Morning Briefing — November 3, 2026
Morning Briefing — November 3, 2026
World News
Russian strike on Ukrainian humanitarian aid site kills 29 with 48 missing — A Russian strike on a humanitarian aid distribution site in Ukraine's southern Zaporizhzhia region has left at least 29 dead and dozens still unaccounted for. President Zelenskyy said Russia launched 289 attack drones, 17 ballistic missiles and 59 cruise missiles across nine regions in a barrage that coincided with the US midterm elections. NPR
Ukraine strikes major Yaroslavl oil refinery with overnight drone attack — Russia's Yaroslavl governor Mikhail Yevrayev said Ukraine set fire to the Slavneft Yaroslavnefteorgsintez refinery in an overnight drone strike, injuring two employees. Air defences reportedly repelled an attack involving 124 drones, with the facility having been struck at least twice previously. Reuters (via Just Security)
Indian navy rescues 20 crew from Iranian fishing boat hijacked off Somalia — The Indian navy carried out an operation involving a warship, maritime surveillance aircraft and marine commandos to free the hijacked vessel. The incident follows a resurgence of Somali piracy across the Gulf of Aden and western Indian Ocean. NPR
Iran and US remain far from deal to end war, senior Iranian official says — A senior Iranian official told Reuters that Tehran and Washington are still far apart on terms to end their eight-month conflict. Oil prices had tumbled on Monday on optimism about Qatar-mediated talks before rebounding modestly after reports of limited US defensive strikes on Iran's Qeshm Island. Reuters (via Just Security)
Americans vote in high-stakes midterm elections with Congress at stake — US voters are casting ballots in midterm elections that will decide control of Congress, with Democrats needing net gains of 4 Senate seats and 3 House seats to flip power from Republicans. Despite President Trump's deep unpopularity, analysts warn Democrats could still fall short. CBC News
Canadian among dead in Spanish high-speed rail crash — A Canadian national is among those killed after a high-speed train crash in Spain, according to CBC News. Details on the circumstances of the derailment are still emerging. CBC News
Truck bomb at Colombian military base kills four including a baby — An explosion from a truck bomb detonated near a military base in Planadas, Tolima Department, Colombia, killing four people, including an infant, and wounding several others. BBC / Reuters (via Wikipedia Current Events)
UK and France to lead multinational military exercise in Poland — Britain and France are set to spearhead a NATO-aligned military exercise in Poland designed to test whether multinational forces could deploy to Ukraine in the event of a peace deal. UK officials signalled a new, more assertive approach at the meeting. BBC News (via Just Security)
Attackers kill at least eight security personnel in Nigeria ambush — Militants ambushed a police convoy in Nigeria's northwestern Zamfara state, killing at least eight security personnel, according to local vigilante officials. Reuters (via Just Security)
Sweden and Norway join Finland in boycotting hockey world championship games against Russia — Scandinavian nations are expanding a boycott of international hockey matches against Russia, in a diplomatic rebuke tied to the ongoing Russo-Ukrainian war. The decision follows Finland's earlier move to refuse to play Russia. CBC News
Business
US stocks stage cautious comeback on election day as AI rebound lifts chips — A revival in AI-related stocks helped the S&P 500 bounce as US midterm voting got underway. A gauge of chipmakers climbed about 3% after a recent sell-off driven by concerns that the AI spending spree is becoming harder to justify, while oil fell on Middle East diplomatic progress. Bloomberg
Shopify shares plunge 15% after Q3 revenue and order value miss estimates — Shopify stock tanked in premarket trading after reporting third-quarter revenue of $3.74 billion, just shy of consensus for the first time since 2022. Subscription revenue of $836 million also missed Wall Street expectations of $850.2 million, raising concerns about growth in its recurring-revenue business. Yahoo Finance
UBS traders see 'combustible setup' for S&P 500 rally after midterm vote — UBS Securities told clients that favourable seasonality and low hedge fund positioning set the stage for a potential year-end rebound in US stocks after Tuesday's midterms. Strategists said hyperscaler earnings had failed to provide an all-clear, but clearing the election could unlock a year-end short squeeze. Bloomberg
Apple warns rising memory costs will squeeze margins, shares drop 4% — Apple shares fell roughly 4% in premarket trading after the company's quarterly results and guidance warned that rising memory costs would compress gross margins. The warning weighed on Dow futures ahead of the midterm vote. Investrade
Marvell and Lumentum unveil $115 billion all-stock merger in AI optics deal — Marvell Technology plunged 12.7% and Lumentum sank 18.6% after announcing a $115 billion all-stock tie-up aimed at consolidating the AI optical networking market. The Nasdaq 100 entered correction territory as investors continued to question returns on massive AI investments. Saxo
Brent oil tumbles 8% as Iran authorises further peace talks with Washington — Brent crude dropped 8% on Monday after Iran's leadership gave the green light for continued negotiations with the US, with both presidents citing progress in Qatar-mediated talks. European gas futures also fell almost 9% and US heating oil posted its steepest decline in six months. Saxo
