Economy news · 24 October 2026
Nasdaq Suffers Steepest Drop Since June as AI Spending Fears Hammer Tech Stocks
The Nasdaq fell 2.6% on October 23 — its worst day since June — after Meta raised its AI capital-spending forecast to up to $145 billion, stoking investor fears that enormous outlays on data centres will never pay off.
American Express Posts Record Q3 Revenue of $20 Billion and Raises Full-Year Guidance
American Express reported record third-quarter revenue of $20 billion on October 23, up 9% year on year, and lifted its full-year earnings-per-share forecast, driven by record card-member spending and rising card fees.
India Says Landmark EU Free-Trade Deal Could Be Operational by March 2027
India's commerce minister said on October 22 that the country's historic free-trade agreement with the European Union — the largest either economy has ever signed — could come into force as early as the first quarter of 2027.
China's Economy Grows 4.5% in Q3, Beating Forecasts, but Weak Consumer Spending Persists
China's GDP expanded 4.5% year on year in the third quarter of 2026, exceeding analyst expectations and accelerating from 4.3% in Q2, though retail sales grew by just 1.1% and property investment continued to decline.
US S&P Global Flash PMIs Due Friday Ahead of Fed Policy Meeting
October preliminary PMI readings are forecast to ease slightly from September's strong levels, though both manufacturing and services activity are expected to remain comfortably in expansion territory.