Business & Economy News: 11 November 2026

Canada's ambassador to the US warned that Trump tariffs are raising investment costs and discouraging expansion, as new Federal Reserve research found nearly 90% of tariff costs were passed to US importers. Ambassador Mark Wiseman said uncertainty raises the cost of capital for new plants, ships and research. The warning comes as the two countries resume talks over duties of up to 50% on some Canadian goods.

Two Democratic senators asked Health and Human Services to explain steps to limit prediction market bets on clinical trials and FDA approvals, warning contracts could undermine science and create insider trading risks. Senators Angela Alsobrooks and Ron Wyden requested internal communications and analyses. Kalshi and Polymarket both offer such contracts, and Kalshi says it uses late-stage trial limits and trader verification.

The Commodity Futures Trading Commission is investigating whether prediction market platform Kalshi failed to properly inform the agency of proposed event contracts. Kalshi called the issue minor, saying the CFTC flagged weather-related contracts and that many were not live. The probe adds to scrutiny of prediction markets, which can self-certify contracts without prior CFTC approval if they comply with the Commodity Exchange Act.

CoreWeave CEO Michael Intrator said the company will not slow its AI buildout after Democrats won control of Congress and voters backed data center restrictions in most ballot measures. He canceled his planned stock sales after the company reported 168% revenue growth and raised its 2026 forecast. The remarks come as investors weigh whether political changes and rising rates will strain AI financing.

Chicago Fed President Austan Goolsbee called October's 0.4% consumer price increase borderline disturbing, saying tariffs have not faded and services inflation remains high. He said the Fed faces a real inflation issue as Governor Christopher Waller and Dallas Fed President Lorie Logan discussed possible larger or additional rate hikes. The report was the third straight month of outsized price increases.

Nissan said it will cut petrol car production in China and expand battery electric and plug-in hybrid output after China sales fell 32% in the first nine months. The company lowered its sales forecast to 2.97 million to 3 million vehicles from 3.15 million, mainly because of struggles in China. The move shows global carmakers struggling to keep profitable petrol models alive while Chinese EV rivals intensify competition.

An ECB official said Christine Lagarde's early departure as president will not hold up the digital euro, pointing to a pilot starting next year and EU lawmakers' commitment to agree the law by year-end. The project is described as a European rather than solely ECB initiative, with technical preparations continuing while Brussels negotiates merchant fee rules. The ECB aims to be ready for a first issuance in 2029.

The average 30-year fixed mortgage rate rose 12 basis points to 7.30% on Tuesday, the largest one-day jump in more than a month, after a monthly inflation report came in hotter than expected. The increase ended four straight weeks of declines and followed a jobs report that also showed a stronger economy. Mortgage applications had risen the previous week as rates eased, but purchase and refinance activity remained well below a year earlier.

Huawei said it will debut Osta, known in Chinese as Xingmang, on November 20, its first major sub-brand venture since selling Honor in late 2020. Chairman Richard Yu Chengdong confirmed the launch on Weibo, with the event coinciding with Huawei's latest electric vehicle launches. The move follows Huawei's recovery in China, where it held a 21.3% smartphone market share in the third quarter of 2026, ahead of Apple's 19.5%.

Total US retail spending rose 0.2% in October to $561.7 billion, the slowest monthly pace since November 2025, while core spending excluding restaurants rose 0.3%. Spending was 3.6% above a year earlier, with electronics and appliances up 9.3% over 12 months and furniture and home furnishings down 0.2% for the month. The data shows households are timing purchases around promotions as higher prices and inflation squeeze budgets.

Nvidia's valuation has hit a 15-year low, trading at a discount to the S&P 500 by one measure, after shares fell 30% from their October 6 peak through Tuesday. The chipmaker, which has made hundreds of billions of dollars in commitments to support the AI buildout, is being watched by the Federal Reserve and other institutions for possible spillover. CEO Jensen Huang faces scrutiny over an alleged relationship with a suspected Chinese spy.

