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- Meta's Muse AI Momentum Wins Over Analysts — But $140B Spending Outlook Raises Funding Questions
Analysts issued mixed price-target revisions for Meta Platforms (META), welcoming early momentum in its Muse AI products but questioning how the company will finance its growing infrastructure spending. Meta raised the low end of its 2026 capital expenditure outlook to $135 billion from $130 billion, putting the midpoint at $140 billion, and plans a new class of nonvoting shares to support future capital raising. Barclays called Muse a “game changer,” while TD Cowen expects Meta to issue equity or debt to finance its AI expansion over the coming years. Third-quarter revenue rose 26% to $64.60 billion, beating estimates of about $63.34 billion, but EPS of $3.83 included a $9.89 billion legal settlement charge; Meta projected fourth-quarter revenue of $73 billion to $76 billion.
- Moody raises Egypt credit rating , gives positive outlook
Moody's raised Egypt's long-term debt rating one notch from Caa1 to B3 and assigned a positive outlook, signaling a possible further upgrade in the coming months. The agency credited fiscal reforms tied to Egypt's $8 billion IMF funding package, which have put government debt and interest burdens on a declining path, albeit from elevated levels. Egypt has ended food aid measures deemed too extensive, and inflation is expected to exceed 13% this year after topping 33% in 2025. Moody's also pointed to stronger revenue collection, expenditure restraint, a flexible exchange rate and tighter monetary policy as strengthening external buffers.
- RBC raises Shopify price target to $200 on sustained growth outlook
RBC Capital Markets raised its price target on Shopify to $200 from $180, citing strong growth momentum and the potential for third-quarter results and fourth-quarter guidance to beat market expectations. The bank sees Shopify sustaining growth above 30%, supported by resilient merchant sales, pricing increases and opportunities in AI-driven commerce. Shopify recently expanded access to its product catalogue for more AI agents, letting shoppers buy through assistants connected to its Shop app, building on its partnership with Meta's Muse and Shop Pay. RBC expects recent price increases to add 110 basis points to annualized growth and kept its Outperform rating. Shopify reports third-quarter results on November 3, after 34% revenue growth in the second quarter, and forecast low-thirties percentage revenue growth for the third quarter.
- JPMorgan Chase Raises Full-Year Net Interest Income Outlook Despite Missing Q3 Revenue Expectations
JPMorgan Chase (JPM) reported third-quarter earnings of $5.57 per share, below the $5.91 estimate and its first miss in almost three years. Revenue reached $50.9 billion, up 8% from a year earlier, and net income was $15.3 billion, though results included a $658 million loss on investment securities. Investment banking fees rose 14% year over year but fell 8% from the second quarter, as rate uncertainty, high energy prices and geopolitical tensions kept many deals on the sidelines. The bank raised its full-year net interest income forecast to about $106.2 billion from $105.5 billion and its expense forecast to about $108.6 billion from $107.5 billion. CFO Jeremy Barnum said the investment banking pipeline remains very strong, while JPM shares were up 0.3% in volatile early trading.
- UnitedHealth keeps medical costs under control — and raises its outlook again
- JPMorgan Raises Income Outlook As Bond Trading Slips
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- Bank Profits Surge
The 9-month 2026 results show many banks continued to grow profits, with some posting record quarterly earnings. VPBank's pre-tax profit reached nearly VND 30,000 billion, up nearly 47%, equal to its full-year 2025 result and about 72.4% of its 2026 plan; Q3 pre-tax profit topped VND 11,000 billion. Techcombank posted VND 28,900 billion (up 23.7%), while LPBank reported VND 10,421 billion (up nearly 9%). SSI forecasts pre-tax profit of its monitored banks to rise 19.5% in 2026 before slowing to 15.4% in 2027, pressured by narrowing net interest margins and rising credit risk provisions. It also expects system-wide credit growth of 16-17% in 2027 and 17.9% for the monitored banks.
