Thursday, November 5, 2026
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US government opens back up but deep political divisions remain

But the deep political divisions that caused the 43-day shutdown in the first place remain unresolved

International News via Reuters:

The U.S. government is due to lumber back to life on Thursday after the longest shutdown in U.S. history snarled air traffic, cut food assistance to low-income Americans and forced more than 1 million workers to go unpaid for more than a month.

But the deep political divisions that caused the 43-day shutdown in the first place remain unresolved.

The funding package contains few guardrails to restrain Republican President Donald Trump from withholding spending, in an administration that has regularly challenged Congress’ constitutional authority over money. And it does not address the soon-to-expire health subsidies that led Senate Democrats to begin the shutdown in the first place.

The shutdown also exposed divides within the Democratic Party between its liberal base, which has demanded its leaders do whatever necessary to rein in Trump, and moderates who feel their options are limited so long as Republicans hold majorities in both chambers of Congress. Senate Democratic Leader Chuck Schumer is facing calls to step down, even though he voted against the deal.

AMERICANS BLAME REPUBLICANS AND DEMOCRATS ALMOST EQUALLY

Neither party appears to have emerged as a clear winner. A Reuters/Ipsos poll released on Wednesday found that 50% of Americans blamed Republicans for the shutdown while 47% blamed Democrats.

The return to normality could be short-lived, as the deal only funds the government until January 30, raising the prospect of another shutdown early next year.

The shutdown put Democrats in an unusual position, as Republicans have more frequently been the side that forced funding expirations over the last few decades.

This shutdown also stood out for what was largely absent: debate over the $38 trillion national debt, which Congress for now leaves on a path to keep growing by about $1.8 trillion per year.

Senate Democrats said the pain across the economy, including interruptions in federal benefits and missed paychecks for federal workers, was worth it to call attention to the coming surge in health insurance prices for some 24 million Americans.

“The healthcare of the American people is a fight worth having, and I’m proud that Democrats held together for this long to fight this battle,” Representative Hank Johnson of Georgia told Reuters. “The American people are more aware of the high stakes in the fight that we’re on … They understand the precariousness of the situation, and that’s why they want us to fight.”

Democrats secured no guarantees on health subsidies, only a promise that the Republican-controlled Senate will hold a vote on the matter, with no assurances that it would pass or that the House would even vote on it. 

But they argued that they managed to elevate the issue at a time when polls show Americans are concerned about the rising cost of living, and Republicans could face political blowback if they do not act to prevent insurance costs from spiking. The subsidies disproportionately benefit residents of Republican-controlled states.

Republicans, meanwhile, found themselves making arguments often voiced by Democrats during shutdowns: that the damage of the disruptions was not worth it.

“We ought to be legally prohibited from ever shutting down the government,” Representative Brian Fitzpatrick, a Republican moderate, told Reuters. “This is just absolutely insane, insane that we’re now using government shutdowns as leverage for policy. That can never happen, and it’s a terrible precedent to set, obviously.”

FLIGHTS AND FOOD BENEFITS TO RESUME

The nation’s air travel system has begun returning to normal, after thousands of flight cancellations brought on by high absentee rates among the nation’s air traffic controllers.

And 42 million Americans will no longer have to worry whether the SNAP subsidies that help them pay for groceries will run out. A USDA spokesperson said most states would receive funds for full SNAP benefits within 24 hours of the government reopening.

The shutdown forced hundreds of thousands of federal employees to keep working without pay, while others deemed nonessential were ordered not to work. They are due back pay under a 2019 law, though Trump’s White House has threatened to withhold pay for some.

Trump also tried to fire thousands of federal workers during the shutdown as he followed through on a threat to target domestic programs favored by Democrats.

The deal that ends the shutdown allows those workers to keep their jobs, and pauses Trump’s broader downsizing campaign until the end of January. Trump is on track to reduce the 2.2 million-strong civil service by 300,000 workers by the end of the year.

