Bank of England is set to cut interest rates despite potential new inflation worries
LONDON (AP) — The Bank of England is set to cut interest rates for the second time in three months as inflation has fallen to its lowest level in more than three years. But economists warn that worries about the future path of prices following last week’s tax-raising budget from the new Labour government and the economic impact of President-elect Donald Trump may limit the number of cuts next year. But the Bank of England is widely expected to reduce its main interest rate on Thursday by a quarter of a percentage point to 4.75%.
Stocks and bitcoin jump after Trump’s victory. So do worries about inflation as Dow surges 1,500
NEW YORK (AP) — U.S. stocks stormed to records as investors made bets on what Donald Trump’s return to the White House will mean for the economy and the world. The S&P 500 jumped 2.5% Wednesday for its best day in nearly two years. The Dow Jones Industrial Average surged 3.6%, and the Nasdaq composite gained 3%. Big bank stocks led the way on expectations that Trump’s policies will lead to stronger economic growth and less regulation. Bitcoin also jumped to a record, while Treasury yields ran higher amid worries about bigger U.S. government borrowing and worse inflation. The U.S. dollar jumped against other countries’ currencies.
Canada orders TikTok’s Canadian business to be dissolved but won’t block app
TORONTO (AP) — The Canadian government is ordering the dissolution of TikTok’s Canadian business after a national security review of the Chinese company behind the social media app but said it won’t block access. Canada’s industry minister says it is meant to address risks related to ByteDance Ltd.’s establishment of TikTok Technology Canada Inc. TikTok is wildly popular with young people, but its Chinese ownership has raised fears that Beijing could use it to collect data on Western users or push pro-China narratives and misinformation.
AP VoteCast: Voters who focused on the economy broke hard for Trump
WASHINGTON (AP) — President-elect Donald Trump tapped into deep anxieties about an economy that seemed unable despite its recent growth to meet the needs of the middle class. AP VoteCast, a sweeping survey of more than 120,000 voters nationwide, shows worries about everyday expenses helped Trump return to the White House. Trump decisively won among voters who said their family’s finances were “falling behind” — a group that grew from about 2 in 10 voters in 2020 to about 3 in 10 voters this year. He also carried more than half of voters who were “very concerned” about the cost of food, the cost of housing and their own health care costs.
Donald Trump has sweeping plans for a second administration. Here’s what he’s proposed
WASHINGTON (AP) — Donald Trump has promised sweeping action in a second administration. But his proposals are more complicated than that sounds and often lack specifics. For example, his approach would not only crack down on illegal immigration but curtail immigration overall. He rails against federal rules, but his policies could often lead to more rather than less federal power. He talks about ending federal taxes on workers’ tips and Social Security, but his tax policies broadly tilt toward corporations and wealthier Americans.
Trump win ignites crypto frenzy that sends bitcoin to a record high
LONDON (AP) — The price of bitcoin has hit a new high as investors bet that former President Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies. Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing the previous record set in March. Other cryptocurrencies like ether also soared. So did shares of crypto-related companies like Coinbase. Trump has has pledged to make America “the crypto capital of the planet” and create a strategic reserve of bitcoin. Ahead of the election, he also launched a new venture to trade cryptocurrencies called World Liberty Financial.
Beyond Meat reverses revenue slide by raising prices on its plant-based products
Beyond Meat reversed a sales slide in its third quarter, growing revenue for the first time since 2022 as it charged higher prices for its plant-based meat. The El Segundo, California-based company said its revenue rose 7.6% to $81 million in the July-September period. That was higher than the $80.1 million Wall Street was expecting, according to analysts polled by FactSet. Beyond Meat said it saw a 7% decrease in the volume of products sold but a 15.8% increase in net revenue per pound. The company has been trying to rely less on discounting and position its newer, healthier burgers, sausage and grounds as premium products.
Germany’s leader expected to lead country with minority government after coalition collapse
BERLIN (AP) — Germany’s leader is expected to lead the country with a minority government after the collapse of the coalition. Chancellor Olaf Scholz dramatically fired Finance Minister Christian Lindner of the pro-business Free Democrats in a late-night move after a marathon of crisis meetings. The three remaining ministers of the Free Democrats have also resigned. That has effectively led to the government coalition’s collapse. Lindner will receive his certificate of dismissal from President Frank-Walter Steinmeier on Thursday afternoon. A successor will likely be named right after.
Four years make a big difference for Donald Trump — and for Fox News
On election night 2020, Fox News sparked an internal crisis with a bold call that Joe Biden would beat Donald Trump in the crucial state of Arizona, putting the Democrat on the path to victory. This year illustrated how things have changed. Fox on Wednesday was ahead of the broadcast networks, along with CNN and MSNBC, in calling the election for Donald Trump. This time it was a call that many of its conservative viewers liked. While an obvious political comeback for Trump, election night illustrated how Fox has come back from some of its darkest days as a network.
Stock market today: World shares gain after Trump’s victory as focus turns to the Fed
Shares are mostly higher in Europe and Asia after U.S. stocks stormed to records as investors considered what Donald Trump’s return to the White House will mean for the economy and the world. Investors were also turning their attention to the Federal Reserve’s decision on interest rates later Thursday. On Wednesday, the S&P 500 jumped 2.5% for its best day in nearly two years. The Dow Jones Industrial Average surged 3.6%, and the Nasdaq composite gained 3%. Bitcoin also jumped to a record, while Treasury yields ran higher amid worries about bigger U.S. government borrowing and worse inflation. The U.S. dollar jumped against other countries’ currencies.
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