CINXE.COM

<!DOCTYPE html><html lang="en-GB" class="no-js core o-typography--loading-sans o-typography--loading-sans-bold o-typography--loading-display o-typography--loading-display-bold" data-o-component="o-typography" style="overflow-x:hidden;background-color:#fff1e5;color:#33302e"><head><meta charSet="utf-8"/><meta http-equiv="X-UA-Compatible" content="IE=edge"/><meta name="viewport" content="width=device-width, initial-scale=1"/><title>Deep fissures are laid bare in the US</title><meta name="description" content="Plus, Wall Street is giddy in anticipation of deregulation under Trump"/><link rel="canonical" href="https://www.ft.com/content/df50f43e-9d6a-420f-81f9-6b211561a308"/><meta name="robots" content="index,follow,max-snippet:200,max-image-preview:large"/><meta name="google-site-verification" content="4-t8sFaPvpO5FH_Gnw1dkM28CQepjzo8UjjAkdDflTw"/><script type="application/ld+json">{"@context":"http://schema.org","@type":"NewsArticle","headline":"Deep fissures are laid bare in the US","datePublished":"2024-11-07T14:00:06.487Z","dateModified":"2024-11-07T14:45:52.000Z","description":"Plus, Wall Street is giddy in anticipation of deregulation under Trump","isAccessibleForFree":"True","isPartOf":{"@type":["CreativeWork","Product"],"name":"Financial Times","productID":"ft.com:free"},"alternativeHeadline":"Deep fissures are laid bare in the US","image":{"@type":"ImageObject","@context":"http://schema.org","url":"https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc7c4be8b-0067-4ec2-a92d-dd7c93e3ee85.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1","width":3600,"height":2025},"author":[{"@type":"Person","@context":"http://schema.org","name":"Steff Chávez","url":"https://www.ft.com/steff-ch%C3%A1vez","worksFor":{"@type":"Organization","@context":"http://schema.org","name":"Financial Times","legalName":"The Financial Times Ltd.","logo":{"@type":"ImageObject","@context":"http://schema.org","url":"https://im.ft-static.com/m/img/masthead_main.jpg","width":435,"height":36},"url":"https://www.ft.com","sameAs":["https://www.twitter.com/FT","https://www.facebook.com/financialtimes","https://www.linkedin.com/company/financial-times","https://www.youtube.com/user/FinancialTimesVideos","https://www.instagram.com/financialtimes"]}}],"articleBody":"Good morning and welcome to White House Watch. Let’s talk about the split screen in America and Wall Street’s giddiness over coming deregulation.\n\nAmerica’s deep fissures were palpable yesterday as the nation processed the election results.\n\nReporting from Arizona and Nevada, the two states yet to call the presidential race, the FT’s Myles McCormick and Chris Grimes found both ecstasy and desolation. As Republicans teemed with excitement over Donald Trump’s win, Democrats appeared completely gutted.\n\nTrump’s supporters were fired up about the president-elect’s agenda, and eager for him to enact his policies ASAP. With Republicans set to take control of the Senate — and a solid chance they’ll keep the House of Representatives — the party will have significant legislative power.\n\nBruce Parks, chair of the Washoe county Republicans in Nevada, told Myles that he looked forward to Trump making good on his promises to increase oil production, shut the border, deport undocumented workers.\n\nMeanwhile, Democrats were conducting a postmortem [free to read].\n\nMatt Bennett, co-founder of centrist Democratic think-tank Third Way, told the FT’s Lauren Fedor:\n\nNow they need to figure out how to get it together in the years to come. Democrats must craft an agenda that proves the party understands voters’ biggest concerns, said Obama White House alumnus Ken Baer: “We need a generational change. We have had a gerontocracy of 80-year-olds running the Democratic party since Obama left. We need new blood and new leaders.”\n\nWhen it came down to it, Democrats lost on the economy.\n\nCharles Franklin, a non-partisan pollster and director of the Marquette Law School Poll, told me that the “most pervasive” issue in Wisconsin and nationwide was the cost of living:\n\nWith Trump’s White House return in sight, US bankers, private equity titans and other financial services executives are drooling over the prospect of deregulation and the chance to boot Biden’s aggressive watchdogs.\n\nWhile Trump hasn’t said yet who will take the top financial roles in his administration, financial services companies are anticipating industry-friendly picks.\n\nRepublicans are expected to usher a more permissive approach to everything from bank capital requirements to takeovers and consumer protection rules in the financial services sector. They’re also likely to allow a new wave of financial products.\n\nAfter leading the regulatory charge, Securities and Exchange Commission chair Gary Gensler has become the bane of the industry’s existence. With a new leader atop the SEC, money managers think Republicans will change rules that Gensler and other regulators have pushed through, and drop other contentious proposals.\n\nJack Inglis, chief executive of the Alternative Investment Management Association, told my colleagues: “We anticipate that the administration’s approach to financial regulation will be much more restrained and targeted . . . particularly when it comes to the SEC agenda.”\n\nMany are also hoping Trump’s picks will adopt a more relaxed attitude to M&A than current antitrust officials Lina Khan and Jonathan Kanter. This could spur a dealmaking spree, and in turn boost investment bank earnings and invigorate private equity firms.\n\nBut it’s not an entirely rosy picture. Vice president-elect JD Vance has praised some parts of Khan’s agenda. Trump was also all over the place on antitrust, blocking AT&T’s acquisition of Time Warner because of his hatred for CNN, and he’s recently pledged to prevent Nippon Steel’s acquisition of US Steel.","wordCount":575,"publisher":{"@type":"Organization","@context":"http://schema.org","name":"Financial Times","legalName":"The Financial Times Ltd.","logo":{"@type":"ImageObject","@context":"http://schema.org","url":"https://im.ft-static.com/m/img/masthead_main.jpg","width":435,"height":36},"url":"https://www.ft.com","sameAs":["https://www.twitter.com/FT","https://www.facebook.com/financialtimes","https://www.linkedin.com/company/financial-times","https://www.youtube.com/user/FinancialTimesVideos","https://www.instagram.com/financialtimes"]}}</script><script type="application/ld+json">{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"US","item":"https://www.ft.com/us"},{"@type":"ListItem","position":2,"name":"US elections","item":"https://www.ft.com/us-elections"},{"@type":"ListItem","position":3,"name":"US presidential election","item":"https://www.ft.com/us-presidential-election"}]}</script><script type="application/ld+json">{"@context":"http://schema.org","@type":"WebSite","name":"Financial Times","alternateName":"FT.com","url":"http://www.ft.com"}</script><meta property="fb:pages" content="8860325749"/><meta property="twitter:site" content="@FinancialTimes"/><meta property="twitter:card" content="summary_large_image"/><meta property="og:title" content="Deep fissures are laid bare in the US"/><meta property="og:description" content="Plus, Wall Street is giddy in anticipation of deregulation under Trump"/><meta property="og:image" content="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc7c4be8b-0067-4ec2-a92d-dd7c93e3ee85.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1"/><meta property="og:url" content="https://www.ft.com/content/df50f43e-9d6a-420f-81f9-6b211561a308"/><meta property="og:type" content="article"/><meta property="article:published_time" content="2024-11-07T14:00:06.487Z"/><meta property="article:modified_time" content="2024-11-07T14:00:06.487Z"/><meta property="article:author" content="Steff Chávez"/><meta property="article:tag" content="Newsletter"/><meta property="article:tag" content="White House Watch"/><meta name="apple-itunes-app" content="app-id=1200842933, app-argument=https://www.ft.com/content/df50f43e-9d6a-420f-81f9-6b211561a308"/><link rel="icon" type="image/svg+xml" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=svg"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=32&height=32" sizes="32x32"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=194&height=194" sizes="194x194"/><link rel="apple-touch-icon" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=180&height=180" sizes="180x180"/><link rel="manifest" href="https://www.ft.com/__assets/creatives/manifest/manifest-v6.json"/><script> !function(e,n,t,i,o,r){function c(e){if("number"!=typeof e)return e;var n=new Date;return new Date(n.getTime()+1e3*e)}var a=4e3,s="xnpe_async_hide";function p(e){return e.reduce((function(e,n){return e[n]=function(){e._.push([n.toString(),arguments])},e}),{_:[]})}function m(e,n,t){var i=t.createElement(n);i.src=e;var o=t.getElementsByTagName(n)[0];return o.parentNode.insertBefore(i,o),i}function u(e){return"[object Date]"===Object.prototype.toString.call(e)}r.target=r.target,r.file_path=r.file_path||r.target+"/js/exponea.min.js",o[n]=p(["anonymize","initialize","identify","update","track","trackLink","trackEnhancedEcommerce","getHtml","showHtml","showBanner","showWebLayer","ping","getAbTest","loadDependency","getRecommendation","reloadWebLayers"]),o[n].notifications=p(["isAvailable","isSubscribed","subscribe","unsubscribe"]),o[n]["snippetVersion"]="v2.3.0",function(e,n,t){e[n]["_"+t]={},e[n]["_"+t].nowFn=Date.now,e[n]["_"+t].snippetStartTime=e[n]["_"+t].nowFn()}(o,n,"performance"),function(e,n,t,i,o,r){e[o]={sdk:e[i],sdkObjectName:i,skipExperiments:!!t.new_experiments,sign:t.token+"/"+(r.exec(n.cookie)||["","new"])[1],path:t.target}}(o,e,r,n,i,RegExp("__exponea_etc__"+"=([\w-]+)")),function(e,n,t){m(e.file_path,n,t)}(r,t,e),function(e,n,t,i,o,r,p){if(e.new_experiments){!0===e.new_experiments&&(e.new_experiments={});var f,l=e.new_experiments.hide_class||s,_=e.new_experiments.timeout||a,d=encodeURIComponent(r.location.href.split("#")[0]);e.cookies&&e.cookies.expires&&("number"==typeof e.cookies.expires||u(e.cookies.expires)?f=c(e.cookies.expires):e.cookies.expires.tracking&&("number"==typeof e.cookies.expires.tracking||u(e.cookies.expires.tracking))&&(f=c(e.cookies.expires.tracking))),f&&f<new Date&&(f=void 0);var x=e.target+"/webxp/"+n+"/"+r[t].sign+"/modifications.min.js?http-referer="+d+"&timeout="+_+"ms"+(f?"&cookie-expires="+Math.floor(f.getTime()/1e3):"");"sync"===e.new_experiments.mode&&r.localStorage.getItem("__exponea__sync_modifications__")?function(e,n,t,i,o){t[o][n]="<"+n+' src="'+e+'"></'+n+">",i.writeln(t[o][n]),i.writeln("<"+n+">!"+o+".init && document.writeln("+o+"."+n+'.replace("/'+n+'/", "/'+n+'-async/").replace("><", " async><"))</'+n+">")}(x,n,r,p,t):function(e,n,t,i,o,r,c,a){r.documentElement.classList.add(e);var s=m(t,i,r);function p(){o[a].init||m(t.replace("/"+i+"/","/"+i+"-async/"),i,r)}function u(){r.documentElement.classList.remove(e)}s.onload=p,s.onerror=p,o.setTimeout(u,n),o[c]._revealPage=u}(l,_,x,n,r,p,o,t)}}(r,t,i,0,n,o,e),function(e,n,t){e[n].start=function(i){i&&Object.keys(i).forEach((function(e){return t[e]=i[e]})),e[n].initialize(t)}}(o,n,r)}(document,"exponea","script","webxpClient",window,{ target: 'https://bloomreach.ft.com', token: 'd6e5bd4c-9228-11eb-a414-9a67e462410e', }); </script><meta name="twitter:card" content="summary_large_image"/><meta name="twitter:image" content="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc7c4be8b-0067-4ec2-a92d-dd7c93e3ee85.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1"/><link rel="preconnect" href="https://spoor-api.ft.com"/><link rel="preconnect" href="https://session-next.ft.com" crossorigin="use-credentials"/><link rel="preconnect" href="https://ads-api.ft.com"/><link rel="preconnect" href="https://securepubads.g.doubleclick.net"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.a4e9c3a6d173.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/preact.26b65a981549.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/shared.volatile.1a6f79bd1d66.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.e8fb6ba854c0.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/page-kit-components.8e63a441c108.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.96255579bd65.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/shared.stable.869edaaf9df8.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-video.05fce4be6038.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.2e5b41b04f91.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tooltip.d71bbec40c91.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-expander.96516cca2043.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.9a01b7e9fd99.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.78ccc5a6d4ab.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.26d2ea6ea104.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.02e52d783748.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/privacy-components.b814d0838b93.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.175c5da7e8ac.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-share.a5222a5d7cf8.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.3a60498625a1.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.80a1922ff25b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.fcb47ada8316.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-table.0698287f312d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.a194fc356e20.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-scrollytelling-image.64b28cd8fbe0.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-audio.9f5609f087ec.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-errors.be3c3bdc0c01.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/scripts.bb1d02ede02f.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://consent-notice.ft.com/cmp.