Economic news moving markets.

Yield curve steepens to 34 basis points as Fed holds rates steady

The Federal Reserve kept its benchmark rate unchanged and called growth "strong," yet longer-term Treasury yields climbed as investors focused on inflation and deficit risks.

EU energy ministers meet as gas prices hit €100/MWh, diesel at records

European Union energy ministers gathered to address an energy price crunch ahead of winter, after natural gas touched 100 euros per MWh on Wednesday and diesel prices reached record highs.

Alphabet’s Q3 profit falls 25% to $26.2bn as equity losses weigh

Alphabet's net profit dropped 25% year-on-year to $26.2 billion in the third quarter, missing analyst estimates, after an $8.7 billion hit on equity investments including its SpaceX stake offset strong cloud growth.

ECB seen holding rate at 2.50% despite inflation near 3.8%

The European Central Bank is widely expected to keep its deposit rate at 2.50% on Thursday after two hikes earlier in 2026, even as eurozone inflation runs at 3.8%. The decision matters for EUR/USD, which has fallen toward 17-month lows.

Asia session: gold falls 0.86% as Fed hold and hawkish dissents lift dollar

Gold dropped 0.86% in Asia after the Fed held rates with two hawkish dissents, while Samsung's record profit failed to stop a 5% share slide.

World Bank raises 2027 copper price forecast 18% to $13,000 a tonne

The World Bank now expects copper to average $13,000 per tonne in 2027, up 18% from its April estimate, as new mine supply struggles to match demand from power grids and data centres.

PBOC fixes yuan at 6.7147, weaker than Reuters estimate of 6.6596

The People's Bank of China (PBOC) set the daily USD/CNY reference rate at 6.7147, softer than the 6.6596 level expected by a Reuters estimate, even as the yuan touched its strongest level since February 2, 2023.

UBS raises Brent 2026 year-end target to $110 a barrel

UBS lifted its Brent crude outlook for a second time this month, now pointing to $110 a barrel by the close of 2026 instead of $100, citing persistent tightness across Gulf supply.

CBA, ANZ now see RBA lifting cash rate to 4.85% on November 3

Commonwealth Bank of Australia and ANZ have switched to forecasting a fifth 2026 rate increase from the Reserve Bank of Australia next week, joining Westpac's existing call. Markets are now debating whether a further move follows in February.

Samsung profit jumps 780% to 107.4 trillion won, shares drop 5%

Samsung Electronics posted a record quarterly operating profit of 107.4 trillion won ($80.5 billion) on booming AI memory chip sales, yet its shares dropped more than 5% as chip-unit results missed estimates.

Euro holds above recent floor as ECB verdict nears

EUR/USD has climbed back toward 1.1150 after revisiting its October 14 trough near 1.1100 on Wednesday, breaking a five-day losing run ahead of Thursday's European Central Bank announcement.

Microsoft guides toward $170bn capex in fiscal 2027, vows to stay cash-flow positive

Microsoft's finance chief Amy Hood told analysts the firm expects roughly $170 billion in capital spending this fiscal year while still generating positive free cash flow, as she lifted her Azure growth forecast to 49-50%.

Alphabet drops over 9% after hours on search miss, $9bn cash burn

Alphabet shares fell more than 9% in after-hours trading as a shortfall in search advertising and negative free cash flow of around $9 billion outweighed Google Cloud revenue more than doubling.

Fed holds rates at 3.75%-4%, two policymakers dissent for a hike

The US Federal Reserve kept its benchmark rate unchanged in a 10-2 vote on Wednesday, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favor of a quarter-point increase.

PetroChina posts 21.6% profit jump to $7.78 billion despite output drop

PetroChina reported third-quarter net income of 51.84 billion yuan ($7.78 billion), up 21.6% year on year, as higher oil and gas prices offset falling crude production and weaker fuel sales.

Kazakhstan weighs six-month LPG export freeze from November 2026

Kazakhstan's energy ministry has drafted a measure that would halt road and rail exports of liquefied petroleum gas, propane and butane for six months beginning November 14, 2026, aiming to safeguard domestic fuel stocks.

UBS: sanctions reroute Russian crude, barely dent export volumes

UBS chief economist Arend Kapteyn finds that Russian crude export volumes sit only around 10% under pre-war figures, as sanctions have mostly shifted buyers rather than shrinking worldwide supply.

US crude stockpiles drop 1.9 million barrels, gasoline supplies jump

The US Energy Information Administration (EIA) reported a 1.892-million-barrel decline in crude oil inventories for the week ending October 23, against expectations of a small build, while gasoline stocks rose sharply.

QatarEnergy extends LNG force majeure to end of 2026

QatarEnergy has prolonged its force majeure on liquefied natural gas deliveries through December 2026, cutting term supply to Europe and Asia and pushing European gas prices to their highest level since the 2022 energy crisis.

Iran weighs $130 oil budget scenario as US blockade strands 50 tankers

Iranian media report that budget planners are considering a scenario of $130-a-barrel oil for the fiscal year starting March 2027, even as a US naval blockade has stranded at least 50 Iranian tankers in the Persian Gulf.