Healey Holds the Line on Taxes as Iran War Costs Squeeze Fiscal Buffer

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‼️ 🇬🇧 Chancellor John Healey ruled out broad-based tax rises in his first Budget, using part of his fiscal buffer to absorb Iran war costs as higher global yields added £14 billion to this year’s debt-interest bill. The OBR put fiscal headroom at £15 billion in 2029-30, down from £23.6 billion in March but broadly matching market expectations of £15.2 billion, before rising to £22 billion in 2030-31. Borrowing is forecast at 4.2% of GDP this year, versus March’s 3.6% estimate, declining to 3.4% next year, 2.9% in 2028-29, 2.1% in 2029-30 and 1.8% in both subsequent years. Public sector net financial liabilities are projected at 83.2% of GDP in 2026-27, up from March’s 82.6% forecast, before falling to 82.3% by 2030-31.

US Warns Gulf Allies to Brace for “Short, Intense” Post-Midterm Campaign Against Iran: WSJ

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‼️ 🇮🇷 🇺🇸 BREAKING: The US has told several Gulf Arab countries to prepare for a “short, intense military campaign” after the midterm elections, according to The Wall Street Journal, which reports growing signs of renewed US-Israeli strikes against Iran, including an additional US Patriot system heading to Israel, munitions restocking and aircraft preparations.

Danone’s Sales Beat Masks Weak Volume Growth as Pricing Does the Heavy Lifting

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‼️ 🇫🇷 BREAKING: Danone reported third-quarter organic sales growth of 4.0%, beating the 3.7% consensus as stronger pricing offset weaker volume/mix. Pricing rose 3.6% versus 2.7% expected, while volume/mix grew just 0.4%, missing the 1.1% forecast. Specialized Nutrition sales increased 4.7%, above the 4.1% estimate, despite growth in China slowing to mid-single digits.

Standard Chartered Smashes Profit Forecast as Wealth Inflows Hit Record

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‼️ 🇬🇧 BREAKING: Standard Chartered’s third-quarter pretax profit rose 29% to $2.25 billion, beating the $2.09 billion estimate, as record wealth inflows and strong trading drove a guidance upgrade. The bank now expects income growth above its previous 5%–7% range and 2026 return on tangible equity of about 14%, up from more than 12%. Shares surged.