Category: 3. Business

(Bloomberg) — The record-setting advance in global equities took a breather in early Asian trading Tuesday, as investors braced for a flurry of megacap technology earnings and policy announcements from major central banks this week.

Equity gauges in Japan and South Korea retreated from record highs, while shares in Australia also fell at the open. US indexes closed at all-time highs as Chinese and US trade negotiators lined up an array of diplomatic wins for Donald Trump and Xi Jinping to unveil at a summit this week. An index of US-listed Chinese shares rose 1.6%.

The yen gained after seven consecutive days of weakening as a minister said the government will monitor the currency’s weakness. Gold rebounded after slumping more than 3% to trade below $4,000 an ounce in the previous session while a gauge of the dollar edged lower for a second day. Technology stocks will be in focus after Amazon.com Inc. planned to cut as many as 30,000 jobs, Reuters reported. Treasuries inched higher Tuesday.

Easing trade tensions have helped fuel a stock rally, while US companies have so far emerged largely unscathed by tariffs, protecting margins through price increases and cost cuts. That optimism faces a reality check this week as investors look to the Federal Reserve meeting for clues on the path of rate cuts, while major technology firms including Amazon and Microsoft Corp. reveal whether earnings momentum can be sustained.

“With the Fed on track to cut rates, extending the run would appear to hinge on this week’s lineup of high-profile earnings releases,” said Chris Larkin at E*Trade from Morgan Stanley. “And it may, barring any surprises in US-China trade negotiations.”

The S&P 500 topped 6,875 — notching its best three-day rally since May. Qualcomm Inc. shares rose to their highest price in 15 months after unveiling chips and computers for the lucrative AI data center market, aiming to challenge Nvidia Corp. in the fastest-growing part of the industry.

On Wednesday and Thursday, five firms that account for about a quarter of the US benchmark — Microsoft Corp., Alphabet Inc., Meta Platforms Inc., Amazon.com and Apple Inc. — will report results. A gauge of the “Magnificent Seven” megacaps jumped 2.6%.

On trade, Trump told reporters on Monday that “I really feel good” about a deal with China, after officials unveiled a slew of agreements to ease tensions.

Trump is in Tokyo Tuesday to meet with Japanese leaders.

While markets cheered the latest developments, some analysts cautioned the deal now teed up for Trump and Xi to sign in South Korea ignored thorny issues.

Fundamental fights over national security appeared untouched, they said, along with Trump’s stated core mission of rebalancing trade. Making that harder, Chinese investment into America remains heavily restricted.

“While these developments have lifted market spirits, analysts remain skeptical that the underlying issues — such as national security and tech competition — will be fully resolved,” said Fawad Razaqzada at City Index and Forex.com. “Nevertheless, traders have embraced the risk-on mood.”

Chinese bonds will also be in focus Tuesday after reports by state-owned media that the People’s Bank of China will restart its sovereign bond trading operations, a move that analysts said may be aimed at supporting the debt market and boosting liquidity.

Corporate News:

Domino’s Pizza Enterprises Ltd. shares soared after the Australian Financial Review reported Bain Capital is considering buying the fast-food chain in a deal worth as much as A$4 billion ($2.6 billion). Nidec Corp. shares tumbled as much as their daily limit of 19% on Tuesday as the company is set to be removed from the Nikkei 225 Stock Average and was flagged for special oversight by the Tokyo Stock Exchange. CSL Ltd. shares slumped after Australia’s largest drugmaker scrapped plans to complete a demerger of its Seqirus vaccines business by June 2026, citing heightened volatility in the US influenza vaccine market that it said would prevent the move from realizing full value for shareholders. Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 9:56 a.m. Tokyo time Hang Seng futures rose 0.4% Nikkei 225 futures (OSE) fell 0.3% Japan’s Topix fell 0.5% Australia’s S&P/ASX 200 fell 0.4% Euro Stoxx 50 futures were little changed Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1656 The Japanese yen rose 0.2% to 152.52 per dollar The offshore yuan was little changed at 7.1048 per dollar The Australian dollar was little changed at $0.6559 Cryptocurrencies

Bitcoin fell 0.4% to $113,955.01 Ether fell 0.3% to $4,116.02 Bonds

The yield on 10-year Treasuries was little changed at 3.98% Japan’s 10-year yield declined 1.5 basis points to 1.650% Australia’s 10-year yield declined two basis points to 4.16% Commodities

West Texas Intermediate crude fell 0.2% to $61.19 a barrel Spot gold rose 0.6% to $4,006.35 an ounce This story was produced with the assistance of Bloomberg Automation.

©2025 Bloomberg L.P.