ITV plans 30 million pounds in temporary cost savings this year, including 25 million pounds in content and 5 million pounds elsewhere, as advertising sales slow. The broadcaster expects ad revenue in its television and streaming division to fall 5% to 10% in the final quarter and 2% to 3% for the full year. The cuts come before an inquiry into its takeover by Sky, and shares fell as much as 5%.

Nvidia hired Wachtell, Lipton, Rosen & Katz to investigate the relationship between CEO Jensen Huang and an alleged Chinese spy, Alice Huang, who was also an Nvidia customer. Shares closed up 2.9% Wednesday, but fell more than 7% after hours after the Wall Street Journal reported the board is preparing to oust Huang. The New York Times also reported an extramarital relationship with Nvidia executive Kimberly Powell.

BYD said a supplier installed front and rear wheel rims in reverse on some Tang model SUVs in China, offering affected owners free inspections, replacements and warranty resets. The world's largest EV maker said safety tests found the error did not compromise handling or driving safety. The apology comes as Chinese authorities tighten scrutiny of car quality, with Chinese EV makers' overseas deliveries hitting a record 582,000 in October.

Swire Properties and its Thai partner City Realty said more than 100 flats worth 10 billion baht in two Upper House-branded Bangkok towers have been sold since May. Thai citizens accounted for two-thirds of sales, while buyers also came from Hong Kong, Tokyo, Taipei and Europe. The developers have roadshows planned in Hong Kong, Taipei and Tokyo and another in mainland China as they enter the branded residence segment.

Brent crude rose 0.2% to $91.71 and US benchmark crude gained 0.1% to $86.12 as investors monitored attacks on shipping in the Strait of Hormuz. Iran's army said an oil tanker struck a naval mine and caught fire in the strait, which normally carries about one-fifth of global oil. The US is escorting ships, while India said a Liberia-flagged tanker with Indian seafarers was hit by a projectile in the Gulf.

Nissan cut its global sales outlook for the fiscal year ending March 2027 to 2.97 million to 3 million vehicles, down from 3.15 million, and reported a 96% drop in second-quarter operating profit to 2.1 billion yen. CEO Ivan Espinosa said the company will rapidly increase exports of China-developed vehicles from two models to five, targeting 12 regional market clusters, to compete with Chinese rivals using speed, cost and technology.

Nvidia shares rose 4.5% in premarket trading on Wednesday after falling 4.3% on Monday and 5.47% on Tuesday amid scrutiny over CEO Jensen Huang's alleged affair with a Chinese spy. The company said it hired Wachtell, Lipton, Rosen & Katz to investigate whether company secrets or national security were compromised, with quarterly earnings due Nov. 17. Investors are weighing whether the matter will affect the business before earnings.

OpenAI told investors its adjusted operating margin improved to minus 109% from minus 150%, but operating losses widened to $10.9 billion from $10.1 billion, according to documents seen by the Wall Street Journal. The disclosure lands as Anthropic prepares an IPO that could value it at about $1.4 trillion and as Democrats take both chambers of Congress. Investors are weighing how long the AI spending boom can be financed.

China agreed to raise weekly flight limits with Uzbekistan from 100 to 114 and with Kazakhstan from 150 to 180, adding Chengdu and Kashgar to Kazakhstan's destinations. The deals were reached in Tashkent under the Air Silk Road initiative. Uzbekistan and Kazakhstan also raised weekly flights between Tashkent and Almaty or Astana from 42 to 60 on each route, with other routes rising from 14 to 20.

TSMC's board authorised up to $500 million to buy Anthropic common shares at its IPO price and up to $500 million to buy preferred shares in OpenAI. It also approved up to $500 million for a strategic investment arm. The move gives TSMC direct financial ties to frontier AI labs and may help it gauge end-user demand and manage supply bottlenecks, as Anthropic said TSMC capacity constraints had at times delayed chip deliveries.

The $42 billion 10-year US Treasury auction drew weak demand and sold at a 5.02% yield, above the 5.01% secondary-market level. US consumer prices rose 0.4% in October and core inflation accelerated to 0.3%, both above consensus, while Fed Governor Christopher Waller said he would back a 50 basis point increase if inflation was not contained. It stalled a month-long rebound in US bonds and could support China's yuan push.

