Daily News
Kospi Plunges Over 7.8% as Hot U.S. Inflation Fuels Fed Tightening Fears; S&P 500 Drops 1.1% on AI Sell-Off; Gold Climbs Toward $4,150; Crude Falls Toward $94 After Five-Day Rally
15 October 2026
Today in Brief
Asia-Pacific markets fell sharply, with South Korea’s Kospi dropping over 7.84% on losses in SK Hynix and Samsung Electronics, Japan’s Nikkei 225 down 4.4%, Hong Kong’s Hang Seng down 1%, mainland China’s CSI 300 down 1.41% and Australia’s S&P/ASX 200 down 0.85%. On Wall Street, the S&P 500 fell 1.11% to 7,718.94, the Nasdaq Composite shed 1.88% to 26,692.87 and the Dow slipped 48.62 points to 51,621.48 as hotter-than-expected September inflation data and an AI-related sell-off weighed on sentiment. Gold climbed toward $4,150 an ounce on Thursday, recovering from the previous session’s losses, while crude oil fell toward $94 per barrel as it ended a five-day rally.
In other news: A container ship sank in the Strait of Hormuz as Iran stepped up attacks on commercial vessels; the IMF chief told Treasury Secretary Scott Bessent that growth alone will not tame the U.S. deficit and debt pile; U.S. consumer prices rose 3.7% annually in September; the UK economy grew 0.1% in August, beating expectations; eight states sued OpenAI over ChatGPT safety concerns; Netflix said it will lay off roughly 1,000 employees; Jio Platforms is seeking to raise up to $3.2 billion in India’s largest-ever rupee IPO; and TSMC posted a record profit for a sixth straight quarter.
In Asia, South Korea’s Kospi fell over 7.84%
In Asia, South Korea’s Kospi fell over 7.84%, dragged by technology heavyweights SK Hynix and Samsung Electronics. Japan’s Nikkei 225 was down 4.4%, while the Hang Seng Index declined 1%. Mainland China’s CSI 300 lost 1.41%. Australia’s S&P/ASX 200 was down 0.85%. There are growing concerns that the Federal Reserve could tighten monetary policy more aggressively before year-end, after new data showed consumer prices in September rose faster than expected on a year-over-year basis.
S&P 500 drops 1%, dragged down by hot inflation data and sell-off in AI-related stocks
The S&P 500 pulled back on Wednesday, pressured by losses in the artificial intelligence trade, as investors reacted to hotter-than-expected September consumer inflation data. The broad market index fell 1.11% to end at 7,718.94, while the Nasdaq Composite shed 1.88% to close at 26,692.87. The Dow Jones Industrial Average declined 48.62 points, or 0.09%, to 51,621.48. Gains in key healthcare stocks such as UnitedHealth and Amgen kept the 30-stock index’s losses in check.
Gold climbed toward $4,150 per ounce on Thursday, recovering from the previous session’s losses
Gold climbed toward $4,150 per ounce on Thursday, recovering from the previous session’s losses as crude oil ended its five-day rally, easing pressure across other markets. A softer dollar and retreating bond yields also provided support to metals. However, expectations of more aggressive Federal Reserve rate hikes continued to weigh on sentiment following hotter-than-expected US inflation data. The US Consumer Price Index rose to 3.7% in September, its highest level in four months and above market forecasts of 3.6%, largely driven by rising energy costs. Federal Reserve Bank of Chicago President Austan Goolsbee described the figures as “discouraging” and cautioned that the rapid expansion of artificial intelligence infrastructure could also be overheating the economy.
Crude oil fell toward $94 per barrel on Thursday, likely reflecting a technical correction
Crude oil fell toward $94 per barrel on Thursday, likely reflecting a technical correction and profit-taking following five consecutive sessions of gains. Investors also assessed reports that the US is considering relaxing sanctions on so-called shadow fleet vessels that have transported oil and petroleum products from countries such as Russia, Iran and Venezuela, as part of efforts to ease record-high global freight rates. However, supply concerns remained elevated after a container ship sank in the Strait of Hormuz on Wednesday following a strike by unidentified projectiles, while Iran-backed Houthi forces continued missile and drone attacks across Saudi Arabia. Russia also accused Ukraine of attacking two oil refineries on Wednesday, including the 400,000-barrel-per-day Ryazan facility, breaching an “energy ceasefire” announced by US President Donald Trump.
Container ship sinks in Strait of Hormuz as Iran steps up attacks
A container ship sank in the Strait of Hormuz on Wednesday as Iran escalated its attacks on commercial vessels. The GFS Pride, registered in Singapore, sank after it was struck by an unidentified projectile and caught fire. The ship’s 21 crew members were safely evacuated and no injuries were reported, according to the Maritime and Port Authority of Singapore. “Such attacks are unprovoked, unjustifiable and a breach of international law,” the Singapore maritime authority said in a statement Wednesday. Containers were floating in the water after the vessel sank, Pakistani maritime authorities warned in a navigational alert. It is the third commercial ship sunk during the Iran war, according to the International Maritime Organization, a United Nations’ agency.