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/pg-ads/vendors/admiral-unblock.js" type="application/javascript"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Regular&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Semibold&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Regular&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Bold&system_code=origami&version=1.12" type="font/woff2" crossorigin="anonymous"/><script id="initial-props" type="application/json">{"mainConcepts":{"contentId":"df50f43e-9d6a-420f-81f9-6b211561a308","focus":["6f7d5d90-ac15-41fe-9e31-e69b42a013c6","b796f94e-abb8-43c4-8017-673f4d32a267","f990f854-86ef-4449-987f-df8f122c8335","8c04f8e2-4048-4a2a-9fd2-706ed511c835","e5649916-33a6-4566-83ed-fec59c2c6533","11492823-a676-461e-8eec-24dafe589c36","3e2eb1c1-7ecd-4600-8cbb-c02ba53ced4b","3f74186b-57e2-4dc6-b70b-5380c1c784ea","81e4aea2-7a84-4d5a-a639-324801fdf74e","82645c31-4426-4ef5-99c9-9df6e0940c00","ce987f7b-1da1-4308-883d-b9c2d6287022"],"authorConcepts":[{"id":"33377752-5f82-43b8-b786-0a7c63569b4a","prefLabel":"Steff Chávez","types":["http://www.ft.com/ontology/core/Thing","http://www.ft.com/ontology/concept/Concept","http://www.ft.com/ontology/person/Person"],"type":"PERSON","directType":"http://www.ft.com/ontology/person/Person","isPackageBrand":false,"predicate":"http://www.ft.com/ontology/annotation/hasAuthor","url":"https://www.ft.com/steff-ch%C3%A1vez","relativeUrl":"/steff-ch%C3%A1vez","predicateName":"hasAuthor"}]}}</script><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/vendors~page-kit-layout-styles.88fbdf048167.css"/><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/main.a2eb9a62e37b.css"/><script type="application/json" id="page-kit-bootstrap-config">{"trackErrors":true,"core":[],"enhanced":["https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.a4e9c3a6d173.bundle.js","https://www.ft.com/__assets/hashed/page-kit/preact.26b65a981549.bundle.js","https://www.ft.com/__assets/hashed/page-kit/shared.volatile.1a6f79bd1d66.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.e8fb6ba854c0.bundle.js","https://www.ft.com/__assets/hashed/page-kit/page-kit-components.8e63a441c108.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.96255579bd65.bundle.js","https://www.ft.com/__assets/hashed/page-kit/shared.stable.869edaaf9df8.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-video.05fce4be6038.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.2e5b41b04f91.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tooltip.d71bbec40c91.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-expander.96516cca2043.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.9a01b7e9fd99.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.78ccc5a6d4ab.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.26d2ea6ea104.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.02e52d783748.bundle.js","https://www.ft.com/__assets/hashed/page-kit/privacy-components.b814d0838b93.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.175c5da7e8ac.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-share.a5222a5d7cf8.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.3a60498625a1.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.80a1922ff25b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.fcb47ada8316.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-table.0698287f312d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.a194fc356e20.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-scrollytelling-image.64b28cd8fbe0.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-audio.9f5609f087ec.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-errors.be3c3bdc0c01.bundle.js","https://www.ft.com/__assets/hashed/page-kit/scripts.bb1d02ede02f.bundle.js","https://consent-notice.ft.com/cmp.js","https://www.ft.com/__assets/hashed/pg-ads/vendors/admiral-unblock.js"]}</script><script>;(function () { var doc = document.documentElement var isEnhanced = isEnhancedBrowser() var scriptsConfig = getScriptsConfig() var scriptsToLoad = [] var currentScript = document.scripts[document.scripts.length - 1] doc.className = doc.className.replace('no-js', 'js') if (isEnhanced) { doc.className = doc.className.replace('core', 'enhanced') Array.prototype.push.apply(scriptsToLoad, scriptsConfig.enhanced) } else { Array.prototype.push.apply(scriptsToLoad, scriptsConfig.core) } for (var i = 0, len = scriptsToLoad.length; i < len; i++) { loadScript(scriptsToLoad[i]) } function scriptLoadError(error) { var script = error.target ? error.target.src : null if (script) { console.error('The script ' + script + ' failed to load') // eslint-disable-line no-console } if (/enhanced/.test(doc.className)) { console.warn('Script loading failed, reverting to core experience') // eslint-disable-line no-console doc.className = doc.className.replace('enhanced', 'core') } if (scriptsConfig.trackErrors) { addErrorTrackingPixel(script) } } function loadScript(src) { var script = document.createElement('script') script.onerror = scriptLoadError script.async = false script.src = src currentScript.parentNode.insertBefore(script, currentScript) } // "Cut the mustard" test // by Maggie Allen and Matt Hinchliffe November 2018 function isEnhancedBrowser() { var script = document.createElement('script') var input = document.createElement('input') return ( 'visibilityState' in document && // not supported by old Android (4.0-4.4) without a prefix 'indeterminate' in input && // not supported by BB 10 'flex' in doc.style && // not supported by old Safari (< 9) or IE 6-10 'async' in script // not supported by old Opera (Presto engine < 15) ) } function getScriptsConfig() { var scriptsConfigEl = document.getElementById('page-kit-bootstrap-config') var scriptsConfig = { core: [], enhanced: [], trackErrors: false } if (scriptsConfigEl) { try { scriptsConfig = JSON.parse(scriptsConfigEl.innerHTML) } catch (error) { console.error('Bootstrap configuration error', error) // eslint-disable-line no-console } } return scriptsConfig } function addErrorTrackingPixel(script) { var img = new Image() var data = JSON.stringify({ category: 'javascript', action: 'load-error', system: { source: 'page-kit' }, context: { script: script } }) img.src = 'https://spoor-api.ft.com/px.gif?data=' + encodeURIComponent(data) } })() </script><script>(function(w,d,s,l){ w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'}); var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:''; j.async=true; j.src='https://www.ft.com/page-resources/'+dl; f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer');</script><script>(function loadCustomFonts() { var rootElement = document.documentElement; if (/(^|\s)o-typography-fonts-loaded=1(;|$)/.test(document.cookie)) { var fontLabels = ['sans', 'sans-bold', 'display', 'display-bold']; for (var i = 0; i < fontLabels.length; i++) { rootElement.className = rootElement.className.replace('o-typography--loading-' + fontLabels[i], ''); } } }());</script></head><body><noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-NWQJW68" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript><div class="n-layout"><a data-trackable="a11y-skip-to-help" class="n-layout__skip-link" href="https://www.ft.com/accessibility">Accessibility help</a><a data-trackable="a11y-skip-to-navigation" class="n-layout__skip-link" href="#site-navigation">Skip to navigation</a><a data-trackable="a11y-skip-to-content" class="n-layout__skip-link" href="#site-content">Skip to content</a><a data-trackable="a11y-skip-to-footer" class="n-layout__skip-link" href="#site-footer">Skip to footer</a><div class="n-layout__row n-layout__row--header"><div class="n-layout__header-before"><div id="n-exponea-bottom-slot"></div><div class="o-ads o-ads--center o-ads--background o-ads--transition o-ads--reserve-90 above-header-advert" data-o-ads-init="true" data-o-ads-name="leaderboard" data-o-ads-targeting="pos=top" data-o-ads-formats="MediumRectangle" data-o-ads-formats-small="false" data-o-ads-formats-medium="Leaderboard,FullBleedResponsive,Responsive,OneByOne" data-o-ads-formats-large="SuperLeaderboard,Leaderboard,FullBleedResponsive,Responsive,OneByOne" data-o-ads-formats-extra="Billboard,SuperLeaderboard,Leaderboard,FullBleedResponsive,Responsive,OneByOne"></div></div><header id="site-navigation" class="o-header o-header--simple" data-o-component="o-header" data-o-header--no-js="true" tabindex="-1"><div class="o-header__row o-header__anon" data-trackable="header-anon"><ul class="o-header__anon-list"><li class="o-header__anon-item"><a class="o-header__anon-link" href="/login?location=/content/df50f43e-9d6a-420f-81f9-6b211561a308" data-trackable="Sign In">Sign In</a></li><li class="o-header__anon-item"><a class="o-header__anon-link" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe">Subscribe</a></li></ul></div><div class="o-header__row o-header__top" data-trackable="header-top"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#o-header-drawer" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" title="Open side navigation menu" data-trackable="drawer-toggle"><span class="o-header__top-link-label">Open side navigation menu</span></a><a href="#o-header-search-primary" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-primary" title="Open search bar" data-trackable="search-toggle"><span class="o-header__top-link-label">Open search bar</span></a></div><div class="o-header__top-column o-header__top-column--center"><a class="o-header__top-logo" style="background-image:none" data-trackable="logo" href="/" title="Go to Financial Times homepage"><svg viewBox="0 0 1054 86"><title>Financial Times</title><path d="M26.177 72.609c0 5.938 1.697 7.295 12.554 7.295v3.732H.9v-3.732c7.464 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.546-7.126-10.01-7.126V1.357h63.448l.34 22.563h-3.054C59.937 6.956 55.696 5.43 39.919 5.43H26.008v33.59h11.196c10.688 0 11.367-1.697 12.215-10.179h3.054v24.599h-3.054c-.848-8.482-1.527-10.01-12.215-10.01H26.008v29.18h.17zm46.314 11.027v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.465 0-10.01.679-10.01 7.126v60.564c0 6.446 2.545 7.125 10.01 7.125v3.732H72.49zm115.36 1.357l-56.323-69.725V72.44c0 6.617 4.58 7.634 12.385 7.634v3.733h-29.858v-3.733c7.803 0 12.045-1.017 12.045-7.634V8.991c-3.563-3.732-6.108-3.902-12.045-3.902V1.357h26.465l43.09 55.475V12.554c0-6.616-4.58-7.634-12.384-7.634V1.357h30.027V5.09c-7.803 0-12.045 1.018-12.045 7.635v72.27h-1.357zm40.207-1.357h-29.689v-3.732c7.804 0 11.367-1.018 13.911-7.804L239.085.509h7.464l28.84 72.1c2.545 6.447 3.732 7.125 9.67 7.125v3.732h-34.438v-3.732c10.518 0 11.536-.848 8.99-7.125l-8.481-21.884h-25.787L217.71 71.93c-2.375 6.447 1.357 7.804 10.518 7.804v3.902h-.17zm-1.188-37.153h22.393l-11.705-29.518-10.688 29.518zm135.548 38.51l-56.153-69.725V72.44c0 6.617 4.58 7.634 12.384 7.634v3.733h-29.18v-3.733c7.126 0 11.367-1.017 11.367-7.634V9.161c-4.071-3.732-7.125-4.072-13.91-4.072V1.357h28.16l43.09 55.475V12.554c0-6.616-4.58-7.634-12.383-7.634V1.357h29.858V5.09c-7.804 0-12.045 1.018-12.045 7.635v72.27h-1.188zm83.297-83.805h2.036l1.187 24.598-3.053.17c-2.036-14.08-9.5-21.545-23.242-21.545-15.268 0-26.804 13.063-26.804 33.081 0 25.617 16.116 40.206 33.08 40.206 7.296 0 13.912-2.035 20.358-8.99l2.376 2.374c-5.26 7.465-15.608 13.742-29.52 13.742-20.696 0-41.732-15.608-41.732-41.734C380.4 17.813 399.57 0 422.813 0c11.027 0 16.795 4.75 19.848 4.75 1.357 0 2.375-1.187 3.054-3.562zm12.723 82.448v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.464 0-10.01.679-10.01 7.126v60.564c0 6.446 2.546 7.125 10.01 7.125v3.732h-35.287zm68.538 0h-27.653v-3.732c6.108 0 9.331-1.018 11.876-7.804L538.003.509h7.464l28.84 72.1c2.545 6.447 3.733 7.125 9.67 7.125v3.732H549.54v-3.732c10.518 0 11.536-.848 8.991-7.125l-8.482-21.884h-25.786l-7.635 21.205c-2.375 6.447 1.358 7.804 10.519 7.804v3.902h-.17zm-1.188-37.153h22.394l-11.536-29.518-10.858 29.518zm63.957 37.153v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.117V5.09c-7.464 0-9.84.679-9.84 7.126v61.073c0 5.428 2.715 6.107 7.126 6.107h4.241c15.947 0 21.036-2.375 25.447-20.527l3.054.339-2.545 24.26h-62.6v.17zM760.75 1.357l.339 23.92h-3.054C756.34 7.634 752.098 5.43 736.32 5.43h-5.089v67.18c0 6.447 2.375 7.295 12.554 7.295v3.732h-40.376v-3.732c10.179 0 12.723-1.018 12.723-7.295V5.429h-5.089c-15.777 0-20.018 2.205-21.715 19.848h-3.053l.339-23.92h74.136zm7.973 82.28v-3.733c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.465 0-10.01.679-10.01 7.126v60.564c0 6.446 2.545 7.125 10.01 7.125v3.732h-35.287zM910.21 1.356V5.09c-7.465 0-10.688.34-10.01 6.956l6.447 61.073c.679 6.277 3.054 6.955 10.518 6.955v3.733h-35.117v-3.733c7.295 0 9.84-.678 9.331-6.955L884.762 8.99l-25.956 76.172h-1.018L832.34 8.822l-6.108 64.126c-.678 6.447 3.733 7.125 11.197 7.125v3.733h-27.483v-3.733c7.465 0 10.01-1.187 10.518-7.125l6.447-61.073c.679-6.446-2.545-6.955-10.01-6.955V1.357h28.84l17.305 56.153 18.661-56.153h28.5zm65.653 52.082h-3.053c-.849-8.482-1.527-10.01-12.215-10.01H948.04v29.859c0 5.428 2.715 6.107 7.125 6.107h6.786c15.947 0 21.036-2.375 25.447-20.527l3.054.339-2.884 24.26h-64.805v-3.733c7.464 0 10.009-.678 10.009-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h62.261l.34 20.527h-3.054c-1.866-14.59-5.598-16.286-21.885-16.286H948.21v33.42h12.554c10.687 0 11.366-1.696 12.214-10.178h3.054v24.599h-.17zm65.484 13.232c0-7.464-4.75-11.196-12.893-15.777l-13.063-6.786c-9.84-5.259-15.607-11.027-15.607-21.375C999.783 9.84 1010.81 0 1025.23 0c9.84 0 14.929 4.75 17.813 4.75 1.866 0 2.714-1.187 3.562-3.562h2.375l1.188 23.072-3.054.17c-1.696-11.198-9.67-19.85-20.866-19.85-8.483 0-14.081 5.09-14.081 12.215 0 7.804 5.937 11.027 12.554 14.59l11.196 5.937c10.519 5.768 17.983 11.536 17.983 22.563 0 14.59-12.554 24.939-28.161 24.939-11.028 0-16.456-5.26-19.34-5.26-1.866 0-2.884 1.697-3.732 4.242h-2.376l-1.696-24.43 3.054-.339c2.375 15.268 12.893 21.545 23.411 21.545 8.822-.17 16.286-4.071 16.286-13.91z" fill="#231F20" fill-rule="evenodd"></path></svg></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/content/df50f43e-9d6a-420f-81f9-6b211561a308" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-primary" class="o-header__row o-header__search o-header__search--primary" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-primary" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-primary" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-primary"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-primary" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div><nav id="o-header-nav-desktop" class="o-header__row o-header__nav o-header__nav--desktop" role="navigation" aria-label="Primary navigation" data-trackable="header-nav:desktop"><div class="o-header__container"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" id="o-header-link-0" data-trackable="Home">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" id="o-header-link-1" data-trackable="World">World</a><div class="o-header__mega" id="o-header-mega-1" role="group" aria-labelledby="o-header-link-1" data-o-header-mega="true" data-trackable="meganav | World"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world" data-trackable="link">World Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-war" data-trackable="link">Middle East war</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/global-economy" data-trackable="link">Global Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world-uk" data-trackable="link">UK</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/china" data-trackable="link">China</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/africa" data-trackable="link">Africa</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/asia-pacific" data-trackable="link">Asia