The Nasdaq has its worst day since June as Meta's AI building outruns its cash, and the US ten-year rate falls below 5%

The rest of the day

39 more stories on this beat.

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

1. 02

   Asian chip shares fall again

   South Korea's Kospi index fell as much as 4.1% on Friday morning, then trimmed the loss to about 2%. [22] The index is heavy with memory-chip makers and is heading for a fourth week of falls. [22] Samsung Electronics fell as much as 5.1%, Japan's Nikkei index was 2% lower and China's Shanghai index fell 0.9%. [22][23] Hong Kong's Hang Seng rose 0.4%, after its worst day in seven months on Thursday. [23]

   Why it matters — The Kospi is treated as a gauge of the AI trade, and it was on course for its worst close since April. [24] Chris Weston of Pepperstone, a broker, said investors are now selling even AI firms with strong finances. [23]

2. 03

   SK Hynix drops a US share sale

   SK Hynix, the world's second-biggest maker of memory chips, said on Friday it had stopped plans to list its US unit, Solidigm, on a US stock market. [14] Selling Solidigm shares was meant to help pay for a new chip factory in the US. [14] SK Hynix named market conditions and its own share price, which is down about 30% this quarter. [14] South Korea's regulators had also raised concerns about protecting SK Hynix's shareholders. [25]

   Why it matters — Firmus, an Australian data-centre company, cancelled a share sale of almost $5 billion this month for the same reason, and Switch and Nscale have delayed theirs. [14][26] Anthropic, an AI company, still plans to start selling its shares to investors in the week of 9 November. [26]

3. 04

   Oil closes at its highest since May

   Brent crude, the main world oil price, rose 4% on Thursday to close at $113.17 a barrel, its highest since 4 May. [1][27] Yemen's Houthi fighters, who are backed by Iran, hit an oilfield and an airport in Saudi Arabia with drones on Wednesday. [28] Two people were killed near Saudi Aramco's Shaybah field, which pumps 1 million barrels a day and kept working. [29] Aramco told staff to leave its headquarters in Dhahran. [27] On Friday Brent was little changed at $112.96. [27]

   Why it matters — Oil exports from the Gulf are back above their level before the war, Kpler data show. [28] So an analyst writing on Investing.com said traders are paying for the danger to the routes around Hormuz, not for oil already lost. [29]

4. 05

   Trump turns to a Cold War law on oil

   President Donald Trump declared on Thursday that producing and refining oil are essential to US defence. [30] That lets him use the Defense Production Act, a law from the Cold War, to pay for oil projects, pipelines and fuel storage. [30] US petrol costs $4.29 a gallon, more than $1.25 above a year ago, and diesel is up nearly 75% to $6.30. [21] The US midterm elections are on 3 November. [30]

   Why it matters — His government has already lifted sanctions on Russian diesel and drawn on the national oil reserve. [31] Energy analysts told the Guardian that drivers will not see lower prices before the vote. [21]

5. 06

   Tanker costs cut US oil sales to Asia

   Hiring a giant oil tanker from the US Gulf Coast to China cost almost $60 million on Thursday, Baltic Exchange figures show. [32] Before the war that trip averaged under $8 million, and earlier this month it hit a record $79.6 million. [32] Asian refiners ordered roughly half as much US crude for November as a month earlier. [32] Valero, a big US refiner, said hauling one barrel to Asia now costs $30 to $35. [32]

   Average before the war$8m

   Record, this month$79.60m

   Thursday$60m

   Why it matters — That is about a third of the price of the oil itself, which trades near $100 a barrel. [32] So US oil sales to Asia are heading for their lowest in years. [32]

6. 07

   Companies pay more to borrow everywhere

   The extra interest companies pay over governments rose to as much as 1.29 percentage points on a Bloomberg index, the widest since May 2025. [33] On Friday the dollar bonds of Asian companies showed the same rise. [33] Insuring $100 of CoreWeave's debt against it not being repaid cost about $10.66 a year on 21 October, CNBC found. [34] For Oracle, a big cloud company, it was about $3.08, up from $1.41 in January. [34]

   Why it matters — Lenders are also charging more to heavily indebted governments, and Moody's, a credit rating firm, is due to review France's rating on Friday. [34]

7. 08

   SpaceX's $40 billion loan gets dearer

   SpaceX, Elon Musk's rocket company, is finishing a $40 billion loan at much higher interest than the last time it borrowed, Semafor reported. [13] Its riskiest part is expected to pay about 8.3%, and a safer part backed by its chips about 7.75%. [13] That is more than a percentage point above what its existing bonds pay. [13] SpaceX shares fell 9% on Thursday. [7]

