Live News Blog

Iran Demands US Lift Sanctions and Unfreeze Assets Under Islamabad Understanding; Brent Crude Falls Below $108

• Iran's demands: Iranian Foreign Ministry spokesman Baghaei said the latest round of negotiations should be linked to the previous talks that resulted in the Islamabad Understanding, as both sides, demands and issues remain the same.
• Sanctions relief: Baghaei said the US must lift all sanctions imposed on Iran under the pretext of “economic exclusion” after allegedly violating the understanding.
• Unfreezing assets: Iran is also demanding the release of its frozen funds and assets, along with the implementation of other commitments accepted by Washington under the agreement.
• Strait of Hormuz: Baghaei rejected claims that these demands are preconditions for diplomacy, saying they are necessary to restore security in the Strait of Hormuz and the Persian Gulf.
• Oil prices: Brent crude fell below $108 per barrel for the first time since October 22, declining 3.3% on the day. WTI crude was also down 3.3%.

Iran Warns Any Party Supporting US-Israeli Military Action Will Face Retaliation; Says Washington Will Be Judged by Actions

• Iranian Foreign Ministry spokesman Baghaei warned that any country or party involved in preparing, planning or carrying out military aggression against Iran should expect consequences.
• He said parties supporting the US and Israel in attacks against Iran should not assume they would be immune from a forceful Iranian response.
• Responding to questions about whether a future conflict could expand to US interests and military bases in Europe, Baghaei said anyone involved in aggression would be considered responsible under international law and should bear the consequences.
• Baghaei also said Tehran would judge Washington by its actions rather than its statements. He added that Iran would not be misled by contradictory US messaging.
• He stressed that concrete actions by the US government would determine whether Iran could build trust and make progress in negotiations.

TrendForce: Global AI Networking Market to Reach $279.8 Billion by 2027, Scale Up Interconnects to Account for 24%

• TrendForce estimates that the global AI networking and interconnect market will grow from $37.9 billion in 2024 to $279.8 billion in 2027, representing a compound annual growth rate (CAGR) of 95%.
• Growth will be driven by expanding AI server clusters and rising bandwidth requirements for AI accelerators.
• Market demand is shifting beyond backend network switches and optical modules towards high speed interconnects connecting AI accelerators and network interface cards (NICs).
• Scale up interconnects, which connect AI chips within large computing systems, are expected to see the fastest growth as GPU platforms move towards rack level architectures.
• This transition is also driving demand for switching equipment and copper cables as chip connections expand from server motherboards to dedicated switch trays.
• TrendForce estimates that Scale up interconnects will increase their share of the AI networking market value from 11% in 2024 to 24% in 2027.

Tesla Registrations Surge Across Nordic Markets in October, Led by 248% Growth in Sweden

• Tesla recorded a sharp increase in new vehicle registrations across several Nordic markets in October, extending its sales recovery in the region.
• Registrations surged 248% year on year in Sweden, 131% in Norway and 34% in Denmark, according to data from local automotive and vehicle registration sources.
• The rebound was supported by a low comparison base from last year, rising fuel prices, government incentives and continued demand for electric vehicles.
• Registration data from the UK and Germany, Europe's two largest car markets, is expected later this week.
• Tesla said in October that its passenger vehicle order backlog had reached its highest level in four years at the end of the third quarter.

Iran Says US Must Meet Its Demands for Regional Security, Accuses Washington of Threatening Nuclear Non Proliferation

• US Iran communication: Iranian Foreign Ministry spokesman Baghaei said information exchanges between Tehran and Washington are continuing. He said Deputy Foreign Minister Gharibabadi's visit to Doha was aimed at facilitating communication between the two sides and that the next decision rests with the US.
• Strait of Hormuz: Baghaei said Iran's demands must be addressed to restore regional security. He called it unacceptable for Washington to raise concerns about the security of the Strait of Hormuz while continuing economic sanctions against Iran.
• Islamabad Understanding: Baghaei accused the US of abandoning previously accepted agreements under the Islamabad Understanding while expecting Iran to fulfil its obligations unilaterally. He described such an arrangement as one sided and unsustainable, insisting that Iran's demands must be implemented first.
• Nuclear non proliferation: Baghaei accused the US of posing the greatest threat to the global nuclear non proliferation regime. He said threats or suggestions about using nuclear weapons could encourage violations of the Nuclear Non Proliferation Treaty.
• Iran's defence: He said other countries, including nuclear armed states, are closely watching US actions and warned that Washington is setting a precedent with potential consequences for international peace and security. He added that threats against Iran would only strengthen Tehran's resolve to improve its defence capabilities.

