. [29]

How it works

Economists call it a supply shock when war cuts how much oil reaches buyers, as attacks did here. [29]

How it works

Aramco sold fewer barrels, but each sold for 35% more, so its profit still rose. [30]

Seen it before

fewer loaves, higher price

When a storm shuts most bakeries, the one still open sells fewer loaves at a higher price.

Who gains

It owns most of Aramco, so the war's higher oil price reaches it as dividends. [30]

Nobody knows yet

Which profit figure Aramco's 34% rise refers to.

The National reported net profit up 34% to $36.25 billion. [29] Semafor reported a 9% rise to $31.2 billion, and neither says how the two differ. [30]

Part of a signal

War around the Gulf keeping fuel dear

Also seen in World, Climate, Money and Sports.

The fighting has cut gas and oil from the Gulf, so Europe must bid against Asia for the few spare gas cargoes and fuel stays dear.

The whole signal →

Fannie and Freddie shares jump

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Shares of Fannie Mae and Freddie Mac have risen more than 60% since 14 October. [31]

The two firms buy home loans from banks and bundle them into bonds for investors. [31]

How it got here

The US government took control of both in September 2008, during the financial crisis. [31]

Who is involved

Investor Bill Ackman, who owns shares in both, wants that government control to end. [31]

He says the shares could rise 10 times from today's prices. [31]

held back for the vote

Ackman said the release is held back because of the midterm elections. [31]

Why it matters

The two firms are central to the US housing market, helping banks keep lending for homes. [31]

The truth

new money needed first

To leave government control, they would need to raise new money, possibly by selling shares. [31]

How it works

Why a company waits for the new rules before it builds something it cannot undo

How it works

Economists who study investment say a firm delays a big build it cannot undo while the rules that decide its payoff may still change.

How it works · step 1 of 5

A data centre costs billions and cannot be undone once built

How it works · step 2 of 5

A new governor may pause new data centres in a state

How it works · step 3 of 5

Builders wait to see the rules before they spend

How it works · step 4 of 5

Orders for chips and machines move later or shrink

How it works · step 5 of 5

Investors pay less for the chip makers' shares today

The twist

A vote can cut a chip maker's share price before any law changes.

The twist

Builders stop ordering until they know the rules, so the orders the price was counting on move later.

The picture

Read left to right: a pledged pause makes builders wait, and the chip orders move later. Shares fell before any rule was written.

Seen the same day

Fannie Mae and Freddie Mac

Ackman says freeing them from government control, a step hard to reverse, was held back until the election was over.

Seen the same day

Dateline's California mine

nothing can be dug until three judges rule on the court order, so the project waits on a rule, not on its gold.

The catch

Waiting costs something too. A rival that builds first can win the customers, so some firms keep building, as Meta is still borrowing to do.

The whole

The vote was in Texas, but the waiting reaches chip makers in Japan and Korea and the people who work for them.

The whole

Each sees one link in the chain, and nobody yet knows when the new rules will be written.

Who gains

It owns shares in both firms, so a release from government control would lift what it holds. [31]

China's state funds buy shares

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Funds backed by China's government put 76.7 billion yuan into nine share funds on Tuesday. [15]

the national team

These state-backed buyers are known as China's national team. [15]

the most since April 2025

It was the second-biggest day on record, and the most since April 2025. [15]

How it got here

China's Star 50 index of tech shares steadied on Wednesday, after falling nearly 4% the day before. [15]

Companies are buying back their own shares too. [15] CXMT, a chip maker, plans to spend 2.5 to 5 billion yuan. [15]

Why it matters

Homin Lee of Lombard Odier said China's government sees that more support is needed. [15]

How it works

Economists call a big buyer that steps in when others sell a backstop, as these state funds did on Tuesday. [15]

Seen it before

a buyer of last resort

A parent buys the last cakes at a school sale, so the stall is not left with them.

