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The U.S. economy grew at an annualized rate of 3.4% in the third quarter, up from 2.2% in the previous quarter, driven by strong business investment in artificial intelligence infrastructure and resilient consumer spending. Nonresidential investment rose 12.7%, while business spending on equipment surged 20.9% and consumer spending increased 3.8%. However, inflation remained elevated, with prices rising 3.6% year over year in September, while the personal savings rate fell to 3.8%, highlighting growing pressure on household finances. Underlying domestic demand expanded at its fastest pace in more than five years, although economists expect growth to slow to approximately 2.2% in the coming months. Despite the economy's strength, persistent inflation remains a major concern for the Federal Reserve, with investors anticipating a quarter-point interest rate increase in December.

 

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DoorDash has agreed to acquire grocery delivery rival Instacart for approximately $17bn in a cash-and-stock deal at $65 per share, an 11% premium to its previous closing price. At least 75% of the consideration will be paid in cash, funded through existing reserves and debt financing, with JPMorgan Chase providing a committed bridge loan facility. The acquisition will significantly expand DoorDash's presence in the U.S. grocery and retail delivery market, complementing its established restaurant delivery operations. DoorDash intends to retain Instacart's brand, app and enterprise technology products following completion, while targeting a capital structure that preserves its investment-grade credit ratings. The transaction is expected to complete in late 2027 or early 2028, amid intensifying competition from Walmart and Amazon. 

 

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Amazon has reported a 12% increase in third-quarter revenue to $201.9bn and net income of $20.7bn, both below Wall Street expectations, sending shares down 7.3% in after-hours trading. The results came despite Amazon Web Services (AWS) recording its strongest growth in years, with revenue rising 39% to $46bn, driven by demand for cloud computing and artificial intelligence (AI) infrastructure. Online stores revenue increased 2% to $68.5bn, while advertising revenue growth slowed to 12%. Investor concerns have focused on the scale of Amazon's AI investment program and its impact on cash generation, with free cash flow falling to an outflow of $42.4bn over the trailing 12 months. The company has outlined plans for $220bn in capital expenditure this year, largely to expand AI data centers, raising questions about near-term returns on investment. Looking ahead, Amazon has forecast fourth-quarter revenue of $240bn–$247bn and operating income of $28.5bn–$33.5bn. Chief executive Andy Jassy has suggested AWS revenue could grow by more than 40% annually in both 2027 and 2028, potentially becoming a $1tn revenue business within the next five to ten years. 

 

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Mastercard has reported stronger-than-expected third-quarter earnings, supported by increased U.S. consumer spending and continued growth in payment volumes. Adjusted earnings per share reached $5.31, ahead of analyst expectations of $5.17, while net revenue rose to $9.81bn, exceeding forecasts of $9.67bn. Gross dollar volume increased 7.2% year-on-year to $2.95tn, although operating expenses climbed to $3.95bn from $3.54bn a year earlier. The company has continued investing in alternative payment technologies, particularly stablecoins, as it looks to expand beyond its traditional payments network. Mastercard has backed the Open Standard venture, which has issued a U.S. dollar-pegged stablecoin, and acquired stablecoin infrastructure provider BVNK earlier this year. Chief executive Michael Miebach has identified cross-border payments as a key opportunity for the technology.

 

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Starbucks has reported mixed fiscal fourth-quarter results, with net revenue declining 4% to $9.14bn, below analyst expectations of $9.23bn, while net income rose to $677.2m from $133.1m a year earlier. Adjusted earnings per share reached $0.80, exceeding forecasts of $0.72, as the company's U.S. turnaround continued to gain momentum. U.S. comparable sales increased 7.7%, ahead of expectations of 6.5%, while global comparable sales rose 7.2%. However, international comparable sales grew just 0.9%, significantly below forecasts of 3.2%. Chief executive Brian Niccol's "Back to Starbucks" strategy has focused on improving customer service, refreshing stores, and strengthening marketing, with more than 1,700 North American cafes upgraded during the fiscal year. The company has also continued restructuring its international operations, including transitioning its China business to a joint venture model. Looking ahead, Starbucks has forecast fiscal 2027 adjusted earnings per share of $3.15–$3.25, ahead of analyst expectations, alongside North American comparable sales growth of 4%. However, its projected 1% revenue decline fell short of expectations for 1.4% growth, reflecting changes to its international business model and slower North American store expansion. Shares fell nearly 2% in after-hours trading following the announcement.

