The Week The Week
flag of US
US
flag of UK
UK
https://cdn.mos.cms.futurecdn.net/skoGBi9qKFoUtnNWkovjJQ.jpg

SUBSCRIBE

Try 6 Free Issues

Sign in
  • View Profile
  • Sign out
  • The Explainer
  • Talking Points
  • The Week Recommends
  • Podcasts
  • Newsletters
  • From the Magazine
  • The Week Junior
  • More
    • Politics
    • World News
    • Business
    • Health
    • Science
    • Food & Drink
    • Travel
    • Culture
    • History
    • Personal Finance
    • Puzzles
    • Photos
    • The Blend
    • All Categories
  • Newsletter sign up Newsletter
  • WeekDay AM: 10 Things you need to know this morning
    Mamdani wins in NY, markets dip, and builders return to the stone age

     
    today’s markets story

    AI jitters send stocks tumbling

    What happened
    Global markets fell yesterday amid growing fears that the artificial intelligence boom is overheating. Bitcoin dropped 6.7% to briefly fall below $100,000 for the first time since June, officially entering bear market territory after losing more than 20% from last month’s peak. The S&P 500 slid 1.1%, the Nasdaq dropped 1.8% and indexes across Europe and Japan fell by more than 1%.

    Who said what
    Goldman Sachs chief David Solomon told a financial summit in Hong Kong that a “10 to 20% drawdown in equity markets” was likely within the next two years, while Morgan Stanley CEO Ted Pick said investors should “welcome the possibility” of short-term market corrections.

    “A note of caution is creeping into markets,” said The Wall Street Journal. “Among the risks: trade tensions, bubble worries and trouble in credit markets.” Most of the uncertainty is due to fears that the US stock market – and AI-linked stocks in particular – have “become too expensive”, said The Telegraph. These worries “mirror the dangerous bubble before the 2000 dot-com bust”.

    What next?
    Analysts expect further volatility as investors reassess whether AI-driven earnings can justify soaring stock prices. 

     
     
    today’s international story

    Mamdani leads Democratic sweep in key US elections

    What happened
    Democrats triumphed in a trio of major elections yesterday – their first test since Donald Trump returned to the White House. In New York City, Zohran Mamdani, a 34-year-old democratic socialist from Queens, defeated former governor Andrew Cuomo and Republican Curtis Sliwa to become the city’s first Muslim mayor. In Virginia and New Jersey, Abigail Spanberger and Mikie Sherrill both won decisive gubernatorial victories, giving Democrats control of key blue-state strongholds.

    Who said what
    “The next and last stop is City Hall,” Mamdani (pictured above) wrote on social media after his win.

    Together, the election results “provided a much-needed morale boost for the party as it prepares for next year’s congressional mid-terms”, said France 24. Mamdani’s win is impressive, but he now “faces a daunting task: making New York affordable”, said Adam Gabbatt in The Guardian. “The democratic socialist promised free childcare, fast buses and a rent freeze.” The question is “can he deliver before New Yorkers lose patience?”

    What next?
    For one night “the Democrats are one big, happy party”, said Anthony Zurcher on the BBC. But as the mid-term elections approach next year “tensions are sure to mount and traditional fault lines could re-emerge”.

     
     
    Today’s us politics story

    Former US vice president Cheney dies aged 84

    What happened
    Dick Cheney, US vice president under George W. Bush from 2001-2009, has passed away at the age of 84 following complications from pneumonia and cardiac and vascular disease.

    Who said what
    “History will remember him as among the finest public servants of his generation – a patriot who brought integrity, high intelligence and seriousness of purpose to every position he held,” said Bush.

    A controversial figure, Cheney (pictured above) was instrumental in waging the “war on terror” following the 9/11 attacks and was accused of ignoring international law during the 2003 invasion of Iraq. “Widely regarded as the most powerful vice president in American history,” he “preferred the backstage to the spotlight” and was “in many ways an inscrutable personality,” said The New York Times.

    What next?
    Cheney “was for decades a towering and polarising Washington power player”, and he leaves behind a complex legacy, said CNN. Once an icon for Republican hawks, in his later years he was “largely ostracised from his party over his intense criticism of President Donald Trump”.

