The Morning Briefing · Tuesday, 13 October 2026 · Published 07:20 CET · 5-minute read
Good morning. Oil climbed back toward two-week highs after weekend attacks on Saudi Arabia, and chipmakers slid on news of a Chinese memory breakthrough. Today the big US banks open the third-quarter earnings season, a day before the key US inflation report.
☕ Today in 30 seconds
- Oil jumps about 2%. Houthi attacks on Saudi Arabia outweighed Trump’s promise of more Russian diesel.
- Chip stocks slide. A Chinese memory-chip advance knocked Micron, AMD and Korea’s Kospi.
- Luxury wobbles. LVMH’s fashion and leather sales fell 5% on weak Chinese demand.
- Banks report today. JPMorgan, Goldman, Wells Fargo and Citi kick off earnings season.
📈 Markets
| Index/Asset | Last close | Change |
|---|---|---|
| S&P 500 | 7,807.24 | −0.06% |
| Nasdaq Composite | 27,245.90 | −0.44% |
| Dow Jones | 51,850.55 | +0.38% |
| Euro Stoxx 50 | — | ↑ higher |
| IBEX 35 | 19,285.80 | +1.33% |
| Brent crude | about $107 | ↑ about 2% |
| Gold | about $4,170–4,185/oz | ↓ lower |
| EUR/USD | — | ↓ lower (dollar firmer) |
| US 10-year yield | about 5.24% | → cash market shut for holiday |
Figures are Monday’s closes. Wall Street split as investors rotated from tech into value and bank shares, while in Europe a 1.5% rise in bank stocks lifted the Stoxx 600 and pushed Spain’s bank-heavy IBEX to the top of the regional table (Motley Fool, HDFC Sky, Reuters / MarketScreener, El Boletín).
🌍 Economy
A Fed hawk calls for higher rates. Cleveland Fed President Beth Hammack said on Monday that inflation is still “too high” after five and a half years above the 2% target, and that policy needs to be tighter. She prefers smaller rate moves made relatively quickly (FXStreet, CNBC).
Inflation test on Wednesday. Economists expect September’s US consumer price index to show annual inflation rising to 3.6% from 3.4%, driven by petrol, while core inflation is seen at about 2.5%. A hot core reading would strengthen the case for another Fed hike (Investing.com, investingLive).
Europe braces for an ECB hike in December. Nearly 90% of economists in a Reuters poll expect the European Central Bank to hold its 2.50% deposit rate on 29 October and raise it by a quarter point in December, with euro zone inflation at 3.8%. Markets price the same path (Reuters / Yahoo Finance, Reuters / MarketScreener).
⚡ Energy & bills
Attacks on Saudi Arabia push oil higher. Brent rose about 2% to around $107 a barrel, its highest since late September, after the Houthis claimed a deadly strike on Riyadh’s airport and two tankers were hit near Oman and in the Strait of Hormuz. Goldman Sachs raised its December Brent forecast to $90 from $85 (Reuters / Business Recorder, OilPrice.com).
More Russian diesel, but no relief yet. President Trump said Russia would immediately supply more than 300,000 tonnes of diesel, and Moscow partly lifted its export ban. European diesel futures fell 2.3%, but the energy truce between Russia and Ukraine looks shaky, with Kyiv accusing Moscow of violations (Reuters / Business Recorder, HDFC Sky).
🏢 Companies
A Chinese memory advance rattles chipmakers. ChangXin Memory Technologies (CXMT) said it made progress on a denser DRAM design and aims to launch a server memory product by the end of 2026. The Philadelphia chip index fell about 2.7%, Micron dropped nearly 5%, and Samsung and SK Hynix sank about 4% in Seoul (BBN Times, HDFC Sky).
LVMH’s core business shrinks. The luxury group’s third-quarter revenue was €18.5 billion, up 1% on an organic basis, but fashion and leather goods, home of Louis Vuitton and Dior, fell 5% as Chinese demand stayed weak. Growth in the US, Europe and Japan helped offset it (LVMH, FashionNetwork).
🔢 One number to know
3.6%
The annual US inflation rate economists expect in Wednesday’s September CPI report, up from 3.4% in August (Investing.com, investingLive).
🔥 Trending on The Daily Economy
- Why big bank earnings this week matter for your money — what today’s results can tell you about loans, savings rates and the economy.
- Asos data breach: what was taken and how to protect your money — the steps to take now if you shop with the retailer.
🗓 What to watch today
| Time (CET) | Event | Why it matters |
|---|---|---|
| 09:45 | Fed Governor Christopher Waller discusses AI in New Delhi | Any hint on rates from a key Fed voter |
| 12:00 | US NFIB small business optimism (September) | How small firms cope with costs and prices |
| c. 13:00–14:00 | Results from JPMorgan, Wells Fargo (13:00), Goldman Sachs (13:30) and Citigroup (14:00) | First read on borrowers, deposits and dealmaking |
| Wed 14 Oct, 14:30 | US consumer prices (CPI) for September | Key test before the Fed’s next decision |
Full week in our economic calendar.
📚 Read more
- Record El Niño may ease northern heating bills, but prices bite
- Electric Blanket vs Space Heater: Which Is Cheaper to Run?
- Week Ahead: US CPI, Bank Earnings, IMF Meetings (Oct 12–18)
- Tool: see what rising prices have done to your money with our inflation calculator.
Enjoying the briefing? Forward it to a friend — they can sign up free at billwisehome.com.
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.