Spot gold fell 0.7% to $4,038.49 an ounce and US futures slipped 0.1% to $4,049.72, after the Federal Reserve kept its interest rate unchanged in a 10-2 vote. Investors awaited the September PCE index to assess the possibility of another rate increase before the end of the year. Silver, platinum and palladium also posted losses, while the dollar index rose to 102.20 points.
The Representative Market Rate in force this Thursday, October 29, 2026, stands at 3,162.35 pesos per dollar, an increase of 14.33 pesos (0.46%) from Wednesday's 3,148.02 pesos, according to Superintendencia Financiera records. At exchange houses, Cartagena posts the highest buying price at 3,750 pesos and Medellín the lowest selling price at 3,160 pesos. The widest spread is in Cartagena (230 pesos) and the narrowest in Cúcuta (40 pesos).
The dollar opened higher on Thursday, rising 4 pesos to 993, in a session shaped by Federal Reserve signals and a more pessimistic outlook for artificial intelligence. Copper in London fell 0.8% to US$6.51 per pound, in line with losses in Nasdaq 100 futures after Alphabet's disappointing free cash flow report. The Fed held rates steady and futures price an 85% probability of a hike in December.
Volkswagen Group reported operating profit of 71 million euros in the first nine months of 2026, down 98.7% from 5.408 billion a year earlier, hit by 8.7 billion euros in special items, weakness in the Chinese market and competitive pressure. Revenue fell 2.2% to 233.378 billion. The group posted an after-tax loss of 2.72 billion euros, compared with a 3.405 billion profit a year earlier, and warned it needs to speed up its 31 billion euro savings plan.
An analysis warns that the most dangerous moment of a technological revolution comes when its economic promise grows faster than the capacity to finance it, as is happening today with artificial intelligence. The possible collision brings together four forces: sovereign bonds used as collateral, debt-financed currency bets, Brazil and AI investment. Money crosses those compartments: losses in one market can force sales in another. A reversal does not require a bankruptcy; a delay or costlier financing is enough.
Christine Lagarde will leave the presidency of the European Central Bank on February 7, 2027, about nine months before her eight-year term was due to end, the institution announced. Lagarde informed the ECB Governing Council and European Council President António Costa of her decision. The ECB gave no reason for the departure. Costa said the process to appoint her successor will start immediately; the role is appointed by the European Council by qualified majority.
European Central Bank President Christine Lagarde will leave her post on February 7, almost nine months before her mandate ends on October 31, the institution announced. The departure forces eurozone countries to agree within weeks on renewing the bank's leadership: Isabel Schnabel leaves on January 3 and Philip Lane on June 1. Spain's Pablo Hernández de Cos and the Netherlands' Klaas Knot are seen as the main candidates; the decision rests with the European Council.
Bitcoin is again posting intraday lows below $80,000, in a month-and-a-half low range. According to Citi, the one-month correlation between bitcoin, ethereum and the S&P 500 has risen to 70%, and doubts about the AI rally are spilling over into the crypto market. Adding to the pressure are the Fed's hawkish tone, after it held rates steady with two policymakers voting for a hike, and dollar strength at 17-month highs against the euro.
BBVA reported third-quarter 2026 results, with net interest income of 8.079 billion euros (+21.7%), fees of 2.337 billion (+13.4%) and net profit of 3.015 billion (+19.1%). Despite the figures, its shares fell nearly 5%. XTB's analysis attributes the reaction to the fact that 43% of net interest income growth comes from Turkey, moderate growth in Spain and a CET1 ratio decline below expectations.
Naturgy posted a profit of 1.758 billion euros through September, up 5.4% from the first nine months of 2025. EBITDA reached 4.380 billion (+3.9%) and revenue 15.374 billion (+5.4%). The company raised its 2026 estimates: it expects to close the year with record earnings of 2.200 billion and EBITDA above 5.600 billion. The board approved a second interim dividend of 0.6 euros per share, payable on November 5.
