FirstFT: Mamdani elected as New York Metropolis mayor

Good morning and welcome again. In immediately’s publication:

• Mamdani wins New York as Democrats triumph in key races

• Russia’s retrofitted ‘dumb bombs’

• Norway suspends moral investing guidelines

• Deutsche Financial institution weighs hedging information centre publicity

We start within the US, the place voters in numerous cities and states handed down a verdict on President Donald Trump’s second time period.

Democratic sweep: Zohran Mamdani has grow to be New York Metropolis’s first Muslim mayor, after the democratic socialist scored a powerful victory over former state governor Andrew Cuomo, in response to the Related Press’s projections.

In the meantime, Democratic candidate Mikie Sherrill has received the race for New Jersey governor, AP projected, defeating Trump ally Jack Ciattarelli. The Democrats additionally made positive factors in Virginia, the place candidate Abigail Spanberger was elected governor.

Verdict on Trump: The US president’s failure to carry down inflation as promised throughout his 2024 election marketing campaign was put to the check in yesterday’s vote. Each Spanberger and Sherrill of their campaigns blamed him and the Republicans for top inflation, as did Mamdani.

Trump has touted a rising inventory market and funding bulletins by huge corporations as an indication that his financial insurance policies are working and can carry widespread advantages, however voters had been sceptical.

Learn extra on the elections.

• Wall Avenue response: New York’s monetary elite has supplied cautious help to Mamdani after the Muslim democratic socialist received the town’s mayoral election.

• Trump’s yr in charts: Commerce wars, government orders and falling approval rankings have characterised the primary 12 months of the president’s second time period.

Right here’s what else we’re protecting tabs on immediately:

• Financial information: S&P International releases providers PMI information for Canada, the Eurozone, France, Germany, Italy, the UK and US.

• UK: FT Dwell’s two-day Way forward for AI occasion begins in London and on-line. Audio system embody Nvidia chief government Jensen Huang. Register right here.

• US: The Supreme Court docket is scheduled to listen to challenges to Donald Trump’s tariffs.

• Outcomes: Arm Holdings, Bouygues, DoorDash, Lyft, Marks and Spencer, McDonald’s, Metro Financial institution, Novo Nordisk, Qualcomm and Snap report earnings. See our Week Forward publication for a fuller listing.

5 extra prime tales

1. Russia has began utilizing jet-powered glide bombs to hit targets deep past the frontline, an improve to Moscow’s arsenal that might put additional pressure on Ukraine’s stretched air defences. Learn extra on the retrofitted Soviet-era “dumb bombs”.

2. Norway has suspended its moral investing guidelines to keep away from its $2.1tn oil fund being pressured to promote out of Amazon, Microsoft and Alphabet as a result of their work for the Israeli authorities, the Norwegian finance minister stated. Learn extra remarks from Jens Stoltenberg.

• Local weather bonds: China’s inexperienced bond market has overtaken its western rivals for the primary time this yr, as Beijing embraces a type of sustainable finance.

3. Unique: Deutsche Financial institution is exploring methods to hedge its publicity to information centres after extending billions of {dollars} in debt to the sector to maintain up with demand for synthetic intelligence and cloud computing. Learn extra on the choices the German lender is weighing.

4. Iran should “seriously improve” co-operation with UN inspectors to keep away from growing tensions with the west, the Worldwide Atomic Vitality Company’s head has warned. Rafael Grossi instructed the Monetary Instances the IAEA had not been given entry to the nation’s most essential nuclear amenities.

5. Unique: Coutts, the personal financial institution to King Charles, is growing the charges for its least rich prospects for the primary time in virtually a decade, following a turbulent interval for the NatWest-owned enterprise. Learn extra on the brand new prices.

The Massive Learn

Europe’s deindustrialising areas are hoping that larger defence expenditure will result in funding and jobs. However economists warn that the additional cash must go to analysis and growth, and never simply extra tanks and artillery shells. Will the spending spree ship progress?

We’re additionally studying . . . 

• First Manufacturers: Collectors caught within the auto components group’s collapse are bracing themselves for a conflict at this week’s chapter listening to.

• Holding the road: As hostility to cause and proof spreads, US local weather scientist Virginia Burkett provides survival suggestions to others beneath fireplace, writes Anjana Ahuja.

• Monetary literacy: All major and secondary faculty pupils in England shall be taught fundamentals of cash as a part of a curriculum overhaul.

• Price range stand-off: The bond market stays assured the UK chancellor won’t lean on gilt traders to plug the gaps in public funds, writes Katie Martin.

Chart of the day

Elevating taxes is unavoidable for the UK authorities. The one means to take action with out damaging financial progress is to substitute dangerous taxes with higher ones, writes Martin Wolf.

Take a break from the information . . . 

A handful of artwork galleries survive their founders. David Juda, who has steered his mom’s Annely Juda Nice Artwork into the twenty first century, shares recommendation on learn how to make the enterprise transition to the following technology.