 

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U.S. federal debt held by the public reached $32.2tn, equivalent to 100.03% of GDP, at the end of September, up from 99.4% a year earlier and marking its highest level since 1946. The annual budget deficit approached $2tn, or 6.2% of GDP, as government borrowing continued to rise despite strong economic growth. The debt-to-GDP ratio has climbed sharply from 33.7% in 2000, driven by successive tax cuts, emergency spending, and rising Social Security and Medicare costs. The Congressional Budget Office expects net interest costs to increase by more than one percentage point of GDP over the next decade, while Social Security is projected to face insolvency in 2032 unless Congress intervenes. Higher-than-anticipated interest rates could further increase borrowing costs, adding pressure to an already challenging fiscal outlook.

 

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The Commerce Department reported Thursday that U.S. inflation accelerated in September, with the Federal Reserve’s preferred personal consumption expenditures (PCE) price index rising 0.5% month over month, up from 0.3% in August, while annual inflation increased to 3.6% from 3.4%. Core PCE inflation, which excludes volatile food and energy prices, rose 0.3% monthly and 3.1% annually, highlighting persistent price pressures. Meanwhile, personal income growth slowed to 0.2% from 0.3% in August, falling short of economists’ expectations, while consumer spending increased 0.5%, down from 0.9% the previous month. The figures reinforce concerns about stubborn inflation following the Federal Reserve’s decision to hold interest rates steady, with markets anticipating a rate increase at its December meeting.

 

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U.S. initial unemployment claims fell to 194,000 last week, down from a revised 195,000 the previous week and marking their lowest level since mid-July, signaling continued job security and limited layoffs. The four-week moving average declined to 196,750, while continuing claims, reported with a one-week lag, dropped 21,000 to a seasonally-adjusted 1.701m. 

 

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The Trump administration has been sued by twenty-one U.S. states and the District of Columbia over its rollback of reporting requirements established under the 2021 Corporate Transparency Act ​aimed at combating illicit finance. The coalition of ​mostly Democratic-led states asked a federal court to overturn a rule finalized in August which exempted ‌U.S. companies and individuals from reporting beneficial ownership information to the Treasury Department's financial crimes unit. They said this was ​part of a broader push by the administration to curtail ⁠anti-corruption efforts. "The executive branch cannot repeal a law by rulemaking. That fundamental principle resolves ​this case," said the lawsuit filed in the U.S. District Court for the District ​of Oregon.

 

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The U.S. government has filed a lawsuit which accuses Google of not giving an employee, Mark Davisson, his old job back or finding him a similar role after he took military leave as a U.S. Army reservist. Reuters says it's a rare instance of the government suing a private employer for violating the Uniformed Services Employment and Reemployment Rights Act ​of 1994 (USERRA), which protects the civilian employment of military personnel called to active duty. “We disagree with the claims in this complaint . . . Google takes ​compliance with employment laws, ⁠including USERRA, seriously and investigates allegations of workplace wrongdoing,” Google spokesperson Atle Erlingsson ​said. “Federal law ensures that our brave ⁠soldiers, who ​sacrifice so much to keep us safe, are not punished ​by employers when they return to the civilian workforce after completing their military service,” U.S. Attorney Jamie McDonald in Manhattan said ​in a statement.

