Public Markets 24-Hour Briefing
×Last updated: October 21, 2026, 11:20 PM ET
Markets & Macro
Argentina's bond rout has blindsided bullish investors as election fears grow, while France's borrowing costs hit 5% for the first time since 2002. Benchmark French yields rose as the risk gauge climbed toward a 15-year high in spreads. UK inflation reached an 11-month high, pushing the Bank of England toward a hike, and UK national debt topped £3 trillion ahead of the budget. Pound hedging costs rose to a five-month high on budget risks, and Bank Indonesia held rates steady while trimming reserve requirements to support the rupiah. The dollar edged higher, though analysts see a possible slight near-term weakening on AI fears.
Equities & Tech
U.S. stocks ended mixed as strong earnings offset AI credit worries, while Nasdaq 100 climbed as SpaceX results fuelled the AI trade. SpaceX swung to a profit as its artificial intelligence spending soared, and its shares surged on Tesla merger talks. Elon Musk said the companies are exploring a combination, with both boards forming committees to study it. Super Micro rallied after preliminary revenue topped guidance, lifting AI names. Netflix shares slumped after a downbeat outlook as streaming hits dry up, with revenue growth at its slowest in years. Moody's shares fell after earnings missed estimates, and Berkshire Hathaway hit a record as investors moved past Buffett's departure. Essilor Luxottica gained as AI glasses kept shining, and Alaska Air swung to a loss on fuel costs.
Energy & Commodities
Oil rose as Hormuz shipping risks persisted, though Middle East exports have climbed back to prewar levels at 24.6mn barrels daily. U.S. crude stockpiles fell more than expected by 3.1 million barrels, and the Trump administration will tap heating oil reserves ahead of the midterms. U.S. natural gas extended its decline on weaker heating demand. Nickel rallied past $16,000 on prospects of Indonesian output cuts, and the UK approved the Jackdaw gasfield, though analysts say it signals no broader revival. Dangote bought 25% of the Kenya Pipeline for $327 million. Gold fell as crude prices rose.
Deals & Corporate
Abbott will spin off its nutrition unit into an independent company, which sits at the centre of baby formula lawsuits. CVC is exploring a bid for Verisure just a year after its IPO. Getty filed for bankruptcy in a prepackaged process that will take it private. IFM Investors bought a majority stake in Associated British Ports, valuing it above £10bn. eBay will cut 9% of its workforce. Akzo Nobel is seeking to sell its European refinishing unit to clear its Axalta merger. Carrefour shares slumped more than 13% after it trimmed guidance citing French riots. Boeing's 737 Max 10 won FAA approval after a six-year delay. United Airlines forecast weaker earnings as jet fuel costs soared.
Policy & Geopolitics
Meta was ordered to pay $25 billion for deceiving users on privacy, and Joel Kaplan will step down as Meta's global affairs chief. Musk reportedly ordered a Starlink slowdown that crippled Ukraine's drones. Russia released American Stephen Hubbard from prison. Brad Lander was detained by the Israeli military in the West Bank. Macron criticised Trump over false claims about France. Ukraine's anti-graft agencies searched the central bank building. New Mexico sued Epstein's lawyer and accountant. Trump pledged $8 billion for farmers. Canada will provide billions to steel and auto sectors, while Alberta voted to stay in Canada.
Coming Up
Jio's $3.2 billion IPO tests India's market muscle, with anchor investors already committing $854 million. Anthropic is expected to bring another blockbuster listing to the Nasdaq.