The Swiss SMI was up about 5.1% in October, against a 2.4% decline in the Euro Stoxx 50, a 7.5 percentage point gap, the widest since March 2020. Roche, Novartis and Nestlé gained 13%, 9% and 10% in the month. The text attributes this resilience to the weight of healthcare, financials, industrials and consumer staples in the Swiss market, to the franc as a safe-haven currency and to official rates at 0%.
Abanca posted a pre-tax profit of €764.5 million so far this year, up 2.4% year on year, while after-tax profit fell 13.6% to €579.1 million. The bank attributes the gap to the normalisation of its effective tax rate, which rose from 7% to 28% due to lower use of tax credits. Its ROTE stood at 12.2% and business volume grew 6.4% to €142.859 billion.
UBS lowered its palladium price forecast to about $1,100 per ounce over the next 12 months, after cutting its previous estimates for December, March and June by $100 to $200. The Swiss bank attributed the revision to reduced investor positions and a more bearish sentiment in the options market. It also cited the drop in Chinese palladium imports, from nearly 8.6 metric tons in April to 3.4 in September, and the wider discount to platinum, which could support automotive demand.
OPEC+ countries will likely keep their December production targets unchanged at Sunday's virtual meeting, according to three people cited by Reuters, as the group turns its attention to negotiations on 2027 quotas. Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman will take part. The expectation comes as Gulf producers raise exports after months of disruptions linked to the conflict in Iran, though most continue producing below their targets. The sources said no final decision has been made.
Gold prices retreated on Tuesday and briefly traded below $4,000 an ounce as investors awaited the Federal Reserve's policy announcement on Wednesday. At 05:58 ET, spot gold was down 0.5% at $3,998.23 an ounce and US futures were 0.6% lower at $4,013.17 an ounce. The market prices roughly a 10% chance of a rate hike this week, after September's increase, amid elevated energy prices and diplomatic efforts related to Iran.
Brent futures rose 0.5% to $116.38 a barrel and WTI 0.6% to $102.35, after reversing earlier losses. The market is tracking negotiations between Iran, Saudi Arabia, Turkey and Pakistan to reduce tensions, and reports of Houthi attacks on pumping stations of Saudi Arabia's East-West pipeline and Riyadh airport, which Saudi authorities had not immediately confirmed. Last week Brent hit its highest level in six months.
Wall Street futures posted slight losses on Tuesday after the previous session's gains, partly driven by Anthropic's initial public offering paperwork. S&P 500 futures were down 11 points (0.1%) and Nasdaq futures 125 points (0.4%), while Dow Jones futures were nearly flat. Investors awaited Boeing's quarterly results and the Federal Reserve's two-day meeting, where the central bank was widely expected to keep its rate range unchanged.
Ucimu-Sistemi per Produrre's machine tool order index rose 10.5% in the third quarter of 2026 compared with the same period a year earlier. Growth was driven by international markets, up 24.7%, while Italian domestic demand fell 7.1%. The overall index stood at 58.9 points, with 2021 as the base of 100. Ucimu president Riccardo Rosa attributes domestic weakness to international uncertainty and higher energy costs.
The campaign 'España puede ser la hostia', promoted by the Impulso Regenerativo platform and coordinated by the Hope foundation, proposes creating a generational fund inspired by Norway's oil and gas model but fed by renewable energy revenue. They propose funding it with a 30% state stake in new wind and solar parks, the recovery of hydropower concessions, part of the CO₂ rights market and citizens' savings. They estimate more than 12.5 billion euros a year by 2050 to reinvest in housing and the energy transition.
Cement consumption in Spain fell 8.1% in September to 1,367,833 tonnes, 120,177 fewer than in the same month of 2025, according to Oficemen's Cement Statistics. In the first nine months of 2026 consumption grew 3% to 12,364,731 tonnes, and on a rolling-year basis (October 2025-September 2026) it rose 6.5% to 17,010,838 tonnes. Exports of cement and clinker dropped 20% in September.
Ferrovial shares surge nearly 8% and lead gains on the Ibex 35 after the company sent investors the financial details of its concession for the I-24 Express Lanes project in Nashville (Tennessee). The concession has a net present value of $21 billion, clarifying the $24.8 billion reported when it won the contract. The company reports quarterly results after the US market close.
Repsol has extended its fuel discounts for private and professional customers until November 30. The company has allocated 100 million euros to this campaign since it launched last March.
Italy exercised the order option for 30 additional Lynx KF-41 infantry fighting vehicles, adding to the 21 covered by the contract signed in November 2025, for a total of 51 in the A2CS Combat UOR configuration. They are supplied by the Leonardo Rheinmetall Military Vehicles joint venture, with a Rheinmetall hull and a 30-millimeter Leonardo turret. The order is part of the A2CS program, which foresees about 1,050 vehicles in 16 variants to replace the Dardo and the M113 family.
Labiana Health, a Spanish pharmaceutical group listed on BME Growth, posted revenue of 41.26 million euros in the first half of 2026, up 5.2%, with adjusted EBITDA of 8.20 million (+10.2%) and adjusted EBIT of 6.19 million (+14.2%). Animal Health drove revenue with a 9.6% rise to 20.77 million. Net profit fell to 0.93 million due to 3.5 million in extraordinary financial expenses tied to the cancellation of the previous financing with Miralta/Blantyre.
The Banco de la República board meets on Friday, October 30, to set the benchmark rate, currently at 12.25%. In the Anif survey, 68.4% of analysts expect a 25-basis-point hike to 12.50%, while 31.6% foresee a pause. Annual inflation accelerated to 6.29% in September, 229 basis points above the upper limit of the target range. Bancolombia projects the hike; Corficolombiana expects the rate to hold and forecasts a final increase in December.
Carrefour is strengthening its senior ranks in Argentina with the appointment of Jorge Ybarra, until now commercial director of Carrefour in Spain, as the new deputy general manager of the Argentine business. Ybarra will also take charge of commercial direction and the supply chain, will report to the subsidiary's chief executive, Noel Prioux, and his appointment takes effect on January 1, 2027. The executive has spent more than 25 years at the French group.
Mastercard announced a partnership with Beast Industries, the company founded by Jimmy Donaldson (MrBeast), to develop financial products, experiences and tools that help creators turn their digital influence into businesses. The agreement includes co-branded card programs with benefits and Priceless experiences tied to the MrBeast universe, as well as training and financial resources. It also includes a collaboration between the Mastercard Center for Inclusive Growth and Beast Philanthropy to expand access to practical financial education, with a focus on younger generations.
Bankinter is experiencing an outage in its digital banking service and mobile app this Tuesday, preventing customers from operating their accounts through these channels. Bank sources say the bank is working to resolve the technical incident, which would be related to communications problems, and stress that branches and telephone banking remain operational for urgent transactions.
Ferrovial told Spain's CNMV that the $24.8 billion figure announced when the I-24 concession was awarded combined present-value and nominal components, and that the amount equals $21 billion. The company said $7.7 billion corresponds to payments during construction between 2027 and 2033, followed by payments totaling $140 billion over the 50 years of the concession. Its shares rose more than 8% to near 48 euros, on a day when the Ibex was trading lower.
Ferrovial told Spain's CNMV that the $24.8 billion figure published when the I-24 concession was awarded combined present-value and nominal components, and that the amount equals $21 billion. The company said $7.7 billion corresponds to payments during construction between 2027 and 2033 and that the concession will run for 50 years. Its shares were up more than 8% and near 48 euros, on a day when the Ibex was trading lower.