India's firms hedge fewer dollars

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Indian companies' forward dollar buying fell 35% in October, to $49.5 billion. [16]

a promise to buy later

A forward is a promise to buy dollars later at a price set today. [16]

It was the lowest since February, clearinghouse data showed. [16]

How it got here

India's central bank defends the rupee

Last month India's central bank, the Reserve Bank of India, made such bets dearer to defend the rupee. [16]

Why it matters

Foreign investors sold about $590 million of Indian government bonds in October. [16]

How it works

Economists call it hedging when a firm locks in a price so a swing cannot hurt it. [16]

How it works

an importer's bill locked

An importer that must pay in dollars later buys them forward, so a weaker rupee cannot raise its bill. [16]

Seen it before

price fixed today

A family books a holiday at today's price, so the price cannot go up before they go.

The truth

“tactical fixes rather than structural solutions”
Madhavi Arora, Emkay Global

Madhavi Arora, an Emkay economist, called the steps "tactical fixes rather than structural solutions". [16]

Who pays

Insuring against a weaker rupee now costs more, after India's central bank's curbs pushed the price to multi-year highs. [16]

Good news

India's rupee has risen about 2% against the dollar since its central bank acted to defend it last month.

India's stock exchange earns 23% more

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India's National Stock Exchange made Rs 2,578 crore of profit in July to September. [32] That is 25.78 billion rupees, up 23%. [32]

first results as a listed company

They are its first results since its own shares started trading. [32]

the world's largest derivatives exchange

The NSE is the world's largest exchange for derivatives, contracts whose price follows something else. [32]

Its fees from trades rose 9%, as more shares and options changed hands. [32]

Why it matters

traders got round the curbs

Traders who trade their own money got round new Reserve Bank of India curbs on bank loans, the NSE said. [33]

The rule, due on 1 April, started on 1 July. [33] Traders used the gap to extend their bank guarantees. [33]

MCX shares fall despite profit

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Shares in MCX, India's commodity exchange, fell 7% on Wednesday. [34]

MCX's profit, July to September

Its profit more than doubled, from Rs 197.47 crore to Rs 455 crore, in July to September. [34]

gold, silver and metals traded

A commodity exchange is where traders buy and sell gold, silver and metals. [34]

How it got here

MCX shares had risen 50% this year. [34]

How it works

Analysts called it profit booking: holders sell a share that has risen to keep the gain. [34]

Seen it before

selling after a rise

A collector sells cards that have doubled in price, even if they might rise further.

Why it matters

late buyers lose most

The fall hits investors who bought MCX shares during this year's 50% rise. [34]

Fractal Analytics' profit jumps 139%

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Shares of Fractal Analytics, an Indian AI company, rose as much as 12% on Wednesday. [35]

Its profit jumped 139% to Rs 79.2 crore in July to September. [35]

first quarter above $100 million

Its sales in one quarter passed $100 million for the first time. [35]

Its health and life sciences business grew 79%. [35]

AI tools for companies

It sells AI tools to big companies, including banks and insurers. [35]

Why it matters

It rose on a day when AI-linked shares fell across most of Asia. [6]

Copper falls to a seven-week low

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Copper fell 2.2% on the London Metal Exchange on Tuesday, to $14,036 a tonne. [36]

lowest since 14 September

That was its lowest since 14 September. [36]

Tin, used to solder electric circuits, fell 4.5% to its lowest since April. [36]

How it got here

Copper is still up about 13% this year. [36]

How it got here

expected US import taxes

Its rise came mostly from expected US taxes on imports of refined metal. [36]

Why it matters

Traders had bet copper would gain from building AI data centres, which use a lot of it. [36]

Why it matters

the AI bet questioned

RBC analysts said the AI sell-off has put that bet under renewed scrutiny. [36]

Primark speeds up home delivery

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UK home delivery by December next year

Primark, the cut-price clothing chain, will start home deliveries in the UK by December next year. [37]

