Key facts
- AI cash burn concerns intensified after disappointing results from Alphabet, Amazon, and Intel.
- Binance reported a $6.3 billion cryptocurrency heist.
- The Reserve Bank of New Zealand kept interest rates on hold at 2.75%, surprising traders.
- The Bank of Canada raised its policy rate by 25 basis points to 2.5%.
- The ECB, Fed, and BoJ held rates steady but signaled potential for tightening.
- Brazilian President Luiz Inacio Lula da Silva won a surprise fourth term.
Markets are navigating a complex landscape of AI earnings, geopolitical risks, and upcoming elections. Concerns over AI cash burn intensified after disappointing results from Alphabet, Amazon, and Intel, while a significant cryptocurrency heist at Binance added to market jitters. Central banks largely delivered expected outcomes, with the Bank of Canada raising rates and the ECB, Fed, and BoJ holding steady but signaling future tightening. Political developments included Brazilian President Lula da Silva securing a fourth term and Israeli Prime Minister Netanyahu's bloc falling short of a majority.