The US government faces an imminent shutdown, with lawmakers deadlocked and warnings that a lapse in official statistics could dangerously impact the economy; meanwhile, the Trump administration unveiled a direct-to-consumer 'TrumpRx' drug sales program to lower prescription prices and maintained its stance on tariffs despite potential Supreme Court challenges, while the Federal Reserve eased stress tests for Morgan Stanley.

• US on brink of government shutdown as lawmakers remain deadlocked — Financial Times -
• Morgan Stanley Scores an Easier ‘Stress Test’ From the Fed — The New York Times Business -
• US announces direct-to-consumer ‘TrumpRx’ drug sales programme — Financial Times -

• Trump Announces Pfizer Deal to Lower Some Drug Prices and Unveils TrumpRx Website — The New York Times Business -
• US vows to maintain tariffs regardless of Supreme Court ruling — Financial Times -
• What happens if the US government shuts down? — Financial Times -
• Real estate agents huddle for warmth amid frozen home sales — Financial Times -
• Government Shutdown Could Delay Economic Data at a Critical Moment — The New York Times Business -
• Energy Bills Are Soaring in America’s Coal Capital — The New York Times Business -
• US government heading towards first shutdown in nearly 7 years — Financial Times -
• How a Government Shutdown Could Affect the Economy — The New York Times Business -
• New thinking frameworks at the Fed — Financial Times -
• Government Shutdown Could Delay Economic Data at a Critical Moment — The New York Times Business -
• Trump announces timber and furniture tariffs — Financial Times -
• Trump Officials Flesh Out Tariffs on Kitchen Cabinets, Furniture and Timber — The New York Times Business -

Japan's economy is experiencing pivotal change with inflation back, interest rates up, and a rout in Japanese bonds potentially signaling higher yields, while foreign buyout firms play the long game beyond Tokyo, and **China's EVs loosen Japan’s dominance in the automotive sector, further compounded by Trump tariff tensions**.

• Investing in Japan — Financial Times -
• Buyout firms play the long game beyond Tokyo — Financial Times -
• Rout in Japanese bonds heralds ‘pivotal change’ — Financial Times -

• You can read Japan’s runes in the price of its prized curry and rice — Financial Times -
• Investors sense this time is different for Japan — Financial Times -
• Rise of China EVs loosens jewel in Japan’s crown — Financial Times -
• Japan gets déjà vu over Trump tariff tensions — Financial Times -
• How labour shortages may save the day for the BoJ — Financial Times -
• Regional banks in Japan bet bigger will be better — Financial Times -
• Chinese EVs threaten Japan’s dominance of south-east Asia car market — Financial Times -
• The conservative hardliner who could become Japan’s first female PM — Financial Times -

Nike exceeded expectations despite a **31% fall in earnings influenced by tariffs, while Berkshire Hathaway is nearing a $10bn deal for Occidental’s petrochemical unit, and Silver Lake completed a dream deal to acquire EA** with Jared Kushner’s help; elsewhere, **Spotify’s founder Daniel Ek is stepping down as CEO, Ovo warns of material uncertainty, and global M&A deals** surpassed $1 trillion in the third quarter.

• Nike thumps expectations despite 31% fall in earnings — Financial Times -
• Nike’s Sales Show Improvement; Tariffs Expected to Cost $1.5 Billion — The New York Times Business -
• In-Game Sports Betting Is Growing. So Are the Concerns. — The New York Times Business -

• Ovo warns of ‘material uncertainty’ over its going concern status — Financial Times -
• Berkshire Hathaway nears $10bn deal for Occidental’s petrochemical unit — Financial Times -
• Berkshire Hathaway Near $10 Billion Deal for Occidental’s Petrochemical Unit — Wall Street Journal -
• Big Oil Is Getting Leaner and Leaner — Wall Street Journal -
• Charlie Javice Sentenced to 85 Months in Prison for Fraud — The New York Times Business -
• ‘You Can’t Run From Fear’: American Eagle’s CEO on the Sydney Sweeney Uproar — Wall Street Journal -
• Lithium Startup Electroflow Technologies Raises $10 Million — Wall Street Journal -
• Boeing held early talks with Rolls-Royce over engine for 737 Max successor — Financial Times -
• Spotify Founder Daniel Ek Leaving CEO Job — Wall Street Journal -
• The $400 Million Restaurant Man — The New York Times Business -
• Silver Lake Finally Sealed a Dream Deal. Jared Kushner Was Key. — Wall Street Journal -
• Rail Operator CSX Ousts Chief Executive After Activist Pressure — The New York Times Business -
• The Low-Cost Icelandic Airline Play Suddenly Folds, Leaving Passengers Stranded — The New York Times Business -
• First Brands bankruptcy probe examines if invoices were pledged multiple times — Financial Times -
• FirstFT: Megadeals return — Financial Times -
• Food Supplier Mama’s Creations Turns to Dealmaking to Fuel Growth — Wall Street Journal -
• Zijin Gold shares soar in Hong Kong trading debut — Financial Times -
• Coty Considers Sale or Spinoff of CoverGirl — Wall Street Journal -
• Jared Kushner’s art of the deal — Financial Times -
• M&A deals top $1tn in third quarter — Financial Times -
• First Brands bankruptcy: the losers — and winners — Financial Times -
• This Windowless Plane Is Vying to Be the Private Jet of the Future — Wall Street Journal -
• Boeing Has Started Working on a 737 MAX Replacement — Wall Street Journal -
• Why General Motors Boss Mary Barra Is Slamming the Brakes on Lofty EV Ambitions — Wall Street Journal -
• How Jared Kushner brokered the $55bn takeover of EA — Financial Times -

**Labour’s conference showed an upbeat mood as Keir Starmer urged a ‘patriotic’ fight against Reform, delivering a keynote speech and garnering support from the Chancellor, while Scotland passed a bill to boost housebuilding and shield tenants, and the Bank of England considers ways to reduce inflation without hitting jobs**.