Iran Links Strait of Hormuz Reopening to US Sanctions Relief; Says Seven Step Plan Can Be Implemented Within Two Days

• Iranian Foreign Ministry spokesman Baghaei said the Strait of Hormuz cannot be reopened until the United States lifts sanctions on Iran.
• Baghaei said indirect, mediator led exchanges with Washington are continuing, with Deputy Foreign Minister Gharibabadi travelling to Doha to assist with the discussions.
• He said Iran's seven step plan forms the basis of diplomacy with the US. The plan has been streamlined and can be fully implemented within two days, although its timing remains flexible.
• Baghaei said the secretary of Iran's Supreme National Security Council will decide whether and how to respond to a US letter, based on Iran's national interests.
• He added that implementation of the plan, the start of negotiations and the restoration of security in the Strait of Hormuz depend entirely on US decisions, conduct and concrete actions.
• An official familiar with the negotiations said Iranian negotiators left the Doha talks on Sunday, but not because of any difficulties.

AI Funding Race Drives Record $16 Billion Yen Bond Issuance; Japan Stocks Fall While South Korea Gains 2.24%

• Record yen bond issuance: Foreign companies and institutions issued a record ¥2.5 trillion ($15.9 billion) in yen denominated bonds between April and September, up 160% year on year, according to Daiwa Securities data cited by Nikkei. The previous record was ¥2.1 trillion.
• Alphabet's major bond sale: Google's parent company Alphabet issued yen denominated bonds for the first time in May, raising ¥576.5 billion, the largest such issuance by a foreign company. The funds are expected to support large scale investment in AI infrastructure.
• Global AI funding demand: Overseas companies are increasingly tapping Japanese investors as AI hyperscale cloud providers drive a global infrastructure funding boom. Most foreign issuers are expected to convert the yen proceeds into currencies such as the US dollar and euro.
• Japan market: The Nikkei 225 closed down 208.25 points, or 0.33%, at 63,081.86 on November 2, dragged down mainly by chip related stocks.
• South Korea market: The KOSPI gained 128.33 points, or 2.24%, to close at 5,859.07 after recovering from an early decline of nearly 2%. SK Hynix rose 3.8%, while Samsung Electronics gained 1.7%.

JPMorgan, RBC and Macquarie Share Outlook on Treasury Bond Auctions, European Bonds and December Rate Hikes

• JPMorgan Chase: The US Treasury is expected to maintain its guidance on Treasury bond auction sizes in its November refinancing announcement. JPMorgan strategists see a possible risk of reduced long term bond issuance but believe there is no reasonable justification for such a move. They also suggest removing the phrase “at least” from future issuance guidance, while expecting the Treasury to take a cautious and gradual approach.
• RBC Capital Markets: The risk reward ratio for tactical long positions in European government bonds is improving. Analysts see scope for a bond market rebound whether energy prices rise further or ease from current levels. However, they remain cautious about the broader outlook, citing strong economic activity, high bond yields and the possibility of further market corrections.
• Macquarie: December could bring another wave of interest rate hikes, with the Bank of Japan seen as the most likely to raise rates. Macquarie estimates an 80% probability of a BOJ hike, around 66% for the European Central Bank and roughly 50% for the Federal Reserve. The firm also expects AI driven capital expenditure to support economic growth in the fourth quarter, particularly in Japan.

PhonePe, Razorpay and Other Payment Firms Tighten Security After October Cyberattacks

• Indian payment companies, including PhonePe, Razorpay, Cashfree and PayU, are automating responses to cyberattacks and tightening transaction controls following a wave of security breaches in October.
• Hackers allegedly exploited stolen partner-bank credentials and vulnerabilities in payment APIs to siphon funds from around 20 financial institutions.
• The incidents prompted cybersecurity agency CERT-In to issue warnings, pushing payment firms to strengthen monitoring and accelerate security upgrades.
• Cashfree CTO Ramkumar Venkatesan said attempted cyberattacks are now at least 10 times more frequent than a year ago.
• Payment companies are speeding up security fixes, automating threat responses and introducing tighter controls to detect suspicious transactions.