Scott Bessent’s growth plans aren’t enough to tame surging deficit and debt pile, IMF chief says
The head of the International Monetary Fund has urged Treasury Secretary Scott Bessent to trim the deficit, warning that his plan to lean on growth to tame U.S. Government debt isn’t sufficient. “Growth of course helps, but it cannot deliver fast enough the necessary adjustments,” Managing Director Kristalina Georgieva said at a panel Wednesday at the IMF-World Bank annual meetings in Bangkok. “Some [fiscal] measures would be necessary.” Georgieva said Bessent recognizes that federal deficits and overall debt have grown “too high,” and that measures to improve the budget balance and reduce the debt are necessary. But “the authorities very much rely on strong growth in the United States” to bring them down, she said.
Consumer prices rose 3.7% annually in September as gas prices skyrocket
September brought little relief to the accelerating cost of living, as consumer prices increased again and kept the inflation rate well above the Federal Reserve’s goal. The consumer price index, a broad measure of goods and services costs across the U.S. economy, rose a seasonally adjusted 0.6% for the month, putting the 12-month rate at 3.7%, the Bureau of Labor Statistics reported Wednesday. Economists surveyed by Dow Jones expected respective gains of 0.6% and 3.6%. Stripping out volatile food and energy costs, the so-called core CPI rose 0.3% for the month and was up 2.6% on an annual basis, compared with respective estimates for 0.2% and 2.5%. The annual rate for headline inflation was 3.4% in August while the core rate was 2.4%.
UK economy grew 0.1% in August, beating expectations
The U.K. economy grew by a better-than-expected 0.1% in the month to August, with production growth offsetting weak output in services and construction. Economists polled by Reuters had been expecting GDP to shrink by 0.1% between July and August. But the reading still marked a slowdown in momentum for British gross domestic product, which grew by 0.4% month-on-month in June and July. The British pound jumped 0.4% against the U.S. dollar following the release, while yields on U.K. government bonds — known as gilts — fell across the curve.
OpenAI sued by 8 states over ChatGPT safety concerns
Eight states filed lawsuits against OpenAI on Wednesday alleging that the artificial intelligence company’s ChatGPT chatbot is an unsafe product that’s harmed children and deceived parents. Iowa, Kansas, Nebraska, West Virginia, Arkansas, Arizona, Idaho and Montana have individually sued OpenAI in their own state courts, Iowa Attorney General Brenna Bird said in a release. She said Iowa’s lawsuit aims to “vindicate the rights of Iowans affected by OpenAI’s wilful, dangerous, reckless, and unlawful conduct.” “OpenAI is hurting kids and they are lying to Iowans,” Bird said in a statement. “OpenAI claims ChatGPT is safe while it’s giving dangerous medical advice, encouraging people to hurt others, and coaching people to commit suicide — all while pretending to be their fake friend.
Netflix to lay off roughly 1,000 employees, or 6% of workforce
Netflix said on Wednesday it will lay off roughly 6% of its employees, or roughly 1,000 workers, according to a memo obtained by CNBC. The job cuts will largely impact the product, tech, legal and HR teams. “Our mission – to entertain the world – is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources,” Netflix co-CEOs Ted Sarandos and Greg Peters wrote in the email to employees. “Our business is strong and growing, and we remain on track to deliver our full year forecast. We’ll continue to invest aggressively in high impact areas to improve our service and further drive growth and innovation. “Doing that means making focused choices across the business so we can keep delivering for our members, partners, employees, and investors,” the note said.
Meta- and Google-backed Jio Platforms to raise up to $3.2 billion in historic IPO in India
Meta- and Google-backed Jio Platforms, India’s largest telecom operator, is looking to raise up to 302 billion rupees ($3.2 billion) through an initial public offering of shares. Jio Platforms will sell 270 million shares in IPO priced between 1,065 rupees and 1,119 rupees apiece, from Oct. 21 to Oct. 23. Reliance Industries, the parent company of the telecom operator, said in an exchange filing. The share sale will be India’s largest ever in rupee terms, but the second largest in dollar terms, marginally trailing the Hyundai Motors IPO that raised $3.3 billion in 2024. As per estimates provided by Indian market intelligence firm Prime Database, Jio was expected to raise around 377 billion rupees through its IPO. At the top end of the price range, Jio Platforms is valued at around $108 billion, much lower than previously expected.
TSMC posts record profit for a sixth straight quarter, beating estimates on AI boom
Taiwan Semiconductor Manufacturing Co. on Thursday reported a record third-quarter profit that beat estimates, powered by an unrelenting global appetite for AI chips. The world’s largest contract chipmaker posted a record net profit for a sixth straight quarter, reporting 68.7% surge in the reported quarter from a year earlier. TSMC’s third-quarter operating margin came in at 58.7%, exceeding the upper end of its guidance range of 58%, showcasing the pricing power enjoyed by the company as the AI boom fuels demand for semiconductors. By technology, 3-nanometer chips accounted for the largest share of its revenue in the third quarter at 33%, followed by 5-nanometer and 7-nanometer chips.
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