Indonesia's main share index falls 11%, its worst day since 1998, after MSCI proposes dropping it from the share lists global funds copy, and freezes changes for Turkey

The rest of the day

42 more stories on this beat.

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

1. 02

   US wholesale prices jump 1.3%

   US producer prices, what businesses charge each other before goods reach shops, rose 1.3% in September, the US Labor Department said on Thursday. [7] That was more than twice the 0.6% economists expected, and the biggest monthly rise since March 2022. [6] Over a year they were up 6.3%, led by a 20% jump in petrol prices. [8] Without food, energy and trade services, prices still rose 0.5%, so the rise is wider than fuel. [8]

   Expected0.6%

   Actual1.3%

   Why it matters — Economists use these figures to estimate the US central bank's favourite inflation measure, now expected to rise 0.32% for September. [8] Futures traders put a 91% chance on at least one more US rate rise by December. [8]

2. 03

   US shops sell more, layoffs stay low

   US retail sales rose 0.8% in September, double the 0.4% economists expected, government data showed on Thursday. [6] Much of the rise was petrol: without cars and petrol stations, sales grew only 0.25%, down from about 1.1% in August. [6] The same week 199,000 people made new claims for unemployment benefits, close to historic lows. [9] Employers are keeping workers but hiring little, which AP calls a low-hire, low-fire job market. [9]

   Why it matters — Axios said the week's data shows little sign that price pressures are fading on their own. [10] Spending on everything except fuel is slowing, a sign that dear petrol is squeezing other purchases. [6]

3. 04

   Warsh gives no hint before the vote

   Kevin Warsh, who chairs the US central bank, spoke on Friday at the yearly meetings of the IMF and World Bank in Bangkok, Thailand. [11] He would not say whether the bank will raise rates again at its 27-28 October meeting, saying he does not prejudge meetings. [11] The bank raised its rate to 3.75%-4% in September, its first rise since 2023. [11] Goldman Sachs economists expect a pause in October and a final rise in December. [11]

   Why it matters — A blackout on comments by the bank's officials starts after Friday, so the week's hot price data is the last big clue markets get before the vote. [11] Traders put the chance of no change in October at 72.3%. [11]

4. 05

   Investors run back to bonds and gold

   The rate on ten-year US government bonds fell about 10 basis points to 5.09% on Thursday, its biggest daily drop in more than a year. [14] One basis point is 0.01 percentage points. [12] Investors bought government bonds for safety as AI and chip shares fell, even though price data that day was hot. [13] Gold rose as much as 1.4%, back above $4,150 an ounce. [17] Gold pays no interest, so it gains when bond rates fall. [17]

   Why it matters — US mortgage rates follow the ten-year rate. [33] One day's fall leaves most of the rise since late February in place, when the ten-year rate climbed 1.23 percentage points. [33]

5. 06

   The dollar has its worst day in a month

   The dollar fell 0.3% against other big currencies on Thursday, its biggest drop since 3 September, and about 1% against the Swiss franc. [15] Traders said money leaving AI shares went into US government bonds, which lowered US rates and made the dollar less attractive to hold. [15] The euro rose from a 17-month low to about $1.12. [16] Over the five weeks before, it had lost more than 3% on worries about France's debts and a winter energy squeeze. [16]

   Why it matters — Brent Donnelly of Spectra Markets, a trading adviser, said the US economy now leans so hard on AI spending that trouble there weighs on the dollar. [15] Sterling also rose this week, helped by news that Britain's economy grew in August. [16]

6. 07

   Australia's job losses cool rate bets

   Australia lost jobs in September and its unemployment rate rose, figures showed on Thursday. [44] Traders cut their bets that the Reserve Bank of Australia, the country's central bank, will raise rates again. [44] The Australian dollar fell as much as 1.1% to 68.94 US cents, its lowest since early July. [44] Its rate rises this year add up to one percentage point, the latest in September. [44]

   Why it matters — Tim Baker of Deutsche Bank said the rise in unemployment suggests the bank may have raised rates enough and is now slowing the economy. [44] A CIBC strategist said the data points to no change at the November meeting. [44]

