The Morning Briefing · Friday, 23 October 2026 · Published 07:15 CET · 5-minute read
Good morning. Doubts about the cost of the AI boom hit technology shares hard on Thursday, while rising oil and French debt worries dragged Europe lower. Here is what you need to know before the week’s final session.
☕ Today in 30 seconds
- Tech sell-off. The Nasdaq fell 2.6%, its worst day since June, as Meta and Tesla slid after their results.
- Oil near $113. Houthi attacks on Saudi Arabia pushed Brent to a five-month high, a direct risk for fuel and heating bills.
- Europe slips on France. The IBEX 35 lost 2.1% and fell below 19,000 points, with Moody’s verdict on France due today.
- Jobs still solid. US jobless claims fell to 194,000, a three-month low, ahead of next week’s Fed meeting.
📈 Markets
| Index/Asset | Last close | Change |
|---|---|---|
| S&P 500 | 7,663.4 | −1.21% |
| Nasdaq Composite | 26,008.9 | −2.60% |
| Dow Jones | 52,868 | +0.02% |
| Euro Stoxx 50 | ↓ lower | about −1.9% |
| IBEX 35 | 18,913.5 | −2.12% |
| Brent crude | near $113 | ↑ higher (5-month high) |
| Gold | ↓ lower | slightly lower |
| EUR/USD | ≈ 1.12 | ≈ flat |
| US 10-year yield | below 5% | ↓ lower |
Investors rotated out of AI-linked names into defensive sectors such as consumer staples, which kept the Dow flat while the Nasdaq dropped 694 points. Bonds rallied, pushing the US 10-year yield back below 5% for the first time in a month (Yahoo Finance, Kiplinger, TheStreet).
🌍 Economy
US layoffs stay low. Initial jobless claims fell to 194,000 in the week to 17 October, below the 200,000 economists expected and the lowest in three months. A firm labour market gives the Federal Reserve less reason to ease when it meets next week, especially with oil adding to inflation pressure (TheStreet, Yahoo Finance).
France’s borrowing costs keep climbing. The French 10-year yield moved above 5%, its highest since 2002, and its gap over German bonds widened to the most since 2011. The government lacks a majority to pass a 2027 budget that would still leave a deficit of about 5% of GDP, and Moody’s is due to publish its review of France’s rating today (Yahoo Finance, Disruption Banking).
No US–Iran talks, says Trump. President Trump said the US is not currently negotiating with Iran, while Tehran says indirect contacts continue and the Strait of Hormuz remains closed. The standoff keeps energy-driven inflation risk high (Outlook, Kiplinger).
⚡ Energy & bills
Houthi attacks lift oil to a five-month high. Iran-aligned Houthi forces struck targets in Saudi Arabia, including a deadly drone attack on an oil field, and Saudi Aramco told staff to evacuate its Dhahran headquarters. Brent climbed to around $113 and US crude briefly topped $100, which feeds through to petrol, diesel and heating costs (Reuters via The Korea Times, Yahoo Finance).
Washington taps its heating oil reserve. The Energy Department will loan 315,000 barrels, nearly a third of its 1-million-barrel emergency stock in the Northeast, with deliveries by 13 November. Diesel, made from the same refining stream, has hit records above $6.50 a gallon (Reuters via Investing.com, Yahoo Finance).
🏢 Companies
Meta and Tesla disappoint despite beats. Meta fell about 7%, its worst day since July, as higher spending plans and negative free cash flow overshadowed strong sales. Tesla dropped 3.1%: earnings per share of $0.48 beat forecasts, but revenue of about $28 billion came in slightly below expectations (Kiplinger, Yahoo Finance).
Bankinter leads a slide in Spanish banks. Bankinter fell 7.6% even after reporting nine-month net profit of €901 million, up 11%, while CaixaBank lost 5.7% and Santander about 4%. On the other side of the ledger, Procter & Gamble rose 5.6% on Wall Street after beating forecasts (Estrategias de Inversión, Demócrata, Kiplinger).
🔢 One number to know
694
The points the Nasdaq Composite lost on Thursday, a 2.6% drop and its worst session since June, as investors questioned whether heavy AI spending will pay off (Kiplinger).
🗓 What to watch today
| Time (CET) | Event | Why it matters |
|---|---|---|
| 08:00 | UK retail sales (September) | How British shoppers cope with higher prices |
| 09:15–10:00 | Flash PMIs: France, Germany, eurozone (October) | First read on Europe’s economy as energy costs rise |
| 10:30 | UK flash PMIs (October) | Growth signal ahead of the Bank of England’s November decision |
| 15:45 | US S&P Global flash PMIs (October) | Business activity before the Fed meeting |
| 16:00 | University of Michigan consumer sentiment (forecast: 46.3) | Household mood and inflation expectations |
| Evening | Moody’s review of France’s credit rating | A downgrade could push French borrowing costs higher |
Full week in our economic calendar.
📚 Read more
- Card rates near 22%: how credit card interest really works
- Natural gas slips below $3: what it means for your heating bill
- Best Thermostat Settings for Winter: Save on Heating
- Tool: see what prices really cost you 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.