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Political spaghetti

Last Updated: September 30, 2025

It’s low-heat rebellion time at the Conservative Party Conference.
Prime Minister Theresa May is getting attacked from both sides in Birmingham. Former Cabinet minister Boris Johnson and the moderately popular pastor of the political wilderness Jacob Rees-Mogg have both lambasted Mrs May’s Brexit negotiations and strategy. Remainers in her party are angling for a second referendum, with another former Cabinet minister, Dominic Grieve, warning that a “significant number” of backbenchers now support the idea. He even suggested a cross-party bloc could force the issue.

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Powell's tough love?

Last Updated: September 30, 2025

A broad range of US companies reined in estimates of 2019 growth last week, most notably Amazon. Last week, we noted that any corporate concerns about next month’s profit and revenue growth would weigh heavily on stock markets and we were correct.
The S&P 500 slumped 3.9% in dollar terms, putting it 9.3% down from its peak in September. Other markets followed the American bourse downward, although the UK held up better with a cheaper pound lending some support amid Brexit worries.