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US IPO candidates have seen year-end listing hopes dwindle as the ongoing SEC shutdown delays approvals and narrows the window to debut, with firms including Andersen Group, Medline, and Wealthfront unlikely to list before Thanksgiving. While some may opt for the SEC's automatic effectiveness route, IPOs face valuation pressures and investor reluctance in December, with further delays expected due to filing backlogs once the shutdown ends. “Once the SEC reopens, there’s going to be a quite a queue and once you refile the SEC may not be able to get back as quickly as they might normally,” said Ilir Mujalovic, the global co-head of equity capital markets and financial institutions at A&O Shearman.

 

Bloomberg

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About half (47%) of Americans consider the large U.S. trade deficit with other countries to be an economic emergency, according to a poll. The poll, which was commissioned by the Alliance for American Manufacturing, was published ahead of the Supreme Court sitting today to hear oral arguments regarding the legality of wide-ranging tariffs imposed by President Donald Trump under a law meant for emergencies. The sentiment was shared across party lines.

 

Reuters

Disputes between governments and investors over natural resources have surged to a 10-year high, driven by factors including resource nationalism and competition for critical minerals, according to law firm DLA Piper. In 2025 alone, 32 disputes have been filed with the World Bank's arbitration body, surpassing the total for the previous year, with Latin America experiencing the most cases. Gabriela Alvarez-Avila of DLA Piper noted that as the value of these minerals becomes clearer, "states have felt the need to exert greater control" over their deposits.

 

Reuters

Private investment firm BBRC International, which owns a nearly 13% stake in Victoria’s Secret, has written to the lingerie retailer's board calling for the removal of chair Donna James. “By any measure, she is an ‘over-tenured’ director with a ‘stale perspective’ that lacks objectivity regarding the company’s operations”, chief executive Brett Blundy wrote in the letter. Victoria’s Secret said its board has engaged extensively with BBRC and is conducting a “thorough review” of Mr Blundy in response to his additional request for a board seat. It said the company had launched an evaluation of his director candidacy “including additional required due diligence and vetting due to conflicts of interest and competitive concerns".

 

Bloomberg

Wall Street Journal

Spotify has reported third-quarter net income of €899m ($10.32bn), or €3.28 per share, beating expectations, as monthly active users rose 11% to 713m and premium subscribers increased 12% to 281m. Revenues climbed 12% to €4.27bn. The company, which launched 30 new features including lossless audio and user messaging, expects fourth-quarter revenue of €4.5bn and gross margin of 32.9%.

 

CNBC	Wall Street Journal

Wall Street is adjusting to the election of Zohran Mamdani as New York City’s mayor, amid concerns around the city's competitiveness and business climate. Mamdani's platform focuses on affordability, proposing measures like a rent freeze and increased taxes on the wealthy, which have raised apprehensions among investors about the potential impact on the financial sector. Tim Ghriskey, a senior portfolio strategist, observed: "It will be an interesting experiment," as he highlighted a degree of uncertainty about how far Mamdani can push his agenda and how it will be received.

 

Reuters

IBM has announced plans to reduce its workforce by potentially thousands of positions in the fourth quarter as it shifts focus towards its more profitable software sector. Despite a 35% increase in its shares this year, the company has faced a slowdown in its key cloud software growth, raising concerns among investors about future performance. CEO Arvind Krishna said that the job cuts would represent a low single-digit percentage of the global workforce, which stood at approximately 270,000 employees at the end of 2024.

 

Reuters

Amazon has filed a lawsuit in San Francisco against Perplexity AI, accusing the start-up of committing computer fraud by failing to disclose when Comet, its artificial intelligence browser agent, is shopping on a real person’s behalf, in violation of Amazon’s terms of service. Perplexity’s system posed security risks to customer data, Amazon said, and the start-up had ignored repeated requests to stop. In response, Perplexity accused the online retailer of "bullying," adding: “Amazon should love this. Easier shopping means more transactions and happier customers. But Amazon doesn’t care. They’re more interested in serving you ads, sponsored results, and influencing your purchasing decisions with upsells and confusing offers."