Pacific</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/emerging-markets" data-trackable="link">Emerging Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/europe" data-trackable="link">Europe</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/war-in-ukraine" data-trackable="link">War in Ukraine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/americas" data-trackable="link">Americas</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-north-africa" data-trackable="link">Middle East & North Africa</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d056bfb5-81ce-40c2-ac2c-757ccccdb8fe" data-trackable="link">French markets hit by threat of government collapse</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/0c8207d7-dc08-42eb-a4dc-7402ae0f7385" data-trackable="link">Musk is the right man in the wrong continent</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/b1145397-7bf6-4496-ac7e-0291774d93ac" data-trackable="link">William Hague wins race to be Oxford university chancellor</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d52e39db-724c-488b-803e-bbfc9e0fd518" data-trackable="link">Why Netanyahu backed a ceasefire with Hizbollah</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/254f31e9-3322-4c58-9c01-3431b37ce60f" data-trackable="link">Scott Bessent’s fund made biggest returns with bet against Fed</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" id="o-header-link-2" data-trackable="US">US</a><div class="o-header__mega" id="o-header-mega-2" role="group" aria-labelledby="o-header-link-2" data-o-header-mega="true" data-trackable="meganav | US"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-economy" data-trackable="link">US Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/investing-in-america" data-trackable="link">Investing in America</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-companies" data-trackable="link">US Companies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-politics-policy" data-trackable="link">US Politics & Policy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-presidential-election-2024" data-trackable="link">US Presidential Election 2024</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/0c8207d7-dc08-42eb-a4dc-7402ae0f7385" data-trackable="link">Musk is the right man in the wrong continent</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/254f31e9-3322-4c58-9c01-3431b37ce60f" data-trackable="link">Scott Bessent’s fund made biggest returns with bet against Fed</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/641446ed-71b1-42f6-a9d8-3bc4d7b7da23" data-trackable="link">China’s defence minister placed under investigation for corruption</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/b6b0e373-a77a-44d8-b8a2-e85af62ba7bd" data-trackable="link">Where Trump could surprise on the upside</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6189fdb4-d1ef-4e0b-a7f1-e7f9a7286df5" data-trackable="link">Rouble slides as new Russian sanctions stifle foreign trade</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" id="o-header-link-3" data-trackable="Companies">Companies</a><div class="o-header__mega" id="o-header-mega-3" role="group" aria-labelledby="o-header-link-3" data-o-header-mega="true" data-trackable="meganav | Companies"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/companies" data-trackable="link">Companies Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/energy" data-trackable="link">Energy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/financials" data-trackable="link">Financials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/health" data-trackable="link">Health</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/industrials" data-trackable="link">Industrials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/media" data-trackable="link">Media</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/professional-services" data-trackable="link">Professional Services</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/retail-consumer" data-trackable="link">Retail & Consumer</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology-sector" data-trackable="link">Tech Sector</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/telecoms" data-trackable="link">Telecoms</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/transport" data-trackable="link">Transport</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/5c9ca1f6-b6fe-4c96-84e2-38e3eee90f3b" data-trackable="link">Elon Musk’s Twitter backers gain windfall from xAI deal</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/254f31e9-3322-4c58-9c01-3431b37ce60f" data-trackable="link">Scott Bessent’s fund made biggest returns with bet against Fed</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/b9a02c1b-383c-48ab-a741-286f668f30df" data-trackable="link">China’s EV price war set to intensify next year as BYD squeezes suppliers</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8952095f-e6de-4b57-a6a4-57a8d853d4c7" data-trackable="link">Just Eat Takeaway to delist from London Stock Exchange</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6189fdb4-d1ef-4e0b-a7f1-e7f9a7286df5" data-trackable="link">Rouble slides as new Russian sanctions stifle foreign trade</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" id="o-header-link-4" data-trackable="Tech">Tech</a><div class="o-header__mega" id="o-header-mega-4" role="group" aria-labelledby="o-header-link-4" data-o-header-mega="true" data-trackable="meganav | Tech"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology" data-trackable="link">Tech Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/artificial-intelligence" data-trackable="link">Artificial intelligence</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/semiconductors" data-trackable="link">Semiconductors</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/cyber-security" data-trackable="link">Cyber Security</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/social-media" data-trackable="link">Social Media</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/5c9ca1f6-b6fe-4c96-84e2-38e3eee90f3b" data-trackable="link">Elon Musk’s Twitter backers gain windfall from xAI deal</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6e893618-d75e-4e67-9876-249540a27d13" data-trackable="link">AI stocks: what if this time it really is different?</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/c1dd7f62-95a4-42cb-92ca-7a5d1ece6716" data-trackable="link">Infosys chair bets companies will develop their own AI models</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/5281eff4-711b-49ac-8227-634dbeed757b" data-trackable="link">OpenAI’s text-to-video AI tool Sora leaked in protest by artists</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/1a2a9b25-a7f1-4ce0-b537-e67b3853e5ad" data-trackable="link">SoftBank to boost OpenAI stake with up to $1.5bn investment </a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" id="o-header-link-5" data-trackable="Markets">Markets</a><div class="o-header__mega" id="o-header-mega-5" role="group" aria-labelledby="o-header-link-5" data-o-header-mega="true" data-trackable="meganav | Markets"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/markets" data-trackable="link">Markets Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/alphaville" data-trackable="link">Alphaville</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://markets.ft.com/data" data-trackable="link">Markets Data</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/crypto" data-trackable="link">Crypto</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/capital-markets" data-trackable="link">Capital Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/commodities" data-trackable="link">Commodities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/currencies" data-trackable="link">Currencies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/equities" data-trackable="link">Equities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-wealth-management" data-trackable="link">Wealth Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/moral-money" data-trackable="link">Moral Money</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://etf.ft.com" data-trackable="link">ETF Hub</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/fund-management" data-trackable="link">Fund Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-trading-room" data-trackable="link">Trading</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d056bfb5-81ce-40c2-ac2c-757ccccdb8fe" data-trackable="link">French markets hit by threat of government collapse</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8952095f-e6de-4b57-a6a4-57a8d853d4c7" data-trackable="link">Just Eat Takeaway to delist from London Stock Exchange</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6189fdb4-d1ef-4e0b-a7f1-e7f9a7286df5" data-trackable="link">Rouble slides as new Russian sanctions stifle foreign trade</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6e893618-d75e-4e67-9876-249540a27d13" data-trackable="link">AI stocks: what if this time it really is different?</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a897109d-8af2-480b-9138-4d8592078f2f" data-trackable="link">Five things the market got wrong about China’s stimulus package</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" id="o-header-link-6" data-trackable="Climate">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" id="o-header-link-7" data-trackable="Opinion">Opinion</a><div class="o-header__mega" id="o-header-mega-7" role="group" aria-labelledby="o-header-link-7" data-o-header-mega="true" data-trackable="meganav | Opinion"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/opinion" data-trackable="link">Opinion Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/columnists" data-trackable="link">Columnists</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-view" data-trackable="link">The FT View</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/the-big-read" data-trackable="link">The Big Read</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/lex" data-trackable="link">Lex</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/obituaries" data-trackable="link">Obituaries</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/letters" data-trackable="link">Letters</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/0c8207d7-dc08-42eb-a4dc-7402ae0f7385" data-trackable="link">Musk is the right man in the wrong continent</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/daf9da5e-3d76-4e02-bf81-3c68d39c0498" data-trackable="link">It’s bananas to regard art as an investment</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/b6b0e373-a77a-44d8-b8a2-e85af62ba7bd" data-trackable="link">Where Trump could surprise on the upside</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a0cfcf55-6b4d-4aeb-a3ec-b3db33575047" data-trackable="link">Climate change is a global problem — it requires a global solution</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/9da0429b-ab3d-42b0-81de-80659c393f03" data-trackable="link">Waste less, earn more: a new market for food byproducts</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" id="o-header-link-8" data-trackable="Lex">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" id="o-header-link-9" data-trackable="Work & Careers">Work & Careers</a><div class="o-header__mega" id="o-header-mega-9" role="group" aria-labelledby="o-header-link-9" data-o-header-mega="true" data-trackable="meganav | Work & Careers"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/work-careers" data-trackable="link">Work & Careers Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/business-education" data-trackable="link">Business School Rankings</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-education" data-trackable="link">Business Education</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="link">Europe's Start-Up Hubs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/entrepreneurship" data-trackable="link">Entrepreneurship</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/recruitment" data-trackable="link">Recruitment</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-books" data-trackable="link">Business Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-travel" data-trackable="link">Business Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/working-it" data-trackable="link">Working It</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/0ded053f-614d-4992-985d-28898e7011b3" data-trackable="link">Business books: What to read this month</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f5732fa2-4876-4595-b5e8-96d3cd6ef50f" data-trackable="link">Citigroup slashes promotions as it seeks to overhaul bank </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/ad8d7119-5c58-4f6a-a35e-af766a8c2ea4" data-trackable="link">Business schools’ transatlantic divide over ESG</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/e7e9b561-4dca-42fc-a8c5-01541f57c391" data-trackable="link">Senior UK bankers to receive bonuses faster under new rules</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/00dd2236-0e03-4b0f-a3f7-8afbc8471b47" data-trackable="link">How a single capital market would unlock Europe’s potential</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" id="o-header-link-10" data-trackable="Life & Arts">Life & Arts</a><div class="o-header__mega" id="o-header-mega-10" role="group" aria-labelledby="o-header-link-10" data-o-header-mega="true" data-trackable="meganav | Life & Arts"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/life-arts" data-trackable="link">Life & Arts Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/arts" data-trackable="link">Arts</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/books" data-trackable="link">Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/food-drink" data-trackable="link">Food & Drink</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/magazine" data-trackable="link">FT Magazine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/house-home" data-trackable="link">House & Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/style" data-trackable="link">Style</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/travel" data-trackable="link">Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/globetrotter" data-trackable="link">FT Globetrotter</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/daf9da5e-3d76-4e02-bf81-3c68d39c0498" data-trackable="link">It’s bananas to regard art as an