(Bloomberg) — The record-setting advance in global equities took a breather in early Asian trading Tuesday, as investors braced for a flurry of megacap technology earnings and policy announcements from major central banks this week.

Equity gauges in Japan and South Korea retreated from record highs, while shares in Australia also fell at the open. US indexes closed at all-time highs as Chinese and US trade negotiators lined up an array of diplomatic wins for Donald Trump and Xi Jinping to unveil at a summit this week. An index of US-listed Chinese shares rose 1.6%.

The yen gained after seven consecutive days of weakening as a minister said the government will monitor the currency’s weakness. Gold rebounded after slumping more than 3% to trade below $4,000 an ounce in the previous session while a gauge of the dollar edged lower for a second day. Technology stocks will be in focus after Amazon.com Inc. planned to cut as many as 30,000 jobs, Reuters reported. Treasuries inched higher Tuesday.

Easing trade tensions have helped fuel a stock rally, while US companies have so far emerged largely unscathed by tariffs, protecting margins through price increases and cost cuts. That optimism faces a reality check this week as investors look to the Federal Reserve meeting for clues on the path of rate cuts, while major technology firms including Amazon and Microsoft Corp. reveal whether earnings momentum can be sustained.

“With the Fed on track to cut rates, extending the run would appear to hinge on this week’s lineup of high-profile earnings releases,” said Chris Larkin at E*Trade from Morgan Stanley. “And it may, barring any surprises in US-China trade negotiations.”

The S&P 500 topped 6,875 — notching its best three-day rally since May. Qualcomm Inc. shares rose to their highest price in 15 months after unveiling chips and computers for the lucrative AI data center market, aiming to challenge Nvidia Corp. in the fastest-growing part of the industry.

On Wednesday and Thursday, five firms that account for about a quarter of the US benchmark — Microsoft Corp., Alphabet Inc., Meta Platforms Inc., Amazon.com and Apple Inc. — will report results. A gauge of the “Magnificent Seven” megacaps jumped 2.6%.

On trade, Trump told reporters on Monday that “I really feel good” about a deal with China, after officials unveiled a slew of agreements to ease tensions.

Trump is in Tokyo Tuesday to meet with Japanese leaders.

While markets cheered the latest developments, some analysts cautioned the deal now teed up for Trump and Xi to sign in South Korea ignored thorny issues.

Fundamental fights over national security appeared untouched, they said, along with Trump’s stated core mission of rebalancing trade. Making that harder, Chinese investment into America remains heavily restricted.

“While these developments have lifted market spirits, analysts remain skeptical that the underlying issues — such as national security and tech competition — will be fully resolved,” said Fawad Razaqzada at City Index and Forex.com. “Nevertheless, traders have embraced the risk-on mood.”

Chinese bonds will also be in focus Tuesday after reports by state-owned media that the People’s Bank of China will restart its sovereign bond trading operations, a move that analysts said may be aimed at supporting the debt market and boosting liquidity.

Corporate News:

Domino’s Pizza Enterprises Ltd. shares soared after the Australian Financial Review reported Bain Capital is considering buying the fast-food chain in a deal worth as much as A$4 billion ($2.6 billion). Nidec Corp. shares tumbled as much as their daily limit of 19% on Tuesday as the company is set to be removed from the Nikkei 225 Stock Average and was flagged for special oversight by the Tokyo Stock Exchange. CSL Ltd. shares slumped after Australia’s largest drugmaker scrapped plans to complete a demerger of its Seqirus vaccines business by June 2026, citing heightened volatility in the US influenza vaccine market that it said would prevent the move from realizing full value for shareholders. Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 9:56 a.m. Tokyo time Hang Seng futures rose 0.4% Nikkei 225 futures (OSE) fell 0.3% Japan’s Topix fell 0.5% Australia’s S&P/ASX 200 fell 0.4% Euro Stoxx 50 futures were little changed Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1656 The Japanese yen rose 0.2% to 152.52 per dollar The offshore yuan was little changed at 7.1048 per dollar The Australian dollar was little changed at $0.6559 Cryptocurrencies

Bitcoin fell 0.4% to $113,955.01 Ether fell 0.3% to $4,116.02 Bonds

The yield on 10-year Treasuries was little changed at 3.98% Japan’s 10-year yield declined 1.5 basis points to 1.650% Australia’s 10-year yield declined two basis points to 4.16% Commodities

West Texas Intermediate crude fell 0.2% to $61.19 a barrel Spot gold rose 0.6% to $4,006.35 an ounce This story was produced with the assistance of Bloomberg Automation.

©2025 Bloomberg L.P.

