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Trump suffers political setback as Democrats whip up voter anger over price
The White House planned a Wednesday anniversary launch to highlight the Republican leader's promises since his return to office. Trump and his Republican allies faced a series of Democratic victories during off-year elections. This was a rare setback as voters in several states showed resistance to Trump's agenda. Trump's reaction was predictable. Trump is known for his ability to resist defeat. He criticized Democrats for the longest government shutdown in U.S. History, which he claimed contributed to the party's loss. He urged Republicans to change Senate Rules to make it easier to advance his agenda. But he also acknowledged that the night had not gone well for Republicans and, somewhat uncharacteristically, suggested they had lessons to learn from their loss. Trump said to lawmakers of his party early Wednesday morning at the White House, "Exactly one-year ago we achieved that beautiful and big victory." "Last night wasn't expected to be a win. "I don't believe it was good news for Republicans." He added, "I don't think it was good for anyone, but we did have an interesting evening and learned a great deal." The Democratic victories in New Jersey and New York, driven by concerns about cost of living, highlight the challenges that Trump and the Republican Congress will face in 2026 when it comes to addressing the frustrations of voters with the economy. The election of Tuesday also brought a populist dynamic leader to the forefront, with Zohran Mdani becoming the new mayor of New York. This created a natural counterpoint for the president who is a New Yorker and likes to call the 34-year old a communist. Mamdani, a democratic socialist, is the mayor of New York. Mamdani could be a serious threat to Trump in terms of his ability to appeal to the populist side of the electorate. In both New Jersey as well as Virginia, two thirds of the voters said that they were dissatisfied with or angry at the direction in which the U.S. is heading. Democrats were able to win over 75% of these voters. Democrats also won a majority of voters who stated that their family's finances were either stable or declining. Vice president JD Vance stated on Wednesday that it is "idiotic" to react too strongly to a few elections in states with a Democratic lean. He suggested Republicans focus on the economy. He wrote, "We must focus on our home front." "We will continue to work to make a decent lifestyle affordable in this nation, and that is the metric we'll be judged by in 2026 and beyond." AFFORDABILITY IS WHITE HOUSES' TOP AGENDA The White House official stated that the message of the administration going into the midterms will be directed towards the affordability issue. Trump himself ran successfully on this issue in his 2024 campaign, against Democrats Joe Biden & Kamalah Harris. The official stated, "We remind voters that this is the way we win: by speaking about costs that impact their wallets." Some Republican strategists noted that Trump's efforts to lower prices have not been helped by tariffs. They also said that voters needed to see him focus more on domestic issues than foreign policy. The president has used tariffs to gain international attention and has spent considerable time in recent weeks seeking peace in the Middle East, and between Russia, and Ukraine. John Feehery, Republican strategist, said that Trump's problem is that he is trying to save the entire world while he forgets about his own people, who are not doing well. "He should spend less time running around and focus more on the problems at home." Trump's remarks at the Miami Economic Conference on Wednesday were dominated by praise for his peace efforts, but he barely acknowledged Republican election losses. He began his speech by noting that it had been one year since "the single most consequential electoral victory in American History" and he said Americans "restored their sovereignty" when they put him in office. Trump said, "We lost a bit of sovereignty in New York last night," in an apparent dig at Mamdani. "But we will take care of it." Do not worry. Reporting by Jeff Mason, with additional reporting by Nandita BOSE, Tim Reid and Jason Lange; editing by Colleen JENSEN and Howard GOLLEY.