investment</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/7a5096a6-3728-4588-beca-4fb2d0b11659" data-trackable="link">Songbird — the success and sadness of Fleetwood Mac’s Christine McVie </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/128429fb-fdb8-4610-9b0d-7182a09c529f" data-trackable="link">Universal Music caught in rap feud between Drake and Kendrick Lamar</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8eb0fc9c-aa22-4388-bf37-8802d61f9db1" data-trackable="link">Caviar pasta: a luxe recipe for party leftovers</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/1133fc99-03e3-47fc-993e-9c0e65a13539" data-trackable="link">Margherita Maccapani Missoni: ‘Admit failure and you are free to start over’ </a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" id="o-header-link-11" data-trackable="HTSI">HTSI</a></li></ul></div></nav></header><header class="o-header o-header--simple o-header--sticky o--if-js" data-o-component="o-header" data-o-header--sticky="true" aria-hidden="true"><div class="o-header__row o-header__top" data-trackable="header-sticky"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" data-trackable="drawer-toggle" tabindex="-1"><span class="o-header__top-link-label">Menu</span></a><a href="#" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-sticky" data-trackable="search-toggle" tabindex="-1"><span class="o-header__top-link-label">Search</span></a></div><div class="o-header__top-column o-header__top-column--center"><div class="o-header__top-takeover"><div class="o-header__nav"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" data-trackable="Home" tabindex="-1">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" data-trackable="World" tabindex="-1">World</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" data-trackable="US" tabindex="-1">US</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" data-trackable="Companies" tabindex="-1">Companies</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" data-trackable="Tech" tabindex="-1">Tech</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" data-trackable="Markets" tabindex="-1">Markets</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" data-trackable="Climate" tabindex="-1">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" data-trackable="Opinion" tabindex="-1">Opinion</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" data-trackable="Lex" tabindex="-1">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" data-trackable="Work & Careers" tabindex="-1">Work & Careers</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" data-trackable="Life & Arts" tabindex="-1">Life & Arts</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" data-trackable="HTSI" tabindex="-1">HTSI</a></li></ul></div></div><a class="o-header__top-logo o-header__hide--L" data-trackable="logo" href="/" title="Go to Financial Times homepage" tabindex="-1"><span class="o-header__visually-hidden">Financial Times</span></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe" tabindex="-1">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/content/df50f43e-9d6a-420f-81f9-6b211561a308" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-sticky" class="o-header__row o-header__search o-header__search--sticky" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-sticky" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-sticky" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-sticky"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-sticky" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div></header></div><div class="n-layout__row n-layout__row--content"><div><div data-reactroot=""><div id="n-exponea-top-slot"></div><div class="o-ads o-ads--center o-ads advert advert--mini-billboard" data-o-ads-init="true" data-o-ads-name="miniBillboard" data-o-ads-targeting="pos=top" data-o-ads-formats="MediumRectangle" data-o-ads-formats-small="FullBleedResponsive,OneByOne" data-o-ads-formats-medium="OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false"></div><div class="article-content"><div class="article-topper"><div class="o-topper article-topper o-topper--color-wheat o-topper--branded"><div class="o-topper__content" id="o-topper"><div class="o-topper__tags"><div class="topper__primary-theme"><a href="/white-house-watch" class="o-topper__brand" data-trackable="primary-brand" aria-label="part of the White House Watch column">White House Watch </a><span><a href="/us-politics-policy" class="o-topper__topic n-content-tag--with-follow js-primary-theme" data-trackable="primary-theme" aria-label="posted in category US politics & policy" data-concept-id="6f7d5d90-ac15-41fe-9e31-e69b42a013c6">US politics & policy</a></span><form action="/myft/add/6f7d5d90-ac15-41fe-9e31-e69b42a013c6" data-js-action="/__myft/api/core/followed/concept/6f7d5d90-ac15-41fe-9e31-e69b42a013c6?method=put" class="n-myft-ui n-myft-ui--follow" method="GET" data-myft-ui="follow" data-concept-id="6f7d5d90-ac15-41fe-9e31-e69b42a013c6" data-myft-ui-variant="followPlusInstantAlerts"><div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following US politics & policy." data-unpressed-text="No longer following US politics & policy."></div><input type="hidden" data-myft-csrf-token="true" value="" name="token"/><button aria-label="Add US politics & policy to myFT" title="Add US politics & policy to myFT" data-alternate-label="Added US politics & policy to myFT: click to manage alert preferences or remove from myFT" aria-pressed="false" data-alternate-text="Added" class="n-myft-follow-button n-myft-follow-button--instant-alerts n-myft-follow-button--standard" data-concept-id="6f7d5d90-ac15-41fe-9e31-e69b42a013c6" data-trackable="follow" type="submit" data-component-id="myft-follow-plus-instant-alerts">Add to myFT</button></form><div class="n-myft-ui__preferences-modal " data-component-id="myft-preferences-modal" data-concept-id="6f7d5d90-ac15-41fe-9e31-e69b42a013c6"><div class="n-myft-ui__preferences-modal__content"><span class="o-forms-input o-forms-input--checkbox"><label for="receive-instant-alerts"><input type="checkbox" id="receive-instant-alerts" name="receive-instant-alerts" value="receive-instant-alerts" data-component-id="myft-preferences-modal-checkbox" data-trackable-context-concept_id="6f7d5d90-ac15-41fe-9e31-e69b42a013c6"/><span class="o-forms-input__label n-myft-ui__preferences-modal__checkbox__message">Get instant alerts for this topic</span></label></span><p data-component-id="myft-preferences-modal-list" class="n-myft-ui__preferences-modal__text"></p><a class="n-myft-ui__preferences-modal__text" href="/myft/alerts" data-trackable="pop-up-box|contact-preference" data-trackable-context-concept_id="6f7d5d90-ac15-41fe-9e31-e69b42a013c6">Manage your delivery channels here</a><span class="n-myft-ui__preferences-modal-error" data-component-id="myft-preference-modal-error"></span><button class="n-myft-ui__preferences-modal__remove-button" data-component-id="myft-preference-modal-remove" data-trackable="pop-up-box|remove-from-myFT" data-trackable-context-concept_id="6f7d5d90-ac15-41fe-9e31-e69b42a013c6">Remove from myFT</button></div></div></div></div><h1 class="o-topper__headline"><span class="headline__text">Deep fissures are laid bare in the US</span></h1><div class="o-topper__standfirst">Plus, Wall Street is giddy in anticipation of deregulation under Trump</div></div><div class="o-topper__background"></div></div></div><article id="site-content" role="main" class="article article-grid article-grid--full-width-graphics" data-content-id="df50f43e-9d6a-420f-81f9-6b211561a308" data-access-level="free" data-syndicatable="yes" data-article-type="full-width-graphics" data-cp-content-pipeline="true" data-feature-ads-pg="off"><div class="main-image"><figure class="n-content-image n-content-image--full" data-component="image-set"><picture><source media="(min-width: 700px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ac7c4be8b-0067-4ec2-a92d-dd7c93e3ee85?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ac7c4be8b-0067-4ec2-a92d-dd7c93e3ee85?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ac7c4be8b-0067-4ec2-a92d-dd7c93e3ee85?source=next-article&fit=scale-down&quality=highest&width=700&dpr=3 3x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ac7c4be8b-0067-4ec2-a92d-dd7c93e3ee85?source=next-article&fit=scale-down&quality=highest&width=700&dpr=4 4x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ac7c4be8b-0067-4ec2-a92d-dd7c93e3ee85?source=next-article&fit=scale-down&quality=highest&width=700&dpr=5 5x" width="3600" height="2025"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc7c4be8b-0067-4ec2-a92d-dd7c93e3ee85.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1" alt="Republican supporters cheer as they watch a broadcast of Donald Trump speaking at his Florida election party" data-image-type="image" width="3600" height="2025" loading="eager"/></picture><figcaption class="n-content-picture__caption"><span>Republican supporters cheer as they watch a broadcast of Donald Trump speaking at his Florida election party</span><span> © AFP or licensors</span></figcaption></figure></div><div class="share-nav" data-trackable="share | top"><div class="share-nav__vertical" data-share-nav-vertical="true" data-component="share-nav"><div data-o-component="o-share" data-o-share-article="true" class="o-share o-share--vertical "><ul data-toolbar="share"><li class="o-share__action share-nav__x-action" data-share="twitter"><a class="o-share__icon o-share__icon--x" rel="noopener" href="https://twitter.com/intent/tweet?url=https://www.ft.com/content/df50f43e-9d6a-420f-81f9-6b211561a308&text=Deep%20fissures%20are%20laid%20bare%20in%20the%20US&via=ft" data-trackable="twitter"><div class="o-share__icon__image"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 40 40"><path d="M21.647 18.469 28.932 10h-1.726l-6.326 7.353L15.827 10H10l7.64 11.12L10 30h1.726l6.68-7.765L23.744 30h5.827l-7.924-11.531Zm-2.365 2.748-.774-1.107-6.16-8.81H15l4.971 7.11.774 1.107 6.462 9.242h-2.652l-5.273-7.541"></path></svg></div><span class="o-share__text">Deep fissures are laid bare in the US on x (opens in a new window)</span></a></li><li class="o-share__action share-nav__facebook-action" data-share="facebook"><a class="o-share__icon o-share__icon--facebook" rel="noopener" href="https://www.facebook.com/sharer.php?u=https://www.ft.com/content/df50f43e-9d6a-420f-81f9-6b211561a308&t=Deep%20fissures%20are%20laid%20bare%20in%20the%20US" data-trackable="facebook"><div class="o-share__icon__image"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1024 1024"><path d="M643.9 342h-48.2c-37.8 0-45.1 18-45.1 44.3v58.1h90.1l-11.7 91h-78.4V769h-94V535.5H378v-91h78.6v-67.1c0-77.9 47.6-120.3 117.1-120.3 33.3 0 61.9 2.5 70.2 3.6V342z"></path></svg></div><span class="o-share__text">Deep fissures are laid bare in the US on facebook (opens in a new window)</span></a></li><li class="o-share__action share-nav__linkedin-action" data-share="linkedin"><a class="o-share__icon o-share__icon--linkedin" rel="noopener" href="https://www.linkedin.com/sharing/share-offsite/?url=https://www.ft.com/content/df50f43e-9d6a-420f-81f9-6b211561a308" data-trackable="linkedin"><div class="o-share__icon__image"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1024 1024"><path d="M264.4 426.2h106.2v341.4H264.4V426.2zm53.2-169.7c-34.1 0-61.6 27.6-61.6 61.5 0 34 27.5 61.5 61.6 61.5 33.9 0 61.5-27.6 61.5-61.5-.1-34-27.6-61.5-61.5-61.5zm323.1 161.2c-51.6 0-86.2 28.3-100.4 55.1h-1.5v-46.7H437.2v341.4h106V598.7c0-44.5 8.4-87.7 63.6-87.7 54.5 0 55.1 50.9 55.1 90.5v166H768V580.3c0-91.9-19.9-162.6-127.3-162.6z"></path></svg></div><span class="o-share__text">Deep fissures are laid bare in the US on linkedin (opens in a new window)</span></a></li><li class="o-share__action share-nav__whatsapp-action" data-share="whatsapp"><a class="o-share__icon o-share__icon--whatsapp" rel="noopener" href="whatsapp://send?text=Deep%20fissures%20are%20laid%20bare%20in%20the%20US%20-%20https://www.ft.com/content/df50f43e-9d6a-420f-81f9-6b211561a308" data-trackable="whatsapp"><div class="o-share__icon__image"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1024 1024"><path d="M756.7 436.8c-35.6-122-152.2-196.3-279.3-178.1-116 16.7-208.2 121.5-210.6 238.6-.9 45.5 9.5 87.9 30.4 128.2 2.6 4.9 3.1 12.2 1.6 17.6-4.1 15.4-9.8 30.5-14.9 45.7L257.6 768c44.5-14.2 86.2-27.4 127.8-41.1 7.3-2.4 13.1-1.8 19.9 1.5 48.9 23.9 100.3 31.5 154.2 22.4 145.1-24.5 238.3-172.8 197.2-314zM542.2 710.9c-47.6 5.4-91.8-3.7-132.7-28.3-5.4-3.2-9.9-3.8-15.8-1.8-20.2 6.8-40.7 13.2-61 19.7-2.4.8-4.9 1.2-9.5 2.4 5.3-16.1 8.6-31.2 15.1-44.8 9.4-20.1 6.5-35.8-4.3-55.9-57.4-106-12.8-237.4 99.5-287 124.7-55.1 269.7 24.4 288.6 159.4 17.9 129.1-77.2 224.6-179.9 236.3zm98.3-144.6c2.9 1.7 5.2 7.7 4.9 11.6-1.8 27.4-19.7 46.3-47.1 50.4-4.6.7-9.3.9-14 1.4l-.3 1c-8.8-1.9-17.7-3.3-26.2-5.9-57.5-17.8-101.9-53-134.8-103.2-13.6-20.8-27.2-41.4-30.4-66.8-3.1-24.2 4.6-44.7 21.1-62.3 10.4-11 23.3-10.4 36.3-7.7 2.9.6 6.1 4.2 7.4 7.2 6.9 16.7 13.7 33.4 19.4 50.5 1.5 4.7-.5 10.8-2 16-.8 3-3.6 5.5-5.7 8.1-14.9 18.3-14.7 18.2-1.7 37.8 17.8 26.9 41.5 46.8 70.2 61.2 9 4.5 15.7 3.7 21.9-4.2 5.2-6.5 11.1-12.5 16.5-18.9 4-4.8 8.6-6 14.2-3.1 16.8 8.9 33.9 17.4 50.3 26.9"></path></svg></div><span class="o-share__text">Deep fissures are laid bare in the US on whatsapp (opens in a new window)</span></a></li><li class="o-share__action share-nav__save-action"><div><form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="df50f43e-9d6a-420f-81f9-6b211561a308" data-myft-ui="saved" action="/myft/save/df50f43e-9d6a-420f-81f9-6b211561a308" data-js-action="/__myft/api/core/saved/content/df50f43e-9d6a-420f-81f9-6b211561a308?method=put" data-myft-ui-save-config="nonModal"> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save this article to myFT for later" aria-label="Save this article to myFT for later" data-alternate-label=" Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="df50f43e-9d6a-420f-81f9-6b211561a308" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form></div></li></ul></div><div id="article-progress"></div><div id="share-modal-vertical"></div></div><div class="share-nav__horizontal" data-share-nav-vertical="false" data-component="share-nav"><div data-o-component="o-share" data-o-share-article="true" class="o-share o-share--horizontal "><ul data-toolbar="share"><li class="o-share__action share-nav__x-action" data-share="twitter"><a class="o-share__icon o-share__icon--x" rel="noopener" href="https://twitter.com/intent/tweet?url=https://www.ft.com/content/df50f43e-9d6a-420f-81f9-6b211561a308&text=Deep%20fissures%20are%20laid%20bare%20in%20the%20US&via=ft" data-trackable="twitter"><div class="o-share__icon__image"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 40 40"><path d="M21.647 18.469 