Renewable energy is often pitched as cheaper to produce than fossil fuel energy. To quantify whether this is true, we have been studying the financial impact of expanding wind energy in the UK. Our results are surprising.

From 2010 to 2023, wind power delivered a benefit of £147.5 billion — £14.2 billion from lower electricity prices and £133.3 billion from reduced natural gas prices. If we offset the £43.2 billion in wind energy subsidies, UK consumers saved £104.3 billion compared with what their energy bills would have been without investment in wind generation.

UK wind energy production has transformed over the past 15 years. In 2010, more than 75% of electricity was generated from fossil fuels. By 2025, coal has ceased and wind is the largest source of power at 30% – more than natural gas at 26%.

This massive expansion of UK offshore wind is partly due to UK government subsidies. The Contracts for Difference scheme provides a guaranteed price for electricity generated, so when the price drops below this level, electricity producers still get the same amount of money.

The expansion is also partly due to how well UK conditions suit offshore wind. The North Sea provides both ample winds and relatively shallow waters that make installation more accessible.

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Read more:
How a more flexible energy grid can cope better with swings in Britain’s weather

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The positive contribution of wind power to reducing the UK’s carbon footprint is well known. According to Christopher Vogel, a professor of engineering who specialises in offshore renewables at the University of Oxford, wind turbines in the UK recoup the energy used in their manufacture, transport and installation within 12-to-24 months, and they can generate electricity for 20-to-25 years. The financial benefits of wind power have largely been overlooked though, until now.

Our study explores the economics of wind in the energy system. We take a long-term modelling approach and consider what would happen if the UK had continued to invest in gas instead of wind generation. In this scenario, the result is a significant increased demand for gas and therefore higher prices. Unlike previous short-term modelling studies, this approach highlights the longer-term financial benefit that wind has delivered to the UK consumer.

Central to this study is the assumption that without the additional wind energy, the UK would have needed new gas capacity. This alternative scenario of gas rather than wind generation in Europe implies an annual, ongoing increase in UK demand for gas larger than the reduction in Russian pipeline gas that caused the energy crisis of 2022.

Given the significant increase in the cost of natural gas, we calculate the UK would have paid an extra £133.3 billion for energy between 2010 and 2023.

There was also a direct financial benefit from wind generation in lower electricity prices – about £14.2 billion. This combined saving is far larger than the total wind subsidies in that period of £43.2 billion, amounting to a net benefit to UK consumers of £104.3 billion.

Wind power is a public good

Wind generators reduce market prices, creating value for others while limiting their own profitability. This is the mirror image of industries with negative environmental consequences, such as tobacco and sugar, where the industry does not pay for the increased associated healthcare costs.

This means that the profitability of wind generators is a flawed measure of the financial value of the sector to the UK. The payments via the UK government are not subsidies creating an industry with excess profits, or one creating a financial drain. They are investments facilitating cheaper energy for UK consumers.

Wind power should be viewed as a public good — like roads or schools — where government support leads to national gains. The current funding model makes electricity users bear the cost while gas users benefit. This huge subsidy to gas consumers raises fairness concerns.

Wind investment has significantly lowered fossil fuel prices, underscoring the need for a strategic, equitable energy policy that aligns with long-term national interests. Reframing UK government support as a high-return national investment rather than a subsidy would be more accurate and effective.

Sustainability, security and affordability do not need to be in conflict. Wind energy is essential for energy security and climate goals – plus it makes over £100 billion of financial sense.

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Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.

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A cyclist who received severe third-degree burns to his head after being struck by a drunk driver has been fitted with a printed 3D face.

Dave Richards, 75, was given a 3D prosthetic by the NHS that fits the space on his face and mimics his hair colour, eye colour and skin. His face received full-thickness burns after a speeding drunk driver hit him while he was out cycling with friends.

He said he was “lucky to survive” the crash which also damaged his back and pelvis and caused him to break several ribs on one side of his body.

While recovering, he was referred to reconstructive prosthetics, which has opened the Bristol 3D medical centre, the first of its kind in the UK to have 3D scanning, design and printing in a single NHS location.

Richards, from Devon, said surgeons tried to save his eye but “they were worried any infection could spread from my eye down the optic nerve to the brain so the eye was removed”.

“The decision was then made to go for free flap, taking tissue with blood arteries and veins and plumbing it into my neck, the flap completely covering the side of my face.”

He called the process of getting a 3D-printed face “not the most pleasant”. He added: “In the early days of my recovery, I felt very vulnerable, and would not expose myself to social situations.

“It took me a long time to feel comfortable about my image, how I thought people looked at me and what they thought of me – but I have come a long way in that respect.

