Trump’s ‘cost-of-living’ backlash sent markets into turmoil; Wall Street and oil prices fall

It has been an eventful week. The US mid-term elections have had an impact on both the markets and the future of the global economy. Whilst Wall Street saw a sharp sell-off led by artificial intelligence shares, oil prices fell and gold rose.

Voters in the US punished President Donald Trump for policies that have contributed to the rising cost of living. Following the Democrats’ mid-term election victory, attention has turned to Trump’s economic and trade policies, which affect the global economy. Whilst Wall Street saw sharp declines in the wake of the mid-term election results, oil prices retreated and gold began to rise.

On Thursday 5 November, Wall Street experienced a sharp sell-off triggered by the prospect of tighter scrutiny of data centre investments following the Democrats’ capture of majorities in both houses of Congress in the US mid-term elections. The Dow Jones index fell by 3.44 per cent, the S&P 500 by 4.36 per cent, and the Nasdaq index, which is heavily weighted towards technology shares, by 5.52 per cent. As of 5 November, the S&P 500 had fallen by 5.95 per cent and the Nasdaq by 11.9 per cent on a monthly basis. Whilst the sell-off was concentrated in semiconductor manufacturers and data centre companies, questions are being raised as to whether the Nasdaq index has entered a correction phase.

Following the election results, oil prices fell sharply. At the close on 5 November, the price of a barrel of Brent crude for January delivery fell to $98.29, losing 16.5 per cent on a weekly basis. Gold prices, however, rose. On 5 November, the spot price of an ounce of gold closed at $4,087. Gold gained 5 per cent on a weekly basis.

The week’s key developments are as follows:

Wall Street is reeling; will the sell-off continue?

On Thursday, 5 November, US stock markets saw a sharp sell-off in technology shares. Concerns that regulations targeting data centres could tighten following the US mid-term elections, the cost of artificial intelligence investments, and chip manufacturers’ outlook for the coming period were the main drivers of the selling pressure.

Nvidia fell by 9.26 per cent on 5 November, down 23.53 per cent for the month; AMD fell by 17.26 per cent on 5 November, down 37.39 per cent for the month; Qualcomm fell by 9.49 per cent on 5 November and by 11.5 per cent over the month; CoreWeave fell by 9.83 per cent on 5 November and by 50.64 per cent over the month; and Tesla fell by 10.77 per cent on 5 November and by 9.83 per cent over the month.

Data centre investments in the artificial intelligence sector may slow down

Despite Nvidia’s strong position in artificial intelligence processors, expectations that data centre investments may slow down have come to the fore in investors’ assessments. The possibility of a decline in spending on artificial intelligence infrastructure is affecting expectations regarding future sales growth for high-performance chip manufacturers such as Nvidia.

Changing expectations regarding the artificial intelligence sector are contributing to the decline on the Nasdaq. Losses among companies investing in artificial intelligence infrastructure and semiconductor manufacturers have caused the Nasdaq index to fall more sharply than other major US stock market indices. Investors are monitoring companies’ growth forecasts and potential new regulations from Washington.

This has raised questions about the future of the billions of dollars that major technology companies have invested in artificial intelligence infrastructure. Selling pressure has been particularly concentrated in data centre operators, chip manufacturers and cloud computing companies. The fact that technology shares have recorded strong gains in recent years has also been a factor amplifying the impact of profit-taking.

Has the Nasdaq entered a correction phase?

The Nasdaq index had reached a record closing high of 27,599 points on 6 October. By 5 November, however, it had fallen to 24,315 points, marking an 11.9 per cent monthly decline from its peak. In financial markets, a decline of 10 per cent or more from an index’s recent peak is generally referred to as a correction.

In an analysis titled ‘Nasdaq Is Crashing: Things Are Getting Ugly’ on the Zerohedge economics website, it is emphasised that the index has broken through critical support levels, with the comment: ‘The bigger problem is this: the liquidation of positions may not yet be over.’

It was noted that a wave of selling began in the markets following the liquidation of hedging positions, with 5 November marking the worst day in recent years, and the article stated: “This is a full-blown liquidation atmosphere; some investors have been virtually swept out of the market.”

It is impossible to predict with certainty which direction the Nasdaq will take in the coming trading days. Among the key issues investors are monitoring in the short term are US employment figures, the US Federal Reserve’s (Fed) interest rate policy, corporate balance sheets and regulatory announcements regarding the artificial intelligence sector. Whilst a rebound following the sharp sell-off is possible, lingering concerns over the valuations of technology companies could lead to further volatility.

