First Light.THE DAILY BRIEF

Archive edition

Morning Briefing

10 stories 5 min read

Democrats complete their U.S. congressional sweep, Ukraine’s aid-centre death toll rises, and oil falls sharply. Turkey’s dollar rate exceeds 50 lira as stocks rally; climate finance and AI infrastructure also make headlines.

Hakeem Jeffries and other House Democratic leaders celebrate at an election-night event in Washington
House Democratic leaders at their election-night watch party in Washington · Tom Williams / CQ Roll Call

U.S. midterms

Democrats win both chambers, setting up a new check on Trump

Democrats have won the House as well as the Senate, resolving the remaining question in yesterday’s briefing. Their incoming majorities gain control of congressional oversight and greater influence over spending, legislation and presidential appointments. Hakeem Jeffries is positioned to become speaker, subject to a House vote. With the new Congress in January, Trump will face a legislature able to challenge his agenda throughout his final two years.

World

4 stories

Russia–Ukraine war

Death toll at Ukraine’s bombed aid centre rises to 40

Ukrainian officials said on November 4 that 40 people had died in Russia’s November 2 attack on an aid centre and shelter in Komyshuvakha, with dozens still missing. Rescue work continued for a third day. Russia said it targeted military units; Ukrainian officials described civilians gathering for aid. The rising toll underscores civilians’ exposure as U.S.-mediated talks with Ukrainian and Russian delegations are planned for November 10–11 in Abu Dhabi.

Middle East

Israel’s president starts coalition consultations after accepting election results

Herzog began coalition consultations after accepting Israel’s election results. Netanyahu’s bloc lost its majority. The elections commission found no irregularities affecting the outcome. Negotiations will determine who leads the country during the regional war.

European Union

EU sets accession roadmaps for Ukraine, Moldova, Albania and Montenegro

The European Commission’s November 4 enlargement package gives its four leading candidates indicative milestones for the year ahead. It says Ukraine has met the conditions to open its remaining negotiating clusters, while further rule-of-law reforms remain necessary. The roadmaps guide negotiations and require decisions by EU member states. They also support gradual integration in energy, transport, digital services and defence before membership.

Climate finance

UN warns that adaptation funding is far below rising climate needs

UNEP’s new report estimates developing countries will need around $305 billion annually for climate adaptation by 2035. International public flows from developed countries were only $28.2–31.7 billion in 2024. Even the pledge to triple funding by 2035 would cover just 20–29% of projected needs after inflation, UNEP says. Ahead of Antalya’s COP31, the findings put financing for flood protection, heat resilience and other adaptation measures in focus.

Business & Markets

1 story

Markets & energy

Oil drops 8.7% as Wall Street rallies after the U.S. elections

At the November 4 U.S. close, the S&P 500 rose 1.6%, the Dow 3.0% and the Nasdaq 1.4%. Brent futures settled 8.7% lower at $94.62 a barrel, their lowest since August 31. Investors bet that the political shift could hasten an end to the Iran war. These prices reflect expectations about future policy and supply. A sustained oil decline would ease energy costs and inflation pressure, but a peace agreement remains uncertain.

Technology

1 story

AI & cloud infrastructure

Google plans a $15 billion Malaysia infrastructure expansion

Google announced $15 billion of investment for 2027–28, including new data-centre campuses in Selangor and Negeri Sembilan. Its first Elmina campus is already operational. The company also plans more than 1 GW of clean-energy capacity and training for about 800,000 Malaysians by 2031. The expansion would add regional AI and cloud capacity, with its practical impact tied to power, water and workforce development alongside the computing infrastructure.

Germany

1 story

Economy & employment

German services keep expanding, but demand and employment weaken

Germany’s services PMI slipped to 52.5 in October from 52.9 in September, according to the November 4 release. Readings above 50 indicate expansion. New business declined and employment fell modestly for the first time since July, although firms’ expectations improved. For hiring, the signal is mixed: service-sector activity is growing, but softer customer demand is making businesses more cautious about staffing.

Turkey

2 stories

Currency & markets

Dollar above 50 lira as Turkish shares rally 4.12%

The central bank’s indicative dollar selling rate for November 4 was 50.0260 lira. The BIST 100 closed 4.12% higher at 11,478.13, with banking shares up 5.15%. These are dated reference and closing figures; retail exchange quotes vary. The combination matters for households and businesses: the exchange rate influences foreign-currency costs, while a sustained decline in global oil prices could ease part of Turkey’s import bill.

Budget & trade

Turkey proposes 65 billion lira in export support for 2027

Trade Minister Ömer Bolat presented a 2027 budget proposal allocating about 65 billion lira to goods and services export support. The wider ministry budget totals approximately 104.3 billion lira. The proposed funding still requires parliamentary approval. It signals the government’s priorities for exporters and smaller firms seeking overseas markets, alongside continued use of export-credit and guarantee programmes to support access to finance.

Official photograph accompanying the Trade Ministry’s parliamentary budget presentation
Image from the ministry’s November 4 budget-presentation release · Türkiye Ministry of Trade