Jersey Electricity said electricity bills will rise by 2.5% from March 2027, adding just over £1 per week for a typical all-electric home. The company said the increase is below Jersey's 3% annual inflation rate in September and was delayed until March to avoid the colder winter months. It is investing £120m in the network to improve resilience and future-proof systems.

US stock indexes ended lower on Tuesday, snapping a two-day rally, as traders worried about a larger Federal Reserve rate hike in December. Tech stocks bounced this week after bargain buying and strong AI figures from CoreWeave, Anthropic and OpenAI. The moves matter because investors are testing whether companies can keep financing heavy AI spending while borrowing costs rise.

Aldi is cutting hundreds of UK head office and logistics roles to trim global costs. It is consulting on up to 150 technology roles after 103 finance and administration redundancies earlier this year and nearly 20 buying director cuts, while store jobs are unaffected. UK sales rose only 0.4% in the 12 weeks to 1 November, with market share down 0.1 point, as Aldi outsources finance, procurement and administration work to India and elsewhere.

Investors are rotating from technology stocks into consumer staples, healthcare and utilities as markets enter a state of alert. The Nasdaq is up about 8.7% year to date but fell 5.3% in October and is down 0.7% in November, while South Korea's Kospi lost 16.2% in October. Analysts cite AI spending concerns and the Democratic midterm sweep as pressures, with HSBC saying the rotation into defensives looks extreme.

U.S. Treasury Secretary Scott Bessent said the United States and China should harbor no illusions as they cooperate and compete on artificial intelligence. He said the two governments have established a new dialogue mechanism on super intelligence, including exchanges on testing advanced models and alerts for serious incidents. Bessent stopped short of committing to limit AI advancement, and the leaders are expected to meet next week.

Alibaba plans a public offering for T-Head, its semiconductor subsidiary, in Hong Kong, subject to exchange and China Securities Regulatory Commission approval. The filing did not disclose a date or size, and Alibaba said it had already filed confidentially on Sept. 11. The move comes as Chinese companies develop homegrown AI chips amid US restrictions, while Alibaba's Hong Kong shares fell 1% Wednesday morning.

Singapore launched a central bank gold vaulting service for foreign central banks and sovereign entities, with initial capacity of 500 metric tons. The city-state also plans tax exemptions for certain wholesale gold services and a physical gold clearing system expected to begin in the first quarter of 2027. The moves aim to make Singapore a bullion hub, though experts question its chances against established hubs and rival Hong Kong.

CoreWeave shares jumped 15% in premarket trading after third-quarter revenue rose 168% to $3.7 billion and the company raised full-year guidance. It expects adjusted operating income of $1.275 billion to $1.375 billion on revenue of $13 billion to $13.3 billion, above estimates. CEO Michael Intrator said growth was supported by customer contract financing and about $9 billion in prepayments and deposits, easing debt concerns.

A study of 3,315 adults in Hong Kong, Singapore and Australia found that 88% of Hong Kong respondents invested in some form, but 41% said a lack of knowledge held them back. Only 17% of Hong Kong adults aged 25 to 34 said they were extremely or very confident making investment decisions, compared with double that share in Singapore. Younger Hongkongers face a confidence problem, while those over 55 reported the highest confidence in the city.

Traditional games and stickers are helping drive a bumper year for UK toy sales, with toys sold up to October up 17% from the same period last year. Circana said growth is at a 10-year high, with some of the biggest increases in toys priced between £5 and £10. Connected toys account for less than 1% of market sales, while traditional, hands-on play remains overwhelmingly popular.

Poundland and its 11,000 employees are hopeful a last-minute rescue deal can delay the retailer's impending collapse. Sources told the BBC they expect more time after its owners released £10m, though a deadline to secure a buyer expires at midnight. The 10-day moratorium protecting Poundland from creditors expires on Thursday, and a committee of MPs is set to question US owners Gordon Brothers on Wednesday.