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The US Department of Justice is moving to drop two federal criminal cases against Donald Trump, while Robert F. Kennedy Jr.'s nomination for a key health position raises concerns within the pharmaceutical industry. In other news, UniCredit has made a €10bn takeover bid for Banco BPM, and the EU plans to require Chinese companies to transfer technology in exchange for subsidies. Additionally, TikTok is influencing Romania's presidential race with a pro-Putin candidate emerging as a frontrunner.
Ukraine has launched a military strike inside Russia using US-made long-range Atacms missiles for the first time, following the lifting of restrictions on their use. This significant escalation comes as Walmart reports better-than-expected third-quarter revenue, and Asian arms manufacturers experience a surge in defense stocks amid global rearmament efforts.
Elon Musk is poised to take on a significant advisory role in the White House, coinciding with Donald Trump's electoral victory, which is seen as beneficial for Musk's interests. Meanwhile, exchange-traded funds have recorded unprecedented inflows this year, and bondholders are competing to extend loans to the struggling UK utility, Thames Water.
On US election night, early indicators will emerge, but full results are not expected immediately. The dollar has weakened as investors adjust their expectations regarding a Trump victory. Meanwhile, Spain's prime minister faces criticism over severe flooding, and Nigeria's fintech Moniepoint has achieved unicorn status.
Wealthy individuals and companies in China are under pressure to verify their tax liabilities, while the outcome of the US election could significantly impact corporate taxes, with $250 billion at stake. In the UK, Kemi Badenoch has been elected as the Conservative party leader, and share prices for clean hydrogen companies have plummeted due to project delays and reduced demand.
UK borrowing costs have surged to their highest level this year following the Budget announcements, raising concerns among investors, particularly regarding additional borrowing outlined by Chancellor Rachel Reeves. Meanwhile, Apple reported solid revenue growth driven by higher iPhone sales, and geopolitical tensions escalate as the US warns of North Korean troops potentially joining Russian forces in combat. In economic news, Spain is projected to be the fastest-growing major advanced economy this year, contrasting with challenges faced by the Eurozone.
Chancellor Rachel Reeves announced a £40 billion tax increase and a significant rise in borrowing as part of the UK Labour's Budget. Meanwhile, Microsoft reported a 16% revenue increase driven by strong demand in cloud computing, and the US economy grew at an annualized rate of 2.8% in the third quarter, fueled by robust consumer spending. Critics are also raising concerns over a proof of citizenship law in Arizona that complicates voting in the state.
Boeing is undertaking a $19 billion share sale to strengthen its finances and avert a credit rating downgrade. Meanwhile, PwC has seen a significant decline in its business in Asia, and Volkswagen is planning to restructure by closing at least three plants in Germany, resulting in thousands of job cuts. Additionally, US election boards are facing challenges in recruiting poll workers due to increased threats of violence.
A start-up backed by Google and Amazon has developed an AI tool that acts as a 'human collaborator' capable of controlling users' computers. In other news, Boeing machinists have rejected the company's latest offer amid an ongoing stand-off, while the US has finalized 'open banking' rules aimed at increasing market competition. Additionally, Deutsche Bank has reported a record profit for the third quarter.
Fiona Symon
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Kennedy's health nomination raises concerns for pharmaceutical industry amid Trump developments
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