The shutdown has prevented the government from releasing an array of economic data, forcing investors and the Federal Reserve to operate in the dark as they tried to assess the state of the world’s largest economy.

It also spooked consumers ahead of the year-end holiday shopping season. The nonpartisan Congressional Budget Office estimated it would delay roughly $50 billion in spending and lower U.S. GDP by 1.5 percentage points. The CBO said the economy will largely bounce back when the shutdown ends, though up to $14 billion in lost activity will not be recovered.

Reporting by Andy Sullivan, David Morgan, Bo Erickson and Nolan D. McCaskill; Additional reporting by Leah Douglas; Editing by Scott Malone and Edmund Klamann

With markets underpricing risk, Europe must not ease bank regulation, ECB argues

U.S. officials are working on a raft of initiatives to ease the regulatory burden on U.S. banks

International News via Reuters:

Financial markets are underpricing geopolitical risks and nearly all euro zone banks are exposed to some extent, so weakening regulation now could jeopardize the sector’s viability in the longer run, ECB supervisory chief Claudia Buch said on Thursday.

U.S. officials are working on a raft of initiatives to ease the regulatory burden on U.S. banks, including softening capital rules, a pullback on supervisory bank exams and a friendlier stance on bank mergers.

Buch, however, pushed back on these ideas, arguing that capital requirements do not come at the expense of profitability and banks must be prepared for difficult-to-predict scenarios, especially as governments’ ability to respond via spending is limited.

“Broad-based resilience does not come at the expense of long-term profitability,” Buch said in a speech. 

The key issue is that current market valuations may not be accurately reflecting risk, so there is potential for a sudden repricing, and higher capital levels will then better protect banks.

“Traditional correlations linking macroeconomic shocks and credit risk may no longer hold,” Buch said. “All of this indicates that markets are underpricing geopolitical risks.”

In case of systemic shocks, like the pandemic or surging energy costs after Russia’s invasion of Ukraine, governments often act in concert with central banks to mitigate risks. 

However, debt levels are already high so it is not obvious authorities would be able to provide similar support in future crises, Buch added. 

There are also no signs of widespread losses or credit supply constraints from banks being capital-constrained, so maintaining sufficient capital buffer requirements remains important.

The ECB will play its part by streamlining key supervisory activities and by assessing the effectiveness of its work. 

But none of these changes should lead to laxer regulation, Buch argued.

“We do not need new regulatory frameworks, but we do need a commitment from legislators not to weaken the frameworks we have,” Buch added.

Reporting by Balazs Koranyi; Editing buy Toby Chopra

Sterling edges up, gains tempered by soft UK growth data

The British economy grew 0.1% in the third quarter of 2025, the Office for National Statistics said, slowing from growth of 0.3% in the second quarter

International News via Reuters:

The pound rose on Thursday, as a deal in Washington to reopen the U.S. government after the longest shutdown on record drew investors to more volatile assets, though gains were tempered by data showing the UK economy barely grew in the third quarter.

The British economy grew 0.1% in the third quarter of 2025, the Office for National Statistics said, slowing from growth of 0.3% in the second quarter. 

The data underlined the backdrop of slow growth against which finance minister Rachel Reeves is preparing her November 26 budget, which is widely expected to contain a raft of tax hikes. 

The pound was last up 0.2% on the day at $1.3158, having earlier traded at a session low of $1.3102.

Traders are attaching a near-80% chance of a December rate cut from the Bank of England, which refrained from cutting rates at its November meeting, given the uncertainty over the outlook for inflation and growth, particularly in the run-up to Reeves’ budget.

They expect at least two more rate cuts next year, with a decent chance of a third, according to money market derivatives. 

Adding an extra possible drag on the pound is political turbulence in London, where Prime Minister Keir Starmer faces division within his ruling Labour Party and tumbling poll ratings.

“We expect the pound to weaken further if the market moves to price in a higher political risk premium,” Lee Hardman, currency strategist at MUFG, said, adding that local elections next May could provide a key test of his leadership.