28.932 10h-1.726l-6.326 7.353L15.827 10H10l7.64 11.12L10 30h1.726l6.68-7.765L23.744 30h5.827l-7.924-11.531Zm-2.365 2.748-.774-1.107-6.16-8.81H15l4.971 7.11.774 1.107 6.462 9.242h-2.652l-5.273-7.541"></path></svg></div><span class="o-share__text">Deep fissures are laid bare in the US on x (opens in a new window)</span></a></li><li class="o-share__action share-nav__facebook-action" data-share="facebook"><a class="o-share__icon o-share__icon--facebook" rel="noopener" href="https://www.facebook.com/sharer.php?u=https://www.ft.com/content/df50f43e-9d6a-420f-81f9-6b211561a308&t=Deep%20fissures%20are%20laid%20bare%20in%20the%20US" data-trackable="facebook"><div class="o-share__icon__image"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1024 1024"><path d="M643.9 342h-48.2c-37.8 0-45.1 18-45.1 44.3v58.1h90.1l-11.7 91h-78.4V769h-94V535.5H378v-91h78.6v-67.1c0-77.9 47.6-120.3 117.1-120.3 33.3 0 61.9 2.5 70.2 3.6V342z"></path></svg></div><span class="o-share__text">Deep fissures are laid bare in the US on facebook (opens in a new window)</span></a></li><li class="o-share__action share-nav__linkedin-action" data-share="linkedin"><a class="o-share__icon o-share__icon--linkedin" rel="noopener" href="https://www.linkedin.com/sharing/share-offsite/?url=https://www.ft.com/content/df50f43e-9d6a-420f-81f9-6b211561a308" data-trackable="linkedin"><div class="o-share__icon__image"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1024 1024"><path d="M264.4 426.2h106.2v341.4H264.4V426.2zm53.2-169.7c-34.1 0-61.6 27.6-61.6 61.5 0 34 27.5 61.5 61.6 61.5 33.9 0 61.5-27.6 61.5-61.5-.1-34-27.6-61.5-61.5-61.5zm323.1 161.2c-51.6 0-86.2 28.3-100.4 55.1h-1.5v-46.7H437.2v341.4h106V598.7c0-44.5 8.4-87.7 63.6-87.7 54.5 0 55.1 50.9 55.1 90.5v166H768V580.3c0-91.9-19.9-162.6-127.3-162.6z"></path></svg></div><span class="o-share__text">Deep fissures are laid bare in the US on linkedin (opens in a new window)</span></a></li><li class="o-share__action share-nav__whatsapp-action" data-share="whatsapp"><a class="o-share__icon o-share__icon--whatsapp" rel="noopener" href="whatsapp://send?text=Deep%20fissures%20are%20laid%20bare%20in%20the%20US%20-%20https://www.ft.com/content/df50f43e-9d6a-420f-81f9-6b211561a308" data-trackable="whatsapp"><div class="o-share__icon__image"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1024 1024"><path d="M756.7 436.8c-35.6-122-152.2-196.3-279.3-178.1-116 16.7-208.2 121.5-210.6 238.6-.9 45.5 9.5 87.9 30.4 128.2 2.6 4.9 3.1 12.2 1.6 17.6-4.1 15.4-9.8 30.5-14.9 45.7L257.6 768c44.5-14.2 86.2-27.4 127.8-41.1 7.3-2.4 13.1-1.8 19.9 1.5 48.9 23.9 100.3 31.5 154.2 22.4 145.1-24.5 238.3-172.8 197.2-314zM542.2 710.9c-47.6 5.4-91.8-3.7-132.7-28.3-5.4-3.2-9.9-3.8-15.8-1.8-20.2 6.8-40.7 13.2-61 19.7-2.4.8-4.9 1.2-9.5 2.4 5.3-16.1 8.6-31.2 15.1-44.8 9.4-20.1 6.5-35.8-4.3-55.9-57.4-106-12.8-237.4 99.5-287 124.7-55.1 269.7 24.4 288.6 159.4 17.9 129.1-77.2 224.6-179.9 236.3zm98.3-144.6c2.9 1.7 5.2 7.7 4.9 11.6-1.8 27.4-19.7 46.3-47.1 50.4-4.6.7-9.3.9-14 1.4l-.3 1c-8.8-1.9-17.7-3.3-26.2-5.9-57.5-17.8-101.9-53-134.8-103.2-13.6-20.8-27.2-41.4-30.4-66.8-3.1-24.2 4.6-44.7 21.1-62.3 10.4-11 23.3-10.4 36.3-7.7 2.9.6 6.1 4.2 7.4 7.2 6.9 16.7 13.7 33.4 19.4 50.5 1.5 4.7-.5 10.8-2 16-.8 3-3.6 5.5-5.7 8.1-14.9 18.3-14.7 18.2-1.7 37.8 17.8 26.9 41.5 46.8 70.2 61.2 9 4.5 15.7 3.7 21.9-4.2 5.2-6.5 11.1-12.5 16.5-18.9 4-4.8 8.6-6 14.2-3.1 16.8 8.9 33.9 17.4 50.3 26.9"></path></svg></div><span class="o-share__text">Deep fissures are laid bare in the US on whatsapp (opens in a new window)</span></a></li><li class="o-share__action share-nav__save-action"><div><form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="df50f43e-9d6a-420f-81f9-6b211561a308" data-myft-ui="saved" action="/myft/save/df50f43e-9d6a-420f-81f9-6b211561a308" data-js-action="/__myft/api/core/saved/content/df50f43e-9d6a-420f-81f9-6b211561a308?method=put" data-myft-ui-save-config="nonModal"> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save this article to myFT for later" aria-label="Save this article to myFT for later" data-alternate-label=" Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="df50f43e-9d6a-420f-81f9-6b211561a308" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form></div></li></ul></div><div id="share-modal-horizontal"></div></div><span class="myft-ui-create-list-variant-announcement o-normalise-visually-hidden" role="region" aria-live="assertive"></span></div><div class="article__content" data-trackable="article-body" data-component="article-body"><div class="article-info"><div class="article-info__time-byline"><p class="article-info__byline"><a class="n-content-tag--author" href="/steff-ch%C3%A1vez" data-trackable="author">Steff Chávez</a> in Milwaukee </p> <time data-o-component="o-date" class="article-info__timestamp o-date" dateTime="2024-11-07T14:00:06.487Z">November 7 2024</time></div><a id="o-comments-count" data-o-component="o-comments" data-o-comments-article-id="df50f43e-9d6a-420f-81f9-6b211561a308" data-o-comments-count="true" data-o-comments-article-url="https://www.ft.com/content/df50f43e-9d6a-420f-81f9-6b211561a308" data-o-comments-title="Deep fissures are laid bare in the US" class="article-comment-count" title="Jump to comments section" href="#comments-anchor"><span class="o-normalise-visually-hidden">Jump to comments section</span></a><button class="article-print" data-component="print-button" data-trackable="print" title="Print this page"><span class="o-normalise-visually-hidden">Print this page</span></button></div><article id="article-body" class="n-content-body js-article__content-body" data-attribute="article-content-body" data-component="article-content-body"><div class="n-content-layout" data-layout-name="card" data-layout-width="full-width"><div class="n-content-layout__container"><div class="n-content-layout__slot"><p>This is an on-site version of the White House Watch newsletter. You can read the previous edition <a href="https://www.ft.com/us-election-countdown" data-trackable="link">here</a>. Sign up for free <a href="https://www.ft.com/newsletter-signup/us-election-countdown/signup/landing" data-trackable="link">here</a> to get it on Tuesdays and Thursdays. Email us at <a href="mailto:whitehousewatch@ft.com" data-trackable="link">whitehousewatch@ft.com</a></p></div></div></div><p>Good morning and welcome to White House Watch. Let’s talk about the split screen in America and Wall Street’s giddiness over coming deregulation.</p><hr/><p>America’s <a href="https://www.ft.com/content/aee58000-26b1-4ae7-a3f3-4dfee6cd09b3" data-trackable="link">deep fissures were palpable</a> yesterday as the nation processed the election results.</p><p>Reporting from Arizona and Nevada, the two states yet to call the presidential race, the FT’s Myles McCormick and Chris Grimes found both ecstasy and desolation. As Republicans teemed with excitement over Donald Trump’s win, Democrats appeared completely gutted.</p><p>Trump’s supporters were fired up about the president-elect’s agenda, and eager for him to enact his policies ASAP. With Republicans set to take control of the Senate — and a solid chance they’ll keep the House of Representatives — the party will have significant legislative power.</p><p>Bruce Parks, chair of the Washoe county Republicans in Nevada, told Myles that he looked forward to Trump making good on his promises to increase oil production, shut the border, deport undocumented workers.</p><p>Meanwhile, Democrats were conducting a<a href="https://on.ft.com/4ffNyGS" data-trackable="link"> postmortem</a> [<em>free to read</em>]. </p><p>Matt Bennett, co-founder of centrist Democratic think-tank Third Way, told the FT’s Lauren Fedor: </p><blockquote class="n-content-blockquote"><p>The Democratic brand is pretty bad. The country has shifted pretty far to the right, and we were not aware of how deep the problem ran.</p><p>The voters that we lost . . . looked at Democrats and said: they don’t understand my life. I don’t want them representing me.</p></blockquote><p>Now they need to figure out how to get it together in the years to come. Democrats must craft an agenda that proves the party understands voters’ biggest concerns, said Obama White House alumnus Ken Baer: “We need a generational change. We have had a gerontocracy of 80-year-olds running the Democratic party since Obama left. We need new blood and new leaders.”</p><p>When it came down to it, Democrats lost on the economy. </p><p>Charles Franklin, a non-partisan pollster and director of the Marquette Law School Poll, told me that the “most pervasive” issue in Wisconsin and nationwide was the cost of living:</p><blockquote class="n-content-blockquote"><p>People saw their financial situation now is considerably worse than it was four years ago.</p><p>You can argue about the macro economic indicators, but you can’t argue with people’s subjective feelings of how they’re doing, and that’s clearly worse.</p></blockquote><h2 class="n-content-heading-2">Transitional times: the latest headlines</h2><figure class="n-content-image n-content-image--full" data-component="image-set"><picture><source media="(min-width: 700px)" srcSet="https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A3b5d1088-d826-4298-9e31-6ff7bb17be4d?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A3b5d1088-d826-4298-9e31-6ff7bb17be4d?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x,https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3A3b5d1088-d826-4298-9e31-6ff7bb17be4d?source=next-article&fit=scale-down&quality=highest&width=700&dpr=3 3x" width="2290" height="1526"/><img src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F3b5d1088-d826-4298-9e31-6ff7bb17be4d.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1" alt="Democratic presidential nominee vice-president Kamala Harris " data-image-type="image" width="2290" height="1526" loading="lazy"/></picture><figcaption class="n-content-picture__caption"><span>Democratic presidential nominee vice-president Kamala Harris delivered her concession speech at Howard University</span><span> © AP</span></figcaption></figure><ul><li><p>After <a href="https://www.ft.com/content/b0a524ef-d3cb-4213-8d51-9776216ffad6" data-trackable="link">conceding the election</a>, Harris told supporters to keep fighting for the issues she campaigned on: “This is not a time to throw up our hands. This is a time to roll up our sleeves,” she said. </p></li><li><p>US stocks hit record highs yesterday but bond investors cautioned that the <a href="https://on.ft.com/3AHmbGx" data-trackable="link">euphoria could be short-lived</a>. [<em>Free to read</em>]</p></li><li><p>Top Trump fundraiser Scott Bessent is <a href="https://www.ft.com/content/298a5fe6-8d4e-4356-86f0-0ea362d6f21f" data-trackable="link">positioning himself for Treasury secretary,</a> one of the most important positions in the cabinet.</p></li><li><p>Prosecutors are discussing <a href="https://www.ft.com/content/f7672b10-09dc-4791-8e10-ee2eb6b654ac" data-trackable="link">how to close the two federal criminal cases</a> against Trump ahead of his return to the White House. </p></li><li><p>The Biden administration is <a href="https://www.politico.com/news/2024/11/06/biden-trump-ukraine-assistance-00187897" data-trackable="link">rushing to get $6bn worth of equipment and weapons to Ukraine</a> before Trump’s January inauguration day. (Politico)</p></li><li><p>Big Tech leaders have rushed to rebuild bridges with Trump amid hopes he will enact favourable policies on <a href="https://www.ft.com/content/79f87a7f-66b2-454e-8f58-8d5f535cce66" data-trackable="link">deals, antitrust issues and artificial intelligence.</a></p></li><li><p>Trump’s victory in the US election was seen as <a href="https://www.ft.com/content/31732d54-0670-4937-ad22-8004cc353d9a" data-trackable="link">a blow to global climate action</a>, as the UN prepared to kick off its important annual climate summit next week. </p></li></ul><h2 class="n-content-heading-2">What we’re hearing</h2><p>With Trump’s White House return in sight, US bankers, private equity titans and other financial services executives are <a href="https://www.ft.com/content/0318b0db-b46e-4a0e-bcfe-82f80e31ae33" data-trackable="link">drooling over the prospect of deregulation</a> and the chance to boot Biden’s aggressive watchdogs. </p><p>While Trump hasn’t said yet who will take the top financial roles in his administration, financial services companies are anticipating industry-friendly picks.</p><p>Republicans are expected to usher a more permissive approach to everything from bank capital requirements to takeovers and consumer protection rules in the financial services sector. They’re also likely to allow a new wave of financial products.</p><p>After leading the regulatory charge, Securities and Exchange Commission chair Gary Gensler has become the bane of the industry’s existence. With a new leader atop the SEC, money managers think Republicans will change rules that Gensler and other regulators have pushed through, and drop other contentious proposals. </p><p>Jack Inglis, chief executive of the Alternative Investment Management Association, told my colleagues: “We anticipate that the administration’s approach to financial regulation will be much more restrained and targeted . . . particularly when it comes to the SEC agenda.”</p><p>Many are also hoping Trump’s picks will adopt a more relaxed attitude to M&A than current antitrust officials Lina Khan and Jonathan Kanter. This could spur a dealmaking spree, and in turn boost investment bank earnings and invigorate private equity firms.</p><p>But it’s not an entirely rosy picture. Vice president-elect JD Vance has praised some parts of Khan’s agenda. Trump was also all over the place on antitrust, blocking AT&T’s acquisition of Time Warner because of his hatred for CNN, and he’s recently pledged to prevent Nippon Steel’s acquisition of US Steel.</p><h2 class="n-content-heading-2">Viewpoints</h2><ul><li><p>Under Trump, investors will thrive on unstifled market forces, volatility and low taxes. But they risk <a href="https://www.ft.com/content/cba9d6dd-33bb-49c4-b5cc-d2571350923e" data-trackable="link">ending up weaker later</a>, warns John Foley in his latest Lex column. [<em>Available for Premium subscribers</em>]</p></li><li><p>America’s Democrats are part of a global trend as they join <a href="https://www.ft.com/content/e8ac09ea-c300-4249-af7d-109003afb893" data-trackable="link">a graveyard of incumbents</a> this year, John Burn-Murdoch points out. </p></li><li><p><a href="https://www.ft.com/content/3ec62f11-0021-4574-8acc-5a4edd67a0b9" data-trackable="link">Anger has become the defining feature</a> of western politics, writes Robert Shrimsley. Quelling it must be a democratic imperative.