Trump’s defeat could cause turbulence in the global economy

Behind the Republicans’ defeat in the 3 November mid-term elections lies the electorate’s backlash against Trump’s hardline trade policies – characterised by threats of tariffs and the Iran conflict, which have fuelled inflation. According to an analysis by Deutsche Welle, this backlash, which has altered the dynamics of US domestic politics, is also likely to produce consequences capable of affecting the balance of power in the global economy.

Trump still has two years left in office. In the coming period, the US political arena is expected to be the scene of a fierce battle between Trump and the Democrats. Political observers say that a period of ‘legislative gridlock’ is on the horizon, with no legislation or reforms likely to pass through Congress.

Is the artificial intelligence drive hitting a dead end?

Economists are voicing the prediction that artificial intelligence investment in the US could slow down due to the mid-term elections. A Republican defeat in the mid-terms could affect Trump’s ambitious economic policies. As the Democrats gain strength, Trump’s major investment drives in artificial intelligence and the regulations he envisaged for this purpose may face difficulties.

It is noted that the American public’s backlash against data centres played a role in the Democratic candidates’ election victory; resistance to the construction of such centres could increase in the coming period, which in turn could slow down growth in artificial intelligence technology.

He has also been dealt a blow on customs duties

It is being suggested that the election defeat Trump has faced has weakened his position in the global economy. How this will affect the trade policies that have shaken the global economy since he took office is of critical importance. It is not just the election results; polls also reveal that 56 per cent of the American public believe Trump’s tariffs have had negative effects.

This view played a role in the victory of many Democratic candidates in the mid-term elections, particularly in states where the negative effects of tariffs were felt more acutely. These include states with export-dependent sectors affected by retaliatory tariffs and those with high trade volumes with Canada.

Some economists suggest that, due to the US President’s pressure over tariffs, countries that had made investment commitments will no longer be in a hurry to meet Trump’s demands, given the Democrats’ strengthened position. It is even noted that, as Trump’s hand has been weakened, the US’s rival, China, may gain the upper hand in the ongoing trade talks.

Brent crude experienced its worst week since the COVID-19 pandemic

Brent crude recorded its biggest weekly fall since the week of 24 April 2020 – which coincided with the early stages of the COVID-19 pandemic – on expectations that the Democrats’ election victory could bring an end to the US-Iran conflict. As of 5 November, the price of a barrel of January-delivery Brent crude had fallen to $98.29, losing 16.5 per cent of its value over the week. Compared with the close on 30 October, the price of a barrel of Brent crude fell by $19.35.

UBS energy expert Dominic Ellis noted that the collapse of the ‘war risk premium’ in crude oil reflected expectations of peace and the possibility of the Strait of Hormuz reopening fully. However, these hopes clash with the reality that replenishing depleted global oil stocks could take a considerable amount of time.

Ellis stated that the $20 drop in Brent crude over the last few days stemmed largely from the unwinding of the war risk premium, rather than a meaningful improvement in the supply-demand balance. Ellis predicts that the crude oil price, currently around $95, still contains a risk premium of between $10 and $15, and that prices could fall further should new diplomatic signals emerge from the Gulf region.

Petrol prices are falling: a discount on diesel is also on the way

Following the fall in oil prices to their lowest level in the past month, a reduction of 6 lira 8 kuruş per litre in petrol prices is expected from 6 November. Following the reduction, the price per litre of petrol in Istanbul will fall to 74.42 lira. With diesel prices also falling in global markets, a substantial reduction in the price of this product may also be on the cards.

Rystad: It is unlikely that oil flows through the Strait of Hormuz will return to pre-war levels

According to energy intelligence firm Rystad Energy, the US and Iran may reach a limited agreement by mid-2027; this could enable oil flows through the Strait of Hormuz to continue recovering gradually. However, fundamental disagreements will persist, and the situation in the Middle East will remain far from normal next year.

According to the firm, whilst oil flows through the Strait of Hormuz will continue to recover gradually, it seems highly unlikely that they will reach pre-war levels in a normalised trading environment.

A Rystad Energy report cited by the Azerbaijani news agency Trend stated: “Reaching a comprehensive agreement requires addressing issues such as Iran’s nuclear programme, sanctions, Tehran-backed armed groups and the security of maritime transport, whilst also taking Israel’s security interests into account.”