Indian Private Banks Report Up to 50% Productivity Gains From AI Adoption

• Major private lenders, including Axis Bank, Kotak Mahindra Bank, HDFC Bank and AU Small Finance Bank, are reporting productivity improvements of 10% to 50% from AI adoption, according to The Economic Times.
• Axis Bank said AI-powered bots handled nearly 60% of its collection calls during the September quarter, reducing the workload for human agents.
• AU Small Finance Bank has cut voice-operation costs by nearly 50% through AI-led automation.
• Kotak Mahindra Bank reported that employees are handling 20% to 30% more work volume with AI tools.
• Banks are increasingly using AI to improve turnaround times, reduce operating costs and absorb business growth without proportionately increasing employee strength.
• However, rising automation is also raising questions about future staffing requirements in back-office operations, collections and credit processing.

ADNOC CEO Warns of Global Oil Supply Risks as Inventories Fall Nearly 1 Billion Barrels

• The CEO of Abu Dhabi National Oil Company (ADNOC) said global oil inventories have declined by nearly 1 billion barrels since the Strait of Hormuz was blocked.
• He warned that the global economy has significantly weakened its supply buffers, leaving energy markets more vulnerable to disruptions.
• Shipping and logistics costs have accounted for more than 30% of the cost of each barrel of crude oil since the shipping disruptions began.
• Diesel inventories in some markets have fallen to their lowest levels for this time of year in 35 years.
• The ADNOC chief called for expanding strategic petroleum reserves closer to consumer markets and increasing the flexibility of refining capacity to strengthen supply security.

Japan Signals Further Rate Hikes as It Raises $1.6 Billion Through Climate Transition Bonds

• Nomura Securities expects the Bank of Japan (BOJ) to raise interest rates to 1.5% in December, citing Governor Kazuo Ueda’s increasingly hawkish stance.
• Japanese inflation remains above the 2% target, while strong corporate investment is encouraging faster monetary policy normalisation.
• The BOJ estimates the nominal neutral interest rate at 1.1% to 2.5%. However, uncertainty over the actual neutral rate makes it difficult to determine the eventual peak for interest rates.
• Nomura expects the BOJ could raise rates further to 1.75% around March 2027, followed by a pause. However, prolonged deflation, higher borrowing costs and differences among policymakers could influence the pace of tightening.
• Separately, Japan raised ¥250 billion ($1.6 billion) through its fifth climate transition bond issuance of 2026. The auction recorded a bid-to-cover ratio of 3.84 times, with the highest accepted yield at 2.2%.
• The issuance forms part of Japan’s ¥150 trillion climate transition financing programme through 2033, aimed at funding designated emissions-reduction projects.
• Japan remains the only government currently issuing bonds under the climate transition bond category, despite increasing reliance on fossil fuels since the regional conflict began.

Trump Threatens to ‘Hit Iran Hard’ as Tehran Warns of a Longer War

• US President Donald Trump threatened on November 1 to deliver a heavy blow against Iran "at some point", claiming he had held back so far to "be a good guy".
• Speaking at a campaign rally in Iowa, Trump said the US had already destroyed most of Iran's military capabilities but still needed to deal with one or two remaining targets.
• On October 31, Trump specifically mentioned the Pickaxe Mountain underground nuclear facility as a potential target.
• Former Fox News host Tucker Carlson claimed in a November 1 post that the Trump administration could strike the facility within days under pressure from Israeli Prime Minister Benjamin Netanyahu.
• Israeli intelligence reportedly claims Iran has restarted uranium enrichment activities at the facility. This claim has not been independently established in the supplied reports.
• An Iranian military spokesman warned that renewed US military action could trigger a war longer than the previous conflict.
• The developments come ahead of the US midterm elections scheduled for November 3.

South Korea’s KOSPI Rallies 3% as Chip Stocks Surge; Citi Sees Further Won Appreciation

• South Korea’s KOSPI extended its rally, gaining around 3% intraday. SK Hynix jumped more than 5%, while Samsung Electronics rose 2.9%.
• Citigroup said strong semiconductor exports and a robust merchandise trade surplus are driving a structural expansion in South Korea’s current account surplus, supporting further appreciation of the Korean won.
• Citi economist Jin-Wook Kim expects South Korea’s current account surplus to average 22.8% of GDP in 2026–2028, compared with 4.2% during 2016–2025.
• Citigroup forecasts the USD/KRW exchange rate to fall to 1,300 within three months and 1,270 over the next six to twelve months, indicating further won appreciation.
• The exchange rate has already declined 6.6% this year to around 1,345.30 won per dollar.
• Citi warned that South Korean financial regulators and the National Pension Service could intervene by buying US dollars if the won appreciates too rapidly.

