Archive edition
Congress is on the line in the U.S. midterms, talks continue after strikes near Hormuz, and Turkey reports faster monthly inflation and record October exports.
U.S. elections
Americans vote Tuesday after strong early turnout. The results will determine who controls the House and Senate, shaping President Donald Trump’s legislative agenda and congressional oversight. Close races could delay a clear picture of who won control.
Middle East
A U.S. official said limited strikes targeted Iranian positions. Iran says it could reopen the strait within two days if Washington meets its conditions, and Axios reports that Qatari mediators have circulated a draft aimed at restarting direct talks. The outcome matters for tanker traffic and energy prices.
Europe
A missile strike shut Kamet Steel, and attacks on Black Sea routes have disrupted grain exports. Ukraine’s central bank now projects that the economy will shrink 0.4% in 2026, reversing a 1.8% growth forecast. Weaker exports make it harder to fund the war and rebuild damaged infrastructure.
Central banks
The Reserve Bank of Australia lifted its cash rate by 25 basis points to 4.85% on November 3. The board voted 6–3, with three members preferring to hold. The bank expects inflation to return to the middle of its 2%–3% target range around mid-2028.
Markets
South Korean and Taiwanese tech shares fell Tuesday after the Nasdaq lost 1.1% on November 2. The weakness in chipmakers stood out against mixed regional markets, as investors reassessed whether the industry’s AI spending would deliver the returns they expect.
Germany
Germany’s manufacturing PMI rose to 54.2 in October from 53.9 in September. Export orders and government-linked demand helped, although Reuters reported that output growth slowed. The survey points to continued expansion at a more uneven pace.
Semiconductors
Apple reported $114.5 billion in September-quarter revenue on November 2, up 12% year over year. It expects holiday-quarter gross margin of 45%–46%, down from 47.9%, as rising memory-chip prices and Siri AI expenses increase costs.
Cost of living
Consumer prices rose 2.58% in October, up from 1.84% in September. Food and non-alcoholic drinks rose 3.5% and made the largest contribution to the monthly increase, keeping pressure on household budgets.
Trade
Goods exports rose 8.1% year over year to $25.89 billion. Imports reached $32.58 billion, leaving a gap of about $6.7 billion. Germany was Turkey’s largest export market in October, taking about $2.07 billion of goods.
