FirstFT: Republicans full Congress sweep

Good morning and welcome again to FirstFT. On right this moment’s agenda now we have:

The Republicans have secured a majority within the Home of Representatives, giving Donald Trump’s occasion full management of each chambers of the US Congress and vast latitude to push a radical agenda via the legislature.

The Home verdict comes greater than every week after Trump gained a convincing election victory over Kamala Harris within the presidential race, retuning the previous president to the White Home after a four-year absence.

The Republicans additionally took management of the Senate in a greater than anticipated outcome for the GOP. Yesterday Republicans elected South Dakota senator John Thune the following Republican chief of the Senate, a possible test on the facility of the incoming president.

The Home outcome, which got here after greater than every week of counting in California and different states, is a blow to Democrats, who can be unable to steer highly effective congressional committees to supervise investigations into the Trump administration’s actions.

But with 9 Home races nonetheless to be referred to as, the margin of the Republican majority has not been confirmed. However the Related Press declared late yesterday that Trump’s occasion had secured the 218 seats essential to retain management of the 435-member physique. Learn extra on the Home outcomes.

• The most recent Trump appointments: The president-elect has despatched additional shockwaves via Washington after tapping two controversial loyalists to move the US justice division and America’s spy businesses.

• Pete Hegseth: Trump’s nominee for secretary of defence has shocked America’s European allies and sparked a backlash within the US. One former Trump official described the selection as “crazy”.

How will Donald Trump’s presidency rework world commerce and monetary markets? Pose your inquiries to FT journalists in a reside Q&A at 3pm GMT/10am ET right this moment. You’ll be able to depart your questions within the remark part underneath this text, and add the occasion to your calendar right here.

Right here’s what else we’re holding tabs on right this moment:

• Financial knowledge: The producer value index, which tracks wholesale value inflation, is launched a day after the Bureau of Labor Statistics confirmed client costs rose to 2.6 per cent in October.

• Financial coverage: Federal Reserve chair Jay Powell will communicate on the worldwide economic system at an occasion in Dallas. Federal Reserve Board governor Adriana Kugler speaks on central financial institution independence and the economic system at an occasion in Montevideo, Uruguay.

• US politics: President Joe Biden heads to Peru, the place China’s affect is rising, for the Asia-Pacific Financial Cooperation summit. The Conservative Political Motion Convention is holding an investor summit at Donald Trump’s Mar-a-Lago residence, beginning right this moment and working via to Saturday.

• Corporations: US leisure group Walt Disney stories annual outcomes.

5 extra prime tales

1. France has in impact boycotted the COP29 UN local weather summit in Azerbaijan after an assault by the host nation president. A prime French local weather official mentioned she wouldn’t attend the convention after Azerbaijan President Ilham Aliyev accused France of “brutally” suppressing local weather change issues in its island territories within the Pacific in an handle to different leaders.

2. Theodore Olson, the famend conservative lawyer who fought to legalise same-sex marriage and was instrumental in securing a presidential win for George W Bush in 2000, has died aged 84. Olson, a towering determine within the US bar and former US solicitor-general who appeared in among the most consequential circumstances in current authorized historical past, died yesterday. Learn extra on the “extraordinary” advocate.

3. Israeli authorities have intentionally prompted the mass displacement of Palestinians in Gaza, Human Rights Watch mentioned in a report yesterday. The 154-page report mentioned Israel’s hostilities — throughout which 1.9mn of Gaza’s 2.2mn individuals have been displaced, in accordance with the UN — amounted to “forced displacement” and “a crime against humanity”.

4. Canada’s indigenous communities are in search of offers with China that would give Beijing entry to the nation’s pure assets. Karen Ogen, co-chair and chief govt of the First Nations Liquefied Pure Fuel Alliance, is visiting Beijing this week to debate potential power and different enterprise offers. The journey might put Canada’s First Nation communities at odds with the nation’s nationwide safety priorities.

5. Argentina’s libertarian president Javier Milei is hoping that budding friendships with US president-elect Donald Trump and billionaire Elon Musk will assist safe much-needed funding in his crisis-stricken nation, together with a brand new mortgage from the IMF. Argentina needs billions of {dollars} in recent money to assist elevate strict foreign money and capital controls which are slowing the nation’s exit from recession.

Right now’s large learn

Goldman Sachs’ years-long wrestle to achieve management of its Chinese language enterprise is a cautionary story for different western monetary establishments. The Monetary Instances has pieced collectively a full account of a misadventure that the group itself has not often commented on and which barely options in its investor communications.

We’re additionally studying and listening to . . . 

• Bitcoin: The digital foreign money’s large bang second is inconceivable to disregard, argues markets columnist Katie Martin.

• Democrats: The electoral coalition that Donald Trump cast final week was sensational but it surely gained’t final, writes Janan Ganesh.

• Diabetes: A brand new research has discovered that world charges of diabetes have doubled prior to now three a long time. The Lancet report checked out 200 nations and territories.

Chart of the day

Ukraine’s sovereign bonds have surged in value in what one investor within the nation referred to as “the unlikeliest Trump trade ever”. Buyers’ wager that the brand new US administration will push for a fast finish to the battle with Russia follows feedback from the incoming president through the marketing campaign that he would finish the battle “within a day”, with out giving particular particulars.

Take a break from the information

Padel, billed as tennis’s rebellious youthful sibling with its relaxed gown code and emphasis on socialising, has exploded in reputation in recent times, with followers together with the Princess of Wales and Stormzy. Igor Ramírez García-Peralta has a go on the racquet sport that has taken over the world.