7. 08

   TSMC earns a record for a sixth quarter

   TSMC, the Taiwanese company that makes most of the world's most advanced chips, reported record profit for a sixth quarter in a row on Thursday. [18] It expects revenue in October to December to be 58% higher than a year earlier. [18] Nvidia, AMD, Apple, Google and others compete for space on its factory lines, and its North American head gets at least 10 calls a day about it. [18] Its shares still slipped 0.4% on Friday. [3]

   Why it matters — US tech giants plan well over $700 billion of spending on buildings and equipment this year. [18] A Mizuho analyst said TSMC's limited room to make more chips could hold back the AI firms' plans. [18]

8. 09

   Chip shares bounce after a $1 trillion week

   The biggest chip companies lost more than $1 trillion of stock-market value this week. [19] SK Hynix fell 26% in five days and Samsung 22%, after CXMT, China's leading memory-chip maker, announced a denser memory design. [20] Some analysts doubt CXMT can make it in volume, and Ben Barringer of Quilter Cheviot asked what share of its chips would actually work. [20] On Friday South Korea's main index rose 3.3%, after a fall of almost 8% on Thursday. [3]

   Why it matters — SK Hynix and Samsung make up more than half of the value of South Korea's main index, so a chip sell-off moves the whole market. [19] A Korean newspaper column quoted industry figures warning of a flood of new memory supply by 2029. [20]

9. 10

   Insurance against AI defaults gets dearer

   Insuring $1 million of CoreWeave's bonds against default for five years now costs about $100,000 a year, against under $40,000 a year ago. [21] CoreWeave rents out computers for AI and has taken on more than $51 billion of debt and obligations. [22] A buyer of one of its bonds now earns 15.78% a year. [22] Insurance on Oracle, a big US software and cloud company, rose 12% in a week, to $28,000 a year per $1 million. [21]

   A year ago$40,000

   Now$100,000

   Why it matters — The cost is rising most for the firms that borrowed most to build AI, which means lenders think a default there is more likely. [21] The head of DBS, Singapore's biggest bank, said that after chips and power, money may be the next thing AI runs short of. [23]

10. 11

    Anthropic investors discuss $1.5 trillion, not $2 trillion

    Some investors in Anthropic, the AI company that makes Claude, discussed valuing it at about $1.5 trillion for its share sale in November, four people told Reuters. [24] They had expected about $2 trillion. [24] Anthropic told them its revenue rose 45% to $16.8 billion in July to September, and that it was profitable by its own adjusted count. [24] Some were disappointed because revenue had more than doubled the quarter before. [24]

    Why it matters — Investors see the share sale as a test for the whole AI market, ahead of a possible OpenAI listing next year. [24] SB Energy, a data-centre company, has already delayed its own listing. [24]

11. 12

    Buyout owners borrow to pay themselves

    Private-equity funds, which buy whole companies with investors' money, are making those companies borrow more so the funds can pay cash back to their investors. [25] The usual ways out, selling the company or listing it on a stock market, have been scarce. [25] Moody's, a credit-rating agency, estimates such firms in Europe, the Middle East and Africa could borrow another EUR41bn before reaching debt levels that usually lead to a downgrade. [25]

    Why it matters — Funds now hold companies longer than the usual five or six years. [25] The extra debt can leave those companies less able to invest or survive a downturn. [25]

12. 13

    Buyout firms take CCC private for $6.1bn

    CCC Intelligent Solutions, which makes claims software for insurers, agreed on Thursday to be bought for $6.1 billion by a group led by GTCR and including Elliott, two private investment firms. [26] Shareholders get $7.75 a share in cash, 44% above the price before Reuters reported in July that a sale was being explored. [26] Its shares had fallen on slowing growth and fewer insurance claims. [26] The deal should close in early 2027. [26]

    Why it matters — CCC was owned by another buyout firm, Advent, until 2025, so it goes back into private hands a year after leaving them. [26]

13. 14

    BNY's profit beats forecasts

    BNY, the world's biggest custodian bank, which holds and looks after investments for other firms, said revenue rose 12% to $5.7 billion in July to September. [27] Profit per share rose 24% to $2.37, above the $2.27 analysts expected. [27] It was the bank's 15th quarter in a row of revenue growth, and it raised its forecast for the year. [27] Its shares rose more than 3% on Thursday. [27]

    Why it matters — Both the fees it charges and the interest it earns beat forecasts, in a week of heavy selling in AI shares. [27]

