23/10/2026 – Daily Reports
- Oil: Brent remains elevated as tanker security risks and rising shipping costs sustain the geopolitical premium.
- Equities: Nasdaq fell 2.6% as Meta’s higher AI spending outlook revived concerns over technology-sector profitability.
- Gold & Silver: Gold hovered near $4,005, heading for its steepest weekly loss since June, while silver fell below $55 amid shifting Fed rate expectations.
- Copper, Platinum & Palladium: Copper faces uncertainty over U.S. tariffs, while lower price forecasts and investor selling weigh on platinum and palladium.
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AI SPENDING CONCERNS TRIGGER GLOBAL TECH SELLOFF
Global technology stocks came under renewed pressure as Meta’s earnings reignited concerns over the cost of AI expansion. Meta shares fell around 7% and Tesla dropped 3.1%, while the Nasdaq slid 2.6%, marking its steepest daily decline since early June. Investors are increasingly questioning whether massive AI investments can generate sufficient returns.
OIL HITS FIVE-MONTH HIGH AS GEOPOLITICAL RISKS ESCALATE
Brent crude climbed to around $114 per barrel following Houthi attacks in Saudi Arabia, raising concerns over potential disruptions to global energy supplies. Meanwhile, US Treasury yields fell sharply as investors moved toward safe-haven assets, while Asian markets extended their declines amid growing concerns over AI-related spending and stretched technology valuations.
- Safe-Haven Shift: Investors are turning to the Japanese yen and Swiss franc amid global equity sell-offs and AI-related concerns.
- US Yields Decline: The 10-year Treasury yield fell below 5%, while the 2-year SOFR swap rate dropped 15 bps to 4.50%, reflecting weaker expectations for aggressive Fed tightening.
- EUR/USD at Risk: Renewed French tensions could push EUR/USD back towards the 1.1130 level.
- PMIs in Focus: US and European PMI data are due today, but equities, oil prices and French political developments may dominate sentiment.
Fed: Strong inflation data reinforce expectations of higher-for-longer rates ahead of next week’s Fed decision.
Equities: U.S. stocks remain under pressure, with tech losses also weighing on precious metals.
Oil: Brent trades above $113 and WTI above $100 as Houthi attacks fuel supply concerns.
Gold: Gold is near $4,000, close to a two-month low.
