The Morning Briefing · Sunday, 25 October 2026 · Published 07:15 CET · 5-minute read
Good morning. Markets are closed today, so this Sunday edition looks back at a week dominated by oil and ahead to one of the busiest weeks of the year: two central-bank decisions, fresh US growth and inflation data, and results from Microsoft, Alphabet and Amazon.
☕ Today in 30 seconds
- Oil ends the week up about 6%. Brent settled at $116.72 on Friday, its highest close since late April, and weekend missile fire towards Saudi Arabia keeps supply risk in focus.
- A mixed week on Wall Street. The S&P 500 slipped about 0.5% and the Nasdaq fell for a second straight week, while the Dow still managed a third weekly gain.
- Two central banks, one problem. The Fed (Wednesday) and the ECB (Thursday) are both expected to hold rates as energy keeps inflation high.
- Big Tech takes the stage. Alphabet and Microsoft report on Wednesday and Amazon on Thursday; Apple follows on 2 November.
📈 Markets
| Index/Asset | Last close (Fri 23 Oct) | 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 (highest close since April) |
| Gold | about $4,000/oz | ↓ lower |
| EUR/USD | about 1.12 | ↓ lower |
| US 10-year yield | just under 5% | ↑ higher |
These are Friday’s closes; markets are shut for the weekend and US stock futures reopen at 23:00 CET tonight. Energy was the standout on Wall Street on Friday, with the sector climbing to a record as crude rallied, while the 10-year Treasury yield held just below 5% (Reuters, Yahoo Finance).
🌍 Economy
The Fed is expected to stand pat on Wednesday. US policymakers meet on Tuesday and Wednesday with oil above $100 and long-term borrowing costs near 5%. A pause is the base case, so investors will focus on whether the statement and press conference keep the door open to a move in December (Schaeffer’s).
The ECB meets with inflation at a three-year high. Eurozone inflation reached 3.8% in September. Analysts at Danske Bank expect the ECB to keep its deposit rate at 2.50% on Thursday, in line with market pricing, and see room for one last hike in December (FXStreet, RTTNews).
France’s cost-of-living protests go on. The Interior Ministry counted 410,000 marchers nationwide on Saturday, including 110,000 in Paris, while unions said the turnout was almost double; nearly 1,000 people were arrested. What began as school blockades has broadened into anger over purchasing power and public services, and another protest day is planned for next Saturday (Al Jazeera, CNN).
⚡ Energy & bills
Brent gains about 6% in a week. Houthi strikes on Saudi energy sites and fears of renewed US–Iran hostilities lifted Brent to $116.72 on Friday, while US crude settled above $103. Moves of this size in crude usually reach petrol and diesel prices within weeks (CNBC, FinanceFeeds).
Weekend missile fire keeps the risk premium alive. The Saudi-led coalition said it intercepted Houthi missiles aimed at Riyadh, Taif and Yanbu, a key Red Sea oil export hub. No damage to energy facilities had been confirmed by Sunday morning, and oil trading resumes tonight (The National, Investing.com).
🏢 Companies
Big Tech’s AI test arrives. Alphabet and Microsoft report after the US close on Wednesday and Amazon on Thursday, with Apple due on 2 November. After a second straight weekly loss for the Nasdaq, investors want evidence that heavy spending on artificial intelligence is turning into revenue (StockTitan).
Oil majors and banks join the parade. Beyond tech, the week brings Coca-Cola, Visa and Boeing on Tuesday, Spain’s BBVA and Shell on Thursday, and ExxonMobil, Chevron and BP on Friday — a first read on how $100-plus oil is feeding into profits (StockTitan).
🔢 One number to know
32%+
The third-quarter earnings growth S&P 500 companies are on track for, according to LSEG data — strong profits are one reason stocks have held up despite expensive oil and rising yields (Reuters).
🗓 What to watch today
| Time (CET) | Event | Why it matters |
|---|---|---|
| Tonight, 23:00 | US stock futures and oil trading reopen | First reaction to the weekend’s attacks on Saudi Arabia |
| Mon 26 Oct, 10:30 | Germany Ifo business climate | Mood in Europe’s largest economy (September: 89.9) |
| Tue 27 Oct, 15:00 | US consumer confidence | How households are coping with high fuel prices |
| 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 | Alphabet and Microsoft results | The AI spending story put to the test |
| Thu 29 Oct, 13:30 | US Q3 GDP (first estimate) and September PCE inflation | Growth and the Fed’s preferred price gauge in one morning |
| Thu 29 Oct, 14:15 | ECB rate decision (press conference 14:45) | 3.8% 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
- The Dow fell 652 points. Why the percent matters more
- Weekly Money Quiz: October 24 — 5 questions on oil, inflation and ratings
- 1 in 5 Americans cut groceries to pay power bills, survey finds
- Tool: see 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.