US prepared for protracted stalemate with Iran

Global stocks sold off as AI spending fears flare up, Brazilians will vote this weekend in a close presidential race, and the US is prepared for a lengthy stalemate in the war with Iran. Plus, how banks are reacting to a potential tax rise from UK chancellor John Healey, and why are western pharmaceutical companies heading to China?

Mentioned in this podcast:
Meta sell-off drags US tech stocks lower as AI spending fears flare up (ft.com/content/6e318b81-a771-4842-9754-e265fef…)
US prepared for protracted Iran stalemate (ft.com/content/70379a26-c20e-4501-aec9-a9a0089…)
Should UK banks be taxed more? (ft.com/content/d66ab794-72e9-447b-b6f4-a633dd9…)
Lula turns to selfie videos in Brazil election fightback (ft.com/content/425cc873-23d8-4028-9ad0-13276bd…)
Flávio Bolsonaro, scion of a Brazilian political dynasty now eyeing victory (ft.com/content/d57c427a-2625-4297-bd29-01aac0d…)
China’s rapid human trials draw western drugmakers — and safety concerns (ft.com/content/30b49bee-1b22-4fa5-81f4-91db182…)

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The FT News Briefing is produced by Sonja Hutson, Saffeya Ahmed, and Josh Gabert-Doyon. Our editor is Marc Filippino. Our video producer is Zachary Alfred. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Vanessa Brown, Peter Barber and David da Silva. Our executive producer is Topher Forhecz. Flo Phillips is the FT’s global head of audio. The show’s theme music is by Metaphor Music.

Read a transcript of this episode on FT.com (ft.com/content/e91195c9-049d-408a-9236-40aba66…)
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