Latest Business & Economy News Today: 5 November 2026

The IRS announced higher 2027 federal income tax brackets and standard deductions as Americans face rising living costs. The top 37% rate applies to single filers with taxable income above $661,375 and married couples filing jointly at $793,650 or more. The standard deduction rises to $33,200 for married couples filing jointly and $16,600 for single filers, up from $32,200 and $16,100 in 2026.

The Nasdaq composite was on track for its worst day in 18 months, falling as much as 5% and entering correction territory amid AI spending worries and fears of tougher datacentre regulation after U.S. midterms. Chip stocks led the decline, with SanDisk down 19% and Western Digital down 16.5%, while the VIX jumped 40%. The S&P 500 fell 3.7% and the Dow Jones industrial average dropped more than 1,500 points.

Food startup Wonder, created by Marc Lore in 2018, confidentially filed for an initial public offering, the company said Thursday. It operates about 170 US locations and has spent at least $1bn on acquisitions including Grubhub, Blue Apron and Relay, after raising more than $3bn in venture funding. A Series D round earlier this year valued it at $9bn pre-money. IPO proceeds will support more acquisitions.

Qualcomm shares fell 9% after the chipmaker projected first-quarter adjusted earnings of $2.15 to $2.35, below the $2.27 estimate, and revenue of $10.4bn to $11.2bn, under the $10.48bn forecast. It slightly beat fourth-quarter estimates, but handset chip sales fell 26% to $5.14bn as rising memory costs forced price hikes. AMD, Micron, Arm and Intel also declined, extending a post-election chip selloff on data center slowdown fears.

BT has cut 7,731 jobs since the end of March, leaving about 90,000 staff excluding its international business, which is being spun out with Verizon. The telecoms group reported profit before tax of £1.1bn in the six months to the end of September, up 12%, and its shares touched a five-year high. The cuts are part of a programme to save £3.7bn by 2030 and reduce headcount to 75,000 to 80,000 by the decade's end.

Paraguay's central bank began winding up Ueno Bank on Tuesday after its solvency ratio fell below 50%, leaving almost three million customers unable to access accounts. The bank held about $850m in public resources, including pension and healthcare funds, and the collapse has triggered political turmoil and an impeachment move against Santiago Peña.

World Bank data show debt owed by developing countries rose to a record $9.4tn last year, up 5.5%, the fastest increase in four years. The poorest countries faced an average interest rate of 8.2% on new borrowing, the highest since the late 1980s, limiting spending on development. The UK, preparing for its G20 presidency next year, is planning a new drive on debt and has appointed Gordon Brown to examine changes to the global debt regime.

The Federal Reserve's October survey found U.S. banks tightened lending standards in the third quarter, especially for smaller businesses, commercial real estate and riskier households. Commercial real estate standards were tighter across construction, nonfarm nonresidential and multifamily loans, while demand weakened. Banks also tightened credit for nonbank financial firms and subprime borrowers, though jumbo mortgage standards eased.

Wendy's rejected a $1.4 billion cash takeover proposal from a group led by Nelson Peltz's Trian Fund Management, which offered $7.35 per share on Oct. 28. The board's independent committee said the bid substantially undervalues the chain and ignores gains from its turnaround strategy, even as the company reported third-quarter earnings and revenue above expectations while same-store sales fell for a seventh straight quarter.

The Bank of England raised its benchmark rate by 25 basis points to 4% on Thursday, the first increase since August 2023, after an 8 to 1 vote. Policymakers warned inflation could reach about 5% by the middle of 2027 as Middle East energy prices stay elevated. The move should raise borrowing costs and savings rates, with two-year mortgage rates already up nearly half a point since September.

Leonardo has received orders exceeding 60 billion euros for the first time, the Italian defence and aerospace group said. Orders rose 28% in the first nine months of 2026 to 60.4 billion euros, with growth in defence, drones and space. The company said the backlog includes about 6 billion euros from the acquisition of Iveco Group's Defence division.

Shares of Deoleo, the world's largest olive oil company, plunged Thursday, last trading down 17.8%, after Spanish rivals Dcoop and Acesur said they would each hold a 50% stake in the company. The deal would create a new olive oil giant and further consolidate Spain's dominance in the sector. Dcoop said it aims to boost global consumption and support farmers, after a takeover battle involving firms from Italy, France and Australia.

Japanese firm ORIX Aviation has agreed to buy Newport-based AerFin in a deal worth about £475m. AerFin, founded by Bob James, employs more than 230 people and supplies aircraft engines, parts and maintenance services to more than 600 organisations. The sale marks the exit of Danish private equity investor CataCap and expands ORIX Aviation into aftermarket services and end-of-life aircraft management.

