On The Deals Shaping Our Economy
Democrats scored massive victories across the US, delivering a sharp rebuke to Donald Trump and his Republican party just 10 months into his second term.
Why it matters: The results, seen as the first major electoral test of Trump's second term, will energize a Democratic party that has struggled to mount effective opposition to his Maga agenda.
Zoom in:
New York City: Democratic socialist Zohran Mamdani, 34, was elected mayor after seizing on discontent with the high cost of living.
He becomes the city's first Muslim mayor-elect, and his campaign drove the largest voter turnout for a mayoral race since 1969.
Virginia: Former Democratic congresswoman Abigail Spanberger flipped the governorship from Republican control, becoming the state's first female governor.
New Jersey: Democratic congresswoman Mikie Sherrill won the governorship by double digits, defeating a Republican opponent she had tied closely to Trump.
"Donald Trump, since I know you're watching... I have four words for you: Turn the volume up!"
The other side: President Trump sought to downplay the losses at a hastily-arranged White House breakfast with Republican senators on Wednesday.
Trump blamed the losses on the ongoing federal government shutdown, his own absence from the ballot, and the races being held in "very Democrat areas."
"I don't think it was good for Republicans... I'm not sure it was good for anybody."
Yes, but: Other Republicans were more blunt.
Oklahoma’s Republican governor, Kevin Stitt, called the scale of the wins "shocking" and described the night as "kind of a butt-whipping" for the president's party.
🗽 Wall Street Offers Cautious Backing
Following his victory, New York's financial elite is offering cautious support to Mayor-elect Mamdani, despite his platform of higher taxes on million-dollar salaries and criticism of the "moneyed class."
In the final weeks, Mamdani intensified his courtship of business, attending several meetings with chief executives.
Some financiers remain skeptical, others extended an olive branch, including billionaire Bill Ackman, who had backed Mamdani's opponent.
"Now you have a big responsibility. If I can help NYC, just let me know what I can do."
📈 Markets "Buy the Pullback"
On the markets, US and European stocks recovered on Wednesday following a tech-driven sell-off the previous day.
Stronger-than-expected US economic data—including in the jobs and services sectors—allowed investors to move on from Tuesday's declines.
By early afternoon in New York, the S&P 500 was up 0.6% and the tech-heavy Nasdaq Composite rose 0.9%.
In Asia, markets suffered heavy losses as they caught up to Wall Street's wobble.
South Korea's Kospi closed 2.9% lower after sliding as much as 6.2% earlier in the day.
📱 Vodacom Settles 'Please Call Me'
In corporate news, Vodacom has settled its infamous "Please Call Me" dispute with erstwhile employee Nkosana Makate for an undisclosed sum.
Why it matters: The legal battle lasted almost two decades. The core of the fight was how much Makate was owed for his invention.
The stakes were high: A previous Supreme Court of Appeal majority judgment would have entitled Makate to a minimum of R29 billion (approx. $1.6B USD).
The settlement amount is confidential, but Vodacom confirmed it has been "accounted for" in its interim results.
The global stage doesn't rest,
and neither do I.
Your support doesn't just 'keep the lights on,' it funds the reporting into the geopolitics and economic deals that matter.