• Labour’s conference comeback? — Financial Times -
• Scotland passes bill that aims to boost housebuilding while shielding tenants — Financial Times -
• Starmer urges Labour to launch ‘patriotic’ fight against Reform — Financial Times -

• BoE needs to reduce inflation without hitting jobs, rate-setters warn — Financial Times -
• Keir Starmer finds some passion — Financial Times -
• Upbeat mood at Labour conference defies gloom about polls and the Budget — Financial Times -
• Labour conference as it happened: Starmer delivers keynote speech to the party — Financial Times -
• ‘Lost the plot’: Tony Blair’s Gaza role prompts incredulity — and some hope — Financial Times -
• UK households boost savings as economic uncertainty prevails — Financial Times -
• Labour’s unpopularity problem — Financial Times -
• Memo for Labour: globalisation is good, actually — Financial Times -

Gulf sovereign wealth funds topped global investment despite lower oil prices, while **Donald Trump’s Gaza deal stirred controversy and concerns arose about a world with two predatory superpowers**; **Brussels seeks to bypass Orbán’s block on Ukraine’s EU bid, and China probes quant trader Tower Research over chip imports as its factory activity suffers its longest decline in six years, amidst emerging markets rallying** despite trade war fallout.

• Gulf sovereign wealth funds defy lower oil prices to top global investment — Financial Times -
• A.I. Fighter Jets and Cockroach Spies: Inside the Changing Business of War — The New York Times Business -
• Trump says US cities should be used as military ‘training grounds’ — Financial Times -

• How Donald Trump’s Gaza deal came together — Financial Times -
• Tusk tells banks to accept higher taxes to fund Poland’s defence — Financial Times -
• A world with two predatory superpowers — Financial Times -
• China probes quant trader Tower Research over chip imports — Financial Times -
• ICC staff print files and prepare for blackout as US sanctions loom — Financial Times -
• EU seeks France’s backing over €140bn loan for Ukraine — Financial Times -
• Why Trump is going for Soros — Financial Times -
• CPS must give ‘clear explanation’ after dropping alleged China spying case, say MPs — Financial Times -
• Israeli far right attacks Netanyahu over Gaza deal — Financial Times -
• Other people’s money, and the problem with Mileism — Financial Times -
• How Brussels seeks to bypass Orbán’s block on Ukraine’s EU bid — Financial Times -
• Exxon chief sought security assurances from Mozambique president at UN — Financial Times -
• Military briefing: Ukraine races to intercept Russian drones — Financial Times -
• Emerging markets are finally rallying — Financial Times -
• EU moves to advance Ukraine’s accession by sidestepping Hungary — Financial Times -
• China’s factory activity suffers longest decline in six years — Financial Times -
• Pakistan, protests and public opinion: Narendra Modi's terrible year — Financial Times -

Nvidia challenger Cerebras raised $1.1 billion ahead of its IPO, betting on larger chips to take on the **AI computing giant’s dominance, while OpenAI introduced ChatGPT parental controls, and AI is helping logistics giant C.H. Robinson thrive during a downturn, though Elon Musk is reportedly facing an exodus of senior staff** over burnout and politics.

• Nvidia challenger Cerebras raises $1.1bn ahead of IPO — Financial Times -
• How AI Helps a Logistics Giant Thrive During a Downturn — Wall Street Journal -
• OpenAI’s era-defining money furnace — Financial Times -

• What We Know About ChatGPT’s New Parental Controls — The New York Times Business -
• Elon Musk hit by exodus of senior staff over burnout and politics — Financial Times -
• China’s Alibaba is a late entrant to the AI pantheon — Financial Times -

The SEC cleared the way for ETF share classes challenging US mutual funds, the **ECB’s interest rates stance remains flexible as markets doubt further cuts, and the global currency market swelled to $10tn a day amidst tariff turmoil, with Brussels also encouraging Europe’s savers to invest more in the stock market** through tax incentives.

• SEC clears way for ETF share classes in challenge to US mutual funds — Financial Times -
• Global currency market swells to $10tn a day in tariff turmoil — Financial Times -
• Ministers block single pool for pension funds in England and Wales — Financial Times -

• Lagarde says ECB’s interest rates stance not ‘fixed’ as markets doubt further cuts — Financial Times -
• Brussels wants Europe’s savers to put more money into the stock market — Financial Times -
• Vanguard cuts fees on European equity funds as competition mounts — Financial Times -
• What we do in the (banking) shadows — Financial Times -

Turquoise Mountain is working to transform Afghan and Burmese carpets from mesmerising artworks into a thriving industry by connecting skilled artisans from at-risk communities with global buyers.

• Afghan and Burmese carpets are mesmerising artworks — can they become a thriving industry? — Financial Times -