14. 15

    Emergency oil release grows past 400m barrels

    The International Energy Agency, which coordinates emergency oil stocks for its member countries, said on Thursday that they will release more than the 400 million barrels agreed in March. [28] Members promised to speed up the last 100 million barrels or so, including over 20 million barrels of diesel. [28] Brent crude, the main world oil price, traded around $105 a barrel this week. [29]

    Why it matters — US diesel is near a record, at about $6.29 a gallon, AAA data shows. [29] Diesel fuels ships and other transport, so a faster diesel release aims at the fuel whose price is hurting most. [29]

15. 16

    Shipping a barrel costs 15 times more

    Hiring a supertanker in the Gulf now costs over $200,000 a day, against about $50,000 in late 2025, by Fearnpulse's count. [29] A trip from the Gulf to East Asia costs over $30 a barrel, up from under $2 this year, BCA Research estimates. [29] A supertanker was hired from the US Gulf Coast to China last week for $76 million, about $38 for each barrel it carries, CNBC's Brian Sullivan reported. [30] About 20 oil tankers were lost in two weeks, one count says. [29]

    Start of 2026$2

    Now$30

    Why it matters — A buyer pays for the oil and for the trip, so fuel can stay dear even when the oil price on screen falls. [30] Shipowners' shares have risen with the rates. [30]

16. 17

    Ship fuel stays scarce, Vitol says

    Vitol, one of the world's biggest oil traders, said heavy fuel oil for ships is still scarce. [31] Exports of it through Hormuz, the Gulf's sea exit, are down at least 800,000 tonnes a month from February, its Asia head Kieran Gallagher said. [31] Attacks on Russian refineries cut another 1 million tonnes a month. [31] The extra price paid for that fuel in Asia was near $50 a tonne this week, against $5.10 in February. [31]

    Why it matters — Producers are paying higher freight and risk charges to keep fuel moving, because their governments' budgets depend on the oil money, Gallagher said. [31]

17. 18

    US Treasury hits back at the IMF

    David Zervos, a new adviser to the US Treasury Secretary, said on Thursday that the IMF should check its own forecasting record before criticising US policy. [32] The IMF's head, Kristalina Georgieva, had said strong growth will not be enough to put US debt on a safe path. [32] US government debt has passed $40 trillion, and this year's deficit is about $2 trillion. [32][33] Zervos listed IMF forecasts that went wrong, from 2008 to Argentina. [32]

    Why it matters — Long-term rates above 5% and a $2 trillion deficit threaten to make the debt problem worse, CNBC's analysis says. [33] The IMF, which lends to countries in trouble, has given France a similar warning. [32]

18. 19

    France's central bank backs a 3% deficit goal

    Emmanuel Moulin, governor of the Bank of France, said on Thursday that France can cut its budget deficit to 3% of its economy by 2029. [34] It was 5.1% last year, and the EU has put France under its procedure for countries that overspend. [34] He said higher interest costs add about EUR10bn a year to the task. [34] He blamed rising French borrowing costs on doubts that a budget will pass, not on the public finances. [34]

    Why it matters — Worries about France's debts helped push the euro to a 17-month low this month. [16] Moulin said passing a budget that keeps the deficit at 5% would reassure lenders. [34]

19. 20

    UK chancellor to tax banks more

    John Healey, the UK's chancellor, its finance minister, plans to raise taxes on banks in his 28 October budget, the Guardian reported and bank bosses told the BBC. [35][36] One option is to raise the extra tax on bank profits back to 8% from 3%, which could bring in about GBP2bn a year. [36] The four biggest UK banks made about GBP15bn of profit in the first half of this year. [36] Lloyds fell about 1.9% and NatWest 1.6% early on Friday. [35]

    Why it matters — Higher interest rates have widened the gap between what banks charge borrowers and pay savers, and former banker Philip Augar said that leaves room for a moderate rise. [36] UK Finance, the banks' trade body, warned that more tax would discourage investment and jobs. [36]

20. 21

    UK economy grows when it was meant to shrink

    The UK economy grew 0.1% in August, when analysts had expected a small fall, the Office for National Statistics said on Thursday. [37] Over the three months to August it grew 0.7%, with computer programming the biggest help. [37] Factories and energy grew in August, services were flat and building shrank. [37] The statistics office also raised its figure for June's growth to 0.4%. [37]