That is about two years sooner than planned, after its profits slid. [37]

a warehouse in Sheffield

It bought a robot-assisted warehouse in Sheffield from Debenhams to do it. [37]

Sales in Primark's stores in mainland Europe fell 4.7% this financial year. [20]

How it got here

charges now cover most costs

Primark used to say it could not make money from home delivery. [37] Delivery and return charges now cover most of the cost, said its owner's boss. [37]

Who is involved

two-thirds of ABF's profit

George Weston runs Associated British Foods, Primark's owner. [37] Primark makes about two-thirds of its profit. [20]

Why it matters

It faces online rivals such as Shein, plus H&M and Zara. [37]

How it works

Retailers call it cannibalisation when online sales just replace shop sales; Weston says delivery will win new shoppers instead. [37]

Seen it before

new customers or old ones

A cafe that starts delivering gains only if its new customers would never have walked in.

Asda hires an outside boss

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Asda, the UK's third-largest supermarket, made David Potts its chief executive at once. [19]

How it got here

Potts, 69, ran the rival chain Morrisons from 2015 to 2023. [19]

Asda's sales fell 0.5% in the three months to 4 October. [19]

Aldi is about 1 percentage point from overtaking Asda as the third-largest supermarket. [19]

Why it matters

high debts

Asda and Morrisons both carry high debts and face heavy competition. [19]

Who is involved

Executive chair Allan Leighton, who has run Asda since 2024, moves to a non-executive role. [19]

The truth

an outside pick

Leighton had said he expected to pick someone from inside, so the outside choice surprised. [19]

Virgin Media O2 to cut thousands

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thousands of jobs to go

Virgin Media O2, a big UK phone and broadband company, will cut thousands of jobs. [14]

It aims to save 800 million pounds a year by 2029. [14]

Its job cuts will lower its wage bill by 30% over two years. [14]

up to a quarter of 16,000 staff

That could be up to a quarter of its 16,000 staff, the Guardian estimates. [14]

How it got here

The company owes 22 billion pounds. [14] It is owned by Liberty Global and Telefonica. [14]

Why it matters

a union warns

The Prospect union said the scale of the cuts would be devastating for the staff affected. [14]

Who pays

Most cuts fall on roles that do not face customers, as AI takes on network planning and fault work. [14]

Nobody knows yet

How many jobs Virgin Media O2 will cut.

The company gave only a 30% cut in its wage bill, and the quarter-of-staff figure is the Guardian's estimate. [14]

David Jones near collapse

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administrators possible by Thursday

David Jones, a 188-year-old Australian department store chain, may appoint administrators as soon as Thursday. [38]

rent unpaid since September

It has not paid rent to Westfield's owner, Scentre, since September. [18]

Scentre said owner Anchorage Capital Partners rejected its offer to keep the chain trading. [18]

David Jones has 43 stores in Australia and New Zealand. [18]

How it got here

Anchorage, a private equity firm, bought the chain from Woolworths Holdings in late 2022. [18]

What comes next

a receiver to sell

Its main lender, Hilco Capital, would then appoint a receiver to sell the business, a columnist wrote. [39]

How it works

Lawyers test solvency, whether a firm can pay its debts when due. [38] Unpaid rent is why the board must now decide. [38]

Seen it before

rent comes first

A family that cannot pay this month's rent has to decide what to give up.

Why it matters

Other commercial landlords are also owed rent, a source told the SMH. [38]

Who pays

Research firm MST Marquee expects store closures that would cost thousands of jobs before Christmas. [39]

Nobody knows yet

Whether David Jones goes into administration.