   Why it matters — The loan is led by Apollo and Goldman Sachs, and the price may still change before it closes next week. [13] Musk has said SpaceX and Tesla, his car company, have set up committees to discuss merging. [35]

8. 09

   Gold falls in a rush for cash

   Gold fell almost 3% on Thursday to its lowest close since 20 July, and traded near $4,025 an ounce on Friday. [18] An analyst at Global X, a fund firm, said investors were selling gold to raise cash for losses elsewhere. [18] Dearer oil also raised fears of higher interest rates, which hurt gold because it pays no interest. [20] Canada's main share index fell 1%, as its materials companies, which include miners, fell 5.6%. [36]

   Why it matters — Newmont, a big gold-mining company, still reported a quarterly profit of $2.48 billion, up from $1.83 billion, on higher gold sales. [37]

9. 10

   Bitcoin falls below $83,000

   Bitcoin, a digital currency, fell below $83,000 on Thursday. [38] Its 4% drop was its biggest fall since June. [10] It is down by about a third from its peak above $126,000 a year ago. [38] Ether, Solana and XRP, other digital currencies, fell 2% to 3.5%. [38] US funds that hold bitcoin still took in $1.1 billion of new money this week. [38]

   Why it matters — A co-founder of Orbit Markets, a trading firm, said falling shares had pushed bitcoin back into its recent range. [38] It fell on the same AI and oil worries that hit shares. [38]

10. 11

    The yen and the Swiss franc rise

    Japan's yen rose 0.75% to 156.96 to the US dollar on Thursday, its strongest day in almost a month, as investors looked for safety. [17] It rose again on Friday, to about 156.20. [23] The Swiss franc, another currency people buy in a scare, also rose. [17] Traders also think Japan's government may step in to support the yen if it nears 160 to the dollar. [17]

    Why it matters — A weak yen has made the fuel and goods Japan imports dearer, which helped push Japan's prices up. [39]

11. 12

    Japan's prices rise above 2%

    Prices in Japan, leaving out fresh food, rose 2.1% in the year to September, up from 1.7% in August. [39] It is the first time in nine months they are above the Bank of Japan's 2% goal. [19] A measure that also leaves out fuel, which the bank watches closely, rose 2.4%. [19] Rice became 20.6% cheaper, but dearer energy and imports pushed other goods up. [39]

    1234

    0%1.5%3%

    1. 1August1.7%
    2. 2Bank of Japan's goal2%
    3. 3September2.1%
    4. 4September, no fuel2.4%

    Why it matters — The Bank of Japan raised its rate to 1.25%, a 31-year high, last month and is expected to hold it next week. [19] Capital Economics, a research firm, expects another rise in December. [39]

12. 13

    Blackstone's profit beats forecasts

    Blackstone, a giant US firm that invests other people's money in property, companies and data centres, earned $1.32 a share in July to September, above the $1.26 expected. [40] It now manages $1.368 trillion, and its shares rose 6% to 8% on Thursday. [40][10] Its bosses said data centres are earning its best returns. [41] They said limits on power and local opposition make existing data centres worth more. [41]

    Why it matters — Blackstone has lent billions of dollars to CoreWeave, whose shares and bonds are falling. [41] The head of its AI team said last month that he does not know who will buy all the debt the AI building needs. [41]

13. 14

    Comcast beats forecasts and plans a shake-up

    Comcast, the US cable company that owns NBC and Universal, earned $1.07 a share in July to September, above the 98 cents expected. [40] Its streaming service, Peacock, made a profit for the second time since it began in 2020, helped by football's World Cup. [42] Comcast lost 144,000 home internet customers but added 368,000 mobile ones. [42] It will take a charge of more than $1 billion next quarter to reorganise. [43]

    Why it matters — Comcast plans to spin off NBCUniversal and Sky, its TV and film companies, from its cable and mobile units, which it said in June would take about a year. [42] Its shares rose 4%. [40]

14. 15

    Procter & Gamble's sales rise 4%

    Procter & Gamble, which makes Tide detergent and Ivory soap, said sales rose 4% to $23.3 billion in July to September. [44][40] Its profit of $2 a share beat the $1.88 analysts expected. [40] It raised its sales growth forecast for the year to 2% to 4%, after buying Thorne, a vitamin company. [44] Its shares rose 6% on Thursday. [40]