    Why it matters — Healey called it a sign of resilience two weeks before his budget. [37] Capital Economics' Paul Dales said the economy is coping with dearer energy and borrowing better than expected. [37]

21. 22

    Thames Water asks for GBP2.4bn more

    Thames Water, the UK's biggest water company, asked its lenders on Thursday for another GBP2.4bn. [38] It said it would otherwise run out of cash at the end of 2026 or early in 2027. [38] Its debts are about GBP20bn, and it has used GBP2.65bn of a GBP3bn loan its lenders gave last year. [38] The lenders, led by US funds such as Elliott and Silver Point, propose writing off GBP9.6bn of loans in a rescue. [38]

    Why it matters — Thames serves 16 million people in London and the Thames valley. [38] The rescue needs Ofwat, the water regulator, to let Thames pay penalties in advance under special rules, which the UK government has found hard to accept. [38]

22. 23

    UK minister may step into Sky's ITV deal

    Lisa Nandy, the UK culture secretary, said on Thursday she is minded to intervene in Sky's GBP1.6bn purchase of ITV's channels and streaming service. [39] Sky is owned by Comcast, a US media giant, and the deal would create the UK's biggest commercial broadcaster. [39] The companies have five days to respond. [39] If she steps in, Ofcom, the media regulator, and the Competition and Markets Authority will investigate. [39]

    Why it matters — Few in the TV industry expect the deal to be blocked, as broadcasters merge to compete with Netflix and YouTube. [39]

23. 24

    US bill targets banks' Epstein links

    US lawmakers from both parties, led by Senator Elizabeth Warren and Representative Robert Garcia, introduced a bill on Thursday called the Epstein Wall Street Records Act. [40] It would make regulators such as the US central bank and the Securities and Exchange Commission investigate finance firms and bosses linked to Jeffrey Epstein, the late sex offender. [40] Those found at fault could be fined or banned from US finance. [40] Warren also criticised Barclays over how it checked its former boss Jes Staley. [40]

    Why it matters — Regulators would also have to publish their records on Epstein and his associates and pass any possible crimes to the US Justice Department. [40]

24. 25

    UniCredit cleared to take over Commerzbank

    UniCredit, an Italian bank, said on Thursday that the European Central Bank has allowed it to own more than 30% of Commerzbank, a big German bank, with no upper limit. [41] It expects to hold about 50% of the votes by the end of the year and take control. [41] Commerzbank is valued at EUR35bn. [41] The German government, which still owns about 12% of it, has resisted the takeover. [41]

    Why it matters — UniCredit says joining Europe's split-up banks will help them compete with bigger US rivals. [41] Germany's finance minister has asked for guarantees that Commerzbank keeps lending to German firms. [41]

25. 26

    Norway's fund may buy nuclear-arms makers

    A commission set up by Norway's government proposed on Thursday that the country's EUR2 trillion wealth fund, the world's largest, be allowed to buy shares in some makers of nuclear weapons again. [42] The fund now excludes 14 such companies, including Airbus, BAE Systems, Boeing, Lockheed Martin and Safran. [42] The change would cover firms from nuclear-armed NATO allies of Norway. [42] Comments are open until 15 January, and parliament decides next spring. [42]

    Why it matters — Finance minister Jens Stoltenberg, a former NATO head, called it a paradox that the fund cannot own firms crucial to Norway's security. [42] Some parties on the left oppose the change. [42]

26. 27

    SEB pays $33m over Baltic checks

    SEB, a Swedish bank, agreed to pay $33 million to New York's financial regulator after a review of its checks against money laundering in its Baltic branches from 2015 to 2019. [43] The US Justice Department ended its own review without action. [43] SEB said this closes its US cases on the matter. [43] It will book the cost in its October to December quarter. [43]

    Why it matters — SEB said the payment will have only a limited effect on its finances, and its cost target for the year is unchanged. [43]

27. 28

    Hybe jumps on BTS's world tour

    Shares in Hybe, the South Korean company behind the band BTS, rose 10% on Friday. [45] iM Securities, a Korean broker, expects its revenue for July to September to more than double, to 1.5 trillion won, about $1.1 billion. [45] Concert sales should nearly triple, as about 3 million people went to its acts' shows. [45] For the first time, more than 70% of that audience was in Western countries. [45]