Analysts led by Jorge León, Head of Geopolitical Analysis at Rystad, noted in the report: “We believe it is highly unlikely that all these contentious issues will be resolved within the coming year.”

Global diesel shortage could persist until 2027

According to experts, the global diesel shortage could persist until 2027. Asia’s crude oil imports reached 26.39 million barrels per day in October, almost returning to pre-war levels; however, diesel imports remained 10 per cent below pre-war volumes.

Despite the recovery in crude oil flows, the diesel shortage persists as damaged refineries in the Middle East, supply disruptions in Russia and declining fuel shipments are keeping refining margins high. As delayed refinery maintenance and uncertain Chinese exports threaten to prolong the supply shortage, the global diesel crisis could extend until 2027.

World Gold Council: Central banks have made their fastest purchases since 2024

Central banks continue to boost their gold reserves against the backdrop of global inflation and geopolitical risks. According to the World Gold Council, central banks’ total demand in the third quarter rose by 42 per cent compared with the same period last year, reaching 321 tonnes, and “surpassed typical quarterly purchase levels seen in recent times.”

This figure represents the highest quarterly total recorded since the end of 2024 and was also significantly higher than the five-year quarterly average of 227 tonnes. The People’s Bank of China led the way in gold purchases, followed by the National Bank of Poland.

Since the start of the year, global central banks and other official institutions have purchased 675 tonnes of gold, representing a 6 per cent increase compared with the same period last year.

As a result, the organisation has revised its forecast for central bank demand in 2026 upwards. The group anticipates that these institutions will purchase at least 848 tonnes this year, matching last year’s volume. The report noted that the strong performance in the third quarter was underpinned by a drive for “portfolio diversification and risk management”.

President Erdoğan: People you’d never expect have got involved in these matters

President Recep Tayyip Erdoğan stated that they had learnt that “people he hadn’t expected” were involved in the fund crisis, which has affected hundreds of thousands of investors and exceeded hundreds of billions of lira in volume, and noted that “the judiciary has done what is required”.

Speaking on the plane on his return from a visit to South Korea, Erdoğan said, “We have issued the necessary instructions. In accordance with the roadmap, every institution is fulfilling its duties. It is not possible for us to make any concessions,” he said. The crisis, which emerged in September, has also sparked criticism within the AKP’s grassroots, with some conservative civil society organisations issuing written statements criticising the government’s stance.

Responding to the criticism, Erdoğan said, “Of course, there is a reality. What is this reality? You see that people you would never have expected have become involved in these matters,” he said.

Şimşek: I would prefer the lists to be made public

Speaking during discussions on his ministry’s 2027 budget at the Grand National Assembly’s Planning and Budget Committee, Treasury and Finance Minister Mehmet Şimşek stated that he would prefer the lists to be made public during the fund crisis. Minister Şimşek said, “I have no objection to these lists being disclosed or not. Personally, I would prefer them to be disclosed if possible.”

Former minister Fatma Betül Sayan Kaya has been arrested

Fatma Betül Sayan Kaya, a former minister and Deputy Chair of the AKP, has been arrested as part of the investigation into the fund embezzlement scandal. Kaya, who is under investigation on the grounds that she and her husband, İlyas Kaya, allegedly generated 2.17 billion TL in revenue from the buying and selling of approximately 163 million TL worth of Özata Denizcilik shares, faces charges of membership of a criminal organisation and contravention of the Capital Markets Law. Kaya’s husband, İlyas Kaya, and the former Chairman of the Capital Markets Board (SPK), İbrahim Ömer Gönül, were released on bail. Upon entering the courthouse, the Kaya couple declined to answer journalists’ questions regarding the source of the 163 million TL.

Furthermore, Korkmaz Enes Ergun, the former General Manager of Borsa İstanbul AŞ, who was detained on 31 October as part of the fund investigation, was remanded in custody by the magistrates’ court to which he was referred on charges of “accepting bribes”. Ergun also faces a charge of “membership of an organisation established for the purpose of committing a crime”.

