Economy news · 3 November 2026
Global Chip Stocks Slide as AI Spending Worries and China Competition Mount
Semiconductor shares fell broadly across Asia, Europe, and the United States as investors grew concerned about the sustainability of AI investment and rising competition from China's memory-chip industry.
US to Suspend South Africa and Rwanda from Duty-Free Trade Programme
The United States has announced it will suspend South Africa and Rwanda from the African Growth and Opportunity Act (AGOA) effective January 1, 2027, putting around $1.7 billion in South African exports at risk.
Canada and US Signal Progress on Trade Deal as Midterm Elections Loom
Canadian Prime Minister Mark Carney announced progress toward a Canada-US trade agreement after reporting a conversation with President Donald Trump, with teams from both countries set to work in the coming weeks toward a deal.
Gold Nears $3,950 as Investors Flee Tech Rout
Gold surged nearly 2% to $3,948 per ounce as the global technology selloff drove investors into safe-haven assets, even as the precious metal remains well below its late-January 2026 peak near $5,500.
Wave of Global Layoffs Blamed on AI Shift and Tariff Costs
Major corporations worldwide have announced sweeping job cuts throughout 2025, with US companies alone shedding more than one million workers in the first ten months of the year, driven by higher costs from US tariffs and a strategic pivot toward artificial intelligence.