$2 trillion tech
rout as Democrats flip the House
Democrats took control of the House, helped by backlash over the Iran
war and the cost of living. Several long-held Republican seats in North
Carolina flipped, and dozens of races are still uncalled. Markets
reacted sharply: the Nasdaq fell more than 5%, wiping about $2 trillion
from global tech stocks, as investors feared a Democratic Congress would
bring new AI and data-centre rules. South Korea suspended trading on the
KOSPI. In Los Angeles, democratic socialist Nithya Raman defeated Mayor
Karen Bass, so both New York and LA now have democratic socialist
mayors.
Judge
blocks Trump’s triumphal arch hours after approval; Oval Office declared
a monument
A federal judge issued a 14-day restraining order against
construction of Trump’s triumphal arch in Washington, DC, only hours
after the planning commission approved it late on Thursday. The same
week, Trump signed a proclamation that makes the Oval Office and Cabinet
Room national monuments. He said he wanted to stop future
administrations from “ripping down” his gold-covered redesign. Elsewhere
in the post-midterm White House, there are calls to replace Pentagon
chief Pete Hegseth, who may also face an impeachment vote, and rumours
that Marco Rubio is preparing a 2028 run. The White House denies both.
Harmeet Dhillon, head of the Justice Department’s Civil Rights Division,
resigned after 18 “tumultuous” months.
Israel:
Eisenkot secures a majority; Herzog to name a PM candidate on
Sunday
Gadi Eisenkot, leader of the Yashar party, now has endorsements from
67 lawmakers, a majority that includes the Arab Joint List. President
Herzog will name a candidate to form a government on Sunday, and
Eisenkot is the frontrunner. The courts rejected Netanyahu’s fraud
claims, and he could be out of the premiership for the first time since
the Iran war began.
Yemen’s
government purges its leadership as the Houthis advance and demand $51
billion
Yemen’s UN-recognised government dismissed ministers and senior
officers after Houthi territorial gains and a four-week siege of Taiz,
the country’s third-largest city. The Houthis publicly demanded $51
billion from Saudi Arabia to end the war, a figure analysts call
maximalist positioning. Turkey’s parliament ratified a “Mecca Defence
Agreement” with Saudi Arabia, which prepares the ground for more Turkish
military involvement. Around the region, Lebanese residents are stocking
up and packing bags in fear of a third Israeli escalation, and Iraq’s
foreign minister called Trump to say Baghdad wants to stay out of the
US–Iran war. He also urged Iran-aligned groups in Iraq not to join any
Iranian retaliation.
California
commutes all 548 death sentences, the largest mass clemency in US
history
Governor Gavin Newsom commuted the sentences of everyone on
California’s death row, historically the largest in the country, citing
state values and systemic flaws in the legal system. The same week,
Alabama, Florida and Indiana carried out executions on the same day,
tying a 2010 record.
France:
600,000 march in a general strike; Serbia’s student movement wins
power
Trade unions joined a general strike across France over the cost of
living and cuts to public services. The interior ministry counted
600,000 demonstrators, and the unions say more. The government deployed
70,000 police. In Serbia, final results clear the way for the
student-led movement that grew out of mass anti-corruption protests to
try to form a government.