Markets rally on relief over US shutdown breakthrough – business live
UK drinks giant Diageo has turned to experienced retailer Sir Dave Lewis to lead its turnaround push,Lewis, the former chief executive of Tesco, has been named this morning as Diageo’s new chief executive,He succeeds Debra Crew, who stepped down “by mutual agreement” in July after a tenure including a shock profits warning, adverse global consumer trends and abandoned sales targets,Just last week, Diageo reported that weak demand in China and the US had hurt sales and profit expectations,Lewis, who must now restore investor confidence in Diageo, says:“Diageo is a world leading business with a portfolio of very strong brands, and I am delighted to be joining the team.
The market faces some headwinds but there are also significant opportunities,I look forward to working with the team to face these challenges and realise some of the opportunities in a way which creates shareholder value,”Lewis has experience of turning businesses around – at Tesco, he tackled a mountain of debt and discovered a gaping black hole in its accounts,Lewis will step down down from his current role chairing consumer healthcare firm Haleon at the end of the year,Once the government reopens, markets will face a surge of delayed data releases.
Jim Reid, market strategist at Deutsche Bank, has told clients this morning:It looks like white smoke is finally emerging from Capitol Hill as late on Sunday night in the Senate there was a 60-40 procedural vote to advance a bill that would end the shutdown.Just about enough moderate Democrats have broken ranks with party leadership to progress a bill that would fund Agriculture, Veterans Affairs and the operations of Congress for the full-year, even if other agencies would only be funded through to January 30th.It seems to persuade the moderate Democrats to support the bill, a vote has been promised in December in extending the Affordable Care Act (ACA) subsidies that run out at year-end.The timetable from here is slightly less clear but we could get a full vote today or tomorrow assuming no procedural delays.Probability markets are starting to price in the end game with a 98% expectation that the shutdown will be over by November 30th on Polymarket, a contract high.
Historical precedent from the 2013 shutdown suggests that September’s employment report could be among the first to hit the wires, potentially within three business days of reopening.We expect payrolls to rebound sharply, with headline and private payrolls both forecast at +75k, leaving the unemployment rate steady at 4.3%.So we could get this Thursday or Friday.Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
After some jittery sessions last week, the markets are taking heart from progress to end the longest US government shutdown in history.Wall Street futures are indicating a higher open, after the US Senate voted to advance legislation to end the shutdown, with a group of breakaway Democrats reached an agreement with Republicans.This compromise bill would reauthorize funding and undo the layoffs of some employees, but doesn’t guarantee the extension of healthcare tax credits, which had been a key Democrat demand.If the Senate eventually passes the bill, the package must still be approved by the House of Representatives and sent to President Donald Trump for his signature, a process that could take several days.Relief that the 40-day shutdown could soon be over has lifted markets in Asia.
Japan’s Nikkei 225 index has gained 1.2%, while MSCI’s broadest index of Asia-Pacific shares outside Japan is up 1.3%.The shutdown has hit the federal workforce, hurting many public services, and put welfare benefits for tens of millions of Americans at risk.It also created an economic fog of uncertainty as investors have been deprived of important data showing the health of the economy.
The futures market indicates the US S&P 500 index could rise 0.7% when trading begins later today, while the tech-focused Nasdaq is up 1.2% in pre-market trading.Tony Sycamore, IG analyst, says:The breakthrough on the shutdown—combined with President Trump’s renewed pledge to deliver at least $2,000 in tariff-funded dividend checks to most Americans (excluding high earners)—has lifted Nasdaq 100 futures 0.60% to 25,316 in early Asian trading.
While the reopening restores critical services and eases economic uncertainty, the rebate plan remains contingent on congressional approval and sufficient tariff revenue, leaving its timing and feasibility still in question.The breakthrough came after a pledge for a later Senate vote on whether to extend subsidies for Affordable Care Act health plans.Democrats within and beyond Washington denounced the compromise, concerned that it does not resolve the issue of healthcare subsidies.Democratic Senator majority leader Chuck Schumer said:“This healthcare crisis is so severe, so urgent, so devastating for families back home, that I cannot in good faith support this [resolution] that fails to address the healthcare crisis.”California’s governor, Gavin Newsom, wrote on social media.
