Top stories
A $400,000 Mortgage Now Costs About $294 a Month More Than a Year Ago. Applications Have Fallen Five Weeks Running.
Oil Fell on Trump's Pledge of No Iran Strike, Then Closed Higher on a Hurricane. Tanker Attacks Are Running at a Wartime High.
Devon Is Selling 4 Per Cent of Its Production for $4.2 Billion. The Buyer Has Now Made 10 Eagle Ford Deals Since 2023.
A Trade Judge Has Certified a Class of Every Importer That Paid the Struck-Down Tariffs and Did Not Sue. The Court Says About $30 Billion Is at Stake.
TSMC's American Chips Still Need a Piece Made Elsewhere. GlobalFoundries Is Signing Up to Make It in New York.
The Pentagon Offered Wolfspeed $1.5 Billion for 30 Years. In Return It Would Get Warrants for Up to 7.5 Per Cent of the Company.
Canada Lost 68,000 Jobs. The Public Sector Lost 70,000, and the Private Sector Held Steady.
Brussels Says China Will Halve Its Hybrid Exports to Europe. Beijing Called It an "Understanding."
The Algorithm Is Spending Your Ad Budget Now. Most Buyers Let It.
US Electric Vehicle Sales Are Down Thirty Percent. Hybrids Are Up Twenty-Three.
China's Property Slump Is in Its Fifth Year. The Stimulus Has Run Out of Room.
The Office Loan Is Not Paying Off. Neither Is the One Next to It.
The Federal Workforce Shrank by 272,000. The Cost Was $9.5 Billion in Pay for Not Working.
The Big Read
MoneySeptember CPI Is Due Wednesday, and Forecasters Expect Headline Inflation Near 3.7 Per Cent. Core Is Expected at About 2.4 Per Cent.
A gap of more than a point between headline and core inflation is mostly a petrol story. It splits what households feel from what the Federal Reserve is weighing before its 27-28 October meeting.
A petrol station at night. File photograph.
The Bureau of Labor Statistics will publish its September Consumer Price Index on Wednesday 14 October at 8:30 a.m. Eastern, the agency said in its August release. A street consensus compiled for a preview by the broker Admirals puts headline inflation at about 3.7 per cent over 12 months, up from 3.4 per cent in August, with core expectations clustered around 2.4 per cent.
The headline number will draw the attention. The gap underneath it is the story. If those forecasts are right, prices excluding food and energy will be rising more than a point more slowly than prices overall. That points to petrol.
The Cleveland Fed's nowcast, updated on 9 October, puts September CPI up 0.53 per cent on the month and 3.60 per cent on the year, with core up 0.20 per cent on the month and 2.39 per cent on the year.
Money
The State Collected $2.7 Billion From Gambling. Most of It Came From a Small Fraction of Bettors.
The state balanced the budget on the losses.
Health
Private Equity Hospitals Charged $669 More Per Patient. Costs Did Not Fall.
The margins went up.
Weather
New York City
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Infrastructure Everybody Depends On Should Not Be Owned by a Competitor
Coverage Should Follow the Approval, Not the Advice
You Cannot Delegate the Thing You Have Never Done
Markets
ASML Reports Wednesday and No Longer Publishes Orders. China Was 16 Per Cent of Its First-Half Sales, Against a Full-Year Guide of About 20 Per Cent.
Hitting 20 per cent for the year requires China to be about 23 per cent of second-half sales.
UnitedHealth Reports Tuesday Against Expectations of About $4.15 a Share. Its Own Guidance Implies a Second-Half Medical Care Ratio Near 91 Per Cent.
The quarter matters less than the full-year medical care ratio the company has already promised.
Cenovus Will Pay C$12 a Share for Athabasca Oil, a 14 Per Cent Premium. Athabasca's Shares Ended the Week Above the Offer.
The headline figure is an enterprise value, and Athabasca holds more cash than debt.
JPMorgan Reports Tuesday After a Quarter With $5.6 Billion of One-Off Gains. Analysts Expect Revenue of About $51 Billion.
Year-on-year growth is measured against 2025, so the second quarter's one-offs do not flatter it.
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How to submitThe Picture
Stelco's Layoffs Have Started. Its American Owner Says the Workers Come Back When There Is a Trade Deal.
Markets
The S&P 500 Is Reporting Its Highest Profit Margin in at Least Fifteen Years
AI
The AI Bill Has Found Its Finance Department
The Long View
The Fed Now Counts the AI Buildout as an Inflation Problem. Most Officials Expect Another Rate Rise This Year.
Business
Raytheon Has a Contract Worth Up to $6.3 Billion for SM-3 Interceptors. The Pentagon Has Not Said How Many.
Editor's Choice
PepsiCo Cut Chip Prices by Up to 15 Per Cent in February. Now It Is Raising Them and Lowering Its Profit Forecast.
The price cuts that followed Elliott's arrival brought back some shoppers but not enough.
Latest News
Everything we have published, newest firstA Clinical AI Reads Every Patient's Chart Every Morning. Most Hospitals Don't.
Healthleap, which scans hospital patient records daily to flag undiagnosed conditions, raised $38 million and expanded from three hospital partners to more than fifty in a year. The malnutrition detection it started with is now the model for a broader class of clinical surveillance tools.
The Government Is Paying $50 a Month for Ozempic. Insurers Are Not Keeping Up.
Medicare launched its GLP-1 Bridge program in July, covering weight-loss drugs for certain enrollees at a $50 monthly copay. Meanwhile, commercial insurers have moved in the opposite direction — the number of people without coverage for Zepbound grew by 17 million in 2026. The gap between what the drugs cost and what payers will cover is widening.