Cafés de Colombia Expo 2026 drew 45,698 people over four days, a historic attendance record that, according to the text, consolidates the event as the most important coffee fair in the Americas. First Lady Ana Lucía Pineda opened the fair; Vice President José Manuel Restrepo and three ministers toured the stands. The text argues that Colombia is building a new stage for its coffee industry based on science, innovation, quality and consumer knowledge.
The Nasdaq 100 trades around 29,600 points, caught between the Federal Reserve's restrictive stance and earnings from Wall Street's largest companies. The Fed held rates in the 3.75-4.0% range and its chair, Kevin Warsh, said that "interest rates do matter" for AI development. Microsoft grew revenue 19%, with Azure at 48%, but its CAPEX rose 103%; Alphabet fell more than 8% despite lifting revenue 25%.
Repsol plans to develop projects worth 11.5 billion euros between 2026 and 2030 in Spain to strengthen supply security and move toward products with a lower carbon footprint. Of that amount, 60%, about 7 billion euros, will go to initiatives around its industrial sites, including new renewable hydrogen plants and a third 100% renewable fuels plant. The company reported a net profit of 5.006 billion euros through September.
Spain's Ibex 35 opened the session down more than 1%, to 18,689.10 points, pressured by banks after earnings releases. BBVA led the declines with a 5.43% drop, followed by Sabadell (-2.27%) and CaixaBank (-1.5%). The Federal Reserve held rates yesterday and investors await the ECB's decision. Pressure on banks was compounded by the UK government's announcement that it will raise the additional surcharge on financial institutions' profits from 3% to 6%.
The Fed kept the federal funds rate in the 3.75–4.00% range, with two votes in favor of a hike and a market pricing an 80% to 84% probability of a December increase. Alphabet fell nearly 10% after the close as it missed both revenue and profit targets for the first time in almost four years, with negative free cash flow of $9.07 billion. Microsoft rose 3% to 5% after beating forecasts. Samsung posted record results but its shares fell.
Fernando Godoy, a real estate adviser, advises taking out the mortgage deed and reviewing three elements: the index, the spread and the date the payment is revised. According to the report, many households are waiting for European Central Bank decisions on interest rates, which affect variable-rate mortgages tied to Euribor. For a purchase, Godoy recommends getting pre-approval before choosing a home and comparing fixed, mixed and variable options with numbers. For a sale, he notes that with a high Euribor there is less room for the asking price.
Empresas Públicas de Medellín (EPM) sold its stake in Energía Atenea, commercially known as Energua, to the group Latam Energy Distribution Group S. A., domiciled in Panama. According to the analysis, the transaction confirms the critical reality already known in the department of Cesar, where the electricity situation is described as a crisis of financial sustainability, infrastructure, governance and civic culture, beyond high tariffs, bills and blackouts.
A new Federal Reserve inflation forecast points to deteriorating core inflation. According to the October update, the core PCE price index, the central bank's preferred gauge, would rise from 3% to 3.05% in September and 3.13% in October. Headline inflation was revised slightly down to 3.75% from 3.77%. The text attributes price pressure to tariffs, which raised goods inflation by 2.9 percentage points through February 2026, and to the closure of the Strait of Hormuz due to the war with Iran.
Naturgy posted a net profit of 1.758 billion euros between January and September, up 5.4% from the same period in 2025, as reported to the CNMV. EBITDA reached 4.380 billion (+4%) and revenue 15.374 billion (+5.4%), with net debt of 12.307 billion. The company attributes the results to the performance of regulated activities and thermal generation, and raised its guidance for the year: EBITDA above 5.600 billion and net profit of around 2.200 billion.
Naturgy reported a net profit of 1.758 billion euros in the first nine months of the year, up 5.4% from the same period a year earlier. Revenue reached 15.374 billion euros (+5.4%) and Ebitda 4.380 billion (+3.9%). The group raised its 2026 targets: Ebitda above 5.6 billion, net profit of around 2.2 billion and net debt below 13 billion. It also confirmed investment capacity of up to 12 billion for potential corporate transactions.