“Pathetic.This isn’t a deal.It’s a surrender.Don’t bend the knee!”4pm GMT: House of Lords Economic Affairs Finance Bill sub-committee to hear evidence on tax policy making principles
Lewis Hamilton laments ‘nightmare’ first season driving for Ferrari
Lewis Hamilton has branded his first season at Ferrari as a “nightmare” after he endured another trying weekend, forced to retire from the São Paulo Grand Prix in a year when he has been frustrated and disappointed as he attempts to adapt to his new team.“It’s a nightmare,” Hamilton said. “I’ve been living it for a while. The flip between the dream of driving for this amazing team and then the nightmare of the results that we’ve had. We are just really having to fight through those hardships at the moment
NFL week 10: Dolphins stun Bills, Patriots edge out Buccaneers and Bears roar back to beat Giants – as it happened
Wow, what a finish their in Houston. I am reliably informed that is the biggest blown lead in Jacksonville’s history. Kicking a big cat when it’s down aside that is a huge win for the Texans. They keep their hopes of the playoffs alive tonight at 4-5. A division title feels very unlikely with the Colts on 8-2 but a wild card still is very possible with CJ Stroud coming back soon hopefully at quarterback
Wales humbled by Argentina as Steve Tandy witnesses scale of task ahead
The start of a new Welsh rugby chapter left fans reading the same old story, Argentina claiming their biggest victory against the host side and consigning Wales to their 19th defeat in 20 Tests.Welsh supporters had hoped the team had turned a page in the summer after they ended their losing run with a win against Japan and had since given the reins to their new head coach, Steve Tandy. But it is clear there is still a lot of work to do to get this once formidable Wales side back to its glory days.Alongside their torrid form, discussions will be focused on the Wales centre Ben Thomas after he escaped a red card. Thomas was being held in a ruck and kicked a leg towards Pablo Matera’s head, for which he was shown a yellow card
US sports betting crisis grows as MLB’s Clase and Ortiz indicted over alleged rigged pitches
The betting crisis in US sports has spread further after Cleveland Guardians players Emmanuel Clase and Luis Ortiz were indicted over an alleged scheme to rig pitches during games.Bettors on baseball can gamble on whether individual pitches will be balls or strikes. Prosecutors allege claim that Ortiz was paid $5,000 for throwing an intentional ball during a game on 15 June. His teammate Clase, a three-time All-Star, is alleged to have been given $5,000 for facilitating the rigged pitch, alongside gamblers in the players’ home country of the Dominican Republic. Prosecutors claim the pair did so again in a game on 27 June, receiving $7,000 each
Norris boosts title bid with F1 São Paulo GP win as Verstappen charges to third
Max Verstappen had declared disconsolately that his world championship hopes should be forgotten as he went into the São Paulo Grand Prix. Yet after another masterclass in Brazil he defied the odds in taking third from a 19th-place start in the pit lane. It was an extraordinary drive, even as Lando Norris delivered a perfect weekend with a win at Interlagos and in so doing staked a claim to having one hand on the title.Norris’s victory was without doubt that of a champion in waiting as he managed a tense and high‑pressure victory from pole position to extend his world championship lead over his McLaren teammate, Oscar Piastri, who finished fifth. Norris gave a performance of precision and control exactly when it was required to put real daylight on his two title rivals
Jamie George warns England not to sit back in awe at New Zealand’s aura
Jamie George has warned that England must not be seduced by the All Blacks’ mystique if they are to clinch a first Twickenham win against New Zealand in 13 years on Saturday.Steve Borthwick has been boosted before the toughest assignment of England’s autumn campaign with the return to fitness of Elliot Daly, who could make his first appearance since fracturing an arm on British & Irish Lions duty, while Freddie Steward and Tom Roebuck have also been named in the 37-man squad.England will host the All Blacks after extending their winning run to nine matches with victory against Fiji, again romping clear in the final quarter, chalking up a 38-18 win. Their present form is in stark contrast to that of 12 months ago when England were mired in a run of six defeats in seven games, all by narrow margins. Three of those losses were inflicted by New Zealand – two on the 2024 summer tour before a 24‑22 defeat at Twickenham after George Ford missed two late kicks at goal
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