ESERIES NOW NEWS · BUSINESS
Updated 29 Oct 2026, 6:00 PM Dubai time (UTC+4) · AI-assisted summary, human-checked · Every item links its original sources
Three stories shaping markets and business decisions today, summarised in plain English.
US Federal Reserve keeps rates at 3.75%–4%, two officials wanted a hike
Decision: 28 Oct 2026, 2:00 PM US Eastern (10:00 PM Dubai time)
The Fed left its benchmark rate unchanged in a 10–2 vote. Its statement said the economy is expanding at a strong pace but inflation 'remains elevated', and that it wants more data before its next move. Governor Lisa Cook and Cleveland Fed President Beth Hammack voted for a quarter-point increase. Chair Kevin Warsh also said one 2027 meeting will be devoted to strategy only, with no rate vote.
Why it matters: Borrowing costs in dollar-linked economies, including the Gulf, tend to follow the Fed. Markets now watch the December meeting.
Sources: Federal Reserve statement · CNBC
ECB President Christine Lagarde will step down on 7 February 2027
Announced: 29 Oct 2026 (Frankfurt)
Lagarde told the ECB Governing Council and European Council President António Costa that she will leave about nine months before her term ends. EU leaders will appoint a successor. The news landed on the same day the ECB was widely expected to keep its deposit rate at 2.5% while French bond yields stay under pressure.
Why it matters: A leadership change at the euro's central bank adds uncertainty for European rates, the euro and businesses that sell into the EU.
Sources: European Central Bank · RTÉ News
Alphabet and Microsoft earnings: AI demand is booming, and so is the spending
Results: 28 Oct 2026 (US, after market close)
Alphabet's quarterly revenue rose 25% to about $127.6 billion and Google Cloud revenue more than doubled to $30.7 billion, but results missed analyst forecasts and free cash flow turned negative as AI infrastructure spending stayed above $50 billion for the quarter; the shares fell sharply. Microsoft reported revenue up 19% to $92.3 billion, with Azure cloud revenue up 48%.
Why it matters: The biggest AI builders are proving demand is real, while investors question how fast the huge data-centre bills pay back. Cheaper, faster AI tools for small businesses are the knock-on effect.
Sources: Alphabet results (SEC filing) · CNBC · Microsoft results
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