</p></li><li><p>Trump’s victory poses huge risks — <a href="https://www.ft.com/content/4c6adbec-3cbd-4d78-8833-ee865b113269" data-trackable="link">and, possibly, a calamity</a> — for the global economy and the post-1945 world order, writes the FT editorial board. </p></li><li><p>Democrats <a href="https://www.ft.com/content/dfdfadb3-c933-4516-a35d-ecb5d6b69c2f" data-trackable="link">threw away a winnable election</a>, writes Janan Ganesh. The reason why stems back to a decision made on August 12 2020.</p></li><li><p>FT readers reflect on the election result, sharing <a href="https://www.ft.com/content/c6857171-eaa5-42c9-8a50-3190cf717c61" data-trackable="link">how they feel about Trump’s victory</a> and how they view the outlook for the US. </p></li></ul><div class="n-content-layout" data-layout-name="card" data-layout-width="full-width"><div class="n-content-layout__container"><h3 class="n-content-heading-3">Recommended newsletters for you</h3><div class="n-content-layout__slot"><p><strong>FT Exclusive </strong>— Be the first to see exclusive FT scoops, features, analysis and investigations. Sign up <a href="https://ep.ft.com/newsletters/subscribe?newsletterIds=570e4084faeada03005064ec" data-trackable="link">here</a></p><p><strong>Breaking News</strong> — Be alerted to the latest stories as soon as they’re published. Sign up <a href="https://ep.ft.com/newsletters/subscribe?newsletterIds=564495f8e4b0af6681f0f39d" data-trackable="link">here</a></p></div></div></div></article><script class="js-magnet-data" type="application/json">{"contentId":"df50f43e-9d6a-420f-81f9-6b211561a308","annotations":[{"type":"TOPIC","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"US politics & policy","id":"6f7d5d90-ac15-41fe-9e31-e69b42a013c6","url":"https://www.ft.com/us-politics-policy"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"US presidential election 2024","id":"b796f94e-abb8-43c4-8017-673f4d32a267","url":"https://www.ft.com/us-presidential-election-2024"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"Donald Trump","id":"f990f854-86ef-4449-987f-df8f122c8335","url":"https://www.ft.com/donald-trump"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/hasAuthor","prefLabel":"Steff Chávez","id":"33377752-5f82-43b8-b786-0a7c63569b4a","url":"https://www.ft.com/steff-ch%C3%A1vez"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Wisconsin","id":"0d4b0afc-f434-3453-8ca4-f0eff516811c","url":"https://www.ft.com/stream/0d4b0afc-f434-3453-8ca4-f0eff516811c"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Politico LLC","id":"0ea152c9-eb21-4734-a16a-6cf9ed5b5a0b","url":"https://www.ft.com/stream/0ea152c9-eb21-4734-a16a-6cf9ed5b5a0b"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Nippon Steel","id":"16c53df6-2b11-4efd-997d-a842e430869b","url":"https://www.ft.com/stream/16c53df6-2b11-4efd-997d-a842e430869b"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Republican Party US","id":"18579e91-20a8-4654-baff-5d8c7dd01eac","url":"https://www.ft.com/stream/18579e91-20a8-4654-baff-5d8c7dd01eac"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"United Nations","id":"1b959981-b258-4517-bf8c-0b32f31aecea","url":"https://www.ft.com/stream/1b959981-b258-4517-bf8c-0b32f31aecea"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Alan Beattie","id":"2800b7f2-f88a-4693-881f-7b466d21788e","url":"https://www.ft.com/alan-beattie"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"JD Vance","id":"3182d7eb-6dd2-474c-8bf8-5d3375c49fc3","url":"https://www.ft.com/stream/3182d7eb-6dd2-474c-8bf8-5d3375c49fc3"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Arizona","id":"4072b413-037a-36ec-b66a-6e6d638c8d09","url":"https://www.ft.com/stream/4072b413-037a-36ec-b66a-6e6d638c8d09"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Robert Shrimsley","id":"4076f4fd-723b-4ce5-9934-fb29416554fa","url":"https://www.ft.com/robert-shrimsley"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"United States Steel Corp","id":"4ba573d2-88d7-44ca-b7a0-38b5b8adb96e","url":"https://www.ft.com/stream/4ba573d2-88d7-44ca-b7a0-38b5b8adb96e"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Myles McCormick","id":"4cb18c94-d18d-4ce3-9e7e-6f46adb46361","url":"https://www.ft.com/myles-mccormick"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Nevada","id":"53fdd257-6fab-32ce-9b93-07fa845f8a74","url":"https://www.ft.com/stream/53fdd257-6fab-32ce-9b93-07fa845f8a74"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Ukraine","id":"6c1631f5-3f83-4c89-bd92-49690eb48b22","url":"https://www.ft.com/ukraine"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"US Government","id":"6fc5dfca-7f87-4383-aa76-167634e27f4c","url":"https://www.ft.com/stream/6fc5dfca-7f87-4383-aa76-167634e27f4c"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Financial Times","id":"7bcfe07b-0fb1-49ce-a5fa-e51d5c01c3e0","url":"https://www.ft.com/stream/7bcfe07b-0fb1-49ce-a5fa-e51d5c01c3e0"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Atlantic Monthly","id":"89c57323-9d98-43b6-8513-da3177a237b8","url":"https://www.ft.com/stream/89c57323-9d98-43b6-8513-da3177a237b8"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"CNN News Group","id":"97846d1e-8d94-4a30-a0fb-e8843ab53e33","url":"https://www.ft.com/stream/97846d1e-8d94-4a30-a0fb-e8843ab53e33"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Lina Khan","id":"984e7efc-6392-4d7f-b364-b2b895d06478","url":"https://www.ft.com/stream/984e7efc-6392-4d7f-b364-b2b895d06478"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"WarnerMedia","id":"aa8723b0-330d-4a5d-bd12-22abbd2416f7","url":"https://www.ft.com/stream/aa8723b0-330d-4a5d-bd12-22abbd2416f7"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Lauren Fedor","id":"aafd74cb-9760-4fc2-9c7d-890b31e026d4","url":"https://www.ft.com/lauren-fedor"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Janan Ganesh","id":"b1d025bc-56d5-4420-ae8c-49c0c02cc816","url":"https://www.ft.com/janan-ganesh"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Democratic Party US","id":"d3022c39-5296-4f1b-bb29-e104acd9e9ee","url":"https://www.ft.com/stream/d3022c39-5296-4f1b-bb29-e104acd9e9ee"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Jack Inglis","id":"dad4b9da-32db-3434-b36b-d44bd00c883b","url":"https://www.ft.com/stream/dad4b9da-32db-3434-b36b-d44bd00c883b"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Gary Gensler","id":"dcc310e1-5c1c-462d-9ee3-3a1a6d10a790","url":"https://www.ft.com/stream/dcc310e1-5c1c-462d-9ee3-3a1a6d10a790"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"AT&T Inc","id":"e0f5418d-c4ff-4e69-9511-274de430e726","url":"https://www.ft.com/stream/e0f5418d-c4ff-4e69-9511-274de430e726"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"John Burn-Murdoch","id":"e191658e-c66a-45bc-9bad-343bdc4210b3","url":"https://www.ft.com/stream/e191658e-c66a-45bc-9bad-343bdc4210b3"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Scott Bessent","id":"ecf54e1e-751a-4c5f-85ce-fdc32f0e9970","url":"https://www.ft.com/stream/ecf54e1e-751a-4c5f-85ce-fdc32f0e9970"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Barack Obama","id":"ed23f1c8-6a5b-49c0-8fc9-ed1462a2d4dd","url":"https://www.ft.com/stream/ed23f1c8-6a5b-49c0-8fc9-ed1462a2d4dd"},{"type":"PERSON","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Jonathan Kanter","id":"eda876fd-0587-4e4d-98c2-3502478d60f5","url":"https://www.ft.com/stream/eda876fd-0587-4e4d-98c2-3502478d60f5"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"US Securities and Exchange Commission","id":"fb8cdc23-cd37-41b2-abe1-c4dd1fc334af","url":"https://www.ft.com/sec"},{"type":"ORGANISATION","predicate":"http://www.ft.com/ontology/annotation/mentions","prefLabel":"Alternative Investment Management Association Ltd","id":"fd743fcd-d9aa-494b-8aad-281a79be4e94","url":"https://www.ft.com/stream/fd743fcd-d9aa-494b-8aad-281a79be4e94"},{"type":"GENRE","predicate":"http://www.ft.com/ontology/classification/isClassifiedBy","prefLabel":"Newsletter","id":"8c04f8e2-4048-4a2a-9fd2-706ed511c835","url":"https://www.ft.com/stream/8c04f8e2-4048-4a2a-9fd2-706ed511c835"},{"type":"BRAND","predicate":"http://www.ft.com/ontology/classification/isClassifiedBy","prefLabel":"White House Watch","id":"e5649916-33a6-4566-83ed-fec59c2c6533","url":"https://www.ft.com/white-house-watch"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/hasDisplayTag","prefLabel":"US politics & policy","id":"6f7d5d90-ac15-41fe-9e31-e69b42a013c6","url":"https://www.ft.com/us-politics-policy"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"US presidential election","id":"11492823-a676-461e-8eec-24dafe589c36","url":"https://www.ft.com/us-presidential-election"},{"type":"LOCATION","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"US","id":"3e2eb1c1-7ecd-4600-8cbb-c02ba53ced4b","url":"https://www.ft.com/us"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"Politics","id":"3f74186b-57e2-4dc6-b70b-5380c1c784ea","url":"https://www.ft.com/stream/3f74186b-57e2-4dc6-b70b-5380c1c784ea"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"US elections 2024","id":"81e4aea2-7a84-4d5a-a639-324801fdf74e","url":"https://www.ft.com/stream/81e4aea2-7a84-4d5a-a639-324801fdf74e"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"World","id":"82645c31-4426-4ef5-99c9-9df6e0940c00","url":"https://www.ft.com/world"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/implicitlyAbout","prefLabel":"US elections","id":"ce987f7b-1da1-4308-883d-b9c2d6287022","url":"https://www.ft.com/us-elections"},{"type":"BRAND","predicate":"http://www.ft.com/ontology/implicitlyClassifiedBy","prefLabel":"Financial Times","id":"dbb0bdae-1f0c-11e4-b0cb-b2227cce2b54","url":"https://www.ft.com"}]}</script><div class="magnet-cta js-magnet-cta" data-trackable="magnet-cta"></div></div><div class="article-tools" data-trackable="article-tools"><footer class="n-content-copyright"><a href="https://help.ft.com/help/legal-privacy/copyright/copyright-policy/" data-trackable="link-copyright">Copyright</a> The Financial Times Limited 2024. <span class="n-content-copyright__rights">All rights reserved.</span></footer><div class="article-tools__buttons"><a class="article-tools__reuse" data-trackable="reuse-content-button" target="_blank" rel="noreferrer" href="https://enterprise.ft.com/en-gb/services/republishing/republish-content-request?ft-content-uuid=df50f43e-9d6a-420f-81f9-6b211561a308">Reuse this content <span class="o-normalise-visually-hidden">(opens in new window)</span></a><a class="article-tools__comments" data-trackable="view-comments-button" title="Jump to comments section" aria-label="click to go to the comment section" href="#comments-anchor"><span data-o-component="o-comments" data-o-comments-article-id="df50f43e-9d6a-420f-81f9-6b211561a308" data-o-comments-count="false"></span> Comments<span class="o-normalise-visually-hidden">Jump to comments section</span></a></div></div><div class="article__right " data-component="article-rhr"></div><div class="promoted-content__container"><h2 class="h2-promoted-content follow-tags__title" style="display:none">Promoted Content</h2><div class="o-ads o-ads--center native-ad__fullwidth" data-o-ads-init="true" data-o-ads-name="native-ad__fullwidth" data-o-ads-targeting="pos=native&format=stacked&appname=article" data-o-ads-formats="MediumRectangle" data-o-ads-formats-default="PartnerContent"></div></div><div class="onward-journey onward-journey--simple" data-component="onward-journey__bottom" data-trackable-context-component="{"name":"onward-journey","type":"container","app":"article","asset_type":"page"}"></div><div class="article__right-bottom"><div><div class="concept-list" data-trackable="mentions"> <h2 class="concept-list__title"> Follow the topics in this article </h2> <ul class="concept-list__list"> <li class="concept-list__list-item"> <a href="/us-politics-policy" data-trackable="concept" class="concept-list__concept"> US politics & policy </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="6f7d5d90-ac15-41fe-9e31-e69b42a013c6" action="/myft/add/6f7d5d90-ac15-41fe-9e31-e69b42a013c6" data-js-action="/__myft/api/core/followed/concept/6f7d5d90-ac15-41fe-9e31-e69b42a013c6?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following US politics & policy." data-unpressed-text="No longer following US politics & policy." ></div> <button aria-pressed="false" aria-label="Add to myFT: US politics & policy" title="Add US politics & policy to myFT" data-alternate-label="Added US politics & policy to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="6f7d5d90-ac15-41fe-9e31-e69b42a013c6" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> <li class="concept-list__list-item"> <a href="/us-presidential-election-2024" data-trackable="concept" class="concept-list__concept"> US presidential election 2024 </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="b796f94e-abb8-43c4-8017-673f4d32a267" action="/myft/add/b796f94e-abb8-43c4-8017-673f4d32a267" data-js-action="/__myft/api/core/followed/concept/b796f94e-abb8-43c4-8017-673f4d32a267?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following US presidential election 2024." data-unpressed-text="No longer following US presidential election 2024." ></div> <button aria-pressed="false" aria-label="Add to myFT: US presidential election 2024" title="Add US presidential election 2024 to myFT" data-alternate-label="Added US presidential election 2024 to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="b796f94e-abb8-43c4-8017-673f4d32a267" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> <li class="concept-list__list-item"> <a href="/donald-trump" data-trackable="concept" class="concept-list__concept"> Donald Trump </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="f990f854-86ef-4449-987f-df8f122c8335" action="/myft/add/f990f854-86ef-4449-987f-df8f122c8335" data-js-action="/__myft/api/core/followed/concept/f990f854-86ef-4449-987f-df8f122c8335?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Donald Trump." data-unpressed-text="No longer following Donald Trump." ></div> <button aria-pressed="false" aria-label="Add to myFT: Donald Trump" title="Add Donald Trump to myFT" data-alternate-label="Added Donald Trump to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="f990f854-86ef-4449-987f-df8f122c8335" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> <li class="concept-list__list-item"> <a href="/white-house-watch" data-trackable="concept" class="concept-list__concept"> White House Watch </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="e5649916-33a6-4566-83ed-fec59c2c6533" action="/myft/add/e5649916-33a6-4566-83ed-fec59c2c6533" data-js-action="/__myft/api/core/followed/concept/e5649916-33a6-4566-83ed-fec59c2c6533?