Business Today
Business live
Global stocks heading for strongest week in a year as investors bet on end of interest rate hikes
Live  
Global stocks heading for strongest week in a year as investors bet on end of interest rate hikes
Markets wait for US jobs data while UN global food index and Bank of England speeches are also in focus
Headlines
US  
Sam Bankman-Fried found guilty of defrauding FTX customers out of billions
Sam Bankman-Fried found guilty of defrauding FTX customers out of billions
Analysis  
Five key takeaways from Sam Bankman-Fried’s fraud trial
Apple  
Firm's overall earnings slump despite record iPhone and services revenue
‘Designed to distress and deter’  
The impact of Slapp lawsuits on journalists and free speech
Artificial intelligence  
Tech firms to allow vetting of AI tools, as Musk warns all human jobs threatened
Jaguar Land Rover  
Carmaker reports record revenues as sales increase
City of London Corporation  
Former head of diversity sues for race discrimination
WH Smith  
Retailer launches buy-back scheme for secondhand books
US  
Uber and Lyft to pay out $328m to New York ride-share drivers
US  
Trump sons deny knowing of financial statements at heart of $250m fraud trial
Qantas  
Chair heckled by shareholders at AGM as investors reject executive pay plans
Sunak, Musk and AI  
What we learned from the Bletchley Park summit
Australia  
KPMG lodges complaint after AI-generated material was used to implicate them in non-existent scandals
Fantasy house hunt  
Homes in historic castles for sale
Today's agenda
Global stocks are on course for their biggest weekly gain in a year as investors are betting that there won’t be any more interest rate rises in major economies, while bonds rallied.

World stocks, as measured by the MSCI ACWI, which captures large and mid-cap stocks across 23 developed markets and 24 emerging markets, are up 4.3% so far this week, the biggest rise since November 2022.

On Wall Street, the Dow Jones industrial average jumped 564 points, or 1.7%, yesterday, its best day since May. Investors are hoping that there won’t be any more interest rate increases, although central banks are signalling that rates will stay high for an extended period – painful for people with mortgages.

The US Federal Reserve left interest rates unchanged at a 22-year high on Wednesday, with inflation continuing to fade from its highest level in a generation, but its chair, Jerome Powell, cautioned that the Fed’s campaign to bring down price growth had “a long way to go,” leaving the door open for further rises.

The Bank of England kept its main interest rate at 5.25% yesterday for the second meeting in a row, the highest level since the 2008 financial crisis. It warned that the economy would be on the brink of recession in an election year and signalled that rates would stay high for a while to tackle stubborn inflationary pressures.

In Germany, exports fell more than expected in September amid weaker global demand, according to figures from the federal statistics office.

Exports dropped 2.4% from the previous month, worse than the 1.1% decline forecast by economists, while imports were down 1.7%. Most of Germany’s exports went to the US despite a 4% drop, and most imports came from China, down 0.9%. Exports to the UK rose 2.3% to €6.3bn, while imports from the UK rose by 5.2% to €3.2bn.

Germany is normally an exports powerhouse but exports have been a drag on the economy in four out of six quarters since the start of last year.

The Danish shipping company AP Møller-Maersk is to cut 10,000 jobs, after posting a steep drop in profits and revenue in the third quarter, as it battles with lower freight rates and lower demand for container shipping.

It now expects revenues and operating profits to come in at the lower end of its forecast range.

It is US jobs day. We will get the latest US non-farm payroll figures at lunchtime UK time.

We have the UN global food index later this morning, and several Bank of England speeches at the Bank’s Watchers’ conference.

The agenda
• 9am GMT: UN food index for October
• 9am GMT: Bank of England's Andrew Hauser gives keynote speech at conference
• 9.30am GMT: UK S&P Global/Cips services PMI final for October
• 10am GMT: eurozone unemployment for September
• 12.15pm GMT: Bank of England's chief economist, Huw Pill, speaks
• 12.30pm GMT: US non-farm payrolls for October (forecast: 180,000)
• 2pm GMT: US ISM services PMI for October

We’ll be tracking all the main events throughout the day ...
Nils Pratley on finance
Philip Jansen got the strategy right at BT. Shame about the share price
Philip Jansen got the strategy right at BT. Shame about the share price
Opinion
Analysis  
Despite the Bank of England’s hawkish tone, the next interest rate move is likely down
Despite the Bank of England’s hawkish tone, the next interest rate move is likely down
Analysis  
Sunak plays eager chatshow host as Musk discusses AI and politics
Analysis  
UK mortgage borrowers can expect competitive rates but higher fees
Media
Fox News  
White House condemns channel over ‘sickening attack’ on Arab Americans
White House condemns channel over ‘sickening attack’ on Arab Americans
US  
HBO boss apologises for using fake Twitter accounts to troll TV critics
Spotlight
Food retailers enlist celebrities as rivalry moves online
Christmas ads  
Food retailers enlist celebrities as rivalry moves online
Marks & Spencer signs up Ryan Reynolds and Rob McElhenney, Waitrose hires Graham Norton and Rick Astley rolls in for Sainsbury’s as shops vie for digital influence
Popular on business
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Stocks soar after Bank of England leaves interest rates on hold and warns of recession risk – as it happened
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Get in touch
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