Over the pond, it's now officially confirmed that the Republican triumph in the House of Representatives. With 218 seats secured, the GOP now commands both chambers of Congress. This political shift grants Donald Trump an unparalleled advantage for his Washington return. With Congress under Republican control and a Supreme Court leaning right, the president has significant latitude to push his agenda, such as tax cuts, deregulation and additional trade tarifs.
In the corporate arena, B&M, the discount retailer, reported a 2% rise in first-half core earnings, hitting 274 million pounds on revenue of 2.64 billion pounds, a 3.7% increase. The company is feeling optimistic about the upcoming Christmas quarter.
United Utilities delivered a strong performance, with half-year revenue climbing 10.9% and operating profit soaring 38.6%.
The UK housing market showed a glimmer of recovery in October, with more buyers entering the fray. The Royal Institution of Chartered Surveyors noted a net balance of 16% of property professionals witnessing rising house prices.
In other news, Chancellor Rachel Reeves is gearing up to unveil a pension reform designed to create "megafunds" to boost investment in businesses and infrastructure.
Today's corporate calendar features results and trading updates from the likes of Burberry, WH Smith, and Kier Group.
Things to read today:
- By the way, why do they hate inflation? (Back of Mind).
- The economy of death drives Russia's war machine (Wall Street Journal).
- How China profited from US indifference in Latin America (Wall Street Journal).
- The world's most unlikely staircases (New York Times).