Business
McKesson Is Paying $1.4 Billion for Half of Option Care. The Deal Sets Up a Framework for It to Buy the Rest.
Clayton Dubilier & Rice and McKesson agreed on Monday to take Option Care Health, the largest independent home infusion company in the United States, private for $32.05 a share. McKesson is putting in about $1.4 billion for 49 per cent, and the agreement sets out a framework for it to buy the private equity firm's majority later. Lenders have committed more money to the deal than the two buyers have.
The Interest Bill Came to $1.36 Trillion. That Is More Than Medicaid.
The debt service is not a future problem. It is the third-largest item in the budget.
Delta Will Absorb $6 Billion More for Fuel This Year. Its Profit Forecast Has Fallen by About a Quarter Since July.
America's most profitable airline raised its revenue by $2.4 billion in the third quarter without flying any more seats. Higher fuel and other costs took almost all of it.
National News
The Workforce Shrank. The Jobs Did Not.
A 596,000 decline in foreign-born workers since January 2026, combined with a parallel drop in labor force participation among US-born workers, has left employers in construction, healthcare, agriculture, and manufacturing unable to fill open positions. The labor shortage the crackdown was supposed to solve has deepened.
Google Wants to Be the Only Agent You Need at Work
Google launched the Gemini agent on October 8, pitching a single universal agent that works across Workspace, Microsoft 365 and Slack and takes objectives instead of instructions. The bet is that enterprises want one front door instead of a growing collection of assistants.
Two years ago a fall in Humana's ratings put billions of dollars of bonus payments at risk, and the insurer sued and lost.
Business
The Pentagon and Lockheed Are Discussing a Decade of F-35s. The Hard Part Is the Spare Parts.
The Pentagon and Lockheed Martin are discussing a deal for the F-35 that could run for up to ten years and cover both building the jet and keeping it flying, Breaking Defense reports. Production would stay at about 156 a year. The prize, and the problem, is spare parts.
What We’re Following
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Viatris Was Built on Generics. It Is Paying $1.65 Billion for Two Pain Drugs That Will Face Them.
Viatris has agreed to buy Pacira BioSciences for $36.50 a share in cash, about 45 per cent above Wednesday's close. It gets two non-opioid pain drugs with about $692 million of sales last year. Generic versions of the larger one, Exparel, are due to start arriving in early 2030 under patent settlements.
SpaceX Is Buying Airwaves That Pass Through Walls. Shares in America's Three Big Carriers Tumbled.
Satellite phone service has been a backup for places without coverage. Low-band spectrum is what lets a signal reach inside a building, and SpaceX now says it intends to become a major U.S.
Opinion Voices
Argument and analysis from our columnists
Featured Voices
The reporters and editors behind the coverage
Cory Chamberlain
Senior Writer
JPMorgan Reports Tuesday After a Quarter With $5.6 Billion of One-Off Gains. Analysts Expect Revenue of About $51 Billion.
Devon Is Selling 4 Per Cent of Its Production for $4.2 Billion. The Buyer Has Now Made 10 Eagle Ford Deals Since 2023.
A Trade Judge Has Certified a Class of Every Importer That Paid the Struck-Down Tariffs and Did Not Sue. The Court Says About $30 Billion Is at Stake.
Alison Acosta
Technology Correspondent
TSMC's American Chips Still Need a Piece Made Elsewhere. GlobalFoundries Is Signing Up to Make It in New York.
The Pentagon Offered Wolfspeed $1.5 Billion for 30 Years. In Return It Would Get Warrants for Up to 7.5 Per Cent of the Company.
The Algorithm Is Spending Your Ad Budget Now. Most Buyers Let It.
Daniel Okafor
Markets Editor
ASML Reports Wednesday and No Longer Publishes Orders. China Was 16 Per Cent of Its First-Half Sales, Against a Full-Year Guide of About 20 Per Cent.
UnitedHealth Reports Tuesday Against Expectations of About $4.15 a Share. Its Own Guidance Implies a Second-Half Medical Care Ratio Near 91 Per Cent.
September CPI Is Due Wednesday, and Forecasters Expect Headline Inflation Near 3.7 Per Cent. Core Is Expected at About 2.4 Per Cent.
Margaret Holloway
Editor-at-Large
Thomas Gutierrez
Staff Writer
The Story So Far
The Hormuz Closure28 stories
- 10 Oct Oil Fell on Trump's Pledge of No Iran Strike, Then Closed Higher on a Hurricane. Tanker Attacks Are Running at a Wartime High.
- 3 Oct Oil Is Up 61 Per Cent Since February. American Natural Gas Costs What It Did a Year Ago.
- 3 Oct The Trucking Companies Going Bankrupt Are Small. Diesel Is Paid in Days, Freight in Months.
- 3 Oct The G-7 Will Release 100 Million Barrels. Some May Already Have Been Promised in March.
- 29 Sept LNG Canada Will Double to 28 Million Tonnes. The Announcement Has a Date in the 2030s and No Price.
- 28 Sept The 30-Year Treasury Closed at Its Highest Since the Bond Came Back in 2006. Households Had Already Marked Up Their Inflation Forecast.
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Editors’ Picks
America Imported a Record $421 Billion in August. Without Computers, Chips and Telecom Gear, Imports Are Down This Year.
Schneider Is Paying a 42% Premium for PTC. The Price Is Still Below Where PTC Traded a Year Ago.
Customs Took In $333 Billion in Fiscal 2026. Refunds Sent About $147 Billion Back Out.
The Cranberry Brief