More immediately, markets are looking to Reeves’ belt-tightening budget in two weeks.        

A rise in implied volatility on options expiring in two weeks’ time reflected growing trader demand for hedges against large swings in the value of sterling on the day of the budget, with vol rising to 6.83%, from 6.358% a week ago.

Reporting by Amanda Cooper; Editing by Andrew Heavens

Google hit with EU antitrust investigation into its spam policy

Google began cracking down against companies gaming its search algorithm to push up rankings for other sites in March last year

International News via Reuters:

Alphabet’s Google was hit with an EU antitrust investigation into its spam policy on Thursday following complaints from publishers who say it has hurt their revenues, putting the U.S. tech giant at risk of yet another hefty fine.

Google began cracking down against companies gaming its search algorithm to push up rankings for other sites in March last year.

Its site reputation abuse policy targets the practice of publishing third-party pages on a site in an attempt to abuse search rankings by taking advantage of the host site’s ranking signals, commonly referred to as parasite SEO.

The European Commission said its monitoring indicated that Google is demoting news media and other publishers’ websites and content in Google search results when those websites include content from commercial partners.

It said Google’s policy appears to directly impact a common and legitimate way for publishers to monetise their websites and content.

“We are concerned that Google’s policies do not allow news publishers to be treated in a fair, reasonable and non-discriminatory manner in its search results,” EU antitrust chief Teresa Ribera said in a statement.

“We will investigate to ensure that news publishers are not losing out on important revenues at a difficult time for the industry, and to ensure Google complies with the Digital Markets Act (DMA),” she said.

TECH GIANT CALLS EU INVESTIGATION ‘MISGUIDED’

Google pushed back against the EU competition enforcer, saying the EU move risks degrading the quality of search results.

“The investigation announced today into our anti-spam efforts is misguided and risks harming millions of European users,” Pandu Nayak, chief scientist at Google Search, wrote in a blog post.

“And the investigation is without merit: a German court has already dismissed a similar claim, ruling that our anti-spam policy was valid, reasonable, and applied consistently,” he said.

He said Google’s anti-spam policy helps level the playing field to thwart websites from using deceptive tactics to outrank websites competing on the merits with their own content.

German media company ActMeraki in April complained to the Commission, saying that Google’s spam policy penalises websites.

The European Publishers Council, the European Newspaper Publishers Association and the European Magazine Media Association also have voiced similar grievances.

The EU investigation is under the DMA which seeks to rein in the power of Big Tech where violations can cost companies as much as 10% of their global annual sales.

Reporting by Foo Yun Chee, Editing by Louise Heavens

Stocks eye return to record highs as US shutdown set to lift

U.S. stock futures meandered from slightly negative to 0.2% firmer, although MSCI’s 47-country All World Index was firmly on course for its fourth consecutive daily gain

International News via Reuters:

World stocks were eyeing a return to record highs on Thursday at the end of the longest government shutdown on record, while an increasingly squeezed Japanese yen hit a record low versus the euro and a nine-month trough against the dollar.

Europe’s STOXX 600 made a steady start with a near 1% jump from France’s CAC 40 nudging both indexes to all-time peaks and offsetting a more than 4% dive from German engineering giant Siemens after it reported underwhelming earnings. [.EU]

U.S. stock futures meandered from slightly negative to 0.2% firmer, although MSCI’s 47-country All World Index was firmly on course for its fourth consecutive daily gain as it edged to within 4 points of October’s all-time high.

U.S. President Donald Trump signed the bill to end the government’s shutdown in the Oval Office on Wednesday.

Delayed economic data is expected to start trickling out next week. October’s payrolls figures could be the first to land with the focus on whether they will back up private surveys that have shown softness in the job market.

   “We are waiting for the data fog to clear, but the one thing we can say from PriceStats data is that inflation is rolling over so it will be all about the jobs data, and that will be the driver of risk sentiment,” State Street Global Markets’ Michael Metcalfe, said.