Its board was meeting on Wednesday evening, with a decision expected by Thursday morning. [38]

Uber loses an $81 million tax case

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Uber must pay more than $81 million in payroll tax to the Australian state of New South Wales. [40]

1 of 7

judges who disagreed

Australia's High Court dismissed its appeal on Wednesday. [40] Just 1 of the 7 judges disagreed. [40]

Uber: just collecting fares

Uber argued it only collected fares for drivers, so the money was not wages. [40]

payments are wages

The court found drivers must take a ride once they accept it, so the payments count as wages. [40]

How it got here

Uber won in the state Supreme Court in 2024, then lost in the Court of Appeal. [40]

How it works

Payroll tax is charged on the wages a business pays. [40] So calling a payment a wage makes it taxable. [40]

Why it matters

other gig apps watch

The ruling may set a precedent for hundreds of millions of other payments, the SMH reports. [40]

Who gains

The ruling lets it charge payroll tax on fares Uber said belonged to drivers. [40]

Private equity defends continuation funds

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Hong Kong summit

Private equity bosses defended continuation funds at Hong Kong's main investment summit on Wednesday. [41]

Such a fund lets a firm move a company it owns into a new fund and keep it longer. [41]

Hamilton Lane said companies moved this way returned about 4 times the money put in. [41]

Who is involved

“a lot of haters”
Jonathan Sokoloff, Leonard Green

Jonathan Sokoloff of Leonard Green said there are "a lot of haters" among investors. [41]

How it works

Economists call it a conflict of interest when one side acts for both ends of a deal. [41]

How it works

one firm, both sides

Here the same firm sells from its old fund and buys into its new one. [41]

The truth

who made the figure

The 4-times figure comes from Hamilton Lane, a firm that defends these funds. [41]

Why it matters

They have become a main way for investors to get cash back, after hard years for share sales. [41]

A California mine waits on a court

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the Colosseum mine

Dateline Resources, an Australian-listed miner, wants work to restart at its Colosseum mine in California. [42]

The project could hold gold and rare earths worth up to $1 billion. [42]

all work halted

A court order won by the National Parks Conservation Association has halted all work. [42]

Who is involved

Dateline and the US government both asked the Ninth Circuit appeals court to pause that order. [42]

How it got here

Dateline says its mining plan was approved in 1985, before the Mojave National Preserve was created. [42]

What comes next

3 of 3

judges deciding

A panel of 3 judges will decide whether work can resume while the full appeal is heard. [42]

Why it matters

the US government takes the miner's side

The US government's support adds a geopolitical side to the case, the SMH reports. [42]

How it works

Dateline's California mine

nothing can be dug until three judges rule on the court order, so the project waits on a rule, not on its gold.

The idea, in story 12: Why a company waits for the new rules before it builds something it cannot undo →

India's market regulator turns to AI

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services in regional languages

SEBI, India's markets regulator, signed a deal on Tuesday to offer its services in India's regional languages. [43]

Who is involved

It will use translation tools from BHASHINI, a government division whose tools cover over 20 Indian languages. [43]

The tools include speech recognition, text-to-speech and machine translation. [43]

AI learns market words

SEBI will also help BHASHINI's models learn the words used in share markets. [43]

Why it matters

more investors reached

Investors can then read market news and SEBI services in their own language, not only in English. [43]

Investcorp eyes Gulf infrastructure deals

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Gulf infrastructure deals

Investcorp, one of the Gulf's largest asset managers, expects a run of infrastructure deals in the region. [44]

Gulf governments want to build routes that rely less on the Strait of Hormuz. [44]

Who is involved

They will partner with investment funds to keep their cash, said Investcorp's Rishi Kapoor. [44]

How it got here

pipeline stakes sold

Gulf governments have been selling stakes in oil pipelines long kept under state control. [44]

The truth

no deal named

Investcorp says several deals are in the works but named none. [44]

Why it matters

Funds that pay for the build would own part of pipelines and other assets long held by Gulf states. [44]

What comes next

Investcorp could raise a new infrastructure fund in 1 to 2 years. [44]