    Why it matters — Shares in firms selling everyday goods led the US market on Thursday as investors left tech. [9] P&G said it is staying on track despite dearer fuel. [37]

15. 16

    American Airlines expects a bigger loss

    American Airlines now expects to lose $1 to $1.60 a share this year, after forecasting up to a 65-cent profit in July. [15] Its revenue was a record $16.34 billion in July to September, up 19.3%. [15] But its fuel bill rose 67.5% to $4.64 billion. [15] It is the fourth big US airline this month to cut its forecast, after Delta, United and Southwest. [15]

    Why it matters — Air fares are more than 20% higher than a year ago. [15] American plans to add fewer flights next year. [15]

16. 17

    Good results, falling shares for AI suppliers

    Western Digital, which makes data-storage drives, earned $4.64 a share, above the $4.09 expected, but its shares fell 6% after hours. [45] Its profit was $1.78 billion, helped by demand from AI data centres. [37] Bloom Energy, which makes fuel cells that power buildings on site, beat forecasts and raised its outlook. [45][37] Its shares still fell 5%. [45]

    Why it matters — Barron's listed Bloom Energy among the AI shares that fell hardest during Thursday's trading. [9] Both companies' shares fell after the close even though their own results beat forecasts. [45]

17. 18

    Deckers cuts its sales forecast

    Deckers, which owns the Hoka running-shoe and Ugg boot brands, now expects sales of $5.7 billion to $5.73 billion this year. [43] Analysts had expected $5.88 billion. [45] Its sales in July to September were $1.48 billion, below the $1.51 billion forecast. [45] Its shares fell about 7% after hours. [45]

    Why it matters — Deckers expects slower growth for Hoka and Ugg as shoppers look for discounted shoes. [43]

18. 19

    Saab's orders triple on a Ukraine jet deal

    Saab, Sweden's big defence company, took orders worth 65.8 billion kronor, about $6.6 billion, in July to September. [46] A year earlier it took 20.9 billion. [46] The total includes a 24.6 billion kronor deal for 16 Gripen fighter jets for Ukraine. [46] Its sales of 20.6 billion kronor beat forecasts. [46] Lockheed Martin, a big US weapons maker, also beat forecasts and raised its outlook on Thursday. [40]

    Why it matters — European governments are turning promises to spend more on defence into orders. [46]

19. 20

    eBay cuts 9% of its staff

    eBay, the online marketplace, confirmed in a filing that it will cut about 9% of its workers worldwide. [47] It expects $130 million to $150 million of charges, mostly redundancy pay, most of it in the last three months of the year. [47] It also said its results for July to September will beat its own forecast. [47] It reports them on 28 October. [47]

    Why it matters — eBay says the money saved will go to its main plans. [47] The cuts come in a quarter it expects to beat its own forecast. [47]

20. 21

    US jobless claims stay near a 1960s low

    194,000 people in the US made new claims for unemployment pay in the week to 17 October, the US Labor Department said. [48] That is close to July's 189,000, the lowest since the late 1960s. [48] Layoffs have fallen to 1% of the workforce, official figures show. [48] But employers are hiring little: jobs grew by just 29,000 in September. [48]

    Why it matters — The US central bank's officials call the job market a strength and are watching prices, which are rising well above their 2% goal. [48]

21. 22

    Goldman says AI job losses wait for a downturn

    Goldman Sachs, a big US bank, estimates that AI could push up to 9% of workers in rich countries out of their jobs over time, about one in 11. [49] Slower hiring could cut jobs by another 3%. [49] Its economist Joseph Briggs found that firms replace most workers with machines when the economy slows, not when it is healthy. [49]

    Why it matters — So the job losses may come in a rush in the next downturn rather than slowly now, Goldman says. [49]

22. 23

    Americans' view of Trump on the economy hits a low

    65% of Americans disapprove of President Trump's handling of the economy, a CNBC survey of 1,000 voters found, his worst score. [50] Eight in ten rate the economy fair or poor, the most since December 2023. [50] Gloom has risen most among Republicans, 35% of whom are now pessimistic. [50] Voters preferred Democratic control of the US Congress by 52% to 45%. [50]

    Why it matters — The midterm elections are on 3 November, and high fuel prices are part of the risk for Mr Trump's party. [30]

23. 24

    Rich Chinese move money to US banks

    Wealthy Chinese are opening US bank accounts and moving money there from Singapore and Hong Kong, bankers and lawyers told CNBC. [51] In July, China said it would tax income from trusts abroad owned by its tax residents at 20%. [51] Banks in Singapore and Hong Kong share account details with China's tax office under a global system, but US banks do not. [51] Lawyers warned that the tax is still owed. [51]

