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The British pound has had its best week since last March after a shift in political risk over Brexit. Buyers have pushed sterling towards $1.25 this week, its highest level since the “flash crash” of October 7. The change comes after Mark Carney, the Bank of England governor, announced he was staying in office until 2019, and the High Court ruled against the government over Article 50, which triggers the process of leaving the EU.
Prime minister Theresa May insists she will stick to her plan to begin the Brexit process by the end of March 2017, despite the ruling that it must be subject to a vote in parliament. But her government faces a tough task to convince the Supreme Court that it should overturn what was a unanimous, strongly worded ruling from three of Britain’s most senior High Court judges.
The ruling offered dejected Remainers a glimmer of hope, but hardcore Brexiters are furious. The country’s tabloid press has also reacted critically. The pro-Brexit Daily Mail described the High Court judges as “enemies of the people” in a banner headline on its front page. (FT, Guardian)
In the news
The final dash In the final days of the US presidential campaign Hillary Clinton is fighting to hold on to battleground states she safely led just two weeks ago. If Donald Trump can win Ohio and Florida, Mrs Clinton must hold bellwethers such as Pennsylvania, Michigan and Colorado to fend off a late surge by the Republican mogul. Fears over the election have sparked turmoil in markets this week. Rising anxiety among global investors on Thursday propelled the swiftest weekly dash into cash since 2013 as money managers dumped bonds and drove the longest sell-off in the benchmark S&P 500 since the financial crisis. (FT)
After the vote, make sense of the result. Join FT journalists in London for drinks and discussion about US politics and what happens next. Find out more here.
Midnight raids in Turkey Turkey detained 11 of the leaders of its largest pro-Kurdish party in post-midnight raids — including party leader Selahattin Demirtas — launched a manhunt for four more and shut off nationwide access to social media and the WhatsApp messenger service, as the government tried to pre-empt nationwide protests. The Turkish lira has hit record lows in reaction to the crackdown. (FT)
No cult here South Korea’s President Park Geun-hye denied involvement in a religious cult and vowed to accept an independent investigation into claims of corruption and influence-peddling that have shaken her presidency. “It is not true that I am a cult follower and held shamanistic rituals at the presidential Blue House,” she said. (FT)
Japan woos Myanmar Aung San Suu Kyi has found a warm welcome in Japan as Tokyo shores up its influence in Southeast Asia as a counter to Chinese expansion. (NAR)
Paris agreement goes live The Paris agreement on climate change has entered into force, the first time governments have agreed legally binding efforts to prevent global temperature rises. But there are warnings that carbon emissions must drop far more steeply if dangerous levels of global warming are to be prevented. Meanwhile, Paris and Brazil have brushed off the possibility that the US could withdraw from the agreement if Donald Trump becomes president. (Guardian, FT)
Test your knowledge with the week in news quiz. Which major investment bank wants to manage more Asian fortunes?
It’s a big day for
Syrian rebels Russia has given fighters in Aleppo until Friday to lay down arms and leave the besieged city even as rebel factions clash with each other, as war exhaustion engulfs Syria’s capital Damascus. (Reuters, FT)
US economy After digesting the Fed’s statement earlier this week, investors on Friday turn to an update on the US labour market. Economists expect the US economy created 175,000 jobs in October, up from 156,000 the previous month. (FT)
Keep up with the important business, economic and political stories in the coming days with the FT’s WeekAhead.
Food for thought
My Fair Accent If you are one of the more than 240m people living outside your country of origin, learning how to neutralise your accent could help you professionally. Emma Jacobs on why some employees and executives are hiring voice coaches and taking steps to dull their accents — and why they may be making a very rational choice. (FT)
The age of vitriol In 2016 the electorate has begun to turn viciously on itself, with social media making prejudice acceptable. The FT’s Ed Luce asks whether this a blip or a permanent shift. The future of free society may depend on the answer. Democracy cannot prosper for long in a swamp of mutual dislike. (FT)
Macedonia’s digital gold rush A small town in Macedonia has became a global hub for pro-Trump misinformation, with more than 100 websites pumping out anti-Clinton propaganda. But the young Macedonians who run these sites do not care about Trump — their reasons are purely financial — people will pay to read false stories relating to the Republican candidate. (BuzzFeed)
Communostalgia in North Korea Growing numbers of Chinese tourists are visiting North Korea in a fit of nostalgia for the good old days of iron-fisted central planning. And canny locals have discovered that they are far easier to fleece than tourists from other countries. (WaPo)
When Bob Dylan is your neighbour When Lucian Truscott moved to a new apartment in New York’s Soho, he discovered that Bob Dylan was one of his neighbours. Thanks to the building’s thin walls he was able to eavesdrop on the future Nobel Prize winner as he created some of his most memorable compositions. (Village Voice)
Video of the day
Trump win might help oil The FT’s Alan Livsey explains how a win by Donald Trump could influence the US commodities sector — oil and gas in particular. (FT)