Latest Business & Economy News Today: 13 November 2026

Jaguar Land Rover reported a £451m quarterly loss after recording £530m in costs from cutting 4,000 jobs, while revenues rose to £5.9bn in the July to September period. The company said most cuts would be voluntary, with 3,000 already confirmed, and that it was in operational profit before restructuring costs.

Chief executive PB Balaji urged the UK and EU to stop plans for new post-Brexit trade barriers as Chinese electric carmakers intensify competition.

Environment secretary Angela Eagle said a UK-EU deal on plant, food and animal trade will remove £60m a year in costs for the horticulture industry. The sanitary and phytosanitary agreement, due to be signed at the 20 November summit, would remove most physical checks and paperwork on plant imports. Eagle said the savings could put downward pressure on food prices, although she did not confirm lower UK food costs.

Chicago Fed President Austan Goolsbee said the central bank has work to do after October producer prices rose 0.3% and 6.5% annually, the highest annual rate since November 2022. He said inflation is slipping further from the Fed's 2% target, with demand overheating from the AI data center buildout starting to spread. Markets fully price a quarter-point hike at the Dec. 8-9 meeting and see a better than 10% chance of a half-point move.

The producer price index rose a seasonally adjusted 0.3% in October, below the Dow Jones consensus for a 0.4% increase, the Bureau of Labor Statistics reported Friday. Core PPI, excluding food and energy, also rose 0.3%, meeting expectations. Headline PPI accelerated 6.5% annually, the highest annual rate since November 2022, ahead of the Fed's Dec. 8 and 9 meeting.

CFTC Chairman Michael Selig said many major crypto exchanges are already registered with the agency because they offer financial derivatives, including perpetual futures, and can now add spot trading. He said new entrants are also lining up to register with the CFTC rather than deal with 50 different state regimes. The CFTC proposed the rules in October to create a federal framework after the Clarity Act stalled in the Senate.

MOL says it will be technically ready to phase out Russian oil imports by the end of 2027, as it calls for more EU funding to support the transition away from Russian energy. Chief executive György Bacsa warned that reducing Hungary's dependence on Russian crude could drive up energy costs, trigger social unrest and fuel political instability in Hungary and Slovakia. MOL will seek EU funding for energy diversification for the first time.

China's finance ministry clarified enforcement of its offshore trust tax, officially excluding Hong Kong MPF accounts held by mainland Chinese and setting calculation methods for listed Hong Kong stocks and stakes in non-listed firms. The details follow a July 24 circular that worried wealthy Chinese families, some of whom reportedly sold listed stakes to raise cash.

The IEA said global oil supplies surpassed demand for the first time since the Iran war began, with October supply at 105.4 million barrels a day and inventories rising for the first time since June. Russian crude output rebounded to 8.73 million barrels a day after a Trump-Putin diesel deal, but European diesel prices remained 77% above pre-war levels as attacks on Russian energy infrastructure kept supplies tight.

Treasury Secretary Scott Bessent said Treasury, Defense, State and the Office of the U.S. Trade Representative had long supported putting Megaspeed on the entity list, but Commerce is in charge. His comments followed an Axios report that he asked Commerce Secretary Howard Lutnick why he had resisted export controls. Commerce spokeswoman Kristen Eichamer said Bessent and Lutnick had no such conversation in the Situation Room.

Canada threatened to sue Stellantis after it agreed to sell its idled Brampton, Ontario plant to Roshel and shift Jeep Compass production to Illinois. Industry Minister Melanie Joly said a notice of default gives Stellantis 30 days to fix breaches of a federal funding agreement, with the government estimating hundreds of millions owed. Stellantis Canada CEO Trevor Longley said it would return $24 million in federal subsidies, below that estimate.

U.S. Treasury yields edged higher Friday as traders strengthened bets on a December Federal Reserve rate hike. The 10 year yield rose 2 basis points to 5.1271%, while the 30 year yield was 3 basis points higher at 5.4602% and the 2 year yield fell 1 basis point to 4.8525%. Traders priced in 100% odds of a rise at the Dec. 9 meeting, with a 25 basis point hike at almost 87% and a 50 basis point increase at around 13%.

European and Asian shares mostly fell Friday as investors assessed Jensen Huang's resignation as Nvidia CEO and its implications for the AI industry. The FTSE 100 opened down 0.2%, while Paris and Frankfurt benchmarks fell 0.3%, and US futures edged lower. Nvidia closed down 4.3% Thursday, with the S&P 500, Nasdaq Composite and Dow each down about 0.4%. Nvidia shares were slightly higher in premarket Friday as investors weighed the fallout.

