US inflation rises to 3.7% in September, above forecasts; bets on a US rate rise this month double, and South Korea's share index falls about 8%

The rest of the day

36 more stories on this beat.

Each with its own sources. None of these is a link to the story above.

1. 02

   CoreWeave's lenders ask for almost 15%

   CoreWeave, which rents out computers for AI, saw its shares fall 15.5% on Wednesday. [19] A bond it sold in June paying 9.625% a year now trades at a price that gives a new buyer about 15%. [9] Bloomberg said that is a level that usually marks a borrower in trouble. [18] CoreWeave has borrowed through $22 billion of bonds and $26 billion of loans. [9] Its boss told staff the market is acting 'irrationally'. [19]

   When sold, June9.63%

   This week15%

   Why it matters — A higher rate on its debt makes each new data centre cost CoreWeave more to build. [19] Traders bought nearly 200,000 contracts that pay out if its shares fall further. [20]

2. 03

   Dell falls 11% as Barclays doubts AI demand

   Dell, which makes computers and servers, fell 11% on Wednesday. [21] Barclays, a British bank, stopped recommending the shares of Dell, HPE and NetApp, three makers of data-centre equipment. [21] It said their strong sales came from a shortage of memory chips, whose higher price they passed on to customers, more than from businesses adopting AI. [21] Dell's shares had risen more than 300% this year. [21]

   Why it matters — Barclays found businesses spend only about 5% of their technology budgets on AI. [21] If memory prices fall back, the sales that lifted these shares could shrink. [21]

3. 04

   Anthropic's sales reach $16.8 billion

   Anthropic, the AI company that makes Claude, told possible investors its sales were $16.8 billion in the three months to September. [24][12] That was up from $11.6 billion the quarter before and $4.7 billion in the first quarter. [24] It said that, leaving out some costs, it made a profit in the quarter. [24] It plans to sell shares on the stock market, which is expected before the end of the year. [12]

   Jan-Mar$4.70bn

   Apr-Jun$11.60bn

   Jul-Sep$16.80bn

   Why it matters — Its sales are a gauge of whether the AI industry can pay for the buildings and chips it needs. [12] Chip and data-centre shares fell the same day on doubts about that spending. [12]

4. 05

   ASML raises its sales forecast again

   ASML, a Dutch company, is the only maker of the machines used to print the most advanced chips. [26] It raised its 2026 sales forecast to 44 to 45 billion euros, from 43 to 45 billion. [25] Its boss, Christophe Fouquet, said some customers want to order machines for 2029 and even 2030. [26] He said its planned output for 2027 and 2028 will not fully meet demand. [26]

   Why it matters — Chipmakers are still planning years of AI building. [26] ASML raised its forecast on the same day that AI shares fell on worries about how that building is paid for. [7]

5. 06

   Fannie Mae expects dearer US mortgages

   Fannie Mae, a big US mortgage company, now expects the 30-year fixed mortgage rate to average 7.4% in the last three months of 2026. [23] It expects 7.5% for all of 2027, up from a forecast of 6.7%. [23] The average rate was already 7.46% on Tuesday, by one daily count. [23] Signed contracts to buy existing homes were down 8.5% in September from a year earlier, Zillow, a US home-listing website, found. [23]

   Old forecast for 20276.7%

   New forecast for 20277.5%

   Why it matters — Mortgage rates loosely follow the ten-year US government borrowing rate, which has risen with oil prices and debt worries. [23] Mortgage rates also react to where lenders think inflation is going, not only to the US central bank's own rate. [23]

6. 07

   Morgan Stanley's share traders lift its profit

   Morgan Stanley, a big US investment bank, made $4.91 billion in the three months to September, more than analysts expected. [27] Revenue from trading shares rose 41% to $5.8 billion, as war and rate swings made investors reshuffle what they hold. [27] Its bond trading revenue fell 7%. [29] Its wealth arm took in a record $232 billion of new client money, about half of it from people at companies that had just listed. [28]

   Why it matters — Bank bosses said companies are still talking about deals, though rising bond rates may delay some. [72] Morgan Stanley's shares still fell on Wednesday. [8]

