Economy news · 20 October 2026
Australia's NAB to Cut 2,500 Jobs in Major Bank Restructure
National Australia Bank announced it will eliminate up to 2,500 positions — about 6% of its workforce — by mid-2027, citing rapid technological change and the need to reduce duplication, triggering a 2.9% share-price drop and union outrage.
Netflix Reports Q3 Earnings Under Pressure After 1,000 Job Cuts
Netflix released its third-quarter 2026 results on October 20, the most watched earnings event of the week, as the streaming giant faced slowing growth, a 25% stock slide, and its biggest round of layoffs — 1,000 jobs — since 2022.
China's Economy Grows 4.5% in Q3, Beating Forecasts on Export Surge
China's GDP expanded 4.5% year-on-year in the third quarter of 2026, topping the consensus forecast of 4.4%, as a 36% surge in September exports drove a rebound from a three-year low — even as domestic consumption and property investment remained weak.
GE Aerospace Reports Q3 2026 Earnings, Extending Nine-Quarter Beat Streak
GE Aerospace released its third-quarter 2026 results before the opening bell on October 20, with Wall Street expecting a ninth consecutive earnings beat — EPS of $2.01, up 21% year-on-year — as soaring aviation demand and defence spending continue to lift the industrial giant.
ECB Clears UniCredit to Take Control of Germany's Commerzbank
The European Central Bank granted Italian bank UniCredit regulatory approval on October 15 to raise its Commerzbank stake above 30% without limit, paving the way for UniCredit to gain outright control of the €35 billion German lender by year-end.