Oct 23, 2026
5 min read
In today's Bilig Daily Brief, Technology shares suffered their worst day in months as worries about the cost of artificial intelligence (AI) spending hit Meta and chipmakers, while oil climbed to a five-month high. US President Donald Trump accused Iran of inventing attacks on tankers, as Saudi Aramco evacuated its headquarters amid Houthi strikes on Saudi Arabia.
AI spending fears drive Nasdaq's worst day since June
The Nasdaq Composite fell 2.6% to 26,008.86 on Thursday, its steepest drop since June, and the S&P 500 lost 1.2% to 7,663.43, its worst session since July, Reuters reported. The Dow Jones Industrial Average was little changed at 52,867.98. Meta Platforms fell 7% after its results showed rising AI costs and a plan to issue a new class of non-voting shares, which it expects to use in future equity offerings. The Philadelphia Semiconductor Index dropped 6.7%. Nvidia lost 4.4% and CoreWeave 10.1%, the Associated Press said.
Trump says Iran is "making up fake hits"
Trump said on Thursday that Iran was "making up fake hits, mines, and everything else" to push up oil prices before the 3 November midterm elections, rejecting claims by the Islamic Revolutionary Guard Corps (IRGC) that seven vessels were hit near the Strait of Hormuz. None has been independently confirmed, gCaptain reported. Speaking at the White House, Trump said the United States had "knocked the hell out of them, and we may do it a little bit further". The IRGC threatened to strike US bases if American naval escorts continued.
Aramco evacuates headquarters as Houthis widen attacks
Saudi Aramco told staff to evacuate its headquarters in Dhahran and work remotely, six people told Reuters on Thursday. The company did not comment. Yemen's Houthis said they had struck the Saudi Defence Ministry in Riyadh, Aramco facilities in Yanbu and airports in Abha and Dammam over 48 hours. Saudi authorities did not confirm the claims, and the Saudi-led coalition said it destroyed drones over Riyadh and Medina. The death toll from the attack on Dammam's King Fahd airport rose to two, the civil aviation authority said.
Oil hits five-month high as investors buy bonds
Brent crude rose about 4% on Thursday and settled at $113.17 a barrel, its highest since May, Euronews and the Associated Press reported. On Friday, Brent traded near $114 and US crude about $100. Investors bought bonds, and the 10-year US Treasury yield fell to 4.97% from 5.13% late on Wednesday, according to AP. In Asia on Friday, Japan's Nikkei 225 slipped 0.3% to 62,693.16, while Hong Kong's Hang Seng rose 0.7% and the Shanghai Composite gained 0.9%. Saudi Arabia's main index fell 2.5% on Thursday, Reuters said.
Trump invokes Defense Production Act for refining
Trump said on Thursday night that his administration was using the Defense Production Act, a 1950 law, to release $150 million to increase US refining capacity. He made the announcement at a campaign rally in Sioux City, Iowa, United Press International reported. The Department of Energy said the money would expand production, storage and logistics at refineries and raise output by "millions of gallons per day". Recipients have not been named. US diesel averaged $6.28 a gallon on Monday, up $2.66 from a year earlier, according to the Energy Information Administration.
Macron bans non-union protests after riots
French President Emmanuel Macron said on Thursday that protests would be banned unless organised by trade unions, and that union marches must avoid city centres. He blamed last weekend's riots on "seditious acts" by "ultra-left" groups, Al Jazeera and The Irish Times reported. Paris police banned protests near key sites, and Lyon, Lille and Grenoble barred marches. A court overturned a ban on one student march in Paris. Justice Minister Gérald Darmanin said at least 2,700 people had been detained. A large rally is planned for Saturday.
Euro zone growth slows as France contracts
Euro zone business growth slowed to a four-month low in October, with the HCOB flash composite Purchasing Managers' Index (PMI) falling to 51.9 from 53.1, below forecasts of 52.7, S&P Global data showed on Friday. France's composite index fell to 48.4, signalling contraction, and Germany's eased to 52.8. "Key to the broader slowdown is the further escalation of inflationary pressures," said S&P Global economist Chris Williamson. Britain's composite PMI rose to 53.1, its fastest growth in eight months, beating forecasts of 51.8.
European and regional ministers meet in Istanbul
Foreign ministers from Britain, France and Germany were due to meet counterparts from Turkey, Saudi Arabia, Pakistan and Egypt in Istanbul on Friday, the first such meeting between the two groups, a Turkish diplomatic source said. Turkish Foreign Minister Hakan Fidan is chairing the talks, which cover the Strait of Hormuz, Houthi attacks on Saudi Arabia, Gaza, Yemen and the war in Ukraine. British Foreign Secretary Ed Miliband will push for a diplomatic solution to restore full navigation rights, his office said. No outcome had been announced by midday.
Rosneft strained by Ukrainian refinery strikes
Russia's state oil company Rosneft is under growing financial pressure from Ukrainian drone strikes on its refineries, Bloomberg reported on Thursday, citing unnamed sources. Officials privately warned that a few more months of attacks could cause lasting damage, and that constant repairs were pushing costs to unsustainable levels. Rosneft's first-half net income fell almost 20% to 200 billion roubles ($2.4 billion), the Kyiv Independent reported. Rosneft told Bloomberg it was taking "appropriate measures" and that no company petrol station had closed.
Germany arrests Ukrainian suspected of spying for Russia
German federal prosecutors said on Thursday they had arrested a Ukrainian man in Brandenburg, the state around Berlin, on suspicion of spying for Russian intelligence. Prosecutors said he gathered information on tank, ammunition and explosives production and on military sites on NATO's eastern flank, using contacts in the European defence industry. A judge will decide on Friday whether to hold him in custody. Chancellor Friedrich Merz said "Russian intelligence activities in Germany remain unchanged at a high level", the Associated Press reported.
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