The Morning Briefing · Wednesday, 7 October 2026 · Published 07:20 CET · 4-minute read
Good morning. Wall Street closed at fresh records on Tuesday, but oil is back above $100 a barrel this morning on a Gulf of Mexico storm threat and new attacks in Saudi Arabia. Tonight, the minutes of the Federal Reserve’s September rate hike could set the tone for borrowing costs.
☕ Today in 30 seconds
- Oil tops $100 again. A possible Gulf hurricane and Houthi attacks on Saudi Arabia revive supply worries.
- Records on Wall Street. The S&P 500 and Nasdaq closed at new highs as the 10-year yield eased to about 5.27%.
- Fed minutes tonight. Investors want to know how many more rate hikes officials have in mind.
- Nuclear for AI. Constellation Energy jumped about 12% on a 20-year power deal with Google.
📈 Markets
| Index/Asset | Last close | Change |
|---|---|---|
| S&P 500 | 7,818.93 (record) | +0.58% |
| Nasdaq Composite | 27,599.79 (record) | +0.45% |
| Dow Jones | 51,521.28 | +0.49% |
| Euro Stoxx 50 | ↑ higher | ≈ +0.6% |
| IBEX 35 | 19,444.20 | +0.75% |
| Brent crude | ≈ $101.5 (early Wed.) | ↑ higher |
| Gold | ≈ $4,186/oz | ↑ higher |
| EUR/USD | ≈ 1.126 | ↑ higher |
| US 10-year yield | ≈ 5.27% | ↓ lower |
Chipmakers and power companies led the gains, with Nvidia and AMD hitting all-time highs, while a small dip in Treasury yields gave growth stocks some breathing room (TheStreet, Yahoo Finance). In Madrid, the IBEX 35 held above 19,400 points, helped by calmer bond and oil markets.
🌍 Economy
The Fed’s rate-hike debate comes into view. At 20:00 CET the Federal Reserve publishes the minutes of its September 15–16 meeting, when it raised its key rate by a quarter point to 3.75%–4.00% in a unanimous vote, its first increase since 2023. Markets will look for how worried officials are about energy-driven inflation, especially after a weak September jobs report (Admiral Markets, Charles Schwab).
The US trade gap widens sharply. The deficit in goods and services rose to $105.6 billion in August from a revised $92.8 billion in July, as imports jumped by $17.2 billion, led by industrial supplies, crude oil and semiconductors. Exports rose by a more modest $4.5 billion (BEA).
German factory orders drop 10.6%, but the detail is calmer. The plunge in August was almost entirely due to a collapse in orders for ships, trains, aircraft and military vehicles after an unusually large July. Excluding big-ticket contracts, orders were nearly flat, down 0.1% (Destatis).
⚡ Energy & bills
Oil climbs back above $100. Brent rose to about $101.5 a barrel in early Asian trading and US crude to around $90, after forecasters warned the Atlantic’s first hurricane of the year could form in the Gulf of Mexico, home to about 15% of US crude output. Houthi attacks on airports in southern Saudi Arabia added to the risk premium (Reuters / Business Standard, Trading Economics). Higher crude usually feeds into fuel prices within weeks.
Spanish power eases from its 2026 peak. The wholesale price used for the regulated tariff falls to an average of €182.33 per megawatt-hour today, from €201.99 on Tuesday, the year’s highest. Prices still top €200 for several hours, and the cheapest slot is mid-afternoon (Consumidor Global, VilaWeb).
🏢 Companies
Constellation and Google sign a nuclear power deal. The utility agreed a 20-year contract to supply Google with 890 megawatts of new nuclear capacity from upgrades at existing plants, plus a larger 15-year energy supply deal, backed by more than $4.3 billion of investment. Constellation shares rose about 12% (Upstox, TheStreet).
Paramount completes its Warner Bros. Discovery takeover. The $110 billion deal closed on Tuesday, creating a group that owns HBO Max, Paramount+, CNN and CBS. Warner shareholders receive $31 a share; fewer big rivals in streaming could mean less pressure on subscription prices (Yahoo Finance, Philadelphia Inquirer).
🔢 One number to know
$105.6 billion
The US trade deficit in August, up $12.7 billion in a single month as Americans bought more imported oil, materials and chips (BEA).
🔥 Trending on The Daily Economy
- Nvidia nears $6 trillion value — what it means for your money: why one chipmaker now matters to almost every index fund.
- Why mortgage rates just hit 7.28% — and what it means for you: how rising bond yields reach your home loan.
🗓 What to watch today
| Time (CET) | Event | Why it matters |
|---|---|---|
| 08:00 | Germany industrial production (August) | Shows whether the drop in orders hit factory output |
| 16:30 | US weekly oil inventories (EIA) | A key input for fuel prices with Brent above $100 |
| 17:00 | New York Fed consumer inflation expectations | How households see prices over the next year |
| 19:00 | US 10-year Treasury auction | Demand for US debt with yields near multi-year highs |
| 20:00 | Fed minutes (September meeting) | Clues on whether more rate hikes are coming |
| 21:00 | US consumer credit (August) | How much households are borrowing |
Full week in our economic calendar.
📚 Read more
- World Economy in 24 Hours: October 7 — India hikes rates, oil back above $100
- What a weak jobs report means for your emergency fund
- Spain’s power bill tops €100; VAT cut hinges on inflation data
- Tool: check what your money is worth today with our inflation calculator.
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Market data is for information only and is not investment advice.
Written by The Daily Economy editorial team with AI assistance and checked against the linked sources. Read our editorial policy.