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OPEC+ Left Its December Oil Targets Unchanged. Brent Ended the Week at $117.64, $12.64 Above Washington's Forecast for the Quarter.
China's Factory Index Fell to 49.3 in October. Construction New Orders Fell 5.7 Points, to 40.
South Korea Exported $115.3 Billion in October, 93.7 Per Cent More Than a Year Ago. Chips Supplied Almost Three-Quarters of the Increase.
The Bank of Canada Raised Rates Expecting About 2 Per Cent Growth. Two Days Later, the Data Put the Quarter Nearer 1.2 Per Cent.
National Express's Owner Agreed to a 46p-a-Share Takeover Worth £308 Million. The Buyer Is Taking On a Company Valued at £2.3 Billion, and Most of That Is Debt.
Japan's Central Bank Says Underlying Inflation Is at Its 2 Per Cent Goal. Its 1.25 Per Cent Rate Is Still 1.35 Points Below Its Forecast.
Lagarde Will Leave the ECB on 7 February, Almost Nine Months Early. Three of the Six Seats on Its Executive Board Will Change Hands by the End of May.
The Euro Area Grew 0.4 Per Cent Last Quarter, About 1.6 Per Cent at an Annual Rate. France Shrank, and Its Jobless Rate Rose to 8.5 Per Cent.
U.S. Wages Rose 3.1 Per Cent in the Year to September, 0.6 Per Cent Less Than Prices. Employers' Health Costs Rose 6.4 Per Cent.
Exxon and Chevron Earned $25.3 Billion Last Quarter. Refining Made Them Almost as Much as Pumping Oil, and Both Pumped Less.
DoorDash Will Pay $65 a Share, About $17 Billion, for Instacart. If Antitrust Law Blocks the Deal, DoorDash Owes Instacart $1.25 Billion.
The Big Read
The NumbersStocks Rose in the Year After 18 of the Last 19 Midterms, by Our Count. Congress Has 38 Days After Tuesday's Vote to Fund the Government.
We computed the market record ourselves, from a primary data series, and set it beside the calendar Congress faces once the votes are counted. The first deadline, for government funding, falls on 11 December.
A Wall Street sign and flags outside the New York Stock Exchange in Lower Manhattan, in January 2021. File photograph.
The S&P 500 rose in the 12 months after 18 of the 19 U.S. midterm elections held since 1950, and was flat after the 19th, by this publication's count of the index data compiled by Yale economist Robert Shiller. Americans vote in the 20th such election on Tuesday, 3 November 2026.
That record is often repeated around Election Day. We did the arithmetic ourselves, from a primary data series, and found that it holds up, with two qualifications. The sample is small, and the gap it shows is as much about the years that came before as about the vote. Past returns do not predict future ones. Polls close tonight, and no result is known.
Every one of the 435 seats in the House of Representatives is up, as it is every two years under Article I of the Constitution. In the Senate, 33 seats are up in the regular cycle, according to the Senate's own list of Class II senators, whose terms end on 3 January 2027. Two more, both held by Republicans, are special elections in Ohio and Florida, Ballotpedia reported, for 35 in all. Thirty-six states elect governors, along with Guam, the Northern Mariana Islands and the U.S. Virgin Islands, according to the National Governors Association.
Money
Washington's Millionaires' Tax Would Raise $11.4 Billion by 2031 From About 30,000 Payers. Voters Decide Tuesday Whether It Ever Starts.
Four states are voting on income tax on Election Day, three of them on how the highest earners are taxed.
The Numbers
Florida Votes on Cutting Local Property Taxes by $11.8 Billion a Year. Five Counties Account for 45 Per Cent of It.
At least four states are voting on property tax on Election Day, and they have chosen four different tools.
Weather
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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
Small Business
Anatoly Zadorozhnyy of Marketing 1on1 Says Small Businesses Can Still Be Found When Search Turns Into AI Answers
Anatoly Zadorozhnyy has worked in search since 2008, he says.
A Jacksonville Doctor Charges $135 a Month, Makes House Calls and Answers His Phone. More Patients Want That Deal.
Direct primary care is spreading across the country as insurance premiums climb and drug prices start to fall.
Ryanair Flew 6 Per Cent More Passengers and Earned 15 Per Cent Less. Next Year's Extra €2 Billion of Fuel Works Out to About €9 a Passenger.
The airline's hedges have so far kept the Iran war's fuel shock to a fifth of its tanks.
Westpac's Operating Profit Rose $379 Million Last Year. It Set Aside $440 Million More for Bad Loans, Though Fewer of Its Borrowers Are in Trouble.
