The Morning Briefing · Saturday, 24 October 2026 · Published 07:15 CET · 5-minute read
Good morning. Oil ended the week at its highest level in six months, and Wall Street closed a bumpy week in the red. Here is what moved your money on Friday — and the packed week that starts on Monday.
☕ Today in 30 seconds
- Oil shock deepens. Brent settled at $116.72 a barrel, a six-month high, as attacks on Saudi targets kept supply fears alive.
- Wall Street ends a rocky week lower. The Dow lost 653 points while tech steadied after Thursday’s AI sell-off.
- France gets a reprieve. Moody’s kept the country at Aa3 with a negative outlook after a week of political turmoil.
- Big week ahead. The Fed decides on Wednesday, the ECB on Thursday, and Microsoft, Alphabet and Amazon report.
📈 Markets
| Index/Asset | Last close | Change |
|---|---|---|
| S&P 500 | 7,623.68 | −0.52% |
| Nasdaq Composite | 25,955.34 | −0.21% |
| Dow Jones | 52,215.16 | −1.23% |
| Euro Stoxx 50 | — | ↓ lower |
| IBEX 35 | 18,989.80 | +0.40% |
| Brent crude | $116.72 | ↑ higher (six-month high) |
| Gold | about $4,000/oz | ↔ little changed |
| EUR/USD | — | ↓ lower |
| US 10-year yield | just under 5% | ↑ higher |
Telecoms, consumer staples and financials dragged on Wall Street, while the energy sector climbed to a record high on the oil rally. In Europe, a double-digit slide in Kering after weak Gucci sales weighed on luxury stocks, but Spain’s IBEX bucked the trend and closed just shy of 19,000 points (Yahoo Finance, Bolsamanía).
🌍 Economy
Moody’s leaves France’s rating unchanged. After a week of unrest and rising borrowing costs, Moody’s kept France at Aa3 with a negative outlook late on Friday, sparing Paris a downgrade for now. The government wants its 2027 budget passed by year-end and the deficit cut towards 5% of GDP (CNBC).
The Fed is expected to stand pat on Wednesday. Futures put the chance of a rate hike at this month’s meeting at only about 5%, but with oil above $100 investors will listen closely for any hint of a move in December (Reuters).
⚡ Energy & bills
Brent hits its highest level since April. Houthi attacks on Saudi Arabia and fears of renewed US-Iran conflict pushed Brent to $116.72, while US crude rose almost 4% to about $103. Airline shares fell on the prospect of higher fuel costs (CNBC).
US pump prices stay painful. The national average for regular gasoline stood at about $4.29 a gallon on Friday, according to AAA — and the latest jump in crude could make it harder for prices to ease before winter (AAA).
🏢 Companies
SpaceX wireless report hits telecom stocks. AT&T and T-Mobile each fell more than 6% after a report that SpaceX is seeking access to thousands of US cell sites for a possible fourth wireless carrier. Tower owners gained, with Crown Castle up about 10%; no deal has been announced (Reuters).
American Express cuts jobs despite a better outlook. The card issuer raised its profit forecast but announced a restructuring that eliminates about 5% of its workforce. Investors focused on the costs, and the shares fell between 3% and 4% (Yahoo Finance).
🔢 One number to know
48
The University of Michigan’s final October consumer sentiment index, barely changed from 48.1 in September and close to a record low, as high prices dominate how Americans feel about their finances (Axios).
🗓 What to watch today
| Time (CET) | Event | Why it matters |
|---|---|---|
| Today | Weekend: markets closed, no major data | A chance to digest Friday’s oil spike before a busy week |
| Sun 03:00 | Europe’s clocks go back one hour | Times below are CET; the US stays on summer time until 1 November |
| Wed 28 Oct, 19:00 | Fed rate decision (press conference 19:30) | A hold is expected; markets want hints on December |
| Wed 28 Oct, after US close | Microsoft and Alphabet results | A test for the AI spending story after this week’s tech slide |
| Thu 29 Oct, 13:30 | US Q3 GDP, first estimate | How the economy coped with expensive energy |
| Thu 29 Oct, 14:15 | ECB rate decision (press conference 14:45) | Oil-driven inflation vs. a fragile eurozone economy |
| Thu 29 Oct, after US close | Amazon results | Consumer spending and cloud demand in one report |
Full week in our economic calendar.
📚 Read more
- 1 in 5 Americans cut groceries to pay power bills, survey finds
- Card rates near 22%: how credit card interest really works
- Heat Pump Water Heater Guide: Costs, Savings & Payback
- Tool: check what rising prices do to your savings 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.