On the last trading day of October 2026, Intel plunged 28.6% — its worst day in 40+ years — and the SOX chip index tumbled over 7%, ending AI capex's 'free pass'. Haven demand drove Treasuries higher, with the 10-year heading for its biggest monthly drop in nearly three years; Korea's KOSPI fell 3.5% and triggered a sidecar.

Alphabet's cloud revenue doubled to $30.7bn, yet the stock fell 12.6% - its worst day in 22 years - erasing over $500bn. Capex hit $51.4bn, free cash flow was negative for a second straight quarter, and search ads grew just 12%. The market no longer rewards spending itself; it prices AI capex by the slope of returns. Microsoft's Azure, accelerating to 48%, was spared.

On October 16 the Nasdaq fell 4.48% for its worst week in four months and the Philadelphia Semiconductor Index capped an eighth straight decline, the longest since 2008 — yet US chip output is up nearly 20% year on year. Capital rotated into Dow financials and energy, low-AI European equities and Treasuries as a haven.

On October 9 the three main A-share indices traced a dip-then-rebound session with turnover rising to RMB 1.92trn. A return to expansion in the September manufacturing PMI (50.1%), resilient holiday consumption, an improving dividend ecosystem and a single-day RMB 17.9bn net inflow into equity ETFs form four supports; with 83.78% of early Q3 reports positive, the earnings factor is replacing valuation expansion as the fourth-quarter pricing main line.

Reports put OpenAI's annualized revenue near $50 billion, below the ~$70 billion that had circulated, reigniting doubts about AI capex sustainability. The Nasdaq 100 fell 1.39% and the SOX index slid 3.4%, while massive tech debt issuance surfaced a scramble for capital.

During European and US trading on August 22, spot gold in London touched USD 4,648.30/oz, the highest level since May 2026. It settled in New York at USD 4,639.50/oz, up about 4.2% for the week. COMEX

During European and US trading on August 22, spot gold reached an intraday high of $4,648.30 per ounce, a step away from the $4,650 mark, and settled at $4,639.50 in New York, up roughly 5.9% for the

On August 21, spot gold climbed back above the $4,600 per ounce level for the first time in three months, settling at $4,604.99. For the week, gold advanced 5.22%, while COMEX gold futures rose 5.05%

(Lead) During the Asian session on August 21, global financial markets continued the choppy pattern that has characterized August. The latest minutes from the Federal Reserve's July meeting showed gro

(Introduction) Entering August 2026, global financial markets have shown structural divergence under the interplay of three main threads: soft inflation data, central banks holding policy steady, and