Describing the incident that nearly cost him his life, which took place in July 2021, he said: “It was a lovely sunny day, and not long into the ride we were going up a hill on a B road, and this guy comes up behind us at speed, and over the drunk drive limit.

“He was on his phone, racing up behind us and we were all in line. He wanted to swerve around us, but there was a car coming the other way, so it was either smash into the car or smash into us.”

Richards said his two friends were hit by the car and thrown clear of it but he became trapped under the vehicle. “[I] was rolled along, with the engine and exhaust burning through one side of my body and the other side being crushed by the car.”

He said despite his initial “sceptical” feelings towards his treatment, he was happy he had followed through.

“I’m glad I’ve followed this treatment process as it has got me to where I am today. I have always said no matter what treatment is offered, if I think there’s a benefit and the risks aren’t too high, I will try anything and have a go and that’s still the case.”

Amy Davey, the senior reconstructive scientist at North Bristol NHS trust, said: “Surface scanning patients for prosthetics means that patients can be scanned while moving, and this technology can use that movement to aid the prostheses to accommodate movement.

“The 3D printers used involve advanced plastic resins whose properties allow direct application to the skin, with materials that are safe against the skin for long periods.

The man who struck Richards was sentenced to three years and banned from driving for seven years but it is believed he was released after one and a half years for good behaviour and for pleading guilty from the start.

Richards said: “As you can imagine, I am not best pleased with his reduced sentence as I very nearly lost my life and have to live with all the pain from my injuries on a daily basis.”

Tom Hayes, the first banker jailed over Libor interest rate rigging, is suing his former employer UBS for $400m (£300m), claiming he was a “hand-picked scapegoat” for the Swiss bank as it tried to avoid regulatory scrutiny.

The claim, which was publicly filed in a US court in Connecticut on Monday, alleges that UBS misled US authorities and called him an “evil mastermind” behind the alleged Libor scandal, in order to protect senior executives and minimise fines.

Hayes spent five and a half years of an 11-year term in prison after he was accused of being a ringleader in a vast conspiracy to fix the now defunct London Interbank Offered Rate (Libor), which was used to price trillions of pounds worth of financial products, between 2006 and 2010.

The wider scandal, which erupted in 2012, led to fines of almost $10bn for a dozen banks and brokerages. Hayes maintained his innocence and claimed during his original trial that he was taking part in an “industry-wide” practice, accusing regulators of making him a scapegoat.

Hayes is now seeking recompense for the suffering he says he faced as a result of his original ruling.

He is suing UBS for “malicious prosecution”, and says UBS conducted a “fundamentally flawed” investigation in order to pin the blame on Hayes.

Efforts to sue UBS come months after the UK supreme court overturned a decade-old ruling against Hayes in July. That decision was based on faults in the original trial, with the original judge determined to have given “inaccurate and unfair” instructions to the jury that found Hayes guilty on charges of conspiracy to defraud. This meant the former banker was ultimately deprived of a fair trial.

However, the supreme court judges stopped short of fully exonerating Hayes, saying there was “ample evidence” that could have led a jury, if properly directed, to find him guilty. “But the jury was not properly directed,” the ruling explained, adding: “The convictions are therefore unsafe and cannot stand.”

Commenting on the lawsuit against UBS, Hayes said: “It has taken me over a decade to overturn my wrongful conviction and clear my name. My legal team are now rightlyfully holding UBS to account for scapegoating me in order to save billions in fines and protect its senior executives.

“My life was ruined by the bank’s actions – I lost my liberty and my marriage, missed out on my son’s childhood, and my physical and mental health suffered terribly. UBS also destroyed my reputation and career.”

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“I look forward to putting my case in front of a jury to scrutinise UBS’s conduct in relation to these tragic and unnecessary events,” Hayes added in a statement.

UBS declined to comment.

Toothpaste, coffee and even heartburn medicine are among the latest products quietly shrinking in size while shoppers pay the same price, piling more pressure on household grocery budgets.

Consumer watchdog Which? found a range of new examples of shrinkflation as brands cut back on quantity and quality in an effort to reduce their own costs.

One of the worst instances was Aquafresh complete care original toothpaste, which went from £1.30 for 100ml to £2 for 75ml at Tesco, Sainsbury’s and Ocado – a 105% increase per 100ml.

Haleon Great Britain and Ireland, which owns the Aquafresh brand, told the Guardian: “We understand that people across the UK are facing pressure on their finances. Prices go up and down for a variety of reasons, and we always work hard for people to receive the highest quality products at the lowest price so that the whole family can take care of their teeth.”

