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Must Know

Democrats win House and Senate, ending Republican control of Congress; Trump accepts result

Ongoing · day 2 ↗

Democrats gained a majority in the US House of Representatives in the 2026 midterm elections, with all 435 seats on the ballot. Voters punished Trump over inflation, corruption and rising healthcare costs, and US annual inflation reached 3.7%, driven by food prices and higher fuel costs. Trump said he lost ground because he was not on the ballot, and suggested he would have won by a landslide had he been a candidate.

Why it matters

Trump says he will veto Democratic bills, so the new majority's main tools are subpoenas, confirmation votes and spending leverage, which makes investigations, including of Trump's alleged corruption, the likely focus once the new Congress is sworn in in January.

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FT invites readers to question columnists on how US midterm results change politics

The Financial Times is taking reader questions for a live Q&A with senior US columnists Edward Luce and Rana Foroohar on how the midterm election results will change US politics. The session is on Friday, Nov. 6, at 1pm ET (6pm GMT).

Why it matters

Held on Friday Nov. 6, after voting ends, the session will address actual results rather than pre-election forecasts.

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Trump says Iran war cost Republicans votes but holds off on strikes; Tehran's negotiator says Americans voted 'no to war'

Ongoing · day 7 ↗

President Trump told the Financial Times that the United States has no immediate plans to strike Iran. Democrats flipped both chambers of Congress in the midterm elections, so Trump's Republicans will no longer control Congress. Trump acknowledged that the Iran war was a factor in Republican defeats in battleground races from Kansas to South Carolina.

Why it matters

The midterm loss removes Trump's stated post-election window for renewed war from a position of political strength, yet analysts say any deal needs the backing of IRGC-linked security figures who now hold more sway, and some Iranian clerics are urging a nuclear deterrent, so a pause may not produce a settlement.

How reporting varies

Al Jazeera: Focuses on Iran's internal power balance: the IRGC and security officials now carry more weight, and Vance's letter went to security chief Mohsen Rezaei, not negotiator Ghalibaf.

Deutsche Welle: Analysts say the midterms may not change Iran policy much because Washington's elite is less divided on Iran than it appears.

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Trump says US will end $3.8bn in annual military aid to Israel by year-end, with no details

President Donald Trump said on election day that the US will stop its roughly $4 billion in yearly funding to Israel at the end of 2026, saying he had made a deal with Prime Minister Benjamin Netanyahu "months ago". He gave no details on how. The current 10-year memorandum providing $3.8 billion a year does not expire until September 2028, and the US and Israel had discussed phasing out grants over years. Neither the White House nor Netanyahu's office commented to Reuters; Israeli opposition leader Gadi Eisenkot said Israel's defence establishment learned of the change through the media.

Why it matters

Trump framed the cut partly as removing a "bad talking point" for Democrats, naming Senate candidate Abdul El-Sayed, yet he offered no legal mechanism for ending a deal that runs to 2028, leaving Israel's planners with a stated end date and no terms.

How reporting varies

WSJ World: Stresses that the two countries had discussed phasing out grants, and that Trump's comments suggest a much faster timeline than expected.

CBC News: Notes Trump said the US will still sell weapons to Israel, and that analysts see the timing as an Election Day ploy.

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Should Know

Russia hits Ukraine's power grid with 365 drones and missiles a week before Abu Dhabi talks

Russia fired 289 drones, 17 ballistic missiles and 59 cruise missiles overnight, Zelensky said, knocking out power across swathes of Ukraine; DTEK said three of its five thermal plants went offline. On Wednesday Russia's defence ministry said it hit two more power stations, in the Kyiv and Zhytomyr regions. The toll from Monday's bombing of an aid centre in Komyshuvakha, Zaporizhzhia region, has risen to at least 31 dead, with dozens still missing. US-brokered talks with Russia and Ukraine are set for Abu Dhabi on Nov. 10-11, and German Chancellor Merz said he has seen no sign Moscow will engage seriously.