7. 08

   Bank of America has its worst day since April 2025

   Bank of America's profit fell 17% to $6.93 billion in the three months to September. [31] It took a $1.2 billion charge for US fines over failures to report suspicious money. [31][30] Its bond trading revenue fell 17%, and total revenue of about $30 billion missed forecasts. [30] Its shares closed down 4.7%, their worst day since April 2025. [30]

   Why it matters — The profit would have missed forecasts even without the fine, AP reported. [7] State Street, another US bank, fell 4.1% on weak revenue the same day. [7]

8. 09

   BlackRock now manages $15.5 trillion

   BlackRock, the world's biggest manager of other people's investments, made $1.66 billion in the three months to September. [32] That was up from $1.32 billion a year earlier. [32] The money it manages rose to $15.49 trillion, from $13.46 trillion. [32] That total sets much of what it earns in fees, so rising share prices feed into its income. [32]

   Why it matters — Rising bond rates and a US central bank that has started raising again now put the share rally behind those fees in question. [32]

9. 10

   BlackRock's boss warns against a data-centre pause

   Larry Fink, who runs BlackRock, said on Wednesday that a halt to building data centres in the US would cause a recession. [33] Local opposition to data centres has become an issue in the 3 November midterm elections. [33] Residents object to rising power bills, water use and damage to the land. [33] Wall Street analysts estimate AI building could pass $1 trillion in 2027. [33]

   Why it matters — Fink said so much of the US economy now rests on this building. [33] Torsten Slok, chief economist at Apollo, an investment firm, says AI building is drawing money, power and workers away from housing and cars. [22]

10. 11

    BlackRock lends $2.8 billion to Humana

    HPS, the lending arm of BlackRock, is lending about $2.8 billion to Humana, a big US health insurer, for senior-care clinics. [34] It is BlackRock's first deal in a kind of large company lending that Apollo, another big investment firm, has had to itself. [34] Apollo started that business in 2024 and made $800 million from it last year. [34]

    Why it matters — Firms that invest savers' money are now lending to big companies the way banks used to. [34] Their money can go where bank deposits could not after the rules tightened following 2008. [34]

11. 12

    US regulator says big banks turned customers away

    The Office of the Comptroller of the Currency, a US bank regulator, reviewed the nine biggest national banks it oversees. [36] It found that all nine used rules on 'reputation risk' with no clear standards, which could shut out customers for their politics or religion. [36][35] In one case a JPMorgan payments unit closed the accounts of sellers of Trump and conservative goods. [36] It fined no one, but may write new rules. [35]

    Why it matters — Trump ordered the review after saying banks cut him off, which the banks deny. [37][36] It came a day after Bank of America's $1.2 billion fine over money-laundering checks. [37]

12. 13

    Netflix cuts about 1,000 jobs

    Netflix said on Wednesday it will cut about 1,000 jobs, 6% of its staff, mostly in product, technology, legal and human resources. [38] They are its biggest cuts since 2022. [39] Its two bosses said the business is 'strong and growing' and on track for this year's forecast. [39] Its shares are down about 25% this year, as viewers spend more time on free sites like YouTube and TikTok. [39] They have fallen 42% over the past 12 months. [40]

    Why it matters — Netflix reports its quarterly results on 20 October. [38] An analyst at eMarketer, a research firm, said its subscription business may be nearing a ceiling, and it has not found another big source of income. [39]

13. 14

    Lufthansa wins a stake in TAP

    Portugal's government chose Lufthansa, the German airline group, to buy 44.9% of TAP, Portugal's national airline. [41] Lufthansa pays 1.2 billion euros in this first stage, and the state keeps 50.1%. [41] Prime Minister Luis Montenegro said its offer was 16% higher than the rival bid from Air France-KLM, the French and Dutch airline group. [41] Lufthansa will run the airline day to day. [41]

    Why it matters — The deal values TAP at about 2.55 billion euros, far above earlier estimates, the prime minister said. [41] Lufthansa also plans a 500-million-euro pilot school in Portugal. [41]

14. 15

    Jio sets its share price at a lower value

    Jio Platforms, India's biggest phone network and part of Reliance Industries, will sell shares from 21 to 23 October at 1,065 to 1,119 rupees each. [42] That raises up to $3.2 billion, India's biggest share sale ever in rupees. [42][43] At the top price Jio is valued at about $108 billion, much lower than expected. [42] The sale is about 14% smaller than in its draft papers. [43]