South Korea to Nearly Double AI and Semiconductor Investment to 21.3 Trillion Won bigbreakingwire.in

Binance Hack: Attacker-Linked Wallet Moves $46.4 Million in Solana to Swap for Bitcoin

• A cryptocurrency wallet linked to the $6.3 billion Binance hack transferred approximately $46.4 million worth of Solana on November 1, according to blockchain tracker Lookonchain.
• The funds were reportedly moved through the Relay protocol to be converted into Bitcoin.
• The FBI has attributed the October 29 attack to North Korea-linked hacking group TraderTraitor. Chainalysis estimates the stolen assets at around $6.4 billion, potentially making it the largest crypto hack on record.
• Binance resumed Bitcoin withdrawals on Sunday after saying it had replenished approximately 95% of the stolen tokens.
• Blockchain analytics firm Elliptic noted that native assets such as Solana cannot be frozen in the same way as assets issued by centralised entities.

ED Registers Money Laundering Case Against Essel Group Chairman Subhash Chandra

• The Enforcement Directorate (ED) has registered an Enforcement Case Information Report (ECIR) against Essel Group Chairman Subhash Chandra following a CBI FIR against him and eight others.
• LIC Housing Finance alleges that Chandra used inflated net-worth certificates to secure two loans worth ₹980 crore for Essel-linked companies in 2018.
• The case stems from allegations of a ₹1,322 crore loss to LIC Housing Finance.
• Essel-linked firms had earlier offered to repay the full loan amount.
• Zee Entertainment said the matter concerns Chandra personally and has "no bearing" on the company's business or operations.

Indian Households Shift Spending Towards Non-Food Items and Services: SBI Research

• Non-food items and services now account for nearly 67% of Indian household expenditure, while food essentials make up the remaining 33%, according to SBI Research.
• The Household Consumption Expenditure Survey 2023-24 highlights changing dietary preferences, growing digital shopping adoption and persistent rural-urban gaps in access to clean cooking fuel and food-security benefits.
• Protein-rich food consumption is increasing, with households across income groups allocating more spending towards protein, vegetables and fruits. However, dietary diversity varies across states, genders and household types, with men recording higher consumption across most states.
• Digital purchases are concentrated in consumables and services (39.68%) and durable goods (23.3%). Food accounts for just 7.1% of online purchases.
• Online adoption remains low for perishable food items, including vegetables (1.32%), fresh fruits (1%), dry fruits (0.62%) and eggs, fish and meat (0.59%). Clothing and footwear have higher online purchase shares at 19.97% and 12.05%, respectively.
• Access to LPG remains highly uneven between rural and urban households. Rural usage stands at 17.2% in Jharkhand versus 77.6% in urban areas. In Chhattisgarh, the figures are 15.3% and 81.3%, while Odisha records 16.8% and 63.5%.
• Rajasthan also shows a wide gap, with rural LPG usage at 22.9% compared with 85.6% in urban areas. Assam and West Bengal report similar disparities.

Oaktree’s Howard Marks Says AI Setbacks Are Fueling Market Scepticism

• Howard Marks, co-chairman of Oaktree Capital Management, said recent setbacks in the AI sector have weakened the market's belief that the industry is immune to mistakes.
• Marks said investors are increasingly questioning the pace of AI investment and adopting a more cautious approach, describing growing scepticism as healthy for the market.
• His comments come as investor patience with major technology companies appears to be declining despite their massive AI spending.
• Recent earnings reports from Alphabet and Amazon have added to concerns that heavy AI investments could put pressure on the existing businesses funding them.
• Marks had warned about a potential market bubble in a memo last year and gained prominence for his January 2000 memo, Bubble.com, which cautioned against the dot-com boom ahead of its collapse.

Meta Reportedly Teams Up With Chinese Robotics Firm Fourier to Develop Humanoid Robots

• Meta is reportedly collaborating with Chinese robotics company Fourier to develop humanoid robots, with the first prototype completed in approximately three months.
• The robot, internally known as “Max”, weighs around 48 kg and is designed for internal research and experimentation.
• Reports indicate that the two companies are already working on a second-generation version of the humanoid robot.
• Meta’s Vice President of Robotics Products, Li-Chen Miller, reportedly spent nearly two months at Fourier’s Shanghai factory during the development process.
• Fourier founder and CEO Gu Jie declined to comment on the reported partnership.