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CANADA-CRUDE-Discount on Western Canada Select widens
On Wednesday, the discount between West Texas Intermediate and Western Canada Select futures (the North American benchmark) widened. CalRock reported that WCS for Hardisty, Alberta December delivery settled at $11.25 per barrel below the U.S. benchmark WTI. This compares to Tuesday's closing price of $11.05. Rory Johnston is the founder of Commodity Context, a newsletter that provides a monthly commodity market analysis. He said, "The differentials are slightly higher this month than last, but they're still very healthy for prevailing seasonal standards." The big test is how these differentials will hold up over the colder months, said Rory Johnston. He added that winter has traditionally been when the WCS value was weighed down due to the combination of Midwestern turn-arounds and a higher demand on Western Canadian takeaway capacities driven by cold-weather dilutient requirements. The price of WCS continues to be supported, in part, by the Trans Mountain Pipeline expansion. This has allowed for strong purchases of Canadian crude oil off the Pacific Coast, particularly by China. * Oil prices dropped more than 1% Wednesday and settled at two-week lows, on the back of concerns about a possible oil glut in the world. However, data indicating a strong demand for fuel in the United States limited losses. (Reporting from Amanda Stephenson, Calgary; Editing Shilpi Magumdar)
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Sources say that Trump pressed China’s Xi for the release of a jailed Hong Kong media tycoon.
According to three people who were briefed about the meeting and a U.S. government official, U.S. president Donald Trump made a direct appeal to China's Xi Jinping for the release of Hong Kong media tycoon Jimmy Lai while the two leaders met last week in South Korea. One person said that Trump didn't discuss a specific agreement to free Lai, but instead spoke about his concerns for the health and well-being of the 77-year old publishing mogul after he had been on trial over national security charges. The person said that Trump discussed the matter for less than five minutes. The official said that President Trump had brought up Jimmy Lai, as he had promised. Both President Trump and president Xi participated in the subsequent discussion. A third person, speaking on the condition of anonymity due to the sensitive nature of the meeting between the two leaders, said: "It was raised and noted by Xi." The person who said Trump suggested Lai's release was good for U.S. China relations and China's image. Trump's intervention is coming as Lai awaits the verdict of a trial widely viewed as a symbol for China's crackdown against rights and freedoms within Asia's financial hub, under a law on national security imposed following mass pro-democracy demonstrations in 2019. Lai, the founder of Apple Daily, a pro-democracy tabloid that has since been shut down, pleaded no contest to two counts of conspiracy to collide with foreign forces and one charge of conspiracy for publishing seditious materials. The U.S. President said before the talks that he intended to bring up Lai's issue, but neither he or both sides' readings afterwards mentioned it. The White House refused to comment on the questions raised about Lai during the Trump-Xi summit. The White House has not confirmed whether Trump raised the issue. Liu Pengyu is the spokesperson for China’s embassy in Washington. He said that he did not know any details about Lai, but emphasized that Lai’s “crimes” have severely undermined Hong Kong’s prosperity and security. Liu stated that "any attempt to interfere with Hong Kong's judicial system or undermine the rule-of-law in Hong Kong won't succeed". Lai, a British national, has caused friction between Washington DC and Beijing. Trump had said during his presidential campaign last year that he was "100%" committed to getting Lai out. Sebastien Lai praised Trump last week and said he felt "incredibly grateful", following unconfirmed earlier reports that Trump raised his father’s case with Xi. Sebastien lai, in a press release, said: "Knowing that President Trump is known as the Liberator-in-Chief I pray that his commitment and continued support will convince President Xi of my father's freedom before it's too late." Trump hailed as a great success the trade-dominated discussions with Xi, pointing out also the progress made on rare earth shipments. He also promised "strong action" against the export of chemicals that are used to make the highly addictive fentanyl. He claimed that tensions regarding Taiwan were never raised during the 90-minute discussions in South Korea. Lai, according to his family members and rights groups, has been in solitary confinement more than 1,700 day since his trial ended at the end of August. He is now held in maximum security Stanley Prison while he waits for a verdict and sentence. His lawyers told the court that he was suffering from heart palpitations. He has received a heart monitor as well as medication. Reporting by Greg Torode, James Pomfret and Michael Martina in Hong Kong; Trevor Hunnicutt and Antoni Slodkowski in Washington. Editing by Antoni Sladoski and Daniel Wallis.
