Shares of Meta Platforms, Alphabet and Intel fell sharply, erasing gains for investors who bought recent follow-on share offerings and pushing many positions below subscription prices. The sell-off intensified after Alphabet’s Wednesday results showed search and other ad revenue below expectations and Intel warned of supply-chain issues for data-center components. The moves have heightened doubts about the sustainability of large AI infrastructure investments and the market’s capacity to absorb major AI-related equity issuance. Continued weakness will complicate issuers’ fundraising and makes Anthropic’s chances of matching or exceeding SpaceX’s record IPO haul earlier this year more uncertain.

Fitch: (Regarding the UK budget) The measure that allows mayors to control a portion of income tax from 2028 may initially achieve fiscal neutrality.

Russian Deputy Prime Minister Novak: Russia will formulate a diesel export plan for December by the end of November.

Fitch: (Regarding the UK budget) Support from the National Wealth Fund and British Commercial Banks will increase; the Burnham government has not substantially increased its infrastructure spending plans.

Fitch: (Regarding the UK budget) Implementing fiscal consolidation plans will become significantly more difficult from 2027 onwards. Fiscal spending is still expected to deviate significantly from the plan. Policy risks will increase slightly as the next UK general election approaches.

Russian Deputy Prime Minister Novak: Russia's oil production in October was higher than in September.