Your market briefing

Prior quarter 2,2% The details GDP: 3.4% vs 3.2% expected. Prior revised to 2.2% from 1.5%.

Prior 194K (revised to 195K) Continuing claims 1701K vs 1720K expected Prior 1728K (revised to 1722K) US initial jobless claims came in at 194K versus 199K expected, while continuing claims fell to 1.701 million against expectations of 1.720 million. The previous readings were revised to 195K and 1.722 million, respectively.

Headlines: US futures tumble as Alphabet earnings revive AI spending fears, Amazon is next in the firing line ECB president Lagarde set to step down from her position next February Crude oil remains capped by renewed US-Iran deal hopes, but upside risks persist Trump administration in ongoing talks for a temporary peace deal with Iran - Semafor Gold whipsaws on FOMC decision...

According to Semafor , the Trump administration is involved in discussions aimed at securing a temporary peace deal. Vice President JD Vance has reportedly sent a letter to Tehran in an effort to revive negotiations, although Trump downplayed the initiative and framed it around humanitarian needs.

EUROPEAN SESSION In the European session, the only highlight is the ECB rate decision. The central bank is widely expected to keep interest rates unchanged, while maintaining its data-dependent, meeting-by-meeting approach.

Fed chair Warsh talked and markets listened. But by the end of it all, everyone pretty much went home with the same hand that they were dealt with in looking to the next meeting in December.

RBA set for fifth 2026 hike to 4.85% as banks flag risk of another move in February More on Samsung: shares slide up to 6.6% as shareholder-return plan is delayed to January US government builds $30bn stock portfolio across 43 deals in chips, minerals and quantum Alphabet slides over 9% after hours as search miss and $9bn cash burn overshadow Cloud Samsung Q3 operating profi...

Canadian dollar holds gains after Bank of Canada delivers rate hike

Vance writes to Iran hard-liner Rezaei to revive talks as Trump weighs new strikes Alphabet Q3: Google Cloud revenue jumps 103% but search and ad sales miss forecasts Microsoft Q1 beats as Azure grows 48% and capex lands $6bn below forecast The before and after. A look at the changes in forex, rates, stocks through the FOMC decision and press conference.

Lower tier data only on the agenda for the session ahead. There are much-awiated earnings releases after the US RTH close, MSFT and Alphabet.

Axios' Barak Ravid is out with a new report: Mediators led by Qatar are trying to restart negotiations after the midterms Qataris working to convince Iran to allow nuclear inspectors in return for some sanctions relief Trump says "we need to finish the jobs through a deal or another way" The report says "A renewed bombing offensive appears likely shortly after the midterms w...

Post from Iran's foreign minister on twitter: While our Brave Armed Forces are fully prepared to defend the Homeland, Iran continues to give diplomacy a chance to succeed. We remain in close and ongoing contact with intermediaries to review ideas that can ensure implementation of our 7-Day Plan in even less than a week.