All-out war

Hello from the FT newsroom. The Middle East is now on the brink of an all-out war. Iran’s surprise missile attack into Israel on Tuesday intensified what was already a very dangerous state of affairs, just hours after Israel launched its ground offensive into southern Lebanon.

FT reporters across the region chronicled how Israel’s anxieties came to a crescendo that night following Tehran’s huge gamble. The world waits with bated breath for Netanyahu’s response.

The escalation will reverberate far beyond the Middle East. Being just weeks out from the US election, this could be the ‘October surprise’ that might upturn the presidential race, chief foreign affairs commentator Gideon Rachman writes.

My choices this week

1. Accounting firm BDO is losing its sparkle. Stars such as Jay-Z and Megan Thee Stallion have severed ties with the company amid claims of fraud, the FT revealed this week.
2. The US vice-presidential candidates battled it out in a televised debate on Tuesday. Although Republican JD Vance beat Tim Walz, that probably will not matter, argues US national editor Edward Luce. And even if he lost on Tuesday, writes HTSI, Walz has triumphed in a different domain: sartorial. (You can read this article?for free on FT Edit, a daily hand-picked selection of the best FT journalism.?Download?it here, iOS only)
3. Big investment banks used to rule the roost in the world’s financial centres, but their dominance has begun to slip. Read the first instalment of our new series, which exposes how secretive trading giants became the new titans of Wall Street. (Free to read)
4. Austria’s far-right Freedom party (FP?) secured a historic victory in the country’s parliamentary election on Sunday. Although other parties have said they will not enter into coalition with leader Herbert Kickl, the FP?’s breakthrough crystallises a dilemma being felt across Europe, our editorial board writes.
5. Despite being in its infancy, Octopus Energy has shot to success and disrupted the UK’s energy market. In an interview with the FT, chief executive Greg Jackson explained why innovative technology and renewable energy sit at the heart of his plans for the company.
6. While she’s been busy at fashion month, HTSI editor Jo Ellison has noticed one new trend this time round: the industry’s discreet embrace of Ozempic.?So why will no one talk about it? (Free to read)

Thanks for reading,

Roula Khalaf, FT editor

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