     
     

    It’s not all bad

    St Albans has been crowned the UK’s healthiest city outside London, according to new analysis by The Telegraph. The study, drawing on official data from sources including the NHS and Office for National Statistics, assessed cities on life expectancy, obesity, access to green space and air quality. St Albans ranked top for its low obesity rate and abundant parks, followed by Cambridge, Oxford and Bath – while Liverpool, Hull and Bradford ranked among the least healthy cities.

     
     
    under the radar

    Builders return to the stone age

    Stone is “making a comeback” in the building industry after years of being “forgotten”, according to the BBC. With clear benefits to the environment, such as a lower carbon footprint than other traditional materials, the substance’s popularity is growing as a more sustainable – and nostalgic – alternative.

    In warmer climates stone is valued for its cooling properties, but the benefits of stone in the UK could be much more varied.

    The rise in demand seems to be particularly welcome north of the border. Scotland’s identity is “closely linked to its stone-built heritage”, said Historic Environment Scotland. Stone infrastructure is not only a “tangible link” to the country’s past, but it also stimulates financial opportunities. Millions of tourists see stonework – and the traditional aesthetic of stone walls and buildings – as a “huge draw”, and their arrival provides a “vital source of income” for local economies.

    The most important aspect of stone is probably its “ecological value”, said Christiane Fath on World-Architects.com. Its benefits are manifold, wrote Fath. Created by natural processes, its production “consumes little energy” and its “buildings can be recycled” if approached intelligently.

    “Building in brick is increasingly unsustainable,” said Amy Frearson in the Financial Times. Processing bricks involves additional ingredients like lime, sand and cement, even before the “energy cost of firing and shipping”.

    “What price do you put on forever?” stone wall expert Kristie de Garis told Smithsonian magazine. “Mortared walls need to be redone roughly every 15 to 30 years. But there are dry stone walls still standing after thousands of years.”

     
     
    on this day

    5 November 1940

    Franklin D. Roosevelt was re-elected for an unprecedented third term (he went on to win a fourth in 1944) as president of the United States. Since 1951, the 22nd Amendment has imposed a two-term limit on presidents, but Donald Trump has repeatedly refused to rule out the prospect of a third term for himself. “We’ll see what happens,” he said this week.

     
     
    Today’s newspapers

    ‘50-year taboo’

    A suggested hike in income tax would be the first since 1975, and break a “50-year taboo” against the policy, reports The i Paper. “Every striver in the land” is “about to be clobbered”, says the Daily Mail. “Make it fair, Rachel” is The Mirror’s headline, reporting on a call from trade unions for the chancellor to tax the wealthiest before targeting ordinary workers. “Finally… Sir Goldenbawls” says The Sun, as it reports that David Beckham admitted he was “crying for months” after learning of his long-awaited knighthood.

    See the newspaper front pages

     
     
    tall tale

    Tech tongue tricks

    In “good news for those who can’t handle the heat”, scientists have developed an artificial tongue that can determine how spicy foods are, said the Daily Mail. The simple transparent square detects capsaicin, the substance responsible for causing “stinging, tingling or burning sensations” in chilli peppers. The tongue “holds tremendous potential in spicy sensation estimation for portable taste-monitoring devices”, said Weijun Deng of the Shanghai Institute of Technology, adding that it could help those with sensory issues or severe sensitivities to spice.

     
     

    Morning Report was written and edited by Arion McNicoll, Will Barker, Ross Couzens and Chas Newkey-Burden, with illustrations by Julia Wytrazek.

    Image credits, from top: Adam Gray / Bloomberg / Getty Images; Michael Nagle / Bloomberg / Getty Images; David Hume Kennerly / Getty Images; Illustration by Julia Wytrazek / Getty Images.

    Morning Report and Evening Review were named Newsletter of the Year at the Publisher Newsletter Awards 2025
     

    Recent editions

    • Evening Review

      Will voters accept tax rises?

    • Morning Report

      Train stabbing suspect linked to four earlier knife incidents

    • Evening Review

      Can Reform balance the books?

    VIEW ALL
    TheWeek
    • About Us
    • Contact Future's experts
    • Terms and Conditions
    • Privacy Policy
    • Cookie Policy
    • Advertise With Us
    • FAQ
    Add as a preferred source on Google

    The Week UK is part of Future plc, an international media group and leading digital publisher. Visit our corporate site.

    © Future Publishing Limited Quay House, The Ambury, Bath BA1 1UA. All rights reserved. England and Wales company registration number 2008885.