    Why it matters — Investors seem unconvinced by Jio's pitch that it is a technology company and not just a phone network. [42][44] Its shares are due to start trading on 28 October. [43]

15. 16

    Fairfax to buy most of IDBI Bank

    India's cabinet approved selling 60.72% of IDBI Bank, a lender the state controls, to Fairfax Financial for 528.77 billion rupees. [45] Fairfax is a Canadian company founded by Prem Watsa, an Indian-born billionaire. [45] India's government and LIC, the state life insurer, each sell about 30% and will keep 34% between them. [45][46] It is one of the biggest foreign investments in an Indian bank. [46]

    Why it matters — India's government has tried to sell IDBI since at least 2022. [46] The sale comes as the war in the Middle East strains its budget and weaker foreign inflows press on the rupee. [46]

16. 17

    Foreign money keeps leaving India's shares

    Foreign investors have sold Indian shares for 14 trading days in a row, taking this year's outflow to a record $32.7 billion. [47] Higher US rates make markets like India's less attractive to them. [47] India's central bank raised its main rate to 5.5% last week, its first rise in nearly four years. [48] PIMCO, a big US bond investor, expects about 0.75 percentage points of rises in all, less than markets are betting on. [48]

    Why it matters — PIMCO said conditions at home were the main reason India raised rates, but US rate rises and steadying the rupee also played a part. [48]

17. 18

    India tightens rules for small company listings

    The Securities and Exchange Board of India, the market regulator, proposed new rules for small firms that sell shares to the public. [49] A firm would need average yearly operating profit of 30 million rupees over three years, up from 10 million in two of the last three. [49] A firm that fails the test could still list if big institutions take at least 75% of the shares on offer. [49] Comments are due by 4 November. [49]

    Why it matters — Big investors would get more say over which small firms list. [49] They could also sell a larger part of their own holdings in a listing. [49]

18. 19

    India keeps curbs on Rajesh Exports' boss

    India's market regulator confirmed its curbs on Rajesh Exports, an Indian gold company with a Swiss subsidiary called Valcambi, and on its managing director, Rajesh Mehta. [50] Mehta may not trade the company's shares until further notice. [50] The regulator alleges that about 15 trillion rupees of revenue was misrepresented between 2020-21 and 2024-25, 99.8% of what its subsidiaries reported. [50] It says this is not yet a final finding. [50]

    Why it matters — The regulator said the gap raises doubts about whether the company's reported sales can be checked or trusted. [50] It told a new forensic auditor to finish quickly. [50]

19. 20

    BHEL's profit more than doubles

    Bharat Heavy Electricals, a state-owned Indian engineering company, made a profit of 8.1 billion rupees in the three months to September. [51] That was up 120% from 3.68 billion rupees a year earlier. [51] Its revenue rose 23.8% to 93 billion rupees. [51] Its shares rose 5% to a record high on Wednesday. [51]

    Why it matters — Its board also approved about 5 billion rupees for new factory space to make equipment for nuclear power plants and plants that burn fuel. [51]

20. 21

    IMF tells the US to cut its deficit

    Kristalina Georgieva, head of the International Monetary Fund, said in Bangkok that the US cannot grow its way out of its debt. [52] She said tax or spending changes are needed. [52][53] US national debt is more than $40 trillion. [53] She called the US and European countries the 'worst offenders' on debt, and said China should rely less on exports. [52]

    Why it matters — High borrowing rates in rich countries spill over to poor countries that already have to borrow less. [52] Rodrigo Valdes, who runs the IMF's budget department, said fiscal risks are rising and the response is 'largely absent'. [53]

21. 22

    Britain calls for help on poor countries' debts

    Ed Miliband, Britain's foreign secretary, was due to tell a meeting in Bangkok on Wednesday that the world's financial system is failing developing countries on debt. [54] He planned to ask the World Bank and other development banks to use their own finances to let those countries repay over longer periods, at better rates. [54] He pointed to the 2005 Gleneagles summit, which followed the Make Poverty History campaign. [54]

    Why it matters — Nearly four in five African countries spend more on interest than on health or education, the World Bank said last week. [55] Higher rates in rich countries make those payments bigger. [52]