Payments totalling 130.2 billion lira were made to 420,000 people, with 179,000 people receiving a full refund

In his address to the committee, Mehmet Şimşek, Minister of Treasury and Finance, noted that some funds, whose structures had been weakened due to manipulation, had begun to default in mid-September, and that the Capital Markets Board (SPK) had decided to liquidate 131 funds. He shared the following information:

“Payments to fund unit holders are being made using the fund’s assets, resources from recovery accounts and amounts held in voluntary refund accounts; no funds will be drawn from the public budget. Under ordinary liquidation, 68 billion lira has been paid to 71,899 accounts across 93 funds. Under extraordinary liquidation, as of 4 November 2026, interim payments totalling 62.2 billion lira have been made to 542,975 accounts across 15 funds. To date, payments totalling 130.2 billion lira have been made to 614,874 accounts across 108 funds, benefiting 420,031 individual investors, and 179,449 individuals have received the full amount of their net investment.”

‘100 transactions totalling approximately 3.8 billion lira have been deferred’

Drawing attention to the work carried out by MASAK, Şimşek noted the following:

“During this process, MASAK is continuing its efforts to identify the assets of those who have obtained unjust and exorbitant gains from the funds, and to repatriate their assets held abroad to our country. As of 4 November, 100 transactions totalling approximately 3.8 billion lira have been suspended; as a result of cooperation with foreign counterparts in 36 different countries, assets worth 9 billion lira have been identified and brought to the attention of the judicial authorities.”

October inflation stood at 29.77 per cent according to TÜİK; 45.12 per cent according to ENAG

According to TÜİK’s October inflation figures, inflation stood at 2.58 per cent month-on-month and 29.77 per cent year-on-year in October. Economists had expected a monthly rate of 2.20 per cent. The 12-month average inflation rate stood at 30.45 per cent.

According to TÜİK data, out of the 174 sub-expenditure groups used in the inflation calculation, 134 recorded increases as of October 2026. The expenditure group with the highest annual inflation was ‘housing, water, electricity, gas and other fuels’ at 40.24 per cent.

With the October inflation figures, the maximum rent increase that can be applied to tenants in November stands at 31.23 per cent.

According to the independent Inflation Research Group (ENAG), comprising academics, monthly inflation in October stood at 2.68 per cent, whilst annual inflation stood at 45.12 per cent.

According to the Istanbul Chamber of Commerce (İTO), consumer prices in Istanbul rose by 2.47 per cent month-on-month in October, whilst annual inflation stood at 32.47 per cent.

Şimşek: Annual inflation has fallen to 29.8 per cent

Mehmet Şimşek, Minister of Treasury and Finance, announced that annual consumer inflation had fallen to 29.8 per cent. Şimşek noted that rising energy prices due to the war had limited the disinflationary process

Noting that annual consumer inflation had fallen by 3.1 percentage points compared with the same month of the previous year, Şimşek stated that the decline in inflation had spread across most sectors, with the exception of transport services and energy. Şimşek reported that annual inflation had fallen by 7.1 percentage points for food, 2.5 percentage points for energy and non-food goods, and 7.9 percentage points for services. Noting that rising energy prices, driven by the war, had increased energy inflation by 16.7 percentage points, Şimşek stated that this had constrained the disinflationary process.

Commenting on the outlook for the coming period, Şimşek stated that balanced economic activity, the anticipated decline in energy and commodity prices, improved expectations and reduced inertia in services inflation would support the decline in inflation.

A 5 per cent and 4 per cent collective agreement pay rise for civil servants and retired civil servants in 2027

Vedat Işıkhan, Minister of Labour and Social Security, announced that civil servants and retired civil servants would receive pay rises of 5 per cent and 4 per cent respectively in 2027. Minister Işıkhan, who presented the Ministry of Labour and Social Security’s 2027 budget to the Turkish Grand National Assembly’s Planning and Budget Committee, said: “Under the collective agreement currently in force for the 2026–2027 period, increases of five per cent and four per cent for our civil servants and retired civil servants in 2027, along with any potential inflation differential, will be reflected in their monthly payments,” he said.

Under this framework, a five per cent collective agreement pay rise will be applied to the monthly payments of civil servants and retired civil servants in the first half of the year, and a four per cent rise in the second half; should inflation exceed these increases, the resulting difference will be added to their monthly payments.

Şimşek: Monthly adjustment to cover all pensioners

Mehmet Şimşek, Minister of Treasury and Finance, made key statements regarding the new monthly adjustment eagerly awaited by millions of pensioners. Noting that technical work to boost pensioners’ purchasing power is ongoing, Şimşek stated that age and the number of contribution days would be decisive factors in the forthcoming increase, and indicated that the final details would be ready by December.