    Why it matters — Money is slow to come the other way: foreign investment into China fell 4.3% in January to September, China's commerce ministry said. [10]

24. 25

    China's AI model makers lose $150 billion

    MiniMax and Zhipu, the only Chinese makers of AI models listed on a stock market, have lost a combined $150 billion of value from their peaks. [52] MiniMax fell below its first share price on Thursday, wiping out a 650% gain. [52] Zhipu is down 81% from its June high. [52] Chinese and US AI firms keep cutting what they charge to use their AI. [52]

    Why it matters — Possible share sales by DeepSeek and Moonshot AI, two rivals, could pull investors' money away from the pair next year. [52]

25. 26

    Indonesia's president defies MSCI

    Indonesia's president, Prabowo Subianto, said MSCI is 'trying to intimidate us'. [53] MSCI makes the share lists that many global funds copy, and on 15 October it proposed moving Indonesia to 'standalone', below even its 'frontier' group. [53] Jakarta's main index is down more than 10% since then and nearly 40% this year. [53] A final decision is due by the end of June 2027. [53]

    Why it matters — Indonesia's rupiah stayed weak on Friday at 18,045 to the US dollar, hurt by dearer oil. [23] A former trade minister accused Singapore's state investors of pushing MSCI, which they denied. [53]

26. 27

    Indian shares fall a fourth day

    India's Sensex index rose 517 points early on Friday, then fell 1,279 points from that high. [54] It was the fourth day of falls, after a loss of about 2% over the three days before. [54] Shares of smaller companies fell 3.4%. [16] Swiggy, a food-delivery company, fell 13% as brokers doubted its fast-grocery business can recover. [16]

    Why it matters — One wealth adviser called Brent oil near $114 the biggest risk for India. [16] Shares in the state fuel sellers BPCL, HPCL and IOCL fell up to 2.5%, because, analysts say, pump prices are not rising as fast as oil. [55]

27. 28

    India's IT shares rise against the tide

    India's index of IT services companies rose as much as 3.3% on Friday. [56] TCS rose about 3%, and Infosys, HCL Technologies and Wipro about 2% each. [56] The index is up 17% in October, after an 11% fall in September. [56] Better-than-expected results from Tech Mahindra and Wipro helped. [56]

    Why it matters — Analysts see these firms as a shelter from the AI sell-off. [16] They earn from helping companies use AI, without spending big on data centres and chips. [16]

28. 29

    An Indian fund firm's shares fall 19% in five days

    Shares in Nippon Life India Asset Management, which runs Nippon India Mutual Fund, fell 9% on Friday and 19% over five days. [57] Its quarterly profit fell 35.6% from the quarter before, to 324.4 crore rupees, with a one-off loss of 97 crore. [57] It also has early approval to settle a case with India's market regulator for 96.76 crore rupees. [57] The regulator's case concerned 2,150 crore rupees its fund put into Yes Bank bonds. [57]

    Why it matters — The money it manages still grew 14% in a year, to 8.68 lakh crore rupees. [57]

29. 30

    Indian traders borrow from brokers to buy shares

    Money that Indian brokers lend clients to buy shares rose 52% in a year, to 1.51 trillion rupees at the end of September. [58] Traders are moving to it from futures, which have become dearer and more tightly ruled. [58] Brokers charge 9% to 12% a year, sometimes 14%, while borrowing at 7% to 7.5%. [58] A client usually pays 30% to 40% of a share's cost, and the broker lends the rest. [58]

    Why it matters — If the shares fall and the client cannot add more money, the broker sells them. [58] Brokers' income from these loans is rising as their trading fees fall. [58]

30. 31

    India's foreign-share funds cost 30% too much

    All six funds in India that track foreign shares were priced above the value of what they hold on 30 September, by 30.4% on average. [59] The fund that tracks the US Nasdaq was 63% above. [59] India's central bank caps how much its fund industry may invest abroad at $7 billion, so the funds cannot create new units to meet demand. [59] Two years earlier, three of the six were priced below their value. [59]

    Average of six funds30.4%

    Nasdaq fund63%

    Why it matters — Indian savers buying these funds pay far more than the shares inside are worth. [59] Investors who buy the same funds listed abroad pay close to their value. [59]