Disney moves toward thousands of job cuts targeting 20% savings — Walt Disney Co. is moving toward thousands of job cuts and has asked some managers to target 20% in annual cost savings, Bloomberg reported citing people familiar with the matter. The move signals an aggressive restructuring push at the entertainment giant. Bloomberg (via Investing.com)
Anthropic plans to sell up to $3.5 billion of IPO shares to Japanese investors — AI firm Anthropic plans to sell up to $3.5 billion in new shares to Japanese investors through its US IPO, according to a new filing. If fully subscribed, the tranche would be 59% larger than the $2.2 billion Japanese allocation in SpaceX's record $75 billion IPO in June. Reuters (via Techmeme)
China reloads 2024-era stock rescue tools, but markets aren't buying it — Beijing has brought back equity-support facilities first used in September 2024, but without accompanying interest rate cuts analysts say the measures lack punch. The CSI 300 has fallen for 12 straight weeks and is down about 15% this year. TheStreet Pro
Canadian economy stalled in August, points to September decline — Statistics Canada data showed GDP was essentially flat in August as wholesale trade fell 1.4%, dampening earlier momentum the Bank of Canada had cited when raising rates. Economists at BMO and CIBC said heading into the fourth quarter the economy looks weaker than expected amid the ongoing US trade war. CBC News
Technology
Cyberattack on supermarket fridges sweeps across Europe, spoiling food — Supermarkets in Belgium, Ireland, Sweden, Finland, and Estonia reported fridge and freezer temperature spikes attributed to a fresh wave of suspected cyberattacks. The incidents echo earlier attacks in France and have left large volumes of chilled food spoiled. CBC News
Shop freezers in seven European countries hit by coordinated cyber-attack — BBC reporting confirms freezers in supermarkets across seven European countries have been hit by a fresh cyber incident causing temperature control failures. The attacks are seen as part of an escalating wave of operational-technology intrusions targeting European retail infrastructure. BBC
Kyiv residents shocked by false 'radiation' alerts after Ukraine and Russia emergency apps hacked — Ukrainian and Russian authorities say their citizen emergency alerting apps were compromised, resulting in bogus radiation warnings being pushed to residents of Kyiv. The hack sparked widespread panic before officials confirmed the alerts were false. BBC
UK's net zero ambitions could be undermined by new AI data centre deal — BBC News research suggests the UK government's 2050 net zero target could be jeopardised by its new agreement supporting AI data centres, which is expected to significantly increase natural gas use. Labour MP Toby Perkins, who chairs the Environmental Audit Select Committee, said a substantial rise in gas consumption cannot be the future. BBC News (via Just Security)
US intelligence sharing on Iran and global threats slows under Trump second term — Sources told Reuters that US intelligence sharing with Congress and across federal government has slowed and in some cases temporarily stopped during Trump's second term. Former officials warned the disruptions risk leaving policymakers with an incomplete threat picture, echoing failures exposed after 9/11. Reuters (via Just Security)
Nvidia reportedly fielding over $35 billion in new AI chip orders from China — Nvidia is said to be seeing more than $35 billion in new orders from Chinese tech giants ByteDance, Alibaba and Tencent, according to a Reuters report. The surge comes despite ongoing US-China tech tensions and export restrictions on advanced AI chips. Reuters (via TheStreet Pro)
Big Canadian banks block personal AI agents from accessing accounts — BMO, CIBC, RBC and TD Bank have moved to block personal AI 'agent' tools from interacting with customer accounts, citing safety and security concerns. The move highlights growing friction between consumer-facing AI applications and incumbent financial-services infrastructure. CBC News
Rogers hit with $15M fine over 'deceptive' marketing of 'Infinite' phone plan — Canadian regulators imposed a $15 million penalty on Rogers Communications over what they described as deceptive marketing of the carrier's 'Infinite' wireless plans. The fine marks one of the larger consumer-protection actions against a Canadian telecom. CBC News
Renewable Energy
COP31 host sets '35 by 35' goal to electrify a third of global energy use by 2035 — The Turkish COP31 presidency wants nations to pledge to raise electricity's share of final energy consumption to 35% by 2035, up from around 20% today. The 'flagship priority' is based on IRENA analysis and would make large-scale clean technology deployment central to the Antalya climate talks starting November 9. Guardian / Carbon Brief
India and France discuss climate finance and COP31 priorities at ISA Assembly — India and France held bilateral talks in New Delhi on biodiversity, energy transition and climate finance ahead of COP31, reiterating cooperation through the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure. Meetings coincided with the 9th ISA Assembly and the Bharat Renewable Energy Summit 2026. IANS
Over 500 academics warn Australia cannot 'credibly lead' COP31 without ending new coal and gas — More than 500 Australian-based academics issued an open letter urging Prime Minister Anthony Albanese to abandon new coal and gas approvals days before Australia takes a leading role at COP31 in Antalya. Signatories argue Australia cannot credibly lead on climate abroad while expanding fossil fuels at home. Newcastle Herald