Gaviscon heartburn and indigestion liquid shrank from 600ml to 500ml, with Sainsbury’s keeping the price at £14 – equivalent to a 20% increase per 100ml. They did not respond to a request for comment.

Nescafé original instant coffee was cut from 200g to 190g at Tesco, Morrisons and Asda – about a 5% rise per 100g. A Nestlé spokesperson said: “Like every manufacturer, we have seen significant increases in the cost of coffee, making it much more expensive to manufacture our products … Retail pricing is always at the discretion of individual retailers.”

Chocolate has also been hit by rising cocoa prices, with Quality Street tubs reduced from 600g to 550g and prices at Morrisons increasing from £6 to £7 – a 27% rise per 100g. Club and Penguin biscuits, both made by McVitie’s, can no longer be described as chocolate biscuits, as they now contain more palm oil and shea oil than cocoa, a change first reported by trade journal The Grocer.

Which? said any changes, whether to product size or recipe, should be made clear so that shoppers can make informed choices.

Reena Sewraz, retail editor at the watchdog, said: “Households are already under immense financial pressure with food bills inching up and the expense of Christmas looming on the horizon … Supermarkets must be more upfront about their prices so that it’s easy to see what the best value is.

“This includes ensuring that their unit pricing is prominent, legible and consistent in-store and online to help customers easily compare costs across different brands and sizes of packaging; that way shoppers can be more confident they’re getting the best value.”

Hopes that the pressure on households may be easing came from news that UK shop price inflation fell to 1% in October from 1.4% in September, according to the British Retail Consortium, helped by a drop in sugar prices and early Black Friday discounts on electrical and beauty goods.

The drop was led by packaged and tinned foods, where inflation eased to 2.9% in October from 4.2% the previous month. Non-food prices fell by 0.4%, compared to the previous month’s 0.1% decrease, according to the latest shop price monitor from the BRC and research firm NIQ. These shifts offset a rise in fresh food inflation, which increased to 4.3% from 4.1% as prices for beef, poultry and fruit climbed in response to higher domestic production costs.

Helen Dickinson, the chief executive of the BRC, said: “Overall shop price inflation slowed in October, driven by fierce competition among retailers and widespread discounting. While food inflation remains high, especially for fresh food where prices continued to rise, it eased for ambient goods.

“Easing global sugar prices helped to bring down prices of chocolate and confectionery, a treat for those preparing Halloween parties. Beyond food, discounts came early to electricals and health and beauty, as retailers started promotions ahead of Black Friday month.”

The chancellor is facing a larger-than-expected gap in initial Budget numbers as a result of long-running poor productivity in the UK economy.

The downgrade to productivity performance from the government’s official forecaster could lead to a £20bn gap in the public finances on its own, the BBC understands.

The Office for Budget Responsibility (OBR) will deliver its final draft forecast, showing the output of the economy per hour worked, to the Treasury on Friday.

The Treasury declined to comment on “speculation” ahead of the OBR’s final forecast, which will be published on 26 November.

It comes as speculation is growing over what choices Chancellor Rachel Reeves will take for tax and spending in the run up to her Autumn Budget.

The OBR previously assumed a partial bounce back in productivity growth, but it has never materialised.

This productivity assumption is essential to long-term growth prospects and so, under the current system, even a fraction of a percentage point change can alter how much money a Budget needs to raise by several billion pounds.

The OBR is understood to have downgraded this by 0.3 percentage points – a figure first reported by the Financial Times – bringing its assumption closer to that of the Bank of England.

The Institute for Fiscal Studies think-tank has calculated that for every 0.1 percentage point downgrade in the productivity forecast, public sector net borrowing would increase by £7bn in 2029-30 – meaning a 0.3 point cut could add £21bn to the Budget hole.

The changes open up an initial gap of some £20bn, rather than the £10-£14bn widely anticipated.

Such a hole could be plugged by hiking taxes, reducing public spending or increasing government borrowing.

Reeves admitted on Monday to business leaders in Saudi Arabia that the OBR was “likely to downgrade productivity” which has been “very poor since the financial crisis and Brexit”.

The OBR is expected to explain the decision in detail, but some ministers have privately pointed out that if it had done this earlier, different choices could have been made at this summer’s Spending Review.

There are many other moving parts in the Budget which may lean in the other direction, such as the decline in the interest rates paid on government debt.

However, with other pressures such as the U-turns on welfare spending and a desire to rebuild a bigger buffer in the public finances, speculation is pointing towards significant tax rises including some possible breaches of manifesto commitments, points towards significant tax rises, including possible breaches of manifesto commitments like income tax.

The Treasury will inform the OBR of its first draft Budget measures next week.