31. 32

    UK loosens rules on City bosses

    The Bank of England and the Financial Conduct Authority, Britain's two main financial regulators, plan to water down rules that hold City bosses to account for wrongdoing. [60] About 140,000 managers would no longer face extra checks. [60] Only top bosses, such as chief executives, would have to prove each year that they are fit for the job. [60] The rules came in after the 2008 banking crash. [60]

    Why it matters — The regulators say firms will save about 2 billion pounds over ten years, and that standards will not drop. [60] It follows the end of the cap on bankers' bonuses, after the UK government told regulators to help UK firms compete. [60]

32. 33

    Money managers flock to the Gulf despite the war

    Finance firms managing more than $5.8 trillion have opened their first Gulf offices since the Iran war began on 28 February, Semafor counted. [61] Nearly 20 firms managing more than $5 trillion chose Abu Dhabi, and 10 managing $670 billion chose Dubai. [61] They include Bain Capital, Capital Group, Man Group and Temasek, Singapore's state investor. [61]

    Why it matters — The firms want to be close to the region's state funds, which are doing more deals this year. [61]

33. 34

    Uganda's exports jump 36%

    Uganda exported goods worth $1.5 billion in August, up 36% from $1.1 billion a year earlier, its Finance Ministry said on Thursday. [62] Gold made up $889 million of it, up 68.9%. [62] Uganda has become a regional centre for processing and trading gold. [62] It expects to start pumping oil from fields near its border with Congo in early 2027. [62]

    August 2025$1.10bn

    August 2026$1.50bn

    Why it matters — Uganda's Finance Ministry says oil sales will add more to the foreign money the country earns. [62]

34. 35

    Metso's orders jump 28%

    Metso, a Finnish maker of mining machines, took orders worth 1.61 billion euros in July to September, up 28%. [63] Orders for its minerals equipment rose 79%. [63] High copper and gold prices are pushing mines to buy more. [63] Its operating profit still fell 4%, to 197 million euros. [63]

    Why it matters — Its pile of orders not yet filled grew 20% to 3.88 billion euros. [63]

35. 36

    Fortescue warns China talks could cut its output

    Fortescue, the world's fourth-biggest iron ore miner, said its operations could suffer if talks with China Mineral Resources Group do not end by the end of the year. [64] That group is a state-backed buyer for China's steel mills. [64] Fortescue sold 42.9 million tonnes of iron ore in July to September, more than 9% less than it shipped. [64] It shipped 49.7 million tonnes a year earlier. [64]

    Why it matters — During this year's talks, the group asked some Chinese mills not to take Fortescue's main product. [64]

36. 37

    China's aluminium fills a Gulf gap

    China's smelters are making and exporting more aluminium, which is keeping its price in check, analysts told Dow Jones. [65] The war knocked out hundreds of thousands of tonnes of smelting in the Gulf. [65] Gulf metal makers produce about a tenth of the world's aluminium. [65] Chinese smelters are earning strong margins as new refining capacity cuts their raw-material costs. [65]

    Why it matters — China is the world's biggest aluminium producer, so its extra output is covering much of the loss. [65]

37. 38

    L'Oreal says weight-loss drugs change beauty buying

    L'Oreal, the French beauty company that owns Maybelline, said its sales rose 7.7% in July to September, above forecasts. [66] Its boss, Nicolas Hieronimus, said weight-loss drugs such as Ozempic are affecting what people buy, especially skincare. [66] Two of its brands now sell products meant to help with loose skin after fast weight loss. [66] Kering, which owns Gucci, said its sales fell 1%. [37]

    Why it matters — Kering's fall comes as demand for luxury goods keeps dropping. [37]

38. 39

    Musk puts $1 billion into Skydance

    Elon Musk has invested about $1 billion in Skydance, the media company formed when Paramount bought Warner Bros. Discovery, people familiar with it said. [67][68] Skydance owns the Paramount and Warner Bros. film studios, HBO Max and CBS News. [69] It carries nearly $80 billion of debt and plans $6 billion of cost savings over three years. [67] Other owners, including the board member Laurene Powell Jobs, are putting in money too. [69]

    Why it matters — The money helps Skydance cut costs and support its share price, Semafor reported. [68]

39. 40

    Bombardier to invest $270 million in the US

    President Trump said Bombardier, a Canadian maker of private jets, will invest $270 million in the US. [70] He said it will create thousands of jobs in Kansas, Texas and Indiana. [70] Days earlier he had dropped threats to ban the company from the US. [70] Bombardier did not answer Reuters' questions about the details. [70]

    Why it matters — Bombardier announced a separate $50 million investment in Wichita, Kansas last week. [70]