 

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Internal IRS data obtained by Politico reveals that taxpayers in U.S. territories, including Puerto Rico and Guam, claimed significantly larger overtime tax deductions than those in mainland states under President Donald Trump’s 2025 tax legislation. The average deduction in U.S. territories reached $7,078, more than double the national average of $3,149, with Alaska recording the highest state-level average at $4,952. Nearly 30m taxpayers nationwide have claimed the deduction, more than twice some initial forecasts, raising questions about eligibility and compliance. Tax experts suggested that the unusually high claims could reflect industry-specific overtime patterns, reporting errors, or differences between federal and territorial tax rules. Although the IRS has not explained the regional disparities, the findings have intensified scrutiny of the tax provision ahead of the midterm elections, as lawmakers seek more detailed information about its implementation and impact.

 

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The Consumer Financial Protection Bureau (CFPB) has been criticized for inadequate cybersecurity protections following an audit by the Federal Reserve-CFPB Inspector General, which found its information security program to be “not effective.” The report identified failures to track sensitive datasets, address critical security vulnerabilities within required deadlines, and maintain adequate cybersecurity policies, potentially exposing consumer and business information to theft or hacking. The findings follow significant operational disruption under the Trump administration, including office closures, contract cancellations, and proposed staffing cuts. The CFPB has accepted the audit's recommendations and said it has already addressed most deficiencies, while emphasizing that no major security incidents or breaches involving personal information occurred during the last fiscal year.

 

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The SEC is increasing its oversight of the rapidly expanding prediction market industry, focusing on potential insider trading, market manipulation, and fraud involving contracts linked to corporate earnings and performance metrics. SEC enforcement director David Woodcock indicated that enforcement actions are likely as the agency monitors activity on platforms such as Kalshi and Polymarket, which are primarily regulated by the Commodity Futures Trading Commission (CFTC). The CFTC has already pursued several enforcement cases involving alleged manipulation and misuse of confidential information, highlighting growing regulatory concerns. Meanwhile, the SEC and CFTC are working to clarify their overlapping jurisdictions as prediction markets expand into securities-related products. The scrutiny follows SEC approval for Cboe Global Markets to offer options contracts tied to corporate performance indicators, including earnings per share and product sales

 

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Binance, the world's largest cryptocurrency exchange, has suspended all deposits and withdrawals following a cyberattack that resulted in approximately $6.3bn in stolen assets, making it the largest reported cryptocurrency heist on record. The exchange has attributed the breach to a compromised employee laptop that allegedly enabled unauthorized withdrawals, while cybersecurity researchers at TRM Labs and Pangolin Intelligence have linked the attack to North Korea's TraderTraitor hacking group. Stablecoin providers Tether and Circle, alongside other parties, have helped freeze approximately $3bn in stolen assets, limiting the hackers' ability to transfer or liquidate the funds. Binance has assured customers that their funds are safe and that affected users will be made whole, while working with law enforcement to identify those responsible. The attack significantly exceeds the previous record $1.5bn theft from Bybit in 2025 and raises fresh concerns about security vulnerabilities across cryptocurrency exchanges. Binance's U.S. subsidiary, Binance.US, has confirmed that it was unaffected by the incident.

 

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Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), has instructed six major audit firms - KPMG, PwC, Deloitte, EY, BDO, and Grant Thornton - to develop action plans addressing shortcomings in audit quality, financial reporting, and independence practices. The directive follows findings that auditors failed to challenge management assumptions, obtain sufficient supporting evidence, and properly document compliance with ethical requirements. ASIC will monitor the effectiveness of the plans amid ongoing scrutiny of the industry, including an investigation into allegations that KPMG misused confidential client information to secure additional audit work. In September, the regulator disclosed that it was examining 551 complaints of potential misconduct involving the Big Four accounting firms.

 

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Dockworkers in 22 countries are to strike today in a protest against war and the use of ports for ‌arms exports. The strike action, which was originally called by dockworkers' unions in Italy, France, Greece, Spain's Basque Country, Turkey and Morocco, is now supported by more than 25 unions in 113 ports. The Water Transport Workers Federation of India (WTWFI) is also supporting the strike, and about a dozen ports in India could be disrupted. Organizers say the strike could disrupt more than 40% of Mediterranean cargo and affect over $2bn worth of freight. "We will send our own message of peace from Piraeus, and we will show our solidarity with the peoples suffering from war,” said dockworkers at Greece's largest port.

 

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