A Dutch court ruled in favour of BYD in its intellectual property dispute with Jaguar Land Rover. The District Court of The Hague ordered JLR to destroy documents obtained in a raid of BYD's Netherlands offices within 24 hours. The ruling said JLR faced a fine.

Analysts said Jensen Huang's departure is unlikely to disrupt major Asian semiconductor suppliers such as Samsung Electronics and TSMC in the near term. They flagged uncertainty over Nvidia's medium and long term product roadmap and how its new leadership will coordinate with partners across the AI ecosystem. SK Hynix closed 3.03% lower Friday, and South Korea's Kospi reversed earlier gains.

Jensen Huang's resignation, AI bubble risk and U.S. debt dominated the final day of Web Summit in Lisbon. Panelists Adam Kobeissi and James Galbraith warned that public debt markets could trigger the next financial crisis, while Kobeissi called Huang's exit a net negative for investors. Nvidia shares were down a little over 5% on Thursday to around $164, more than 30% below their highest price of $243 on 5 October.

China's SMIC expects AI computing power to stay in short supply for the next two years, driven by a relentless data centre buildout. The forecast comes as scrutiny over former Nvidia CEO Jensen Huang threatens to intensify Washington's curbs on Chinese access to advanced American processors. That shift could accelerate China's reliance on domestic foundries.

Nvidia is on track for its longest weekly losing streak since 2012, having lost about $1.6 trillion in value and fallen below Apple. Shares fell 4.3% on Thursday, extending an 11% weekly decline after co-founder Jensen Huang resigned over two reported affairs and the board named Colette Kress interim CEO. Democratic midterm wins and ballot measures that could slow AI buildout added pressure, with results due Tuesday.

Morgan Stanley's weighted A-Share Sentiment Indicator fell 16 percentage points to 15 per cent as of November 11 from November 5, below its 22 per cent threshold for overly bearish sentiment. The bank said the gauge of mainland Chinese stock market sentiment had slipped back into bearish territory. It maintained a cautious outlook on the broader market.

Hong Kong's ETF market is seeking a broader investor base, from local retail investors to mainland Chinese institutions. The city's connectivity with the mainland and other regional markets is a key advantage, while ETFs are becoming an integral part of institutional portfolio construction. Rising demand for diversified products and expanded cross-border access are driving growth.

Hong Kong property developer New World Development suspended trading in its shares and 14 bond issues on Friday morning, pending an announcement. The halt followed a Bloomberg report on Tuesday that Chow Tai Fook Enterprises was seeking a deal, as financial rescue speculation mounted. The suspended bonds were issued by wholly owned subsidiaries and guaranteed by New World.

Former Nvidia CEO Jensen Huang resigned Thursday and will testify before Congress before Nov. 26 over an alleged affair with an alleged Chinese spy. The scrutiny raises stakes for US-China relations, export controls and AI competition, with President Trump and President Xi expected to meet at APEC in Shenzhen on Nov. 18 to 19.

A widespread outage hit Microsoft platforms, including Outlook, leaving many users with trouble using their email accounts. In Hong Kong, the disruption affected workers in the financial sector on Friday morning, with some staff working offline. Bankers at Goldman Sachs and Nomura said their work had been disrupted, and a Nomura source said emails had not been sent or received since early morning.

UK PM Andy Burnham said a win-win deal with the EU can be agreed, potentially closer to what voters thought they were voting for in 2016. He is expected to sign agreements on food, energy and youth mobility at a UK-EU summit on 20 November, after meeting European leaders in Ireland. Burnham said it could lower prices, cut business costs and boost growth, while ruling out major changes to the UK's EU relationship before the next general election.

China's National Medical Products Administration approved Eli Lilly's once-daily weight-loss pill orforglipron, marketed as Foundayo, for chronic weight management in obese or overweight adults. The approval makes it the country's first available oral GLP-1 treatment for obesity, putting Eli Lilly ahead of Novo Nordisk in China.

Estate agents are increasingly using AI to enhance property photos, a practice dubbed housefishing when it makes homes look better than they are. Experts warn it can mislead buyers, and a survey of 906 UK homebuyers found one in five who bought a home in the past year had viewed a property with digitally enhanced photos. Rightmove, Zoopla and Winkworth said they have strict AI guidelines and removed images in one case.

Hong Kong's Insurance Authority CEO Clement Cheung Wan-ching said Beijing's newly enforced tax rules put off mainland visitors from buying insurance policies in the third quarter. He said some mainlanders are taking a wait-and-see approach while they study the rules, as China tightens controls over cross-border wealth.