China's National Development and Reform Commission has blocked SoftBank's US$5.4 billion acquisition of ABB's robotics division, the Swiss firm said. The NDRC was concerned robotics data could move overseas to train AI models, including those developed by OpenAI, a major SoftBank investment. The case is the second major deal blocked by China this year after Meta was ordered to unwind its US$2 billion-plus Manus acquisition.

OpenAI reaffirmed a promise to pay the full cost of powering data centers it owns and operates, as part of commitments published Thursday. The company also said it will solicit community input, publish construction plans and avoid non disclosure agreements with public officials. The pledges came two days after voters in 41 local ballot measures across 10 states backed restrictions or rejected pro development measures for all but one.

Brent crude fell about 20% this week to around US$95 a barrel, while US West Texas Intermediate dropped 16% to about US$88. The decline followed a Democratic blue wave in US midterm elections that eased concerns about President Donald Trump escalating conflict in the Middle East. Oil is headed for its biggest weekly decline since the pandemic.

Gordon Brothers, the US owner of Poundland, said the chain remains challenged and vulnerable after talks with ministers. Xyra Group, based in London, made a second rescue bid, offering to pay off half of the retailer's outstanding debts immediately and defer the rest. The offer follows a rejected rival bid and puts pressure on Gordon Brothers, which bought Poundland for £1, as about 12,000 jobs remain at risk.

Rheinmetall cut its 2026 sales outlook for a second time since August to about 13.2 billion euros, down from 13.7 billion to 14.2 billion euros, citing delays to military contracts and ammunition deliveries. The company expects an operating margin of about 18.5%, down from 19%, after setbacks in the Arminius Boxer vehicle project and artillery ammunition testing.

US asset manager Federated Hermes has opened a Hong Kong office to tap into the growth of China's tech sector and the demand for investment diversification. The move adds to the firm's Asia-Pacific footprint and coincides with a wave of international financial institutions expanding their presence in the city to serve private banks and institutional investors.

Nintendo reported that Switch 2 sales fell 41% in the fiscal second quarter to 2.67 million units, a decline driven by price increases in the U.S., Canada, and Japan. The drop also followed a previous price hike in Japan and reflects the impact of soaring memory costs on the Japanese gaming giant's flagship device.

China's securities regulator has ordered three Hong Kong IPO applicants to submit additional documentation on tax compliance and internal dividend approvals. The move follows a crackdown on tax compliance, with at least 80 listed Chinese firms ordered to repay corporate income taxes and surcharges in the first half of the year.

Broader markets rallied after a historic defeat for President Donald Trump's Republicans in US midterms, while oil plunged and AI linked firms fell on data center concerns. Investors rotated into finance, auto, mining and manufacturing, with Hong Kong shares rising on hopes for easing US China trade tensions. Asian tech and chip shares fell sharply, including SK hynix, Samsung, Kioxia, Advantest, Tokyo Electron and SoftBank.

Chinese stocks extended their rebound for a second day Thursday, with the CSI 300 Index rising 0.4% to 4,115.93 at the trading break. State support and a Democratic landslide in the U.S. congressional election lifted risk appetite, while the chip heavy Star 50 gauge jumped 2.1%. Regulators restarted a swap facility and cut the rate on a relending programme for equity buybacks to inject liquidity.

Beijing is expanding its digital yuan network to offshore institutions, with Chinese banks exploring local e-CNY wallets for foreign firms to deepen cross-border integration. The People's Bank of China is working to extend e-CNY capabilities to offshore banks, while institutions like ICBC and HSBC report growing transaction volumes and customer demand for cross-border renminbi settlements.

David Jones, Australia's oldest department store chain, has gone into voluntary administration, putting thousands of jobs at risk. The retailer, 188 years old, employs about 6,000 staff and operates 38 physical stores, including 17 in Westfield shopping centres. Physical and online stores will continue operating while receivers review the company, giving the business breathing space to restructure.

Shares of Australian data center operator NextDC rose more than 42% Thursday after Goodman Group and Digital Realty sought stakes of up to 9.9% in the company. NextDC said the two firms conducted an aftermarket bookbuild Wednesday at A$9.50 per share and called the move opportunistic. Both buyers said they had no current intention of a takeover bid but reserved the right to do so.

A White House committee of inquiry postponed its hearing with Federal Reserve Governor Lisa Cook from Thursday to December 14 at Cook's request. The hearing investigates allegations of false statements in mortgage applications that President Donald Trump cites as cause for her removal, a move she argues is pretextual for her refusal to support lower interest rates.

India is considering scrapping the long-term capital gains tax for foreign investors to reverse record capital outflows, with foreign holdings in Indian stocks at an all-time low of 14%. Finance Minister Nirmala Sitharaman acknowledged the outflows and said she would review the tax, though experts note that a tax cut alone may not restore investor confidence if earnings growth remains unpredictable.