The pound waits on the Bank of England

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The pound rose to $1.3440 before Thursday's decision by the Bank of England, the UK's central bank. [22]

first rise since August 2023

The Bank is expected to raise its rate for the first time since August 2023. [22]

How it got here

The European Central Bank and the US central bank have already raised rates this year. [45]

Why it matters

They acted against price rises driven by energy costs from the Iran war. [45]

How it got here

waiting so far

The Bank of England has so far waited and watched, Reuters reported. [45]

Wall Street rose before the results

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On Tuesday, before the results came in, New York's Nasdaq index rose 0.8% to 25,372. [47]

The broad S&P 500 index rose 0.4% to 7,568. [47] The Dow Jones index slipped 0.4% to 51,786. [47]

Two big gainers on Tuesday

Nvidia, which makes the chips AI runs on, rose 2.3%. [46] Apple fell 1.9% on a weaker profit outlook. [46]

Nvidia back on top

Microsoft rose 2.7%, and Nvidia passed Apple as the world's most valuable company. [47]

How it got here

The Nasdaq had ended Monday 10% below its record close on 6 October. [46]

Why it matters

Tuesday's rise ended a short sell-off of AI and tech shares that began the week before. [46]

How it works

Traders call this a relief rally: shares bounce once a fear eases, as after last week's AI sell-off. [46]

Seen it before

the class relaxes

When a feared test turns out fine, the whole class relaxes at once.

Shopify shares fall 8.74%

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Shares of Shopify, which runs online shops for other businesses, fell 8.74% on Tuesday. [48]

Its sales for July to September were $3.74 billion. [48] Analysts had expected $3.75 billion. [48]

Shoppers spent $119.15 billion through Shopify's shops, below the $120.03 billion forecast. [48]

Its profit was 49 cents a share, above the 46 cents expected. [48]

13 quarters of growth

Spending through its shops has grown more than 20% for 13 quarters in a row, the company said. [48]

Who is involved

“We're really proud of the print.”
Harley Finkelstein, Shopify

Shopify president Harley Finkelstein said, "We're really proud of the print." [48]

Why it matters

Shopify works with Muse, Meta's AI shopping agent, which can buy goods on Shopify for its users. [48]

How it works

Analysts call it a miss when results land below forecasts, as Shopify's sales and shopper spending both did. [48]

Seen it before

a slow win

A favourite who wins a race more slowly than expected still disappoints the crowd.

The truth

no figure for AI-agent sales

Finkelstein said AI agents bring new shoppers without pushing prices down. [48] CNBC's report gives no figure for sales made through them. [48]

Lufthansa's fuel bill rises 2 billion euros

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Lufthansa Group, which owns SWISS, Austrian Airlines and Brussels Airlines, expects a 9.3 billion euro fuel bill this year. [49]

Lufthansa's fuel bill

That is roughly 2 billion euros more than the 7.27 billion euros of 2025. [49]

How it got here

Jet fuel became dearer because of the war in the Middle East. [49] Its fuel costs rose 543 million euros in July to September. [49]

Even so, its adjusted operating profit rose 6% to 1.4 billion euros. [49] Revenue rose 9% to a record 12.24 billion euros. [49]

shares up 3.3% on Tuesday morning

Its shares rose 3.3% in Tuesday morning trading, even as it trimmed its profit forecast. [50]

What comes next

It now expects 1.7 to 2 billion euros of profit this year, down from up to 2.2 billion. [49]

Why it matters

dearer fares possible in 2027

Ryanair's boss has said European fares could rise a lot in 2027 as fuel and taxes cost more. [49]

How it works

Airlines call it fuel hedging: buying ahead at fixed prices, as Lufthansa's airlines did for 86% of 2026 fuel. [49]

Seen it before

a year paid ahead

A family buys a whole year's bus pass in advance, so a fare rise cannot touch it.

The truth, across the day

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Why it works on people

One night of results gives a single, simple cause for a fall that had several.

That's the whole Finance day.

31 stories, 50 sources.