FirstFT: Trump’s first appointment

Good morning and welcome to the final edition of FirstFT for this historic week. Today I’m covering:

• China’s latest fiscal stimulus

• How Citi is revamping wealth banker pay

• Francis Fukuyama on America’s rejection of liberalism

We return to the make-up of Donald Trump’s top team for his return to the White House after he made his first appointment.

Susie Wiles, who co-ran Trump’s election campaign, will become the first-ever female White House chief of staff. She is the daughter of the late US sports broadcaster and American football player Pat Summerall.

She has been a stalwart of Republican politics for decades, reportedly first working for House member Jack Kemp, an ex-teammate of Summerall’s, before working on Ronald Reagan’s 1980 presidential campaign.

Wiles was also instrumental in helping Rick Scott win the governorship in Florida in 2010, led Jon Huntsman’s shortlived 2012 presidential campaign and ran Florida operations for Trump’s successful 2016 presidential campaign. She also ran Ron DeSantis’s 2018 gubernatorial campaign before falling out with the Florida governor.

Since winning a landslide victory Trump has been at his Mar-a-Lago residence in Florida with advisers but yesterday gave his first broadcast interview. The president-elect told NBC News that one of his first priorities on taking office in January would be to make the border “strong and powerful”. When asked about his campaign pledge to carry out mass deportations of undocumented immigrants he said “we have no choice”. Here’s more election coverage:

• Robert F Kennedy Jr: Pharmaceutical executives and public health experts have warned that the former Democrat could have a “chilling” impact on US vaccine research and provision as he pursues his ambition to “Make America Healthy Again”.

• Democrats’ blame game: Biden has called on Americans to “bring down the temperature” as Democrats began pointing fingers over Kamala Harris’s defeat.

With the House of Representatives still hanging in the balance, sign up for our White House Watch newsletter for more updates from Washington as it braces itself for Trump’s second term. Here’s what we’re keeping tabs on today:

• Economic data: The University of Michigan releases its US consumer sentiment index today, while Canada has October labour data.

• Results: Baxter International, Paramount Global and Brazil’s state-run oil firm Petrobras publish earnings.

• Monetary policy: Federal Reserve Board governor Michelle Bowman takes part in a public event at the University of Mississippi School of Business Banking and Finance Symposium.

Join the FT’s M&A webinar on November 20 as experts discuss how the US election, artificial intelligence and interest rates will affect global dealmaking. Register for free here.

Five more top stories

1. China has announced a Rmb10tn ($1.4tn) fiscal package to help shore up its faltering economy, as it braces for increased trade tensions with the US under Donald Trump. The help targeted the highly leveraged local government sector but there was a lack of assistance to directly stimulate domestic demand. Read more on the details of the package.

2. Israel’s Prime Minister Benjamin Netanyahu has said he is sending two aircraft to the Netherlands to retrieve football fans after pro-Palestinian protesters clashed with fans of a Tel Aviv club. Netanyahu described the incident as “horrifying”, in a statement from his office issued after a phone call with Dutch Prime Minister Dick Schoof. Here’s more on the attacks.

3. The US Federal Reserve cut its benchmark interest rate by a quarter point in a unanimous decision yesterday, marking a decline in pace from September’s half-point cut. Chair Jay Powell hailed the strength of the US economy and said he would not resign if Donald Trump asked him to.

4. Citigroup is revamping pay for its private bankers in an attempt to boost sales of investment products and overhaul how the group’s struggling wealth division interacts with its clients. The changes reflect an effort by Citi to focus more on managing investments for wealthy clients. Here’s what the changes will mean for Citi bankers’ year-end bonuses.

• Goldman Sachs: The Wall Street bank has appointed 95 new partners, the biggest class since 2010, in its biennial process to refill its senior ranks.

5. BlackRock is in early-stage discussions with Millennium Management about a strategic partnership that could lead to the world’s largest asset manager taking an equity stake in one of the most profitable hedge fund managers, according to people familiar with the situation. Read the exclusive story.

How well did you keep up with the news this week? Take our quiz.

Today’s big read

Donald Trump’s victory represents a decisive rejection by American voters of liberalism, writes The End of History author Francis Fukuyama, and ushers in a new era for the country and possibly the world.

We’re also reading . . . 

• Trump’s capitalism: The president-elect should heed Adam Smith’s warning that long-term prosperity depends on trust and the rule of law, writes Gillian Tett.

• Berkshire Hathaway: Intrigue has surrounded the sale by Warren Buffett of his most profitable trade in history — generating $97bn in gains.

• EU economy: Old faultlines are resurfacing as the bloc prepares for the new Trump administration and wrestles with how to remain competitive.

Chart of the day

Investors running bets against renewable energy stocks have racked up profits of more than $1.2bn from the heavy sell-off that swept the sector in the wake of Donald Trump’s US presidential election victory. Read more on some of the firms that built up big short positions against the likes of hydrogen producer Plug Power and solar developer Sunrun.

Take a break from the news

Our Lego-loving food writer Tim Hayward dined at the Mini Chef café at the toymakers’ Danish headquarters. A meal prepared by tiny plastic people sparked a revelation about hospitality.