SQUEEZED YEN

There had been action in Asia overnight too, including in the currency markets where Japan’s yen came under renewed pressure after the new premier’s latest push for the central bank to go slow on rate rises. 

The yen hit a record low of 179.49 per euro and was near a nine-month trough on the dollar at 154.92.

That was despite the country’s finance minister reminding traders just the previous day that the government was watching the currency closely.

Japan’s Nikkei had closed up 0.4% and the broad Topix set an all-time high as investors shifted portfolios from the frothiest artificial intelligence firms to buy exposure to other parts of the economy. [.T]

“There is still a debate about whether the BoJ will tighten rates by year-end. Our inclination is that they will, but there is a strong market narrative that is proving hard to break that policy settings will encourage a weaker yen,” State Street’s Metcalfe added.

Elsewhere, gold hung on to recent gains and traded above $4,200 while benchmark government bonds were largely quiet with the U.S. 10-year yield at 4.09% and Germany’s 10-year yields at 2.65%.

OIL SPILLS

Hong Kong’s Hang Seng retreated slightly from a one-month high and the Shanghai Composite rose 1% ahead of credit and retail sales data due later this week.

On Wall Street, the Dow Jones Index notched a record high overnight while the tech-heavy Nasdaq retreated. [.N]

In London, the mining-heavy FTSE 100 drooped fractionally on Thursday after an all-time high the previous day. Europe’s tech stocks led sectoral gains, however, as ASML and Infineon showed signs of recovery from steep losses incurred last week. [.L][.EU]    

Elsewhere in foreign exchange trade Britain’s pound briefly touched a session low after data showed its economy barely grew in Q3, while the Australian dollar ticked higher after a surge in employment figures bolstered a view that the rate-cutting cycle there may have run its course.

Brent crude futures inched down to a three-week low of $62.42 a barrel after OPEC shifted its projection to forecast a small surplus to demand in the world oil market for 2026. They had slumped 3.8% a day earlier. [O/R]

“Recent (price) weakness seems to be driven by OPEC’s revision of supply-demand balance in 2026 in its monthly report, which confirms the group is now acknowledging the possibility of a supply glut in 2026,” said Suvro Sarkar, DBS Bank’s energy sector team lead.  

Reporting by Marc Jones; editing by Sharon Singleton

GOLF SPECIAL: Local qualifiers aim to shine at the Butterfield Bermuda Championship

Kenny Leseur, Oliver Betschart and Will Haddrell to take on the PGA pros at Port Royal

Three Bermudian golfers are gearing up to take on the pros at this week’s Butterfield Bermuda Championship. Two are returning to familiar fairways — and one is making his long-awaited debut. Julie Matthews-Borchardt has more.

Oil prices fall on OPEC 2026 supply outlook

Brent crude futures fell $2.55, or 3.91%, to $62.61 a barrel by 1:13 p.m. CST (1913 GMT) after gaining 1.7% on Tuesday

International News via Reuters:

Oil prices fell more than $2 a barrel on Wednesday, weighed down by an OPEC report saying global oil supply will match demand in 2026, marking a further shift from its earlier projections of a supply deficit. 

Brent crude futures fell $2.55, or 3.91%, to $62.61 a barrel by 1:13 p.m. CST (1913 GMT) after gaining 1.7% on Tuesday. U.S. West Texas Intermediate crude was down $2.58, or 4.23%, at $58.46 a barrel, after climbing 1.5% in the previous session.

The Organization of the Petroleum Exporting Countries noted that world oil supply would match demand next year due to the wider OPEC+ group’s production increases – a shift from its earlier projections of a supply deficit in 2026.

“The prospect that the market is in balance is definitely what drove down prices,” said Phil Flynn, senior analyst with Price Futures Group. “The market wants to believe it’s balanced. I think the market took OPEC more seriously than IEA.”

The International Energy Agency forecast in its annual World Energy Outlook on Wednesday that oil and gas demand could continue to grow until 2050. 

