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Morning edition · Tuesday, 10 November 2026 · 08:30 CET

A price index that admits a gap, and a strait that is slow, not shut

US consumer prices arrive at 14:30 CET without their usual annual figure, and that honesty is the point. Elsewhere: €351.48 for Tuesday's power, 325 Hormuz transits in a week, the budget's last 48 hours and a Shigella vaccine that passed a real test.

Morning 08:30 · Evening 17:30 · Sunday 10:00, Berlin time

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MONEY · LEAD

A price index with an honest gap

A shutdown a year ago left a hole in October 2025. At 14:30 CET the statisticians publish the month they can measure, not the year they cannot.

At 08:30 in Washington, 14:30 in Berlin, the US Bureau of Labor Statistics publishes the consumer price index for October, together with real earnings for the same month. Everyone has a number ready for it. What almost nobody has is the number people usually quote first: the change on a year earlier. This month it will not be there.

The reason is a year old. During the government shutdown in October 2025, the bureau did not collect prices, so there is no October 2025 index to compare against, and the BLS "can't calculate and will not release" the year-on-year rate this month, Kiplinger reports. Wells Fargo's economists put it plainly: the missing annual rate "will put an even bigger spotlight on the month-over-month changes".

Money, FX & Committees · 3 min · Read the piece →

Desk notes

MARKETS · PODIUM VS PRINT Chart

Podium vs Print: "highly unlikely" and $91.74

A president told a television channel that new strikes on Iran were unlikely if talks progress. By Tuesday morning the barrel and the Asian screens had given their answer, and the secretary of state had added a footnote.

Markets & Macro · 2 min · Read the piece →

End of edition · added

Before you close the tab

One thing you can do this week

Find your electricity contract or your last annual statement and look for two dates: when your price guarantee ends and when you can give notice. Write both in your calendar, a month early. Most money lost on energy is not lost on the price; it is lost on a date nobody noticed.

A habit, not advice.

What went right

When the Black Summer fires of 2019/2020 burned through East Gippsland in Victoria, scientists found southern giant burrowing frogs surviving as tadpoles in pools "no larger than a puddle", in the words of herpetologist Matt Clancy 1. In 2021 the tadpoles went to Healesville Sanctuary; keepers raised them, and last year bred the critically endangered species in captivity for the first time 1. Now 53 frogs, each roughly the size of a cricket ball, have been released back into the forest, with song meters listening for their call 1. There are fewer than five known breeding sites in Victoria 1. "To know the species is going to continue ... is just the best news we could ever hear as keepers," said Zoos Victoria's Meagan Lane 1. A puddle, a sanctuary, a release: rescue is mostly patience with a budget line.

The day in one sentence

A vaccine passed its next gate, a lake rose twenty feet and fifty-three frogs went home: slow, careful work keeps paying off, usually without a sound.

In euros at home

On 9 November the cheapest electricity tariff for new customers averaged 33.34 cents per kWh across Germany, against 40.39 cents in basic supply; at 3,500 kWh a year, switching from basic supply to the cheapest tariff saves €246.91 a year, StromAuskunft calculates 2. The spread is very uneven: the possible saving is €657.25 in Thuringia but €41.46 in Bremen 2. And the gap has narrowed: a year ago new-customer tariffs cost 24.82 cents and basic supply 45.47 cents, a difference of 20.65 cents; today it is 7.05 cents 2. Desk arithmetic: €246.91 a year is about €20.58 a month.

StromAuskunft averages for 9 Nov 2026 across 6,355 places at 3,500 kWh a year, with standing charges and new-customer bonuses netted in. Your own figure depends on your postcode, your usage and your current contract. Nothing here is advice.

Small words

Preisgarantie (price guarantee)

A clause in an energy contract by which the supplier promises that the agreed price stays the same for a set period 2. It is what turns a tariff into something you can plan with. StromAuskunft's daily price index only counts tariffs with a guarantee of at least 12 months and a contract term of up to 12 months, so the comparison is between offers that hold still 2. The word to look for in the small print is the end date.

Sources for this section

  1. Southern giant burrowing frogs released in East Gippsland after Black Summer devastation — ABC News (Australia), 08 Nov 2026
  2. Strompreis aktuell: Das kostet Strom in Deutschland am 09. November 2026 — StromAuskunft.de, 09 Nov 2026

Commentary for information only. Not investment, legal, tax, medical or political advice. "Desk arithmetic" is our own calculation from the cited figures.

Charts and data in this edition