22. 23

    IMF raises Africa's growth forecast to 4.5%

    The IMF raised its 2026 growth forecast for sub-Saharan Africa to 4.5%, from 4.3% in July. [55] That keeps the region among the fastest-growing in the world. [55] Nigeria, Africa's biggest oil producer, got a higher forecast of 4.2%. [55] South Africa, the biggest economy, is expected to grow more than four times slower than the region. [55]

    Why it matters — Oil sellers like Nigeria earn more from the war's high prices. [55] Countries that import fuel pay more for it and grow more slowly. [55]

23. 24

    Malawi cracks down on fuel hoarders

    Malawi began a nationwide crackdown on fuel hoarders and black-market sellers. [56] Truckers have queued for up to a week, and bus fares have doubled on some routes. [56] The country lacks the dollars to buy fuel abroad, and its central bank has sold gold to pay suppliers. [56] Pump prices are above $3 a litre, among the highest in Africa. [56]

    Why it matters — Malawi has gone back to the IMF for a rescue loan. [56] It shows how oil above $100 a barrel hits poor countries that import their fuel and have little in reserve. [56]

24. 25

    Saudi fund plans to drop five World Cup stadiums

    Saudi Arabia's Public Investment Fund, the state's main investment fund, plans to drop five new stadiums it proposed for the 2034 men's football World Cup. [57] People familiar with the plan told this to Semafor, a news site. [57] It would build three new ones instead, leaving 10 stadiums for the tournament. [57] One dropped site is at NEOM, a desert mega-project where work on its giant building has largely stopped. [57] The plan could still change. [57]

    Why it matters — The fund is cutting spending on some of its biggest projects at home. [57] Several of the dropped stadiums were tied to property projects that have been halted or slowed. [57]

25. 26

    Diesel shortage to last into 2027, IEA says

    The International Energy Agency said on Wednesday that the world's diesel shortage will last into the second half of 2027. [58] World diesel exports fell by 700,000 barrels a day in September from a year earlier, as supply from Russia and the Middle East dropped. [58] Wholesale diesel reached record prices of about $220 a barrel in Europe and the US. [58] It has more than doubled in price since the start of 2026. [60]

    Why it matters — The agency said record diesel prices are raising the cost of goods and hurting people's real incomes. [59] Refiners outside the war zone are set for record profits from the shortage. [59]

26. 27

    Oil slips as the US weighs easing tanker sanctions

    Brent crude, the main world oil price, fell $1.39 to $104.67 a barrel early on Thursday. [61] The US is considering easing sanctions on 'shadow fleet' tankers that carried Russian, Iranian and Venezuelan oil, to cut shipping costs. [61] Gulf oil exports recovered to about 75% of pre-war levels in September, the IEA said. [61] Russia's crude output rose by 65,000 barrels a day in September, to 8.43 million. [61]

    Why it matters — US crude stocks fell by 11.1 million barrels in a week, far more than expected, yet prices barely rose. [61] Haitong Futures, a Chinese broker, said that shows investors are wary of chasing prices higher. [61]

27. 28

    World's biggest copper mine avoids a strike

    Escondida in Chile, the world's largest copper mine, run by the mining company BHP, avoided a strike. [62] Copper prices slipped on the news, after nearing a record high. [62] Two unions at Centinela, another Chilean mine owned by the mining company Antofagasta, have been on strike for about a week. [62] Chile had its worst month for copper output in more than 15 years in August. [62]

    Why it matters — Copper goes into power grids and data centres, and a stoppage would have tightened supply further. [62]

28. 29

    Lisa Cook's lawyer says her hearing must wait

    Lisa Cook, a governor of the US central bank, faces an inquiry set up by Trump that could lead him to fire her. [63] Her lawyer, Abbe Lowell, wrote that the hearing set for 5 November cannot happen before December. [63] He said she will be at meetings in Europe that day, and that the three-member committee is biased. [63] Trump has called her an 'automatic no vote'. [63]

    Why it matters — The case tests whether a president can remove a central banker who disagrees with him on rates. [63] The US Supreme Court blocked Trump's first attempt in late June. [63]