    Why it matters — Hybe rose far more than South Korea's main index, which gained 2.9% the same day. [45]

28. 29

    Ethiopia joins Africa's own payment system

    Ethiopia's central bank has joined PAPSS, the Pan-African Payment and Settlement System, the platform said on Thursday. [46] PAPSS lets firms in different African countries pay each other in their own currencies. [46] That skips the US dollar and the foreign banks that such payments used to pass through. [46] It started in 2022 with 10 banks and now has more than 150, in over 15 countries, though not South Africa. [46]

    Why it matters — Cutting the cost of payments between neighbours is meant to support the African free trade area. [46] Ethiopia's central bank governor, Eyob Tekalign, called it a step to modernise the country's financial system. [46]

29. 30

    US wants Senegal's debt deal within a year

    Erin Browne, the US Treasury's under-secretary for international affairs, said on Thursday that the US wants Senegal's debt restructuring finished in under a year. [47] Senegal has been in a debt crisis since 2024, when it found debts the previous government had hidden. [47] It is using the G20 Common Framework, a process set up in 2020 to help poor countries rework their debts. [47] The IMF said the day before that it is optimistic a deal can be reached. [47]

    Why it matters — Earlier cases under the same process, in Zambia and Ghana, were criticised for taking years. [47]

30. 31

    India drops a two-month-old closing rule

    Sebi, India's market regulator, on Thursday scrapped the closing auction it brought in two months ago for the days when derivative contracts, bets on the price of a share or index, are settled. [48] The auction caused abrupt price swings, and too few buyers and sellers turned up. [48] The closing price on those days will again be the average of the last 30 minutes of trading, weighted by how many shares changed hands. [48]

    Why it matters — Settlement days are Tuesday for Nifty options and Thursday for Sensex options, so the rule sets the price at which those bets are paid out. [48]

31. 32

    Indian funds stop big gold orders

    Several big Indian fund houses, including Kotak Mahindra, UTI and HDFC, stopped taking large new orders for their gold funds late on Thursday. [49] The halt followed talks with Sebi, the market regulator, a fund executive and two bullion officials told Reuters. [49] It comes just before the festive season, when demand for gold usually rises. [49] India imports most of its gold. [49]

    Why it matters — The rupee is under pressure from dear oil and foreign selling of Indian shares, and buying gold abroad adds to it. [49] Gold imports fell to $1.8 billion in September from $2.3 billion in August. [49]

32. 33

    IDBI Bank shares swing 9% and 8%

    Shares of IDBI Bank, an Indian lender, rose 8.98% on Wednesday and fell 8.1% on Thursday. [50] On Wednesday India's cabinet approved selling a 60.72% stake, owned by India's government and Life Insurance Corp, a state insurer, to Fairfax Financial, a Canadian group. [50] After the sale the two will still hold 34%, so between them they owned about 95% before it. [50] A Mint analysis found the shares often rise on Wednesdays, when the cabinet meets. [50]

    5 of 100

    shares not held by India's government or LIC

    Why it matters — Hitesh Tailor of Choice Broking said the Wednesday pattern comes from a few big news days rather than a steady habit. [50]

33. 34

    Indian software firms beat forecasts

    Tech Mahindra's shares rose 7% on Friday after its profit for July to September jumped 32.7% from a year earlier. [51] Its revenue rose 15.6%, and it declared a dividend and one free share for each share held. [51] Infosys and Wipro rose over 3.5%. [51] Wipro's own profit fell 2%, but it has paid shareholders 2.6 times its six-month profit through a share buyback and dividends. [52]

    Why it matters — The Nifty IT index, which tracks India's software firms, rose nearly 2% on a day when India's main shares were slightly down. [51]

34. 35

    Taiwan's fund managers quit to trade

    Fund managers and analysts in Taiwan are leaving their jobs to trade their own money, because local rules bar them from owning single stocks. [53] Taiwan's main share index has risen 62% this year, the best of any major market, adding about $1.8 trillion of value. [53] Fewer than half of the 20 largest local share funds have kept the same manager for more than three years, by MoneyDJ's count. [53]

    Why it matters — Many of them move to less-regulated trading firms that let staff trade for themselves. [53] Memory and circuit makers such as Nanya Technology have more than doubled in 2026. [53]