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Israel's election committee finds no fraud, rejecting Netanyahu's claims against Arab parties

Ongoing · day 10 ↗

Israel's election commission rejected Netanyahu's allegations of fraud by Arab parties, and Ben-Gvir's claim that the election was stolen was also found to have no supporting evidence from the commission. Official results of the October 27 election are due to be released on November 4, and Netanyahu and the attorney general have traded barbs over the poll fraud allegations. President Herzog has opened consultations on forming the next government, and whoever he tasks will have 28 days to build a coalition.

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Spain's transport minister Puente resigns after Toledo-area train crash that killed 69

Transport Minister Óscar Puente resigned on Tuesday, six days after a Renfe high-speed train hit a stationary Iryo train near Urda, south of Madrid. He also withdrew from the Nov. 29 early general election. He said a minister cannot stay in office after two accidents of this gravity in under a year, citing January's Adamuz crash that killed 46; Prime Minister Pedro Sánchez praised his decision, and one report says Sánchez has since reshuffled the Cabinet.

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Eurozone inflation rises to 4% in October, fastest in three years, as energy costs climb

Eurozone consumer prices rose 4% in October, the fastest pace in three years, according to the Financial Times. Inflation rose for a fourth straight month on higher energy costs, the Wall Street Journal reported. That reinforces expectations that the ECB could raise its key interest rate again after holding it last week.

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Greenland's parliament ratifies security deal with US; Denmark must still approve

Greenland's parliament in Nuuk ratified on Tuesday the security agreement struck earlier this year with US President Donald Trump, although some opposition members questioned the deal's value. The pact can take effect only if the government in Denmark also agrees, according to Der Spiegel.

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Lecornu explores ruling by decree on 2027 budget as Assembly debate stalls

Ongoing · day 2 ↗

Le Monde reports that Sébastien Lecornu is exploring the use of ordonnances to put the 2027 budget in place, as the National Assembly is about to reject the revenue part of the finance bill. The government is suspected of letting the debate drift so it can implement its original text.

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EU court adviser says Google's Gemini chatbot may infringe publishers' copyright

Advocate General Maciej Szpunar told the EU's top court that a chatbot like Gemini can infringe a press publisher's rights when it reuses articles to answer queries, for example by getting around paywalls or reusing an article's form of expression in a recognisable way. He said using copyrighted material to train AI models is freely permitted under the text and data mining exception. The court usually follows its advisers' non-binding opinions and will rule in the coming months. Hungarian site operator Like Company brought the case.

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OpenAI staff warned for years of operational security lapses, Reuters reports

OpenAI employees warned for years about lapses in operational security, according to sources cited by Reuters.

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US helped Venezuela carry out deadly drone strike on drug group, officials say

The United States assisted Venezuela in a drone strike on a drug-trafficking group that killed about two dozen people, according to a rights group cited by The New York Times. Separately, Secretary of State Marco Rubio is starting talks on a legal agreement that would let U.S. troops stay in Venezuela. The two countries have long been adversaries, and the U.S. attacked Venezuela earlier this year. The Wall Street Journal reports Caracas, which sheltered rebels for decades, now cooperates with Washington on attacking them.

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AI bond sales may raise borrowing costs for France, Germany and Italy, analysts warn

US tech giants are competing with European governments and firms for bond investors' cash, according to Deutsche Welle. Amazon, Alphabet, Meta and Oracle have issued about $250 billion in dollar bonds since early 2025 and €37 billion in euros, and Microsoft has sold $25 billion. Goldman Sachs projects $420 billion of new hyperscaler bond sales next year; ING expects about €60 billion in euros. French 10-year yields have climbed from roughly 3.7% to nearly 5% in six months, and the ECB's economists warned in August of possible spillover to government bond markets.

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  • Deutsche Welle — Backs: AI bond sales may raise borrowing costs for France, Germany, Italy; About $250bn dollar bonds since early 2025, €37bn in euros; Microsoft $25bn bond sale; Goldman $420bn next year; ING about €60bn; French 10-year yields roughly 3.7% to nearly 5% in six months; ECB economists warned in August of spillover