The projection was a departure from the IEA’s previous expectation that global oil demand would peak this decade, as the international body moved away from a forecasting method based on climate pledges back to one that takes into account only existing policies.

John Kilduff, partner at Again Capital, said the OPEC outlook comes as some crude sellers cannot find buyers.

“There are cargoes going begging,” Kilduff said. “The very front of the market is forming a new price curve. There’s just a general sense of weakness in the U.S. economy.”

Analysts have previously highlighted that crude oversupply is curbing price gains. OPEC+ agreed this month to a pause in increasing its output in the first quarter of next year, after having unwound its cuts to production since August this year.

US GOVERNMENT REOPENING

The reopening of the U.S. government, however, could boost consumer confidence and economic activity, spurring demand for crude oil, IG Market analyst Tony Sycamore wrote in a note.

The U.S. Republican-controlled House of Representatives is set to vote later on Wednesday on a bill, already signed off by the Senate, that would restore funding to government agencies through January 30.

The U.S. Energy Information Administration will release its outlook on Thursday.

Reporting by Erwin Seba in Houston, Seher Dareen and Enes Tunagur in London, Colleen Howe in BeijingEditing by Jane Merriman, Hugh Lawson, Rod Nickel

Portuguese telcos plan to invest $4.9 billion in 5G, satellites over 5 years

Operators will also expand the fibre optic network to cover areas still lacking mobile or internet network coverage

International News via Reuters:

Portuguese telecoms operators plan to spend 4.2 billion euros ($4.9 billion) on high-speed 5G networks and satellites over the next five years to support major projects such as data centres and AI, the Infrastructure Ministry said on Wednesday.

Operators will also expand the fibre optic network to cover areas still lacking mobile or internet network coverage, as well as road, rail, port and airport infrastructure, the ministry said in a statement.

In Portugal, the three largest telecom operators — Altice, NOS and Vodafone — control more than 90% of the market and account for the bulk of investment.

Microsoft on Tuesday announced a $10 billion investment in artificial intelligence infrastructure at the Start Campus data centre in the port city of Sines, where Portugal has large investment projects lined up to produce green energy to power data centres.

“Portugal’s geostrategic location … is now central to intercontinental connectivity. This is an opportunity that Portugal cannot, nor will it, waste, with the largest technological investment of all time underway in our country,” Infrastructure Minister Miguel Pinto Luz said.

Portugal’s Atlantic coastline positions it as a prime hub for subsea cables connecting Europe, Africa and the Americas and forming the backbone of the world wide web.

($1 = 0.8575 euros)

Reporting by Sergio Goncalves; editing by Andrei Khalip and Leslie Adler

WeightWatchers to sell Novo Nordisk’s Wegovy pill after 2026 launch

The collaboration is a potential boost for WeightWatchers as it emerges from bankruptcy and highlights its commitment to sell branded obesity drugs

International News via Reuters:

WeightWatchers’ CEO said on Wednesday it plans to sell Novo Nordisk’s much-anticipated Wegovy in pill form if it is launched next year in the United States, deepening its tie-up with the Danish obesity drugmaker.

The collaboration is a potential boost for WeightWatchers as it emerges from bankruptcy and highlights its commitment to sell branded obesity drugs, unlike rivals that push cheaper copies in a highly competitive market.

“We have been working with Novo Nordisk ahead of time to support the launch of oral weight-loss medication,” WeightWatchers CEO Tara Comonte said in an interview.

“A lot of people don’t want an injection. And the convenience of a pill is going to be huge,” she said.

Weight loss pills from Novo and rival Eli Lilly are under consideration for a new, speedy U.S. review pathway that can shave months from the normal approval process.

WeightWatchers could keep more customers on its platform than telehealth rivals, as doctors expect U.S. patients to switch to the branded medicines once prices come down under a deal announced last week by the White House. 

