Economy news · 2 November 2026
Nasdaq Falls 2.9% to Three-Month Low on Fed Hike Fears and AI Doubts
The Nasdaq dropped 2.86% on Friday, 30 October, closing at its lowest level in at least three months as investors questioned whether vast AI spending will pay off and the Federal Reserve signalled a possible December rate rise.
Anthropic Targets $1.5 Trillion Valuation as IPO Roadshow Approaches
AI company Anthropic has filed its S-1 with the SEC and plans to begin marketing its stock to investors during the week of November 9, with a public debut expected roughly a week later — an event that could be one of the biggest for the stock market this year.
Microsoft Offers Voluntary Buyouts to 60,000 Workers as AI Reshapes Its Workforce
Microsoft has offered voluntary exit packages to roughly 60,000 employees — about a quarter of its global workforce — as the company redirects spending toward artificial intelligence infrastructure.
Westpac Posts $6.8 Billion Profit as Australian Banks Cut Growth Forecasts
Westpac reported a full-year profit of $6.8 billion, with its shares rising 1.0%, even as rival banks downgraded their economic outlooks and the ASX fell ahead of an expected Reserve Bank rate hike.
China's Factory Activity Contracts Again as Deflation Fears Deepen
China's manufacturing PMI fell to 49.3 in October, returning to contraction after a single month above the 50.0 threshold, as a sharp drop in export orders added to concerns about deflation and persistently weak domestic demand.