Economy news · 17 October 2026
Jakarta stocks suffer worst crash since 1998 after MSCI downgrade warning
Indonesia's benchmark Jakarta Composite Index plunged nearly 12% on Oct. 16, triggering a trading halt, after index provider MSCI warned the country's emerging-market status is in jeopardy.
US tech stocks slide as AI debt fears grip Wall Street
The Nasdaq fell more than 2% on Oct. 16-17 as investors fled heavily indebted AI infrastructure firms, with bond yields on cloud operator CoreWeave climbing to around 15%.
Netflix cuts about 1,000 jobs in its biggest-ever layoff round
Netflix is laying off roughly 1,000 employees, about 6% of its workforce, in its largest job cuts to date, hitting product, technology, legal and HR teams as streaming competition intensifies.
Brent crude surges toward $110 as Hormuz risk premium climbs
Brent crude jumped 3.56% to about $109.69 a barrel and WTI rose nearly 4% as tightening supply and Iran-related tanker risks in the Strait of Hormuz pushed shipping costs sharply higher.
Greggs to close four UK bakery factories, putting 740 jobs at risk
British baker Greggs plans to shut four manufacturing sites and cut around 740 jobs over two and a half years, in a £60 million restructuring aimed at saving £20 million a year.