35. 36

    Harvard's endowment gains 27%

    Harvard University's endowment, the investment fund that pays for much of its work, returned 27.1% in the year to June, its best year since 2021. [54] It now holds nearly $68 billion. [54] Its biggest holding is a $2.2 billion stake in SpaceX, Elon Musk's rocket company. [54] Federally funded research income fell 19.5% to $509 million. [54]

    Why it matters — A US tax on Harvard's investment income rises from 1.4% to 8% this year, which takes a larger cut of future gains. [54]

36. 37

    KFC swaps Pepsi for Coca-Cola

    KFC's US restaurants will switch from PepsiCo drinks to Coca-Cola next year, its owner Yum Brands said on Thursday. [55] KFC has served Pepsi drinks in the US since PepsiCo bought the chain in 1986, and kept them after it was spun off. [55] Before that deal, KFC was Coca-Cola's second-largest fountain-drink customer after McDonald's. [55] The chain is trying to win back diners who left for Chick-fil-A and Popeyes. [55]

    Why it matters — KFC's US president called the switch a critical step in the chain's comeback plan. [55]

37. 38

    Netflix replaces its content chief

    Netflix said on Thursday that Bela Bajaria, its chief content officer, will leave after nearly ten years. [56] She will be replaced on 26 October by Peter Rice, who ran Disney's cable channels, news and live sport. [56] Bajaria had focused on Netflix's push into live sport. [56] Co-chief executive Ted Sarandos called Rice one of the industry's most effective operators. [56]

    Why it matters — Rice will run all of Netflix's series, films and live events worldwide. [56]

38. 39

    Supermicro names a new finance chief

    Super Micro Computer, which builds servers for AI and works closely with Nvidia, named Mark Long its chief financial officer on Wednesday. [57] It had promised a new one in December 2024, after an internal investigation. [57] In March, US prosecutors charged co-founder Wally Liaw over $2.5 billion of servers with export-controlled Nvidia chips allegedly sent to China. [57] Long was finance chief at Western Digital, a data-storage company. [57]

    Why it matters — Fortune said the hire is meant to rebuild trust with investors who have doubted the company for two years. [57]

39. 40

    Ex-White House crypto adviser's firm took Tether money

    Bo Hines helped shape a US law on stablecoins, digital tokens tied to the dollar, while a firm he part-owned was paid by Tether, the biggest stablecoin company, the Wall Street Journal found. [58] The firm, Nxum, earned $6.3 million under the deal, Fortune reported. [58] Hines kept a one-third stake while in government. [58] Tether hired him to run its new US arm a month after he left his job advising the US president, weeks after the law was signed in July 2025. [58]

    Why it matters — It adds to questions about conflicts between the Trump administration's crypto rules and private interests. [58] Trump's latest filing showed $1.4 billion of crypto-related wealth. [58]

40. 41

    China says rare earths will keep reaching Europe

    China will keep approving export licences for rare earths to Europe, a commerce ministry spokesman told CNBC on Thursday. [59] Rare earths are metals used in magnets for cars and electronics, and the promise holds whether or not China's trade truce with the US is extended past January. [59] China tightened its export rules on them a year ago, then paused that as part of the truce with the US. [59] EU trade commissioner Maros Sefcovic met China's commerce minister last week. [59]

    Why it matters — The promise separates Europe's supply from the US-China dispute, whose truce now runs only to January. [59]

41. 42

    Health bills keep Chinese families saving

    Rural households in China spend 8.7% of their spending money on healthcare, second only to the US at 9.9% among 20 big economies, a new IMF book found. [60] Urban China is third, at 5.4%. [60] Yet income per person in the US is more than 10 times China's. [60] The IMF says high health costs are a big reason Chinese families save rather than spend. [60]

    Why it matters — The IMF said more state spending on welfare would lift what Chinese families spend. [60]

42. 43

    Lawmakers question Meta's data-centre tax break

    More than two dozen US House members from both parties wrote to the US Treasury about reports that Meta is claiming a research tax credit for building data centres, Semafor reported. [61] They said that would turn a reward for experiments into a subsidy for ordinary building. [61] Meta said its new AI data centres need testing that cannot be simulated. [61]

    Why it matters — Semafor called it the latest sign of the US Congress responding to voters' anger at the AI building boom. [61]