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Harris and Trump make final pitches to undecided voters
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Harris and Trump make final pitches to undecided voters

This article is an on-site version of our FirstFT newsletter. Subscribers can sign up for our Asia, Europe/Africa or America edition to receive the newsletter every weekday. Discover all our newsletters here

Good morning and welcome back to the start of the work week. In today news:

  • Wall Street’s ‘neocloud’ AI bet

  • Buffett reduces his stake in Apple

  • China is putting pressure on the rich to pay taxes


We begin with a look back at a hectic campaign weekend in which the two candidates presented contrasting closing messages to undecided voters with less than a day to go before in-person voting began.

Donald Trump lashed out at critics, calling Democrats “demonic” as he repeated baseless claims of election fraud and took a swipe at the mainstream media as he lamented the need for bulletproof glass at his rallies in Pennsylvania before traveling on to North Carolina and Georgia .

“America is a crooked country, and we are going to make it straight,” he said.

That contrasted with Kamala Harris, who made a more optimistic speech to supporters in Michigan as she vowed to tap into the “ambition, the aspirations and the dreams” of the American people.

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The race for the White House is close, with less than 24 hours to go before the polls open.

But the Harris campaign was put on hold this weekend by the results of a Des Moines Register survey released Saturday, which showed the vice president with a clear lead in the Republican state of Iowa.

However, another poll for the New York Times published yesterday showed Harris trailing in Arizona and tied in Pennsylvania and Michigan. The Financial Times poll shows Harris with a 1.3 percentage point lead nationally.

In today’s final rallies, Trump will focus on North Carolina, Pennsylvania and Michigan before returning to Florida to vote and await the results. Harris plans to spend a day campaigning in Pennsylvania before moving on to Pittsburgh and Philadelphia.

Here’s more of our coverage of what has become the closest election in a generation:

  • Election night: Here’s a guide to what to expect tomorrow night when the results are announced.

  • The dollar: A basket of major currencies is on track for the biggest one-day gain against the dollar since September as gauges tighten.

  • The final days of the Trump campaign: Remarkably, a second term is within reach for the former president given the way he has run his campaign – an even darker version of his 2016 and 2020 races.

  • The day after the elections: A legal and information war waged by Trump’s team to prevent a Harris victory from being certified could delay the process for days or even weeks.

  • Rana Foroohar: No matter who wins, America will still have to turn itself around.

  • Ruchir Sharma: The economic boom in the US is lopsided and that explains why so many Americans will vote out of anger.

Make sure you’re signed up for our US election newsletter to get updates tomorrow. Here’s what else I’m keeping an eye on today:

  • Companies: The New York Times and Fox Corp publish results. Canadian life insurer Sun Life and medical device manufacturer Revvity also reported profits.

  • Canada: Ottawa will unveil details of its long-awaited plan to limit greenhouse gas emissions from the oil and gas sector.

Experts led by Financial Times editor Roula Khalaf will discuss their predictions for the world in 2025 at a virtual event on December 11. Register today.

Five more top stories

1. Exclusive: Wall Street’s Largest Financial Institutions Lended More Than $11 Billion to a Niche Group of Technology Companies based on their ownership of the world’s most popular product: Nvidia’s artificial intelligence chips. Blackstone, Pimco, Carlyle and BlackRock are among those who have created a lucrative new debt market in the past year by lending to so-called neocloud companies.

2. The Federal Reserve is poised to cut its key interest rate by a quarter point later this week. The Federal Open Market Committee will announce its decision on Thursday, possibly before the results of the presidential election are known. One blemish on the otherwise solid set of economic data heading into the meeting was Friday’s jobs report.

3. Saudi Arabia and other Opec+ members have postponed a plan to increase oil production until the end of the year. The world’s biggest oil exporter and seven others including Russia, Iraq, the United Arab Emirates and Algeria will keep all production cuts in place until the end of December, OPEC said in a statement, allowing international oil prices to rise today.

4. Chinese authorities are demanding that corporations and the wealthy double-check their taxes for unpaid debts as local governments look for revenue to replenish coffers depleted by a slump in the real estate sector. This measure threatens to further damage investor confidence in the run-up to this week’s expected fiscal stimulus measures. You can read more about the tax “self-audits” here.

5. A Chinese-built megaport in Peru could be used by Beijing’s navy, a top US general has said: highlighting security risks to the US from “Belt and Road” projects in Latin America. Chinese President Xi Jinping is expected to inaugurate the $1.3 billion port of Chancay on the Pacific coast when he visits Peru for a summit in mid-November. Read the full interview with General Laura Richardson, outgoing head of US Southern Command.

Today’s big lecture

Ken Griffin, Founder of Citadel Securities, and Peng Zhao, CEO
Ken Griffin, founder of Citadel Securities, left, and Peng Zhao, CEO © FT montage/Karen Dias/Bloomberg

Citadel Securities is at the forefront of a new breed of trading firms that have eaten away at the traditional dominance of big banks. In just two decades, it has become the largest buyer and seller of stocks in the US. The latest installment of our New Titans of Wall Street series chronicles the rise of Ken Griffin’s firm.

We are also reading. . .

Chart of the day

Column chart of cash and cash equivalents ($ billion) showing Berkshire Hathaway's pile of cash growing to a new record

Warren Buffett has continued to cut his stake in Apple as part of a sell-off that has seen his Berkshire Hathaway dump $166 billion worth of shares over the past two years. Over the weekend, the conglomerate announced that it had reduced its position in the iPhone maker to $69.9 billion in the third quarter, indicating it had lost another 100 million shares.

Take a break from the news

Blake Graham keeps an eye on Paula Arreola as part of the Longevity8 program at Canyon Ranch. Right: A red light therapy device used in Longevity8 © Cassidy Araiza/FT

A new generation of ‘reset retreats’ uses data to analyze sleep quality, physical fitness and other key indicators to help busy executives manage stress and burnout.