The Market ThesisDaily Summary
Europe & UK Edition
October 29, 2026 at 5:30 AM ET
By MacroGlide's Analysts
Markets Recap for October 28, 2026
US Federal Reserve Holds Rates Steady, BoE Decision Looms
What's in the markets today?
The US Federal Reserve kept interest rates unchanged at its latest meeting, maintaining a tight policy stance as inflation remained elevated and setting the tone for global central bank decisions. In Europe, the November GfK Consumer Confidence reading for Germany fell further to -30.8, signaling continuing pressure on household expectations ahead of the winter months. European equity indices were mixed, with the DAX 40 rising 0.44% while the CAC 40 barely moved, reflecting diverging sector moves and cautious trading before the Bank of England’s upcoming rate call. Oil prices climbed 2.88% on the day, as WTI crude was bid higher on persistent signals of tight physical supply heading into year-end. Meanwhile, several major European companies released earnings-including Airbus SE and UBS Group AG-drawing attention to how sector leaders are navigating challenging business conditions across the region.
Benchmark Moves
The DAX 40 gained 0.44% to 25,704, with European trading having closed before the US Federal Reserve's decision was published later that day. WTI crude oil rose 2.88% to $102.78, reflecting ongoing supply dynamics that raise input costs for major European manufacturers. Gold slipped 0.56% to $4,051.60, offering little hedge as energy prices climbed. This combination points to upward pressure on costs and margins across assets in the European market.
Market data as of Oct 28, 2026 at 4:00 PM ET.
Market data as of Oct 28, 2026 at 4:00 PM ET.
Market data as of Oct 28, 2026 at 5:00 PM ET.
Key Financial Reports
Earnings from major European firms leaned positive, with several reporting stronger profits and operating metrics. Telenor ASA (TELNY) delivered $0.289 EPS, citing a return to group service revenue growth, improved EBITDA, and a record Swedish margin, despite ongoing subscriber declines in Norway. Airbus SE (EADSY) posted $0.46 EPS as revenue, deliveries, and orders rose, but the company faced negative free cash flow and headwinds from supply chain and engine issues. This set of results supports a read-through of resilience in telecom and mixed momentum in European industrials, as cash flow and supply constraints remain key variables.
EPS reported on October 28, 2026 ET. Figures use each company's reported basis.
Key Macroeconomic Reports
Europe faces ongoing economic pressure as evidenced by key indicators. Germany's GfK Consumer Confidence index fell to -30.8, while France's unemployment benefit claims surged to 110.8K, indicating stress in both consumer sentiment and the labor market. This combination signals a weakening economic environment, suggesting that central banks may need to remain cautious as they approach rate-setting decisions.
Macroeconomic data released on October 28, 2026 ET.
Top Stories
A quick look at the five stories that shaped today's market sentiment. Explained with brief context highlighting why each story mattered today.
Source: Sky News — Business
US makes interest rate decision - as Bank of England verdict looms
The Federal Reserve has decided to keep interest rates unchanged despite ongoing high inflation and pressure from Donald Trump to reduce borrowing costs. This decision comes as the central bank navigates economic challenges and seeks to maintain stability in the financial system. The Fed's stance reflects a cautious approach to monetary policy amid uncertain economic conditions.
Source: City A.M.
Budget: Healey hikes taxes and delays defence spending as economy set to slump
Chancellor John Healey has presented his first Budget, which includes tax increases and financial support for households and businesses. The measures aim to address economic challenges as forecasts indicate a potential slump in the economy. Healey's Budget reflects a commitment to balancing fiscal responsibility with the need to support the public during difficult times.
Source: Euronews — Business
BNP Paribas downplays French debt exposure as stock trading lifts profit
BNP Paribas reported better-than-expected profits in the third quarter, driven by a remarkable 50% increase in revenue from equities trading. The French bank also announced a significant €1.3 billion share buyback while minimizing concerns about its exposure to French debt. This strong performance highlights the bank's resilience and adaptability in a challenging economic environment, showcasing its ability to leverage market opportunities effectively.
Source: Euronews — Business
German chemicals giant BASF raises profit guidance after Iran war price hikes
BASF has raised its profit guidance for 2026 for the second time this year, following price increases for certain products due to the Iran war. The German chemicals giant's updated outlook reflects its ability to adapt to market conditions and capitalize on pricing power. This adjustment signals confidence in the company's financial performance amid geopolitical challenges.
Source: City A.M.
Budget 2026: Healey bets £700m on AI to boost British tech firms
In his first Autumn Budget, John Healey announced over £700m in funding aimed at enhancing AI safety and supporting British tech firms. This investment is part of a broader strategy to strengthen the UK's technology sector and foster innovation. Healey's commitment to AI reflects the government's recognition of its importance in driving economic growth.
Other Headlines
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Europe & UK Edition
October 29, 2026 at 5:30 AM ET
Markets Recap for October 28, 2026
US Federal Reserve Holds Rates Steady, BoE Decision Looms
What's in the markets today?
