Anthropic is preparing a Nasdaq listing amid a tech selloff and midterm backlash against AI data centers, while Berkshire Hathaway more than doubled its third-quarter buybacks as its earnings fell. The Bank of England raised rates for the first time in over three years, citing inflation linked to the Iran war. Paraguay's ousted president was placed under house arrest after a banking crisis froze accounts for about 60 per cent of adults.
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Illustration Berkshire Hathaway bought back $9.6 billion of shares in the third quarter, more than double the $4.5 billion in the second quarter, as operating profit fell 5.8 percent to $12.705 billion. Overall earnings dropped 28 percent to $22.112 billion, with investment gains nearly halving. The buyback push came as cash grew 3 per cent in the quarter, even as investors rotated out of technology stocks.
Illustration Anthropic is preparing a Nasdaq IPO likely in mid-November, with investors seeing a valuation of $1 trillion to $1.5 trillion, down from a $2 trillion target. The listing follows local communities opposing 40 of 41 data center measures and midterm voters electing Democrats in key states, while the Nasdaq had its steepest drop in 19 months.
The AI trade is counting on the offering, but the tech selloff has raised questions over a delay or discount.
Illustration Berkshire Hathaway shares rose more than 5 per cent this week, outpacing the S&P 500 as investors moved away from slumping technology stocks amid fears that data centers will not pay off. The S&P fell almost 2.7 per cent and the Nasdaq Composite fell 3.4 per cent, while Berkshire's B shares moved from trailing the S&P by 13.6 percentage points a month ago to 5.8 percentage points ahead.
Illustration Virgin Media O2 has announced £800m in cost savings, including potentially cutting up to a quarter of staff, as it faces a £22bn debt pile. The UK telecoms group has lost 182,000 broadband and 644,000 mobile customers in two years, amid competition from new fibre networks and BT's copper replacement drive.
Illustration About 10 foreign carmakers, from Tesla to General Motors, are using the China International Import Expo to stress safety and quality as Beijing's clampdown on rapidly developed vehicles gives them an opening. Foreign brands fell below 30 per cent of third-quarter 2026 deliveries, down from 34.6 per cent a year earlier, while GM's Cadillac said its new XT5 plug-in hybrid has become its bestselling product in China since September.
Illustration Nationwide building society launched a 30-month Member Exclusive Bond paying 5.3 per cent to its more than 19 million members. Deposits range from £1 to £10,000, and a full £10,000 would earn £1,381 in interest by the end of the term. The bond was launched days before the Bank of England raised its base rate to 4 per cent, and experts said the fixed rate may still look competitive.
Illustration Global financial leaders in Hong Kong largely avoided Beijing's offshore trust tax crackdown at this week's summits. A PWMA and KPMG China report said private wealth assets under management in Hong Kong reached HK$12.9 trillion, up 24 per cent from a year earlier and above the 2020 peak. Beijing's July move to apply a 20 per cent personal income tax rate to offshore trust gains is a thorny issue for cross-border wealth management.
Illustration Ren Zeping, a former Evergrande economist and former State Council Development Research Centre researcher, has had his WeChat accounts blocked from new followers after a video with a call to buy the dip in A shares. The accounts, including Zeping Macro, could no longer be found by search since October 24, with staff describing the status as abnormal. The ChiNext Index had fallen more than 43 per cent from its June peak by Friday.
Illustration The Bank of England raised interest rates on Thursday for the first time in over three years, citing rising inflation linked to the Iran war. Higher rates could make mortgages, credit cards and personal loans more expensive, even as savings rates improve. Experts warn further increases are possible over the next 18 months as the conflict pushes up food, fuel and energy prices.
Illustration Tiger Brokers says local Hong Kong clients are driving record new funded accounts and asset growth as it offsets Beijing's crackdown on unlicensed overseas stock trading. The firm, fined 410 million yuan by China's securities regulator, said new funded accounts in Hong Kong over the first nine months exceeded the full year 2025 figure. It plans to expand its Hong Kong wealth management team and may increase its US$100 million investment there.
6 NovFridayAI data centre worries hit stocks as US jobs beat and Tesla winds Cybertruck→ 
5 NovThursdayBoE hikes rates as AI rout hits tech and France rejects budget→ 
4 NovWednesdayDow rallies as oil falls and pound hits highest since Brexit referendum→ 
3 NovTuesdayUS strikes Iran's Qeshm Island as Anthropic files IPO prospectus with $895bn compute bill→ 