Good morning. European Central Bank members speak to us about the policy outlook. Trump escalates the US’s trade spat with China. And the number of UK homebuilders slides for the first time in a decade. Listen to the day’s top stories.
— Lily Nonomiya
European Central Bank Governing Council member Francois Villeroy de Galhau said in an interview that the central bank’s next move is more likely to be to lower rates than raise them amid a greater number of downside dangers to the inflation outlook. His colleague Gabriel Makhlouf dismissed concerns about inflation dropping below the 2% target, saying he’s actually more worried that it will come in above that.
Federal Reserve Chair Jerome Powell signaled the US central bank is on track to deliver another quarter-point interest-rate cut this month, pointing to the low pace of hiring and noting that it may weaken further. The remarks helped bolster stocks and equity futures. Check out our Markets Today live blog for all the latest news and analysis relevant to UK assets.
ASML’s orders beat analyst expectations in the third quarter as demand for its chip-making machines was fueled by hundreds of billions of dollars in investment in AI infrastructure. It said it plans a new share buyback program in January.
Trade war latest. Donald Trump said he might stop trade in cooking oil with China, injecting fresh tensions into an already contentious relationship. Trump cast the potential move as retaliation against Beijing for its refusal to buy American soybeans, which he said “is an Economically Hostile Act.”
The number of housebuilders in Britain is in decline for the first time in a decade as a slump in demand threatens to derail the government’s plan to build 1.5 million homes. The number of homebuilders trading in Britain fell by more than 1,500 in the year to September, according to data from broker Hamptons.
Deep Dive: The Lure of a Former Soviet Outpost
A China-Central Asia freight train bound for Tashkent before its departure from Tianjin, China. Photographer: Zhao Zishuo/Xinhua News Agency/Getty Images
Uzbekistan is attracting an unprecedented level of investment as Shavkat Mirziyoyev, the president of the Central Asian country, aims to double the size of the economy.
Citibank, JPMorgan and Franklin Templeton opened offices in Tashkent, Uzbekistan’s more than 2,200-year-old capital, this year. Investors from China, Turkey and the Middle East are pouring money into the country, with Americans and Europeans waiting in the wings.
Trump threatened to yank 2026 World Cup games out of Boston and move the 2028 Olympics from Los Angeles if the cities aren’t ready or safe. Boston is set to hold seven World Cup matches.
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