Sharing details of the pension scheme announced by President Erdoğan, Minister Şimşek emphasised that the work being carried out would cover all pensioners.

Stressing the importance of fairness in the increases, Şimşek said, “The technical work we are carrying out to support our pensioners’ purchasing power has not yet been completed. However, we believe it is appropriate for the increase to vary according to our pensioners’ age and the number of days of contributions,” he said.

A “hidden price rise” on electricity: Same consumption, higher bill

The threshold for benefiting from the subsidised electricity tariff will fall to 3,000 kWh per year in 2027. In this scenario, the same fridge, the same washing machine, the same lighting. Even if your electricity usage remains the same, your bill may be higher next year.

The Energy Market Regulatory Authority (EPDK), in a decision taken on 30 October, reduced the annual consumption limit determining eligibility for the subsidised tariff for households from 4,000 kilowatt-hours (kWh) to 3,000 kilowatt-hours for 2027. The decision does not alter the unit price of the national tariff.

According to a report by Pelin Ünker of Deutsche Welle, the reduction in the consumption limit will result in more subscribers being excluded from the subsidised tariff and having to pay for electricity at market rates.

The new limit corresponds to an average monthly consumption of 250 kWh. The Turkish Chamber of Electrical Engineers (EMO) has calculated the basic consumption for a family of four to be 230 kWh per month. Moreover, this calculation does not include electricity used for heating, cooling or hot water.

For households, the limit was set at 5,000 kWh in 2025. In 2026, it stands at 4,000 kWh. With the limit set to fall to 3,000 kWh next year, the annual consumption threshold determining eligibility for the subsidised tariff will have fallen by 25 per cent in one year and by 40 per cent compared to 2025.

Industry is contracting, businesses are closing

The negative picture in the manufacturing sector was evident not only in the decline in production and orders but also in business closures. According to TOBB data, a total of 1,373 manufacturing businesses ceased operations during the three-month period covering July, August and September. Of the closed businesses, 979 were companies and cooperatives, whilst 394 were sole traders.

The contraction in industrial production continued in October. The Turkey Manufacturing Purchasing Managers’ Index (PMI), published by the Istanbul Chamber of Industry (ISO), fell from 47.9 in September to 47.3 in October. Consequently, the index reached its lowest level since June, whilst the contraction in the manufacturing sector entered its 31st month. Whilst production increased in only one of the 10 sectors surveyed, falling orders and high costs intensified the pressure on businesses.

Sharp decline in the automotive sector: 10-month loss exceeds 15 per cent

Car and light commercial vehicle sales in Turkey fell by 15.33 per cent compared with the same period last year, dropping to 883,799 in the January–October period. Whilst car sales fell by 16.85 per cent, SUV models accounted for 66.6 per cent of the market with 461,200 units sold. Electric cars, meanwhile, accounted for 19.6 per cent of the total market.

Privatisation hits the public purse: a 140.1 billion TL operational loss

The operational losses incurred by EÜAŞ, which was tasked with concealing the impact of election policies, energy privatisations and the economic crisis on citizens, have reached unprecedented levels. According to a report in the BirGün newspaper, it has been established that EÜAŞ incurred a total operational loss of 140.1 billion TL in the first three quarters of 2026.

THY Board Chairman Şeker: Our purchase of 150 Boeing aircraft has been finalised

Prof. Dr Murat Şeker, Chairman of the Board of Directors and Executive Committee of Turkish Airlines, stated: “Supported by our revenue performance and the efficiency projects we have implemented, we recorded an operating profit of 929 million dollars in the third quarter.” He also added, “As part of our selective investment strategy, we have finalised an order for a total of 150 aircraft with Boeing, comprising 100 firm orders and 50 options. Our total investment for the first nine months of the year reached 4.6 billion dollars.”

Bill proposed to write off loan and credit card debts

A new regulation concerning citizens who owe loans and credit card debts to banks and are facing enforcement proceedings due to these debts has been brought before the Grand National Assembly of Turkey (TBMM). The bill provides for the write-off of interest and fees for debtors meeting certain conditions, whilst the principal debt is to be repaid either in a lump sum or in instalments over a period of up to five years. The bill stipulates a 60-day period for applications.

The bill, drafted by Doğan Bekin, an MP for the New Prosperity Party representing Istanbul, has been submitted to the Presidency of the TBMM. It has been referred to the Committee on Industry, Trade, Energy, Natural Resources, Information and Technology.

