American retrenchment could change Middle East balance of power and signify opportunities for China

Washington says Beijing is not fulfilling commitments to increase supply of rare earths and other critical products

Hiring rebound reinforces expectations Federal Reserve will raise interest rates

Nominal wage growth in September moved to a three-decade high

Also in today’s newsletter: US tech barons face reckoning and Singapore Airlines’ new double-bed cabins

The Republicans’ evisceration in the midterm elections shows the economic and political costs of mindless protectionism

First interest rate increase for three years accompanied by hawkish message that marks a sharp change in tone for the institution

Governor Andrew Bailey signals further rate rise to come as projections show increasing price pressures

Positive facts mean nothing if people are not personally experiencing solid real income growth

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Growing fears of second-round inflation effects mean that Thursday’s rate increase is unlikely to be the last

Also in today’s newsletter: Oil plunges, and China blocks SoftBank’s acquisition of a robotics business

Regardless of California’s Proposition 40, calls for better taxation of capital will not go away. Answer these questions first

Investors expect midterm election to restrain sway of extremes in American politics

Also in this newsletter: Belgium pushes ahead with vote on controversial migration powers

Energy bills set to jump by nearly £470 in January to about £2,200 a year for a typical household

The president promised — but did not deliver — more manufacturing jobs and higher employment rates for native-born Americans

Voters’ repudiation of Republican agenda seen as a ‘victory’ for neighbour targeted by president’s trade war

Supply from Brazilian mine will bolster high-tech magnet production in Europe and US

Headline price pressures accelerate and core inflation remains well above the ECB’s 2% target