Canada's climate reputation worsens under PM Carney, Climate Action Tracker says — A new Climate Action Tracker report says Canada's climate record has deteriorated drastically under Prime Minister Mark Carney, approaching levels of inaction comparable to the Trump administration. Climate Analytics CEO Bill Hare said the extent of climate policy rollbacks in favour of the fossil fuel industry is shocking. Daily Kos / Climate Action Tracker
China's clean-tech exports in 2026 to avoid as much CO2 as Brazil emits annually — New analysis by the Centre for Research on Energy and Clean Air for Carbon Brief finds China's 2026 exports of solar panels, batteries and EVs are on track to cut emissions outside its borders by 450 million tonnes of CO2, or about 2% of the rest of the world's emissions. More than half of the lifetime avoided emissions are expected in south and south-east Asia. Carbon Brief
China's clean energy generation reaches 37% of power mix in first three quarters — Clean-energy sources accounted for 37% of China's electricity generation in the first three quarters of 2026, according to government data cited by Carbon Brief's China Briefing. Beijing has also proposed export controls on 12 solar-manufacturing technologies, citing national security. Carbon Brief
COP31 to pursue official Antalya Ocean Declaration on ocean climate solutions — This year's UN climate conference in Antalya will work toward an Antalya Ocean Declaration advancing ocean-based climate solutions and supporting climate-vulnerable coastal and island states. Negotiators plan to address how oceans absorb vast amounts of human-generated CO2 and heat alongside the clean energy transition. Resilience.org
COP31 presidency pushes electrification and smart grids as central climate lever — The joint Turkey-Australia COP31 presidency says large-scale deployment of cleantech is the most direct and cost-effective way to cut emissions, strengthen energy security and lower costs. Officials told the WMO that clean infrastructure must be integrated with smart grids and advanced weather observation to withstand extreme climate events. BBVA
Soil Science
Crisis-driven farming aid overlooks productivity investment, OECD warns — Government support for agriculture reached a record of more than $950 billion last year, nearly 15% above 2023, as governments responded to weather shocks and wars in Ukraine and the Middle East. The OECD cautioned that too much of the aid is going to price support rather than investment in productivity and resilience, warning distortive measures raise costs and reduce efficiency. Reuters
FAO warns global food inflation will accelerate and persist until at least 2027 — The FAO Food Price Index reached its highest level since November 2022 in September, rising 1.5% month-on-month, and the agency expects food inflation to keep accelerating into 2027. Weak European fertilizer demand is now also raising concerns about future crop yields. FAO (via WillAgri)
El Niño heightens risk of Rift Valley fever outbreaks in East Africa, FAO warns — FAO and the Intergovernmental Authority on Development (IGAD) have issued a new alert urging East African countries to strengthen livestock surveillance and preparedness. Heavy rainfall and flooding driven by El Niño conditions are expected to increase the risk of Rift Valley fever outbreaks across the region. FAO
FAO launches updated guidelines for managing competing demands on land, soil and water — At the UN Biodiversity Conference COP17 in Yerevan, FAO released an updated framework to help countries manage competing demands for land, soil and water resources. The guidelines reflect advances in geospatial technologies, digital information systems and land evaluation methods. FAO
FAO maps Kenyan coffee cooperatives farm-by-farm using Open Foris Ground — FAO's AIM4Forests programme is helping cooperatives like Toroton in Kenya's Nandi County digitally map hundreds of smallholder coffee farms using the free, open-source Open Foris Ground platform developed with Google. The traceability push, backed by the UK and Germany, is aimed at meeting new EU deforestation-regulation requirements for sustainable commodities. FAO
Soil carbon may be systematically underestimated, with 30%+ held below 30cm — New findings from UK pilot farms suggest current soil carbon measurement protocols could be missing a significant share of carbon stored deeper in the soil profile. The research raises questions for carbon accounting, farm payment schemes and future agricultural policy. Farmers Guardian
Global wheat production forecast to fall 3.8% in 2026/27, FAO says — FAO's latest Food Outlook anticipates global wheat production in 2026/27 will dip 3.8% to 810.9 million tonnes due to smaller harvests among major exporters including Australia, the EU and the US, where output is expected to drop 21.3%. The report notes market prospects remain highly sensitive to El Niño, fertilizer-market volatility and trade policy uncertainty. FAO
Young pastoralists in Bhutan, Mongolia and Nepal fuse tradition with digital tools — Young pastoralists in Bhutan, Mongolia and Nepal are combining inherited rangeland knowledge with solar fencing, mobile apps, drones and artificial intelligence to protect livestock. The FAO highlighted the approach as a model for maintaining traditional ecological knowledge while adapting to climate pressures on grazing lands and soils. FAO