The bank's stressed loans fell over the year.
Editors read every submission. Here is how to send documents, on background or on the record.
How to submitThe Picture
Omnicom's Organic Growth Reached 7.2 Per Cent in Its Third Quarter With Interpublic. It Has Spent $3.2 Billion on Buybacks This Year, $857 Million More Than Its Free Cash Flow.
Markets
Brazil's Stock Index Fell as Much as 17 Per Cent After Lula Won by 4.4 Million Votes. Measured in Dollars, It Closed About a Fifth Lower.
Business
Verizon Added 406,000 Phone Subscribers in the Third Quarter, Up From 44,000 a Year Ago. It Says It Spent 41 Per Cent Less on Promotions to Win Them.
Business
EQT Is Paying a 21 Per Cent Premium for Range Resources, in Stock. By Our Arithmetic, the Premium Equals Almost Seven Years of the Promised Savings.
Markets
Lazard's Adjusted Revenue Rose 11 Per Cent in the Third Quarter. Its Adjusted Profit Fell 35 Per Cent, as Pay Held at 69.9 Per Cent of Revenue.
Editor's Choice
The Pentagon Is Lending Border Officials One Heat-Ray Weapon for Seven Months. In Two Decades It Has Never Been Used in Combat.
The loan commits DHS to nothing yet.
Latest News
Everything we have published, newest firstThe "Endless" Cruise Ship Paid $700 a Ton for Fuel Before the Iran War. It Stopped Sailing After Paying $2,000 to $3,000.
Villa Vie Residences suspended its residential cruise ship, the Odyssey, in Sihanoukville, Cambodia, on Tuesday, and told residents to leave within hours. Its executive chairman blamed fuel that cost $700 a ton before the Iran war and $2,000 to $3,000 since. He told CBS News the plan is to file for Chapter 11; no filing has been reported.
The Pentagon Wants Its Major Bases Able to Run 90 Days on Their Own. Britain Is Asking Households to Manage for Three.
Internal Pentagon documents reviewed by Fox News Digital would require every major U.S. military installation to run essential operations on its own for at least 90 days, backed by reserves of munitions, fuel, minerals, spare parts and medical supplies. The plan, called FORTRESS, has no published cost or timeline. Nothing in the reporting mentions artificial intelligence or a specific nuclear threat.
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.
Two Taps & Friends Puts Three Defense Lawyers on the Week's Biggest Cases. In Legal Media, Expertise Is the Product.
Headlines say who was charged. A defense lawyer asks whether the charge will hold.
Opponents Have Spent $304 Million to Defeat California's One-Time Billionaire Tax. That Is About 0.3 Per Cent of What Its Backers Say It Would Raise.
The state's own analyst says the tax would raise "tens of billions of dollars" and calls the amount very hard to predict. Two rival measures on the same ballot could cancel it even if it wins a majority.
Trian Has Offered $7.35 a Share to Take Wendy's Private, About $1.4 Billion. That Is Roughly Half the $2.7 Billion of Debt the Bidders Would Keep.
Nelson Peltz's Trian Fund Management and Flynn Group, one of the largest Wendy's franchisees, proposed on 28 October to buy the shares of The Wendy's Company they do not own for $7.35 each in cash, about 20 per cent above Tuesday's close. On the 194.0 million fully diluted shares the letter assumes, that is about $1.4 billion. The proposal is non-binding and nothing has been signed.
Ares Capital Will Pay a 30 Per Cent Premium for an Apollo-Managed Lender. The $10.88 Price Is Still 15 Per Cent Below What the Lender Says Its Loans Are Worth.
Ares Capital, the largest listed business development company, agreed on 26 October to buy MidCap Financial Investment Corporation, which is managed by an Apollo affiliate, for about $10.88 a share in cash and stock, a total enterprise value of about $2.6 billion. The price is a 30.1 per cent premium to MFIC's last close but below its preliminary net asset value of about $12.86 a share. The deal needs MFIC shareholder approval and is expected to close in the first half of 2027.
The price is 49 per cent above Friday's close but $2.25 below what Bain itself proposed in January 2025.
Boeing Delivered 161 Airliners Last Quarter and Lost About $4.3 Million on Each. Its 6,300-Jet Backlog Would Take About a Decade to Build at This Year's Pace.