- World's Largest Gold Fund Dumps Over 10 Tonnes of Gold as Prices Slide
SPDR Gold Trust, the world's largest gold fund, continued net selling of nearly 12 tonnes of gold in the 22/10 session, bringing total sales over 2 sessions to nearly 15 tonnes and cutting its holdings to about 1,046 tonnes. Spot gold fell more than 2.8% to around USD 4,025 per ounce at the close of 22/10, and briefly dipped below USD 4,000 per ounce in the morning session of 23/10. Tensions in the Middle East pushed crude oil prices higher, raising concerns about inflation and further Fed tightening, and gold has still not attracted sustained safe-haven demand even as US Treasury yields fell. US September CPI rose 0.6% month on month and 3.7% year on year, while PPI rose 1.3% and 6.3%. Markets price about an 84% chance the Fed holds rates steady at its 27-28/10 meeting and a 16% chance of a 25 basis-point increase; September PCE data due on 29/10 is the next key factor to watch.
- Gold Prices Continue to Fall
On the morning of 23/10, domestic gold prices kept falling, with SJC bar prices varying by seller and the premium over world gold widening. Công ty TNHH Vàng bạc đá quý Sài Gòn listed SJC bars at VND 139-142 million per tael (buy-sell), down VND 300,000; Phú Quý was at VND 138-141.8 million, down VND 500,000; and Mi Hồng at VND 140-141.5 million, down VND 800,000. Gold rings also fell by varying amounts, with DOJI at VND 138-142 million and Phú Quý at VND 138-141 million per tael. World gold dropped USD 129 to around USD 3,992 per ounce, equal to about VND 125.3 million per tael, leaving SJC bars about VND 16.7 million per tael above the world price. The State Bank's central rate was set at 25,627 VND/USD, down 5 dong, while Vietcombank quoted 25,660-26,040 VND/USD (buy-sell).
- Company Linked to Billionaire Pham Nhat Vuong Announces Major Good News
VEFAC (ticker VEF), a Vingroup subsidiary, posted Q3 net revenue of nearly VND 77 billion, up 67% year on year, but a gross loss of about VND 27 billion as cost of sales from its exhibition business exceeded revenue. Q3 profit rose mainly thanks to a gross gain of about VND 65 billion from transferring some schools in a project to a partner, while financial income reached over VND 388 billion, mostly from loan and investment income. For the first nine months of 2026, after-tax profit was nearly VND 865 billion, down about 94% from VND 15,418 billion in the same period of 2025, as the prior year included large gains from transferring part of the Vinhomes Global Gate project. As of 30/9/2026, total assets stood at over VND 31,905 billion, up 36% from the start of the year, while total liabilities exceeded VND 24,364 billion, with short-term customer advances rising from VND 411 billion to over VND 8,373 billion.
- Lotte and Phat Dat Officially Break Ground on VND 60,000 Billion Mega Project in Thu Thiem 'Golden Land'
A joint venture between Lotte Group (South Korea) and Phát Đạt (HoSE: PDR) officially broke ground on 23/10 on Lotte Eco Smart City Thu Thiem in the Thu Thiem New Urban Area, HCMC, with total investment of about VND 60,000 billion. The project covers nearly 7.5 ha and will combine Grade A offices, retail, services, accommodation and housing, adjoining the central plaza and central lake of Thu Thiem. Phát Đạt holds 35% of Lotte Properties HCMC, the project developer, and will develop the housing blocks along with two towers (2-1 and 2-3) with about 219,722 m2 of floor area, while Lotte handles block 2-5. Lotte Properties HCMC paid VND 17,569 billion in land-use fees on 31/7/2026, and Phát Đạt completed its VND 7,666 billion payment to take its 35% stake. MB is funding all of Phát Đạt's capital contribution, while VietinBank and BIDV also support the project.
- International Business : Global stocks nosedive as Meta dents AI optimism
Global stocks retreated as tech earnings failed to ease concerns about the AI outlook, with MSCI's All-World index set for its largest daily fall in two weeks, down 0.4 per cent. Meta beat third-quarter revenue expectations, but its plan to issue non-voting stock revived worries about its mounting capital commitments, and a New Mexico judge ordered it to pay a $25 billion penalty in a data privacy case. Brent crude rose nearly 3% to $112 a barrel, near a five-month high, after more Houthi attacks in Saudi Arabia raised supply risks. Investors moved into government bonds, pushing the US 10-year yield down to 5.05%, below France's for the first time in 13 years, while French yields have climbed above 5% amid concerns over social unrest and debt. The France-Germany 10-year spread reached 177.7 basis points, its widest since 2011, while gold fell 1.8% to $4,070 an ounce.
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