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following White House Watch." data-unpressed-text="No longer following White House Watch." ></div> <button aria-pressed="false" aria-label="Add to myFT: White House Watch" title="Add White House Watch to myFT" data-alternate-label="Added White House Watch to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="e5649916-33a6-4566-83ed-fec59c2c6533" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> <li class="concept-list__list-item"> <a href="/steff-ch%C3%A1vez" data-trackable="concept" class="concept-list__concept"> Steff Chávez </a> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="33377752-5f82-43b8-b786-0a7c63569b4a" action="/myft/add/33377752-5f82-43b8-b786-0a7c63569b4a" data-js-action="/__myft/api/core/followed/concept/33377752-5f82-43b8-b786-0a7c63569b4a?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Steff Chávez." data-unpressed-text="No longer following Steff Chávez." ></div> <button aria-pressed="false" aria-label="Add to myFT: Steff Chávez" title="Add Steff Chávez to myFT" data-alternate-label="Added Steff Chávez to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="33377752-5f82-43b8-b786-0a7c63569b4a" data-trackable="follow" type="submit">Add to myFT</button> </form> </li> </ul> </div></div></div><div class="comments-container"><h2 class="standalone-teaser-heading">Comments</h2><div id="comments-anchor"><div class="comments"><div class="comments__rum-indicator"></div><div class="o-comments" id="o-comments-stream" data-o-component="o-comments" data-o-comments-use-staging-environment="false" data-o-comments-article-id="df50f43e-9d6a-420f-81f9-6b211561a308" data-o-comments-title="Deep fissures are laid bare in the US" data-o-comments-article-url="https://www.ft.com/content/df50f43e-9d6a-420f-81f9-6b211561a308"></div></div></div></div><div class="comments-rhr"></div></article></div></div></div></div><div class="n-layout__row n-layout__row--footer"><footer id="site-footer" class="o-footer o-footer--theme-dark" data-o-component="o-footer"><div class="o-footer__container"><div class="o-footer__row"><h2 class="o-normalise-visually-hidden">Useful links</h2><nav class="o-footer__matrix" role="navigation" aria-label="Useful links"><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-0">Support</h3><div class="o-footer__matrix-content" id="o-footer-section-0"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/tour" data-trackable="View Site Tips"><span class="o-footer__matrix-link__copy">View Site Tips</span></a><a class="o-footer__matrix-link" href="https://help.ft.com" data-trackable="Help Centre"><span class="o-footer__matrix-link__copy">Help Centre</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/contact-us" data-trackable="Contact Us"><span class="o-footer__matrix-link__copy">Contact Us</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/aboutus" data-trackable="About Us"><span class="o-footer__matrix-link__copy">About Us</span></a><a class="o-footer__matrix-link" href="/accessibility" data-trackable="Accessibility"><span class="o-footer__matrix-link__copy">Accessibility</span></a><a class="o-footer__matrix-link" href="/tour/myft" data-trackable="myFT Tour"><span class="o-footer__matrix-link__copy">myFT Tour</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/en-gb/careers/" data-trackable="Careers"><span class="o-footer__matrix-link__copy">Careers</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/suppliers" data-trackable="Suppliers"><span class="o-footer__matrix-link__copy">Suppliers</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-1">Legal & Privacy</h3><div class="o-footer__matrix-content" id="o-footer-section-1"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/terms-conditions/" data-trackable="Terms & Conditions"><span class="o-footer__matrix-link__copy">Terms & Conditions</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/privacy/" data-trackable="Privacy Policy"><span class="o-footer__matrix-link__copy">Privacy Policy</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/cookies/" data-trackable="Cookie Policy"><span class="o-footer__matrix-link__copy">Cookie Policy</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/preferences/manage-cookies" data-trackable="Manage Cookies"><span class="o-footer__matrix-link__copy">Manage Cookies</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/copyright/copyright-policy/" data-trackable="Copyright"><span class="o-footer__matrix-link__copy">Copyright</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal/slavery-statement/" data-trackable="Slavery Statement & Policies"><span class="o-footer__matrix-link__copy">Slavery Statement & Policies</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-2">Services</h3><div class="o-footer__matrix-content" id="o-footer-section-2"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/securedrop" data-trackable="Share News Tips Securely" data-o-tracking-do-not-track="true"><span class="o-footer__matrix-link__copy">Share News Tips Securely</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/products" data-trackable="Individual Subscriptions"><span class="o-footer__matrix-link__copy">Individual Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/professional-subscriptions?segmentId=383c7f[…]4-b62d-cb33-4c278e6fdf61&cpccampaign=B2B_link_ft.com_footer" data-trackable="Professional Subscriptions"><span class="o-footer__matrix-link__copy">Professional Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/republishing/" data-trackable="Republishing"><span class="o-footer__matrix-link__copy">Republishing</span></a><a class="o-footer__matrix-link" href="https://www.exec-appointments.com/" data-trackable="Executive Job Search"><span class="o-footer__matrix-link__copy">Executive Job Search</span></a><a class="o-footer__matrix-link" href="https://commercial.ft.com/" data-trackable="Advertise with the FT"><span class="o-footer__matrix-link__copy">Advertise with the FT</span></a><a class="o-footer__matrix-link" href="https://twitter.com/ft" data-trackable="Follow the FT on X"><span class="o-footer__matrix-link__copy">Follow the FT on X</span></a><a class="o-footer__matrix-link" href="https://channels.ft.com/" data-trackable="FT Channels"><span class="o-footer__matrix-link__copy">FT Channels</span></a><a class="o-footer__matrix-link" href="https://enterprise.ft.com/en-gb/services/group-subscriptions/secondary-education/" data-trackable="FT Schools"><span class="o-footer__matrix-link__copy">FT Schools</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-3">Tools</h3><div class="o-footer__matrix-content" id="o-footer-section-3"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio"><span class="o-footer__matrix-link__copy">Portfolio</span></a><a class="o-footer__matrix-link" href="https://applink.ft.com/A6lV/2khsqyrh" data-trackable="FT App"><span class="o-footer__matrix-link__copy">FT App</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/todaysnewspaper" data-trackable="FT Digital Edition"><span class="o-footer__matrix-link__copy">FT Digital Edition</span></a><a class="o-footer__matrix-link" href="https://ftedit.ft.com/Ju3k/pqkac2ds" data-trackable="FT Edit"><span class="o-footer__matrix-link__copy">FT Edit</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/alerts/" data-trackable="Alerts Hub"><span class="o-footer__matrix-link__copy">Alerts Hub</span></a><a class="o-footer__matrix-link" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings"><span class="o-footer__matrix-link__copy">Business School Rankings</span></a><a class="o-footer__matrix-link" href="https://subscription-manager.ft.com/" data-trackable="Subscription Manager"><span class="o-footer__matrix-link__copy">Subscription Manager</span></a><a class="o-footer__matrix-link" href="/news-feed" data-trackable="News feed"><span class="o-footer__matrix-link__copy">News feed</span></a><a class="o-footer__matrix-link" href="/newsletters" data-trackable="Newsletters"><span class="o-footer__matrix-link__copy">Newsletters</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/currencies" data-trackable="Currency Converter"><span class="o-footer__matrix-link__copy">Currency Converter</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-4">Community & Events</h3><div class="o-footer__matrix-content" id="o-footer-section-4"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://events.ft.com/events-list" data-trackable="FT Live Events"><span class="o-footer__matrix-link__copy">FT Live Events</span></a><a class="o-footer__matrix-link" href="https://forums.ft.com/" data-trackable="FT Forums"><span class="o-footer__matrix-link__copy">FT Forums</span></a><a class="o-footer__matrix-link" href="https://bdp.ft.com/" data-trackable="Board Director Programme"><span class="o-footer__matrix-link__copy">Board Director Programme</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title o-footer__matrix-title--link"><a class="o-footer__matrix-link o-footer__matrix-link--more" id="o-footer-5" href="https://ft.com/more-from-ft-group"><span class="o-footer__matrix-link__copy">More from the FT Group</span></a></h3></div></nav></div><div class="o-footer__copyright"><small>Markets data delayed by at least 15 minutes. © THE FINANCIAL TIMES LTD 2024. <abbr title="Financial Times" aria-label="F T">FT</abbr> and ‘Financial Times’ are trademarks of The Financial Times Ltd.<br/>The Financial Times and its journalism are subject to a self-regulation regime under the <a href="https://aboutus.ft.com/en-gb/ft-editorial-code/" aria-label="F T Editorial Code of Practice">FT Editorial Code of Practice</a>.</small></div></div><div class="o-footer__brand"><div class="o-footer__container"><div class="o-footer__brand-logo"></div></div></div></footer><div class="n-layout__footer-after"><script data-pixel-src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22article%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D">(function coreExperience() { if (/\bcore\b/.test(document.documentElement.className)) { // eslint-disable-next-line no-var var currentScript = document.scripts[document.scripts.length - 1]; // eslint-disable-next-line no-var var img = new Image(); img.alt = ''; img.src = currentScript.getAttribute('data-pixel-src'); } })();</script><noscript><img src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22article%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D" alt=""/></noscript><script id="chartbeat-script"> ;(function() { if (/\bcore\b/.test(document.documentElement.className)) { console.warn('Chartbeat not loaded: Core browser') return; } const testing = new URL(location).searchParams.has('chartbeatTest') || false; window._sf_async_config = { uid: 14181, domain: testing ? 'testing.ft.com' : 'ft.com', useCanonical: true, useCanonicalDomain: true, topStorageDomain: 'ft.com', }; const script = document.createElement('script'); script.async = true; script.src = 'https://static.chartbeat.com/js/chartbeat.js'; const last = document.scripts[document.scripts.length - 1]; last.parentNode.insertBefore(script, last); })(); </script></div></div><div class="o-header__drawer" id="o-header-drawer" role="modal" aria-label="Drawer menu" aria-modal="true" data-o-header-drawer="true" data-o-header-drawer--no-js="true" data-trackable="drawer" data-trackable-terminate="true"><div class="o-header__drawer-inner"><div class="o-header__drawer-tools"><button type="button" class="o-header__drawer-tools-close" title="Close side navigation menu" aria-controls="o-header-drawer" data-trackable="close"><span class="o-header__visually-hidden">Close side navigation menu</span></button><nav class="o-header__drawer-menu o-header__drawer-edition-switcher" aria-label="Edition switcher"><span class="o-header__drawer-menu-item">Edition:</span><span class="o-header__drawer-menu-item o-header__drawer-current-edition">International</span><div class="o-header__drawer-divider"></div><a class="o-header__drawer-menu-link" href="/?edition=uk">UK</a></nav></div><div class="o-header__drawer-search"><form class="o-header__drawer-search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-drawer-search-term" class="o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-drawer-search-term" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" data-trackable="search-term" data-n-topic-search-input="true" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-drawer-search-term" data-n-topic-search-drawer="true"/><button class="o-header__drawer-search-submit" type="submit" data-trackable="search-submit"><span class="o-header__visually-hidden">Search</span></button></span></label></form></div><div class="o-header__drawer-actions"><a class="o-header__drawer-button" role="button" href="/products?segmentId=4526c036-7527-ab37-9a29-0b0403fa0b5f" data-trackable="subscribe-button">Subscribe for full access</a></div><nav class="o-header__drawer-menu o-header__drawer-menu--primary"><h2 id="top-sections" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">Top sections</h2><ul aria-labelledby="top-sections" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/" data-trackable="Home">Home</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/world" data-trackable="World">World</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-1" data-trackable="sub-level-toggle | World">Show more World</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-1" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-war" data-trackable="Middle East war">Middle East war</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/global-economy" data-trackable="Global Economy">Global Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/world-uk" data-trackable="UK">UK</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us" data-trackable="US">US</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/china" data-trackable="China">China</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/africa" data-trackable="Africa">Africa</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/asia-pacific" data-trackable="Asia Pacific">Asia Pacific</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/emerging-markets" data-trackable="Emerging Markets">Emerging Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/europe" data-trackable="Europe">Europe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/war-in-ukraine" data-trackable="War in Ukraine">War in Ukraine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/americas" data-trackable="Americas">Americas</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-north-africa" data-trackable="Middle East & North Africa">Middle East & North Africa</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/us" data-trackable="US">US</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-2" data-trackable="sub-level-toggle | US">Show more US</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-2" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-economy" data-trackable="US Economy">US Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investing-in-america" data-trackable="Investing in America">Investing in America</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-companies" data-trackable="US Companies">US Companies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-politics-policy" data-trackable="US Politics & Policy">US Politics & Policy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-presidential-election-2024" data-trackable="US Presidential Election 2024">US Presidential Election 2024</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/companies" data-trackable="Companies">Companies</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-3" data-trackable="sub-level-toggle | Companies">Show more Companies</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-3" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/energy" data-trackable="Energy">Energy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/financials" data-trackable="Financials">Financials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/health" data-trackable="Health">Health</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/industrials" data-trackable="Industrials">Industrials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/media" data-trackable="Media">Media</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/professional-services" data-trackable="Professional Services">Professional Services</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/retail-consumer" data-trackable="Retail & Consumer">Retail & Consumer</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/technology-sector" data-trackable="Tech Sector">Tech Sector</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/transport" data-trackable="Transport">Transport</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/technology" data-trackable="Tech">Tech</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-4" data-trackable="sub-level-toggle | Tech">Show more Tech</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-4" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/artificial-intelligence" data-trackable="Artificial intelligence">Artificial intelligence</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/semiconductors" data-trackable="Semiconductors">Semiconductors</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/cyber-security" data-trackable="Cyber Security">Cyber Security</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/social-media" data-trackable="Social Media">Social Media</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/markets" data-trackable="Markets">Markets</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-5" data-trackable="sub-level-toggle | Markets">Show more Markets</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-5" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://markets.ft.com/data" data-trackable="Markets Data">Markets Data</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/crypto" data-trackable="Crypto">Crypto</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/capital-markets" data-trackable="Capital Markets">Capital Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/commodities" data-trackable="Commodities">Commodities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/currencies" data-trackable="Currencies">Currencies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/equities" data-trackable="Equities">Equities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-wealth-management" data-trackable="Wealth Management">Wealth Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://etf.ft.com" data-trackable="ETF Hub">ETF Hub</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/fund-management" data-trackable="Fund Management">Fund Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-trading-room" data-trackable="Trading">Trading</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/climate-capital" data-trackable="Climate">Climate</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/opinion" data-trackable="Opinion">Opinion</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-7" data-trackable="sub-level-toggle | Opinion">Show more Opinion</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-7" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/columnists" data-trackable="Columnists">Columnists</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-view" data-trackable="The FT View">The FT View</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/the-big-read" data-trackable="The Big Read">The Big Read</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/obituaries" data-trackable="Obituaries">Obituaries</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/letters" data-trackable="Letters">Letters</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/work-careers" data-trackable="Work & Careers">Work & Careers</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-9" data-trackable="sub-level-toggle | Work & Careers">Show more Work & Careers</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-9" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings">Business School Rankings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-education" data-trackable="Business Education">Business Education</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe's Start-Up Hubs">Europe's Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life & Arts">Life & Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life & Arts">Show more Life & Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/arts" data-trackable="Arts">Arts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/books" data-trackable="Books">Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/food-drink" data-trackable="Food & Drink">Food & Drink</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/magazine" data-trackable="FT Magazine">FT Magazine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/house-home" data-trackable="House & Home">House & Home</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/style" data-trackable="Style">Style</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/travel" data-trackable="Travel">Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property & Mortgages">Property & Mortgages</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investments" data-trackable="Investments">Investments</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/pensions" data-trackable="Pensions">Pensions</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/tax" data-trackable="Tax">Tax</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/banking-savings" data-trackable="Banking & Savings">Banking & Savings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/advice-comment" data-trackable="Advice & Comment">Advice & Comment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/next-act" data-trackable="Next Act">Next Act</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/htsi" data-trackable="HTSI">HTSI</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/special-reports" data-trackable="Special Reports">Special Reports</a></li></ul><h2 id="ft-recommends" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">FT recommends</h2><ul aria-labelledby="ft-recommends" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-edit" data-trackable="FT Edit">FT Edit</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lunch-with-the-ft" data-trackable="Lunch with the FT">Lunch with the FT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/tech-asia" data-trackable="#techAsia">#techAsia</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/visual-and-data-journalism" data-trackable="Visual and data journalism">Visual and data journalism</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/newsletters" data-trackable="Newsletters">Newsletters</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/video" data-trackable="Video">Video</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/podcasts" data-trackable="Podcasts">Podcasts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/news-feed" data-trackable="News feed">News feed</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-schools" data-trackable="FT Schools">FT Schools</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://events.ft.com/events-list" data-trackable="FT Live Events">FT Live Events</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://forums.ft.com/" data-trackable="FT Forums">FT Forums</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://bdp.ft.com/" data-trackable="Board Director Programme">Board Director Programme</a></li></ul><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--divide"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="/myft" data-trackable="myFT">myFT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio">Portfolio</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/todaysnewspaper" data-trackable="FT Digital Edition">FT Digital Edition</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/crossword" data-trackable="Crossword">Crossword</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/tour/apps" data-trackable="Our Apps">Our Apps</a></li></ul></nav><nav class="o-header__drawer-menu o-header__drawer-menu--user" data-trackable="user-nav"><ul class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="https://help.ft.com" data-trackable="Help Centre">Help Centre</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/products?segmentId=d290332b-e8e8-d29b-2ff4-2019b13f008a" data-trackable="Subscribe">Subscribe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/login?location=/content/df50f43e-9d6a-420f-81f9-6b211561a308" data-trackable="Sign In">Sign In</a></li></ul></nav></div></div></div><script type="application/json" id="page-kit-app-context">{"appName":"article","product":"next","edition":"international","appVersion":"27c949bfe914a55408772cc019a2fb9d9a317b9f","abTestState":"messageSlotBottom:cookieConsentC,chartbeat:variant,articlecommunitypromoevent:variant2,articleJourneyTestsX:variant1,AdsCommercialMvt2AB:variant2,appleSignUpForBuyFlowTest:variant,useContentPipelineCannedQuery:variant,article-bullet-point-summary:control","isProduction":true,"isUserLoggedIn":false,"pageKitVersion":"11.2.1","contentId":"df50f43e-9d6a-420f-81f9-6b211561a308"}</script><script type="application/json" id="page-kit-flags-embed">{"articleRelatedContent":true,"ads":true,"javascript":true,"oTracking":true,"articleComments":true,"myFtApi":true,"articleShareButtons":true,"myFtApiWrite":true,"adTargetingUserApi":true,"videoPlayerAdvertising":true,"streamMostRead":true,"openGraph":true,"nativeAds":true,"regionalNews":true,"syndication":true,"myFTEmailDisableABAlloc":true,"streamRecommendedStoriesList":true,"refererCohort":true,"newsletterSignupOnArticle":true,"myFTInstantNotifications":true,"myftPrioritiseTopics":true,"myftIndustryRecs":true,"showEventPromo":true,"myftConsentSwitch":true,"manageCookiesWhiteLabel":true,"myftIndustryRecsFeed":true,"AdsPermutive":true,"syndication_promo":true,"messageSlotBottom":"cookieConsentC","enableGTM":true,"myftNewNewLabel":true,"myftBoldNewArticles":true,"myftPageAppNotificationsToggle":true,"realUserMonitoringForPerformance":true,"textCopyTracking":true,"enableBrandmetricsSurveyScript":true,"managePremiumCancellationJourney":true,"articleInstantAlertsPromo":true,"manageStepUpCancellationJourney":true,"manageStandardCancellationJourney":true,"manageStepUpTransitionJourney":true,"manageDirectCancellationJourney":true,"privShowCCPALinkOnFooter":true,"optimizely":true,"graphicSyndication":true,"adsNativeLazyload":true,"enableRavelinOnProd":true,"enableMarketingAnalyticsTags":true,"streamPageGraphicsList":true,"useFlourish":true,"adsHighImpact":true,"monthlyTermForPremiumCovidCohort":true,"enableNonUKDeliveryAddress":true,"homePageHeaderMarketsData":true,"enableGoogleExtendedMeter":true,"inArticleContentSignUp":true,"frontPageCommunitySection":true,"newBuyFlow":true,"bizzaboRegistrationEnabled":true,"enableSingleTermSubscriptions":true,"newsletterAutoEnrolment":true,"eventsInMyFtPage":true,"eventsInDigestEmails":true,"eventsInStreamPage":true,"ftGlobetrotterBanner":true,"scrollytellingImages":true,"chartbeat":"variant","emailVerificationOnSignupForms":true,"AdsExtraMobileSlot":true,"dotcomPages":true,"fomoPage":true,"exponeaOnsiteMessaging":true,"homepageInteractivesEmbeds":true,"bankTransferFeature":true,"articlecommunitypromoevent":"variant2","purgeableLongTailArticleCaching":true,"myAccountLanding":true,"chatterboxChat":true,"liveChat":true,"articleJourneyTestsX":"variant1","billingDetailsConfirmationPage":true,"AdsCompaniesTypeaheadDemo":true,"AdsCommercialMvt2AB":"variant2","reverseCancellation":true,"adsPGHomePage":true,"saveMeDisplayEdit":true,"adsCommentsRHR":true,"adsPGSearchPage":true,"stripeForIndia":true,"showNoOffersPageInRetention":true,"adsDisableInternalCMP":true,"myFTInstantAlertsOnboarding":true,"proCentralBanking":true,"magnetOnArticle":true,"myftFollowButton":true,"customCodeComponent":true,"extensibleFrontends":true,"adsAppDisableInternalCMP":true,"experimentalAccountEntryTest":true,"enableSubX":true,"homepageClips":true,"enableAppleSignUpForRegFlow":true,"enableAppleSignUpForBuyFlow":true,"workspaceTeaserContextMenu":true,"appleSignUpForBuyFlowTest":"variant","personalFinanceCourseOfferSubscriberRenewalJourney":true,"retentionDirectToSeperateCancelCompareController":true,"enableCorporateBarrier":true,"useContentPipelineCannedQuery":"variant","onboardingCsatSurveyEnabled":true,"adsInsertTexasDNSLink":true,"pro-signup-welcome-page-v2-enabled":true,"inArticleContentSignUpUSElectionNewsletter":true,"enableFTEditRegisterFlow":true,"backToTopButton":true,"adsEnableGpp":true,"amplitudeExperiment":true,"pro-signup-onboarding-enabled":true,"useFlourishIFrame":true,"commentsOnlySubscriber":true,"pro-workspace-recommendation-cards-enabled":true,"articleToolsBox":true,"adsEnableFullBleedResponsive":true,"accountSettingsBillingDetailsPaypal":true,"adsVideoPageConsent":true,"clipsEnhancedPlayer":true,"adsEnableMiniBillboard":true,"ads-refresh-pc":true,"enableProfessionalSubscriptionCheck":true,"ads-validate-traffic-ias":true,"adsEnableMiniBillboardWeb":true,"adsMarketsDataWidget":true,"professional-newsletter-autoenrol-ab":true,"adsArticlePcStyling":true,"ads-adblock-recovery":true,"mprHomePageSlice":true,"liveChatProjectFelix":true,"ads-first-party-gtm":true,"liveBlogPagination":true,"enableWhiteHouseWatchNewsletterSignup":true,"articleBulletPointSummary":true}</script></body></html>