Boeing said on 27 October that third-quarter revenue rose 4 per cent to $24.2 billion and its net loss narrowed to $116 million, from $5.3 billion a year earlier. Its commercial airplanes unit lost $697 million on 161 deliveries. Total backlog reached a record $745 billion, including more than 6,300 commercial jets.
What We’re Following
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PulteGroup's Orders Fell 6 Per Cent With Mortgage Rates Above 7 Per Cent. Its Land and Housing Inventory Has Grown by $1.2 Billion This Year.
LKQ Replaced Its Chief Executive as Its European Margin Fell to as Little as 4.1 Per Cent. His Successor Gets $15.3 Million to Sign On.
AI Researchers Moved Their Date for Human-Level Machines 13 Years in One Survey. Nova Reach Founder Rishabh Singh Has Stopped Picking a Year.
American Express Raised Its Forecast After Earning $5.42 a Share. Its Cards Now Carry an Average Fee of $136 a Year, 14 Per Cent More Than a Year Ago.
UPS Raised Its Revenue Forecast by $1.4 Billion and Its Profit Forecast by $100 Million. The Fourth Quarter Now Has to Earn 37 Per Cent of the Year's Profit.
UPS said on 27 October that third-quarter revenue rose 6.7 per cent to $22.9 billion while adjusted earnings fell to $1.69 a share from $1.74. It raised its 2026 revenue outlook to about $92.6 billion, from $91.2 billion, and its adjusted operating profit target to about $8.75 billion, from $8.65 billion. U.S. parcel volume fell 3.3 per cent.
Ovintiv Will Pay About $890 Million for Logan Energy, or $44,500 for Each Barrel a Day It Produces. By Its Own Benchmark, $340 Million of That Is for Wells Not Yet Drilled.
The price per flowing barrel is well above the $27,500 Ovintiv uses to value producing wells. By this publication's arithmetic, the rest works out to about $810,000 per drilling location.
Opinion Voices
Argument and analysis from our columnistsFeatured Voices
The reporters and editors behind the coverage
Cory Chamberlain
Senior Writer
AI Researchers Moved Their Date for Human-Level Machines 13 Years in One Survey. Nova Reach Founder Rishabh Singh Has Stopped Picking a Year.
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.
Alison Acosta
Technology desk (house byline)
South Korea Exported $115.3 Billion in October, 93.7 Per Cent More Than a Year Ago. Chips Supplied Almost Three-Quarters of the Increase.
DoorDash Will Pay $65 a Share, About $17 Billion, for Instacart. If Antitrust Law Blocks the Deal, DoorDash Owes Instacart $1.25 Billion.
Ford's Electric Unit Lost $1.06 Billion Last Quarter, a Quarter Less Than a Year Ago. Per Vehicle Shipped, the Loss Rose to About $31,000.
Daniel Okafor
Markets desk (house byline)
Stocks Rose in the Year After 18 of the Last 19 Midterms, by Our Count. Congress Has 38 Days After Tuesday's Vote to Fund the Government.
Washington's Millionaires' Tax Would Raise $11.4 Billion by 2031 From About 30,000 Payers. Voters Decide Tuesday Whether It Ever Starts.
Florida Votes on Cutting Local Property Taxes by $11.8 Billion a Year. Five Counties Account for 45 Per Cent of It.
Margaret Holloway
Leadership desk (house byline)
National Express's Owner Agreed to a 46p-a-Share Takeover Worth £308 Million. The Buyer Is Taking On a Company Valued at £2.3 Billion, and Most of That Is Debt.
Lagarde Will Leave the ECB on 7 February, Almost Nine Months Early. Three of the Six Seats on Its Executive Board Will Change Hands by the End of May.
U.S. Wages Rose 3.1 Per Cent in the Year to September, 0.6 Per Cent Less Than Prices. Employers' Health Costs Rose 6.4 Per Cent.
Thomas Gutierrez
Media and Culture desk (house byline)
Ryanair Flew 6 Per Cent More Passengers and Earned 15 Per Cent Less. Next Year's Extra €2 Billion of Fuel Works Out to About €9 a Passenger.
The "Endless" Cruise Ship Paid $700 a Ton for Fuel Before the Iran War. It Stopped Sailing After Paying $2,000 to $3,000.
Two Taps & Friends Puts Three Defense Lawyers on the Week's Biggest Cases. In Legal Media, Expertise Is the Product.
The Story So Far
The Hormuz Closure29 stories
- 1 Nov OPEC+ Left Its December Oil Targets Unchanged. Brent Ended the Week at $117.64, $12.64 Above Washington's Forecast for the Quarter.
- 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.
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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