6.3 billion dollars in 20 minutes: The biggest heist in crypto history

Hackers carried out the largest digital asset theft in history by stealing 6.3 billion dollars from Binance, the world’s largest cryptocurrency exchange.

According to analyses of blockchain records by the exchange and experts, approximately 6.3 billion dollars’ worth of cryptocurrency was stolen from the wallets used by the exchange to process transactions. In a statement posted on the social media platform X, Binance stated that they initially believed the attack had been carried out via a compromised laptop, adding, “However, our subsequent investigation revealed other points of security breach,” though they did not provide details regarding the security breaches.

According to a statement on the exchange’s website, the exchange holds a $1 billion bitcoin reserve to protect its customers in the event of security breaches. The company’s CEO, Richard Teng, said the losses would be covered by funds and company resources.

According to the US-based blockchain analysis firm TRM Labs, the attackers gained control of Binance’s “signature infrastructure” – which validates transactions – and issued transfer instructions from the wallets. According to blockchain records, the heist, the majority of which took place around 23:00 Turkish Standard Time on Thursday, lasted approximately 20 minutes. The attackers attempted to transfer the stolen assets to different wallets as quickly as possible to prevent intervention by organisations linked to Binance and stablecoin issuers. Approximately half of the stolen assets were frozen by the organisations.

Several US blockchain analysis firms noted that the attack shared characteristics with attacks believed to have been carried out by North Korean hackers.

The Bank of England raised interest rates to 4 per cent in its first increase in three years

The Bank of England raised its policy rate to 4 per cent in an effort to curb price rises fuelled by the war in Iran.

As expected, the Bank of England raised its policy rate on Thursday from 3.75 per cent to 4 per cent. The main driver of this year’s rise in inflation has been the sharp increase in fuel costs, caused by the Iran conflict and disruptions in the Strait of Hormuz squeezing global oil and natural gas supplies.

The decision marks the bank’s first interest rate rise since August 2023. Eight members of the Monetary Policy Committee voted in favour of a 0.25-point increase, whilst one member called for a 0.5-point rise. Pressure on the bank to take action has been mounting in recent months. Inflation rising to 3.5 per cent in September – the highest level in 11 months – has strengthened expectations that interest rates will be raised in November in response to price rises exceeding the bank’s 2 per cent target. Markets are also anticipating that further increases may be on the cards in 2027.

Italian defence firm Leonardo secures record order worth 60 billion euros

Leonardo increased its orders by 28 per cent in the first nine months of 2026. Whilst the Italian firm is focusing on defence, aerospace, unmanned aerial vehicles and new industrial partnerships, its acquisition of the Defence Division of the Iveco Group has also strengthened the company’s position in the sector.

Italian defence and aerospace company Leonardo announced in a statement released on Thursday that the total value of its orders had exceeded 60 billion euros for the first time.

World Bank: External debt of developing countries hits record high of 9.4 trillion dollars

The World Bank has published its 2026 International Debt Report. The report states that the external debt of developing countries rose to 9.4 trillion dollars last year, an increase of 5.5 per cent. It was noted that this increase represented the fastest rise recorded since 2021 and was approximately four times the average increase observed between 2022 and 2024.

The contribution of private creditors to the rise in debt was highlighted. The report drew attention to the fact that, despite improved conditions for accessing international finance, financing costs have not fallen. It was stated that the high debt burden, particularly in the poorest countries, carries the risk of limiting essential investment in human capital.

The report highlighted that many governments had issued new bonds to repurchase maturing debt, noting that bond issuance by public institutions had risen by approximately 35 per cent to $251 billion. It was reported that this figure represented the highest level in the past five years. It was noted that this often led to higher interest costs.

Strikes and demonstrations in Italy ‘against the cost of living and the war economy’

Nationwide strikes and protests were held in Italy against the cost of living and the war economy. Demonstrators demanded that more resources be allocated to schools and that support be provided for housing.

During the general strike called by the USB trade union, protests took place mainly outside train stations and ports. Student movements also took part in the demonstrations, which were held in more than 50 provinces. Security forces are on high alert following incidents of violence at demonstrations in some cities, such as Milan, in recent weeks. Tens of thousands of people, including workers, pensioners, students, housing rights campaigners and supporters of Palestine, took part in the strikes and marches.