South Korea to Nearly Double AI and Semiconductor Investment to 21.3 Trillion Won

• South Korean President Lee Jae-myung announced plans to invest 21.3 trillion won in three major projects covering semiconductors, physical AI and AI data centres.
• Speaking to the National Assembly, Lee said the allocation would be nearly double this year's investment as the government seeks to strengthen future growth industries.
• The government will also invest 13.8 trillion won across 10 next-generation strategic technology fields to build a competitive advantage.
• Research and development spending will increase by 4 trillion won, taking the total R&D budget to a record 39.5 trillion won.
• Lee said the government aims to develop new growth engines beyond semiconductors while accelerating investment in emerging technologies.
• The broader plan also includes expanding solar-powered villages and increasing subsidies for electric vehicles as part of South Korea's energy transition.

Brent Crude Falls From Six-Month High as Iran-Qatar Talks Raise Hopes of Breakthrough

• Brent crude futures retreated from a six-month high on Monday as Iranian and Qatari officials held talks for the third consecutive day, seeking an agreement to end the US-Israel war against Iran.
• The discussions raised hopes of a diplomatic breakthrough that could ease concerns over potential supply disruptions and improve the global energy outlook.
• Ponmudi R, CEO of brokerage platform Enrich Money, said the talks have improved market sentiment by raising hopes of progress towards a resolution.
• Meanwhile, Goldman Sachs raised its Brent crude forecast to $105 per barrel for December, up from its previous estimate of $90.
• The bank also increased its average Brent forecast for 2027 to $88 per barrel, around 10% above its earlier projection, and raised its WTI price estimates.
• Goldman analysts warned that supply-side risks could keep short-term risk premiums elevated, with markets increasingly pricing in the possibility of further escalation after the November 3 US midterm elections.

NATO Allies Fear Trump Could Target the Alliance if Republicans Lose Midterm Elections

• European NATO allies are reportedly preparing for a potential escalation in President Donald Trump’s criticism of the alliance if Republicans lose Tuesday’s US midterm elections.
• According to Politico, five NATO diplomats said European governments fear Trump could consider withdrawing thousands of US troops from Europe or reducing US financial support for NATO.
• Allies are concerned that Trump could take such steps to strengthen his political legacy during the remaining period of his presidency.
• A senior European defence official warned that presidents entering a lame-duck phase can become more frustrated and adventurous in foreign policy.
• The official added that criticism of NATO has been a consistent part of Trump’s worldview.
• Democrats are widely expected to win control of the House of Representatives and could also gain a Senate majority, while Trump’s approval rating has fallen to a record low.

South Korea’s KOSPI Rebounds Over 1% as Record October Export Growth Fuels Buying

• South Korea’s KOSPI reversed early losses on Monday, November 2, rising more than 1% intraday after opening down 1.62% amid Wall Street weakness and concerns over heavy AI-related spending.
• Strong October exports, which nearly doubled year-on-year, supported the recovery. Chip shipments led the surge, driven by global AI investment demand, marking the strongest export growth in more than 50 years.
• Institutional investors were net buyers worth KRW 640.3 billion, while retail and foreign investors sold KRW 393.2 billion and KRW 373.1 billion, respectively.
• Among major stocks, SK Hynix gained 1.34%, SK Square rose 1.11% and Hyundai Motor added 0.53%. Samsung Electronics fell 0.67%, Samsung Electro-Mechanics declined 1.51% and LG Energy Solution lost 0.56%.
• Kiwoom Securities said the market appeared oversold despite improving fundamentals and earnings prospects. The strong export data could also lead to upward revisions in earnings estimates.
• However, a separate survey showed South Korean manufacturing activity slowed to an eight-month low in October, reflecting weaker output and demand.
• President Lee Jae-myung pledged substantial investment in artificial intelligence to strengthen the country's long-term growth potential.