 

Bloomberg

CNBC

Smart window maker View has failed to dismiss SEC claims against former chief financial officer Vidul Prakash, whom a judge ruled must face allegations of negligently allowing the company to understate $25m in 2019 and $28m in 2020 of defective window replacement costs. View, which went public via a $1.6bn SPAC deal in 2021 and filed for bankruptcy in April 2024, restated over two years of accounts after replacing Prakash in November 2021.

 

Reuters

The U.S. government is investigating whether JPMorgan Chase provided fair banking access to its customers, as the White House cracks down on "debanking" practices allegedly targeting conservative public figures. Jonathan Gould, head of the Office of the Comptroller of the Currency, said Tuesday that he is looking to ensure that large banks have abandoned previous policies that may have contributed to the debanking of certain industries or clients.

 

Financial Times

Reuters

Comptroller of the Currency Jonathan Gould has said the agency is committed to promptly reviewing potential bank mergers. Gould said the OCC would not see applications as "inherently worthy of skepticism," in the latest indication that the Trump administration is taking a friendlier approach to deals.

 

Reuters

Pizza Hut may soon be up for sale as Yum Brands, its parent company, conducts a formal review of options for the struggling brand. Yum chief executive Chris Turner highlighted Pizza Hut's strengths, including its global presence with nearly 20,000 stores in over 100 countries and a 2% increase in international sales this year. Meanwhile, U.S. sales have declined by 7%, with nearly half of its revenue coming from the U.S. market. Turner said: “The Pizza Hut team has been working hard to address business and category challenges; however, Pizza Hut's performance indicates the need to take additional action.” Yum has not set a deadline for the review and said it will refrain from further comments until it concludes. Yum Brands shares rose nearly 7% in morning trading following the announcement.

 

Chicago Sun Times

The Oregonian

US News and World Report

Wall Street Journal

Reuters reports that Apollo Global has withdrawn its offer to take Papa John's private, sending the pizza chain's shares down as much as 20.7% in Tuesday afternoon trading. The $64-per-share offer valued the chain at around $2.1bn. Papa John's is due to release its third-quarter results on Thursday. 

 

CNBC

Bath & Body Works has hired former Bluemercury chief executive Maly Bernstein as chief commercial officer, and Samantha Charleston as chief human resources officer. Both appointments are effective November 12th.

 

Bloomberg

An appeal hearing has commenced in South Africa regarding a class action lawsuit against Anglo American concerning lead poisoning that allegedly affected around 140,000 people in Zambia over several decades. The plaintiffs, primarily women and children, link their health issues to a mine in Kabwe, where Anglo American was involved from 1925 to 1974, claiming it "poisoned generations of local people.” Although Anglo American acknowledges the contamination, it disputes liability, asserting it never owned or operated the mine and that the pollution is attributed to others.

 

Associated Press

Cement group Lafarge is on trial in France for allegedly paying jihadist groups, including the Islamic State, to operate its plant in Syria during the civil war there. The company, which pleaded guilty in the US to similar charges, is accused of funding terrorism and violating international sanctions. The trial involves former executives and staff, with Lafarge potentially facing fines of up to $1.2m. The inquiry began in 2017 after media reports and complaints regarding its Syria operations. The trial is expected to last until mid-December.

 

Daily Sabah

France 24

Agriculture Secretary Brooke Rollins has said the U.S. is not yet ready to reopen its border to Mexican cattle amid the outbreak of the flesh-eating New World screwworm parasite. "We're still not at the point where I am comfortable opening the ports, but I think every day that goes by we get a little bit closer," Rollins told Reuters. "I want to have every confidence that we have overturned every stone, that we understand every nuance, that we are deploying every tool in the toolkit," she added. The border has been largely closed to Mexican livestock since May.

 

Reuters