The dollar posts a slight gain at the start of the session on Wednesday, October 28. According to the Colombian Stock Exchange, at 9 a.m. the currency was up 0.34%, with an average price of COP 3,154, while the TRM stood at COP 3,158, that is, COP 10 higher. The last trading price was COP 3,165. The market awaits the Federal Reserve's rate decision amid inflationary pressures and with oil above USD 115 per barrel.
Banco Santander reported a net profit of €12.405 billion ($13.8 billion) between January and September, up 20%, according to its statement. The figure includes a net capital gain of €1.895 billion from the sale of Santander Bank Polska, offset by €666 million in charges. Excluding that effect, profit was a record €11.18 billion (+16%). Revenue rose 8% to €46.807 billion, and the group added 17 million customers in twelve months.
The Bank of Canada raised its overnight rate by 25 basis points to 2.50%, its first hike in more than three years, in line with market expectations. The bank said it acted to prevent elevated energy prices from spilling over into other goods and services, and noted that further hikes "may" be necessary, though it will proceed "cautiously" and decide "meeting by meeting". It revised its inflation forecast higher: CPI would reach 3.5% by late 2026 and would not return to the 2% target until mid-2028.
For Wednesday, October 28, 2026, the U.S. dollar starts the day in Colombia with a Representative Market Rate of COP 3,148.02, according to the Banco de la República, a drop of COP 9.92 from the October 27 report. The euro trades at COP 3,497.19, up COP 11.41 (0.33%), and the Canadian dollar at COP 2,238.30, up COP 8.14 (0.37%). Brent crude opened at USD 111.47 and Bitcoin at USD 80,813.
Equinor raised its oil and gas production growth forecast for 2026 to about 4%, up from the previous 3%, after reaching 2.166 million barrels of oil equivalent per day in the third quarter, 2% more year on year. The Norwegian company reported adjusted operating profit of $12.35 billion and adjusted net profit of $2.86 billion, driven by higher hydrocarbon prices and refining margins. It announced a dividend of $0.39 per share and a fourth share buyback tranche of up to $1.125 billion.
The government submitted to the Chamber of Deputies a bill authorizing Corfo to contribute to funds of funds and directly to venture capital vehicles. The initiative, signed by President José Antonio Kast and ministers Jorge Quiroz and Daniel Mas, has 20 permanent articles and eight transitional provisions. Corfo may hold up to 35% in the fund of funds and 30% in direct contributions, with a spending cap of US$25 million in the first year the regulation is in force.
The Bank of Canada raised its overnight rate by 25 basis points to 2.50%, its first increase in more than three years. The central bank showed caution about future moves.
Gold prices posted a slight decline on Wednesday as investors await the Federal Reserve's rate decision. December futures traded at US$4,071.02 per troy ounce, down 0.09% from the previous close, after a recovery of nearly 1% on Tuesday. The session ranged between a low of US$4,041.10 and a high of US$4,084.10. The metal's performance came alongside moves in the dollar and oil, amid expectations about inflation and monetary policy.
John Healey, the UK finance minister, presented his first budget to Parliament. The government estimates GDP growth of 1.2% in 2026, above the 1.1% forecast, slowing to 1.0% the following year. He announced he will double the surcharge on bank profits to 6% to fund a direct payment of 100 pounds to 20 million households for energy bills, a first-time buyer ISA replacing the lifetime ISA, changes to the pensions triple lock and the local retention of business rates.
The number of people with fortunes above 5 billion yuan ($750 million) in China reached a record 1,529, according to the Hurun China Rich List, above the previous high of 1,460 in 2021. Liang Wenfeng, founder of DeepSeek, debuted in seventh place with $41.7 billion. Zhang Yiming of ByteDance returned to first place with $99.7 billion. Most of the 263 new entrants come from semiconductors, AI and robotics.
The number of people in China with a fortune above 5 billion yuan ($750 million) reached a record 1,529 this year, according to the Hurun China Rich List, above the previous high of 1,460 in 2021. Liang Wenfeng, founder of DeepSeek, debuted in seventh place with $41.7 billion. Zhang Yiming of ByteDance returned to first place with $99.7 billion. Most of the 263 new entrants come from semiconductors, AI and robotics.
Leading consulting firms raised starting salaries in the United States for the first time since 2022, amid tougher competition with tech companies and AI labs for new graduates. McKinsey, BCG and Bain increased base pay by between 4% and 9%, according to Management Consulted. From next year the three firms will pay $120,000 to university graduates and $200,000 to MBA holders. The sector expects growth of 5% to 7% in the coming years.
European stocks are posting slight declines in a session dominated by quarterly results: the STOXX 600 falls around 0.2%–0.3% and the Euro Stoxx 50 0.18%. Deutsche Bank rises 3.6% after lifting its revenue forecast above €33 billion, while Santander drops 4.9% on weakness in its Brazil profit. Investors await decisions from the Fed, the Bank of Canada and the ECB, and results from Microsoft and Alphabet.
The dollar opened the session at 3,145 pesos and in the first minutes hit a low of 3,145 and a high of 3,155, averaging 3,151.87, a slight upward move against the current TRM of 3,148.02 pesos. Traders expect the Federal Reserve to keep rates in the 3.75% to 4% range, while in Colombia attention is on the Banco de la República board meeting and the filing of the economic rescue bill.
The nominal exchange rate indicates how many Colombian pesos are needed to buy one dollar and is a key reference for the Colombian economy. When it rises, the peso depreciates and imports become more expensive; when it falls, the peso appreciates, imported goods become cheaper and exporters lose competitiveness. Official tracking is done through the TRM, the arithmetic average of the weighted buy and sell rates for dollars of authorized financial institutions, which according to the information consulted stands at 3,148.02 pesos per dollar.
The TRM for Wednesday, October 28, 2026, stood at 3,148.02 pesos, down 9.92 pesos from Tuesday and 0.31% on the day, its lowest level since September 17. The dollar opened the session at 3,145 pesos, 3.02 pesos below the official rate, and rebounded about four pesos above the TRM in early trading. So far in 2026 the TRM has fallen 609.06 pesos, or 16.21%.
The dollar opened trading in Colombia at COP 3,145, a difference of COP 3.02 from the day's TRM of COP 3,148.02, and rose COP 4 against that reference in the first minutes of trading. The market expects the Federal Reserve to hold rates at 4% at its Wednesday meeting, amid elevated inflation driven by oil and possible pressures from the El Niño phenomenon, according to Mauricio Acevedo of Corficolombiana.
The dollar closed Tuesday at COP 3,147.40, after falling to COP 3,130 on Monday the 26th and closing at COP 3,145 on Friday the 23rd. Analyst Diego Sogamoso noted the currency trades below its 50-day moving average, near COP 3,173. Among external factors, US consumer confidence rose to 91.7 in October and the Fed decides on rates on October 28. Domestically, the government is selling dollar bonds and Banrep sets its rate on Friday the 30th.
US index futures pointed to a slightly positive open on Wednesday, after two sessions of gains. SK Hynix shares rose 7.2% premarket after the company reported record quarterly profit and announced more than $25 billion in dividends and buybacks. The market awaits the Federal Reserve decision, widely expected to keep rates unchanged, and results from Microsoft and Alphabet after the close.
A REIT in Argentina's capital market, with a minimum ticket of $1,000 and quarterly rent payments in dollars, already has more than 10,000 investors. Its managers argue that the price per square meter in Buenos Aires, measured in dollars, has lagged behind other financial assets, wages and economy-wide prices. They aim to combine rental yields of between 6% and 8% in hard currency with property appreciation.