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US will cut air traffic at 40 airports by 10% amid shutdown
Sean Duffy, the U.S. Transportation secretary confirmed Wednesday that he will order a 10% cut in air traffic scheduled at 40 major airports beginning Friday if a deal is not reached to end federal government shutdown. In the 36th day of the shutdown, 13,000 air traffic control officers and 50,000 Transportation Security Administration agents have been forced to work without being paid. The shutdown has caused staff shortages to worsen, causing widespread delays in flights and long lines at airport security screening. Duffy explained to reporters that he had made his decision by saying, "We did a gut-check of what our job is." The plan was reported earlier. This move is intended to relieve air traffic controllers of some pressure. Federal Aviation Administration of the United States warned it may add additional flight restrictions if air traffic problems continue to arise after Friday. Duffy warned on Tuesday, that if federal government shutdown continues another week, this could lead to "massive chaos" and force Duffy to close part of the airspace for air traffic. This drastic measure could disrupt American aviation. The airlines have repeatedly called for an end to this shutdown citing safety concerns. In extended trading, shares of major airlines including United Airlines and American Airlines fell by about 1%. A group representing the airline industry estimated that since October 1, more than 3.2 million passengers had been affected by delays or cancellations of flights due to an increase in air traffic controllers' absences. The airlines have expressed concerns to lawmakers regarding the impact of the shutdown on their operations. Airlines have said that the shutdown did not affect their business in a significant way, but warned that bookings may drop if the situation continues. On Wednesday, more than 2,100 flights had been delayed. FAA Administrator Bryan Bedford stated on Tuesday that between 20% and 40% of controllers in the 30 largest airports under his agency did not show up to work. Republicans and Democrats have been locked in a standoff over a funding measure in Congress. The federal government is largely closed. Democrats insist they will not support a funding bill that doesn't extend subsidies for health insurance, while Republicans reject it. (Reporting and editing by Chris Sanders, Cynthia Osterman, and David Shepardson)
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Frontier Airlines forecasts better than expected quarterly profits on improved fares
Frontier Group Holdings (parent of U.S. low cost carrier Frontier Airlines) forecast a better-than expected fourth-quarter profit Wednesday, thanks to improved air fares. U.S. airlines have reduced capacity to maintain pricing power in recent months after a decline in domestic travel in the first half of this year, mainly due to economic uncertainty brought on by President Donald Trump’s tariffs. This had forced them to reduce fares in order to fill their seats. Frontier expects a profit adjusted for the fourth quarter of between 4 cents and 20 cents, with a midpoint of 12cents, which is higher than analysts' expectations of 10 cents based on data compiled by LSEG. Denver-based airline bets on network changes and capacity reductions to boost its earnings. Discount airline reported a loss of 34 cents a share in the third quarter, with total operating revenues dropping 5% to $886 millions. Frontier will introduce first-class seating by early 2026. It also plans to double its revenue from loyalty to $6 per passenger within the next year. The company anticipates delivery of seven A320neo, three A321neo and 10 spare PW1100 engines in the fourth-quarter of 2025. All of these are expected to be funded through sale-leaseback deals. A sale-leaseback transaction involves a carrier leasing back jets that it has leased to them for its own use after selling or leasing new jets. (Reporting by Nandan Mandayam in Bengaluru; additional reporting by Doyinsola Oladipo in New York; Editing and rewriting Alan Barona) (Reporting from Nandan Mandayam, Bengaluru. Additional reporting by Doyinsola Oladipo, New York. Editing by Alan Barona.)
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Sources say that the US could cut air traffic by 10% on Friday, without a shutdown agreement.