The US Federal Reserve kept interest rates unchanged at its latest meeting, maintaining a tight policy stance as inflation remained elevated and setting the tone for global central bank decisions. In Europe, the November GfK Consumer Confidence reading for Germany fell further to -30.8, signaling continuing pressure on household expectations ahead of the winter months. European equity indices were mixed, with the DAX 40 rising 0.44% while the CAC 40 barely moved, reflecting diverging sector moves and cautious trading before the Bank of England’s upcoming rate call. Oil prices climbed 2.88% on the day, as WTI crude was bid higher on persistent signals of tight physical supply heading into year-end. Meanwhile, several major European companies released earnings-including Airbus SE and UBS Group AG-drawing attention to how sector leaders are navigating challenging business conditions across the region.
Benchmark Moves
The DAX 40 gained 0.44% to 25,704, with European trading having closed before the US Federal Reserve's decision was published later that day. WTI crude oil rose 2.88% to $102.78, reflecting ongoing supply dynamics that raise input costs for major European manufacturers. Gold slipped 0.56% to $4,051.60, offering little hedge as energy prices climbed. This combination points to upward pressure on costs and margins across assets in the European market.
Indexes
Detailed View →Market data as of Oct 28, 2026 at 4:00 PM ET.
Stocks
Detailed View →Market data as of Oct 28, 2026 at 4:00 PM ET.
Commodities & Crypto
Detailed View →Market data as of Oct 28, 2026 at 5:00 PM ET.
Key Financial Reports
Earnings from major European firms leaned positive, with several reporting stronger profits and operating metrics. Telenor ASA (TELNY) delivered $0.289 EPS, citing a return to group service revenue growth, improved EBITDA, and a record Swedish margin, despite ongoing subscriber declines in Norway. Airbus SE (EADSY) posted $0.46 EPS as revenue, deliveries, and orders rose, but the company faced negative free cash flow and headwinds from supply chain and engine issues. This set of results supports a read-through of resilience in telecom and mixed momentum in European industrials, as cash flow and supply constraints remain key variables.
Earnings Per Share (EPS)
Detailed View →EPS reported on October 28, 2026 ET. Figures use each company's reported basis.
Key Macroeconomic Reports
Europe faces ongoing economic pressure as evidenced by key indicators. Germany's GfK Consumer Confidence index fell to -30.8, while France's unemployment benefit claims surged to 110.8K, indicating stress in both consumer sentiment and the labor market. This combination signals a weakening economic environment, suggesting that central banks may need to remain cautious as they approach rate-setting decisions.
Macroeconomic Data
Detailed View →Macroeconomic data released on October 28, 2026 ET.
Top Stories
A quick look at the five stories that shaped today's market sentiment. Explained with brief context highlighting why each story mattered today.
US makes interest rate decision - as Bank of England verdict looms
The Federal Reserve has decided to keep interest rates unchanged despite ongoing high inflation and pressure from Donald Trump to reduce borrowing costs. This decision comes as the central bank navigates economic challenges and seeks to maintain stability in the financial system. The Fed's stance reflects a cautious approach to monetary policy amid uncertain economic conditions.
Source: Sky News — Business
Budget: Healey hikes taxes and delays defence spending as economy set to slump
Chancellor John Healey has presented his first Budget, which includes tax increases and financial support for households and businesses. The measures aim to address economic challenges as forecasts indicate a potential slump in the economy. Healey's Budget reflects a commitment to balancing fiscal responsibility with the need to support the public during difficult times.
Source: City A.M.
BNP Paribas downplays French debt exposure as stock trading lifts profit
BNP Paribas reported better-than-expected profits in the third quarter, driven by a remarkable 50% increase in revenue from equities trading. The French bank also announced a significant €1.3 billion share buyback while minimizing concerns about its exposure to French debt. This strong performance highlights the bank's resilience and adaptability in a challenging economic environment, showcasing its ability to leverage market opportunities effectively.
Source: Euronews — Business
German chemicals giant BASF raises profit guidance after Iran war price hikes
BASF has raised its profit guidance for 2026 for the second time this year, following price increases for certain products due to the Iran war. The German chemicals giant's updated outlook reflects its ability to adapt to market conditions and capitalize on pricing power. This adjustment signals confidence in the company's financial performance amid geopolitical challenges.
Source: Euronews — Business
Budget 2026: Healey bets £700m on AI to boost British tech firms
In his first Autumn Budget, John Healey announced over £700m in funding aimed at enhancing AI safety and supporting British tech firms. This investment is part of a broader strategy to strengthen the UK's technology sector and foster innovation. Healey's commitment to AI reflects the government's recognition of its importance in driving economic growth.
Source: City A.M.
Other Headlines
Chancellor’s Budget placates markets but delays crunch decisions
Budget 2026: Healey faces ‘£11bn hole’ as growth slashed and inflation to rise higher
JPMorgan Chase faces £100m-plus tax bill from Healey raid
UK living standards will flatline this decade, says OBR
Budget 2026: Green levies stripped from energy bills
Main budget announcements at a glance
Healey targets Brits’ energy costs, raids banks in first budget
Oil prices rise as U.S. reportedly tells Gulf countries to prepare for Iran strikes after midterm elections
Trump Officials Discussing Sanctions Relief for Russian Fund, Russia Acknowledges
The ECB needs a smooth transmission and a smooth transition
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