29. 30

    Anduril valued at $90 billion

    Anduril, a US maker of military drones and weapons software, will let staff sell shares at a price that values it at about $90 billion. [64] Employees can sell at $94.80 a share until 9 November, up to $1.3 billion in all. [64] The company was valued at $61 billion in May, when it raised $5 billion. [64]

    Why it matters — Its value has risen by about half in five months, as the US government spends more on defence technology. [64]

30. 31

    Hong Kong halts a tea chain's shares

    Hong Kong's securities regulator ordered trading in Sichuan Baicha Baidao, a Chinese tea-shop chain, to stop. [65] It cited 'serious concerns' that demand for the chain's 2024 share sale was faked. [65] The chain raised about $330 million when it listed. [65] It said it is seeking legal advice and its shops are running normally. [65]

    Why it matters — Share sales have become a main focus for Hong Kong's regulators this year. [65] Banks have been told to choose better companies to bring to market. [65]

31. 32

    Central bankers warn scams threaten trust in money

    Andrew Bailey, governor of the Bank of England, and the IMF's Kristalina Georgieva warned in Bangkok that online fraud could weaken trust in the financial system. [66] Georgieva said people might opt out and keep cash at home, as she once kept dollars in a shoebox. [66] The IMF and World Bank also launched a guide to fighting scams. [67] Thailand's finance minister said fraud costs the world about $1 trillion a year. [67]

    Why it matters — Asia had 67% of the world's fraud losses in 2024, Thailand's central bank governor said. [67] Georgieva said fraud threatens the gains of digital banking, which let people with no bank account use the financial system. [67]

32. 33

    Mercedes boss warns against shutting out the UK

    Ola Kallenius, head of Mercedes-Benz, the German carmaker, warned that leaving the UK out of the EU's planned 'Made in Europe' law would hurt carmakers on both sides. [68] The law would favour goods made in the EU, mainly to counter competition from China. [68] He spoke as head of Europe's carmakers' group, weeks before EU leaders hope to agree the law. [68]

    Why it matters — He called shutting out the UK 'a deliberate choice' to weaken the EU's own industry. [68] Norway, Turkey and Switzerland could be caught by the law too. [68]

33. 34

    India's trade gap with China passes $100 billion

    India bought $125.19 billion of goods from China in the first nine months of 2026, Chinese customs figures showed on Wednesday. [69] It sold China $19.26 billion, up 40.7%. [69] That leaves a gap of $105.93 billion, on course to beat last year's record of $116.12 billion. [69]

    Why it matters — Indian officials say they worry less about the size of the gap than about what India buys and how hard it is for Indian firms to sell in China. [69]

34. 35

    Malaysia's ringgit helped by exporters' dollars

    Malaysian companies' deposits in foreign money fell 8.6% in August to 308 billion ringgit, the sharpest monthly drop since 2010. [70] Analysts read that as exporters, earning from chip sales, swapping dollars into ringgit. [70] Malaysia's exports rose 45% in August from a year earlier. [70] BNP Paribas, a French bank, expects the ringgit to strengthen to 3.90 per dollar by June 2027, from about 4.08. [70]

    Why it matters — Malaysia's central bank has been urging firms to bring their foreign earnings home. [70] The ringgit is Southeast Asia's second-best performing currency this year. [70]

35. 36

    Goldman finds Chinese goods often get dearer abroad

    Goldman Sachs, a US bank, studied 40 companies in 11 industries to see how Chinese firms win sales abroad. [71] It found Chinese products usually enter a market about 30% cheaper than rivals, then often raise prices as their quality improves. [71] Chinese robot vacuum cleaners entered the US at a 40% discount and now sell at a 60% premium. [71]

    Why it matters — That cuts against the fear that Chinese exports will keep pushing prices down abroad. [71] Price cuts usually come later, from rivals trying to defend their share. [71]

36. 37

    Bitcoin falls with shares

    Bitcoin fell as much as 2.3% on Wednesday, to around $81,500, as investors pulled back from risky bets after the US price figures. [73] It is still more than 30% below its record high. [73] A survey by CryptoQuant, a data firm, showed 84% of crypto analysts were optimistic, up from 37%. [73]

    Why it matters — The analysts' optimism did not stop the fall once US rate rises looked likelier. [73]