Sources familiar with the situation say that Sean Duffy, the U.S. Transportation secretary, is likely to order a 10% cut in scheduled air traffic at 40 major airports beginning Friday if he cannot reach an agreement to end the shutdown. The shutdown forced 13,000 air-traffic controllers and 50,000 Transportation Security Administration (TSA) officers to work for free, which halted tens thousands of flights. Duffy warned on Tuesday, that if federal government shutdown continues another week, this could lead to a "massive chaos," and force him close part of the airspace for air traffic. This drastic measure could disrupt American aviation. The airlines have repeatedly called for an end to this shutdown, citing safety concerns. In extended trading, shares of major airlines including United Airlines and American Airlines fell by about 1%. A group representing the airline industry estimated that since October 1, more than 3.2 million passengers had been affected by delays or cancellations of flights due to an increase in air traffic controllers' absences. The airlines have expressed concerns to lawmakers regarding the impact of the shutdown on their operations. Airlines have said that the shutdown did not affect their business in a significant way, but warned that bookings may drop if it continues. On Wednesday, more than 2,100 flights had been delayed. FAA Administrator Bryan Bedford stated on Tuesday that 20 to 40 percent of controllers in the 30 largest airports within the FAA failed to report to work. David Shepardson, Chris Sanders, and Cynthia Osterdy edited the report.
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Lyft's revenue growth is slower than expected, which clouds the positive booking forecast
Lyft's third-quarter revenue growth was a little below Wall Street expectations, despite intense competition in the company's core North American markets. This overshadowed a positive booking forecast for holiday travel. The shares of the San Francisco based company dropped about 3% during extended trading. A saturating market in major metropolitan areas has allowed the company to benefit from its recent push in international markets. Freenow's European operations have been positioned as premium services, complementing the mass-market presence of North America. The company stated that "our strategic acquisition of Freenow will bring over six million riders annually to our platform by 2026." The upmarket strategy has also gained traction in the United States, where high-margin rides have grown 50% during the last quarter. In addition, the Lyft Business Travel Program is helping to capture airport and corporate travel. According to LSEG data, Lyft expects gross bookings of between $5.01 and $5.13 Billion for the fourth quarter. This is above the average analyst estimate of $4.98 Billion. Lyft reported revenue of $1.69 billion for the three-month period ended September, a 10.7% increase from a year ago, but slower than analyst's estimates. Lyft reported that the growth of rides in the third quarter was largely due to the push into untapped U.S. market, notably college towns. The company also focuses on business travel. It launched a recent program that offers cash back for business rides, and secured a new partnership to strengthen its presence in the highly-valued airport transportation market. The company's adjusted core earnings were $138.9 millions during the third quarter. This was slightly below the estimated $140 million. (Reporting and editing by Sriraj K. Kalluvila in Bengaluru)
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Sources say that the US could cut air traffic by 10% on Friday, without a shutdown agreement.
Sources familiar with the situation say that Sean Duffy, the U.S. Transportation secretary, is likely to order a 10% cut in scheduled air traffic at 40 major airports beginning Friday if he cannot reach an agreement to end the shutdown. The shutdown forced 13,000 air traffic control officers and 50,000 Transportation Security Administration (TSA) officers to work for free and disrupted tens thousands of flights. Duffy warned on Tuesday, that if federal government shutdown continued another week, it could lead "mass confusion" and force him to shut down some national airspace for air traffic. This drastic measure could disrupt American aviation. The airlines have repeatedly called for an end to this shutdown, citing safety concerns. In extended trading, shares of major airlines including United Airlines and American Airlines fell by about 1%.
Energy Transfer won't greenlight Lake Charles LNG before 80% of the project is sold to equity partners
Energy Transfer, the U.S. pipeline company, will not approve a financial decision for its Lake Charles Liquefied Natural Gas export facility until at least 80% of it has been sold to equity investors. This was announced on Wednesday during a conference call following earnings.
Energy Transfer is developing a 16.5 million metric tonne per annum LNG facility in Louisiana. It has already sold the majority of its expected production to customers who have been with them for a long time. However, the project costs are increasing and Energy Transfer wants to share this risk with other equity investors.
The company signed an agreement earlier this year with MidOcean Energy for the joint development of the Lake Charles LNG Export Facility.
MidOcean will pay 30% of construction costs and receive 30% from the LNG production. This is approximately 5 million metric tons per year (MTPA). (Reporting and editing by Chris Reese; Curtis Williams and Georgina McCartney in Houston)
(source: Reuters)