Lilly and Novo agreed to slash prices of their popular GLP-1 injectable drugs for U.S. government health programs and cash-paying customers. 

Starter doses of the weight-loss pills, if approved, will cost $149 a month for Medicare and Medicaid enrollees and for cash payers through the U.S. administration’s new TrumpRx site. 

“Anything that brings pricing down for these medications is good for WeightWatchers,” Comonte said. 

WeightWatchers is also trying to gain a stronger foothold in women’s health, including through tailored programs that offer GLP-1 medicines and hormone replacement therapy.

Outside of the U.S., Germany and the UK are major markets for WeightWatchers, which had 4 million subscribers worldwide at the end of 2023. 

Reporting by Bhanvi Satija in London; Editing by Bill Berkrot

EU looks to Big Tech, influencers to fight hybrid threats, fake news

The European Democracy Shield strategy expects them to go the extra mile

International News via Reuters:

Europe is looking to online platforms and influencers to help fight disinformation and promote democracy according to a European Commission strategy presented on Wednesday amid concerns over interference by foreign governments in national elections.

Alphabet’s Google, Microsoft, Meta Platforms, Elon Musk’s X, TikTok and other online platforms already have to do more to tackle illegal and harmful content under the EU’s Digital Services Act in force since 2022.

The European Democracy Shield strategy expects them to go the extra mile, with the EU executive setting up a DSA incidents and crisis protocol to facilitate coordination between authorities and react swiftly to large-scale operations.

Signatories to a voluntary Code of Conduct on disinformation, among them Google, Microsoft, Meta and TikTok, may be required to make a greater effort to detect and label AI-generated and manipulated content on their platforms.

“The Democracy Shield connects the dots, making sure Europe’s tools and actors work together effectively in defence of our shared values. The challenge is clear and let us make no mistake, the stakes are indeed very high,” EU Justice Commissioner Michael McGrath told a news conference.

The Commission also singled out influencers’ role in online political campaigns, saying it would set up a voluntary network of influencers to raise awareness of relevant EU rules.

A newly set-up European Centre for Democratic Resilience will coordinate EU countries’ expertise and resources and facilitate information sharing.

Reporting by Foo Yun Chee; Editing by Alexandra Hudson

Greenlight picks up the bill

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‘Powering Our Seniors’ aims to cover up to $1,000 of BELCO costs for 10 seniors

Greenlight Energy is stepping in with practical support for older residents feeling the pinch of higher electricity rates. Through its new “Powering Our Seniors” campaign, the company is inviting the public to nominate seniors for a raffle that will pay up to $1,000 of their November BELCO bill. – a neighbor-to-neighbor gesture designed to deliver immediate relief.

“As electricity rate hikes continue, many Bermudians – especially those on fixed incomes – are feeling the strain,” the company noted, adding that while BELCO has pointed to global inflation and infrastructure costs, Greenlight’s focus is on compassion and action.

“We started this campaign because too many Bermudians need immediate relief,” said Cameron Smith, Co-Founder & Managing Director of Greenlight Energy. “Greenlight was built to help people take control of their energy, but that mission has always been bigger than solar. At the end of the day, it’s about neighbors helping neighbors.”

How to Enter

Submissions are open for two weeks: November 10–24. Seniors – or family and friends submitting on their behalf – can apply by emailing info@greenlightenergy.bm with:

  • Name of the senior
  • Best contact email and/or phone number
  • A short story answering: “What are your thoughts on the current situation, and how has it affected you?”

At the close of the submission period, all eligible entries will be entered into a raffle draw, where 10 seniors will be selected to have their November BELCO bill (up to $1,000) paid in full.

Smith said the goal is to spark a broader wave of support:

“We’re looking to lead by example. We’re showing that when you have the means to help, you should. Hopefully, we can inspire others, including BELCO, to do the same.”

The initiative underscores a simple message: even amid rising costs, there’s always something the community can do – together. Seniors in need, and the loved ones who care for them, are encouraged to share their stories and put names forward before November 17.