Oct 17, 2026
5 min read
A sell-off in chip stocks dragged the Nasdaq down 4.5% for the week, while Brent crude touched $110 a barrel for the first time since May. European Union leaders closed their summit backing Ukraine, and China proposed export controls on its most advanced artificial intelligence technology.
Chip rout caps Nasdaq's 4.5% weekly slide
The Nasdaq Composite fell 2.1% on Friday to 26,140.03, ending the week down 4.5% as chip stocks slumped, the Associated Press (AP) reported. The S&P 500 lost 1.9% on the week to 7,659.44, while the Dow Jones Industrial Average gained 0.7% to 52,002.41. The 10-year Treasury yield ended near 5.09%, down from a peak of 5.33% on Wednesday. The dollar had its worst week since early September. Brent settled at $109.86, up 4.9% on the week. Spot gold fell 0.5% to $4,177.82 an ounce.
EU leaders back Kyiv as Zelenskiy seeks €70bn
EU leaders ended a two-day summit in Brussels on Friday pledging continued support for Ukraine and keeping sanctions on Russia in place. Ukrainian President Volodymyr Zelenskiy asked for an extra 70 billion euros next year, saying: "We need at least 70 billion euros more from you," Al Jazeera reported. European Council President Antonio Costa said it was "no time to withdraw support to Ukraine". Leaders also asked the European Commission to prepare trade defence tools, including quotas and tariffs, against Chinese competition, Euronews reported.
Kremlin backs Trump as Russia launches 332 drones
Kremlin spokesman Dmitry Peskov said on Friday that Moscow "fully" agreed with US President Donald Trump's criticism of Zelenskiy over stalled peace efforts, The Moscow Times reported. Overnight, Russia launched 332 drones and several missiles at Ukraine, Ukraine's air force said, and air defences downed 289 drones and four Kalibr cruise missiles. Strikes were recorded at 22 locations, Ukrinform reported. Regional authorities said Russian attacks over the past day killed about seven people, the Kyiv Independent reported.
Missiles hit Yemen's Aden airport
Two missiles landed on the grounds of Aden International Airport in southern Yemen on Friday as a Yemenia Airways flight prepared for take-off, Reuters reported. No casualties were reported. Aden's security department blamed the Houthis, who did not claim responsibility. It was the second attack on the airport in less than a week. The Saudi-led coalition said it intercepted a ballistic missile heading for Yanbu, a key Saudi oil export port, and destroyed two cruise missiles and three drones, Al Jazeera reported.
Trump says Saudi Arabia should accept Israeli help
Trump said on Friday that Saudi Arabia should accept Israel's offer of help against the Houthis. "Israel has been very helpful to Saudi Arabia," he told reporters at the White House, the Asian News International agency and i24NEWS reported. Asked whether Saudi Arabia joining the Abraham Accords, the normalisation agreements with Israel, was back on the table, he said: "Maybe more than ever." Saudi Arabia has said normalisation requires a clear path to a Palestinian state.
China proposes export controls on advanced AI
China's Commerce Ministry proposed export controls on 23 artificial intelligence (AI) technologies, including large language models, AI agents, chip designs and computing clusters, Bloomberg reported. The draft would restrict model weights and source code for the most powerful systems, while exempting open-source technology. A temporary registration requirement took effect on Friday. A ministry spokesperson said the aim was the "safety and controllability" of AI. Public comment runs until 15 November, The National reported.
Beijing warns EU against trade pressure
China's Commerce Ministry said on Friday that the EU "should not imagine it can gain benefits through pressure", the Global Times reported. A spokesperson called claims that EU pressure had produced a deal on hybrid vehicles "groundless" and urged both sides to show "sincerity", Xinhua reported. The comments followed the EU summit's call for new trade defence tools. The EU has a trade deficit of about 360 billion euros with China, according to Euronews.
Settlers attack West Bank olive harvest
Israeli settlers attacked Palestinians picking olives in at least eight villages in the occupied West Bank on Friday and beat Heidi Levine, a Washington Post photographer, who was taken to hospital, AP reported. Palestine Red Crescent medics treated 14 wounded people. Soldiers shot a village council member; the military said he ran at troops with a sharp object, which a colleague disputed. The US State Department condemned "criminal violence by any party in the West Bank".
White House press secretary ousted after five days
Katie Zacharia was removed as White House press secretary on Friday after five days in the job, two US officials told CBS News. Her first briefing drew criticism, and she had been described as a lawyer although she failed the California bar exam in 2011 and never retook it, Axios reported. Trump said he had urged her to "reconsider" the role. She will be the shortest-serving press secretary in modern history. No successor was named.
Anthropic seeks $60bn to buy Google chips
Anthropic is offering Blackstone a yield of more than 10% to help finance a $60 billion debt package to buy Google's tensor processing unit (TPU) chips, the Financial Times reported on Friday, citing people familiar with the matter. Blackstone would invest $9 billion in the debt, the newspaper said. The report followed a week in which concerns about AI financing weighed on chip stocks, according to market reports.
France braces for nationwide protests
French authorities prepared for 90 demonstrations and about 500 protest actions across France on Saturday, a source close to the Interior Ministry said, Euronews reported. The protests, led by students, follow four weeks of unrest. Prime Minister Sébastien Lecornu said 937 police officers and gendarmes, 248 students and 149 teaching staff had been injured. President Emmanuel Macron said the right to protest "must be accompanied by respect for people and property".
iPhone Duo sells out on first day
Apple's first foldable iPhone, the iPhone Duo, sold out of launch-day stock shortly after pre-orders opened on Friday, with new orders slipping into 2027, Bloomberg reported. The phone starts at $1,999 and goes on sale on 23 October. Apple told the Financial Times demand had been "nothing short of extraordinary", The Apple Post reported.
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