South Korea's October Exports Surge 93.7%; Semiconductor Shipments Jump 259% to $56.4 Billion bigbreakingwire.in

CITIC Securities Sees Potential US Tech Rebound After Midterms, Favors Semiconductor Stocks

• CITIC Securities expects a possible rebound in US technology stocks after the midterm elections, as some recent macroeconomic and industry-related uncertainties begin to ease.
• The firm said the semiconductor hardware sell-off since early October has followed trading patterns seen since mid-June, with liquidity pressures and election uncertainty weighing more heavily than temporary pessimism over AI.
• With major shocks largely clearing over the past one to two weeks and optimism around AI returning, CITIC identifies semiconductor hardware as its preferred exposure.
• On commodities, CITIC expects oil prices to remain tilted to the upside due to low inventories and elevated supply-disruption risks.
• Gold remains supported by safe-haven demand, although a sustained rebound may require a stagflation shock.
• Other preferred themes include supply-constrained commodities such as copper, rubber, MDI and fluorochemicals, alongside demand-driven sectors such as coal chemicals, viscose fibres and strategic metals.
• CITIC also favours dividend-paying sectors with resilient prices and attractive valuations, particularly coal and electrolytic aluminium.

Iran Sets Two-Day Plan for Strait of Hormuz Reopening; US Compliance Could Restart Talks

• Iran’s Foreign Minister said Tehran has outlined a two-day plan following mediation efforts involving Qatar and Pakistan.
• Under the proposal, the US would take a package of compliance measures on the first day, followed by the reopening of the Strait of Hormuz and restoration of shipping on the second day.
• Iran says the resumption of negotiations with Washington depends on fulfilling several conditions, including agreeing on new shipping routes through the Strait of Hormuz, unfreezing Iranian assets and lifting maritime blockades.
• Tehran has also demanded an end to regional conflicts, including in Lebanon, exemptions for Iranian oil exports and the removal of US sanctions imposed after the Islamabad memorandum.
• Separately, UAE Presidential Adviser Anwar Gargash said the UAE hopes for a diplomatic breakthrough but is preparing for the worst-case scenario if tensions escalate.
• According to Axios, citing a diplomat involved in the negotiations, reports that Qatar-Iran talks made no progress were inaccurate. The Iranian delegation left Doha early Sunday after what the diplomat described as positive progress, with mediators working to resolve remaining differences.

US Says It Has Offered Talks to Iran; Gulf States Warn of Regional Escalation

• US Assistant Secretary of State for Near Eastern Affairs Donald Blome said on November 1 that Washington has extended an offer to negotiate with Iran but remains prepared to consider other approaches.
• Speaking at the 22nd Manama Dialogue in Bahrain, Blome said the US is consulting with its regional allies on the Middle East situation.
• UAE Presidential Adviser Anwar Gargash said Gulf states favour resolving the crisis through diplomatic and political means.
• Gargash warned that the region is increasingly being drawn into the conflict and that US and Iranian positions remain far apart.
• He cautioned that failure to bridge the differences could lead to a worst-case scenario and called for a diplomatic breakthrough to prevent further escalation.

UKMTO Reports Tanker Hit by Two Unidentified Objects Near Saudi Arabia

• The UK Maritime Trade Operations (UKMTO) said a tanker was struck by two unidentified flying objects while transiting the Gulf region on Monday.
• The incident occurred approximately 72 nautical miles east of Ras al-Khafji, Saudi Arabia.
• The objects struck the vessel on its port side as it was heading southeast.
• UKMTO confirmed that all crew members were safe.
• No environmental impact has been reported.

Trump Says He Could Become ‘Mr. Veto’ if Democrats Win Congress

• US President Donald Trump said he could become “Mr. Veto” if Democrats win a majority in Congress in Tuesday’s midterm elections.
• In an interview with the New York Post, Trump said he would veto bills passed by Democrats until they return to the negotiating table.
• He suggested repeated vetoes could eventually force Democrats to negotiate and reach agreements with his administration.
• Trump plans to hold campaign rallies in Kansas and Iowa on Sunday to support Republican candidates and retain control of Congress.
• Polls showing weak approval ratings for Trump have raised the possibility of Democrats gaining control of at least one chamber, or potentially both.

White House Prepares Plan to Bypass Congress if Democrats Win Control

• The White House has reportedly been preparing contingency plans for a potential Democratic takeover of Congress, including ways to advance President Donald Trump’s agenda through executive action.
• According to Reuters, senior officials have been working on these plans since April, including Deputy Chief of Staff Stephen Miller and Budget Director Russell Vought, in coordination with the White House Counsel’s office.
• The proposed executive actions cover immigration, tariffs, housing costs and federal spending — areas where Trump could act without congressional approval.
• Officials are also examining the legal limits of presidential authority and how to defend executive decisions against potential court challenges.
• Separately, the administration is preparing for possible congressional investigations into the Trump administration if Democrats gain control.
• Trump has been holding rallies across the country to maintain Republican control, while aides are privately preparing for a potentially different political landscape in 2027.