Key Takeaways
- China is set to host the APEC Economic Leaders' Meeting in Shenzhen in November 2026, with President Xi Jinping advocating for a global AI governance body, positioning China as a key player in international tech regulation.
- The UK Chancellor is preparing a significant budget statement for November 26, amidst "rock bottom" business confidence and speculation of substantial tax increases to address a multi-billion-pound fiscal shortfall.
- A potential Federal Reserve Chair candidate, Chris Waller, has publicly challenged current Chair Jerome Powell's economic assessment, signaling differing views on monetary policy outlook.
China's Growing Influence: APEC Host and Global AI Push
Chinese President Xi Jinping announced on Saturday that the city of Shenzhen will host the APEC Economic Leaders' Meeting in November 2026. This marks the third time China will host the significant Asia-Pacific economic cooperation forum. Shenzhen, often hailed as "China's Silicon Valley," has rapidly transformed into a modern international metropolis.
During the APEC summit, President Xi also advocated for the establishment of a global organization to govern artificial intelligence (AI). This move is seen as China's strategic effort to stake its claim as a leader in global tech regulation and trade cooperation, potentially countering the United States' preference for domestic AI frameworks. China aims for AI to be a "public good for the international community," underscoring its broader economic strategy to leverage its GDP and power through cross-subsidization to achieve global supply monopolies in key sectors.
UK Economic Uncertainty: Budget Looms Amidst Low Confidence
The UK Chancellor is preparing for a major budget statement on November 26, which is expected to include significant new measures. This comes as business confidence in the UK has hit "rock bottom," with the Institute of Directors' (IoD) Economic Confidence Index registering a historic low of -73 in October 2025.
Business leaders are reportedly spooked by widespread rumors of impending tax increases, which are contributing to fears of rising costs and a potential collapse in economic growth. Reports suggest the Chancellor faces a growing fiscal "black hole" in public finances, potentially ranging from £20 billion to £50 billion, necessitating tough choices on tax hikes or spending cuts.
US Federal Reserve: Leadership and Policy Debates
In the United States, Federal Reserve Governor Chris Waller, a potential candidate for Fed Chair, has publicly criticized current Chair Jerome Powell's economic assessment. Waller "smacked down" Powell’s characterization of the economy as "driving in the fog."
Powell's "driving in the fog" claim was reportedly linked to a lack of key economic data due to a government shutdown. This public disagreement highlights potential shifts in the monetary policy outlook and could signal differing approaches to economic management within the Federal Reserve.
Other Global Developments
In other international news, the Israeli government reported that partial remains returned by Hamas did not belong to the killed Israelis still missing, but rather to a deceased hostage recovered two years prior, deeming it a "clear violation" of the peace deal. Separately, Canadian Prime Minister Mark Carney confirmed that he had viewed an anti-tariff advertisement before it aired and had asked Ontario Premier Doug Ford not to proceed with it, following reports that the ad had halted trade talks with the US.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.