Earlier stories,
and why they mattered.

Why it matters: The S&P 500 fell 1.8% and the Nasdaq 2.9%, their worst day since June, on AI-spending worries. Intel plunged 28.6%, its worst drop since 1974.

Why it matters: Apple reports earnings today, and the US jobs report lands Friday with 55,000 new jobs forecast. Midterm elections this week add another wildcard for Wall Street.

Why it matters: Hackers linked to North Korea stole US$6.3 billion from Binance in about 20 minutes, the biggest crypto theft on record. About US$3 billion has since been recovered.

Why it matters: Amazon missed on revenue and profit as AI spending drove free cash flow to a US$42.4 billion yearly outflow. AWS still grew 39%, its fastest pace in years.

Why it matters: Volkswagen posted a $6.8 billion quarterly loss, a Porsche writedown and plans to cut up to 100,000 jobs, as weak China demand and US tariffs bite.

Why it matters: Alphabet shares fell 10% after hours on an earnings miss, wiping nearly $400 billion off its value and dragging Nasdaq futures down 1%. KiwiSaver funds hold the stock.

Why it matters: Banks plan to sell US$21 billion in bonds within a US$63 billion package financing Broadcom chips for Anthropic, another sign AI buildouts run on debt.

Why it matters: Alphabet reports after tonight's US close. Cloud revenue is expected up 91% to US$28.9bn, while Meta's Muse, now at 10 million users, threatens Google search.

Why it matters: Boeing's core loss narrowed to 34 US cents a share, worse than the 25-cent estimate, and shares fell 9.4%.

Why it matters: Nvidia is investing $3b in Meta's $95b stock offering, deepening their AI partnership on Meta's Muse models. KiwiSaver and super funds hold both stocks.

Why it matters: Tesla's Cybercab fleet in Austin grew tenfold in a month to over 300 vehicles, Musk says. Robotaxis are central to why investors value Tesla well above a carmaker.

Why it matters: EQT is buying Range Resources for $12.8 billion to become the top US natural gas producer, betting AI data centres and LNG exports keep demand high.

Why it matters: Microsoft is offering voluntary exits to 60,000 staff as it reshapes for AI, a day before its earnings reveal updated plans for US$190b of 2026 capex.

Why it matters: Anthropic wants a US$1.5 trillion valuation listing on Nasdaq as ANT. It posted a US$80.7 billion loss on US$16.3 billion revenue over six months.

Why it matters: The Fed decides rates Wednesday; markets price a 90% chance of a hold. Alphabet and Microsoft report that day, Amazon on Thursday. KiwiSaver funds hold all three.

Why it matters: Bloom Energy's Q3 revenue jumped 138% but shares fell 11% on negative free cash flow of $181m, as investors weigh the cost of building AI data centres.

Why it matters: Newmont's EPS of US$2.20 topped estimates of US$1.94, with revenue up to US$6.36b. Shares are up 17.4% this year, outpacing the S&P 500's 13.3% gain.

Why it matters: Nasdaq fell 2.6% and chip stocks had their worst day since June as AI spending doubts resurfaced. KiwiSaver and super funds with big tech holdings felt it too.

Why it matters: Meta shares fell more than 7% Thursday, wiping out about US$125 billion in value, as investors balk at its rising AI spending plans.

Why it matters: Valero's profit jumped 553% to US$23.90 a share as refining margins surged to US$39.24 a barrel, the kind of margin that flows into local pump prices.

Why it matters: Spotify shares jumped nearly 9% after monthly active users hit 788 million, up 11%, even though earnings per share missed estimates.

Why it matters: Lockheed beat estimates with EPS of US$7.97 and raised 2026 guidance on a record US$292b backlog. Defence demand keeps climbing as conflicts simmer.

Why it matters: A New Mexico court ordered Meta to pay US$25 billion over the Cambridge Analytica privacy breach, its biggest penalty yet. Meta says it will appeal.

Why it matters: Tesla's free cash flow turned positive at US$1.53 billion, well above a forecast loss, and capex guidance was cut to $20 billion. KiwiSaver funds often hold Tesla.

Why it matters: SpaceX and Tesla have each set up special committees to study a merger. Musk says it isn't certain, but a combined firm could be worth about US$3.5 trillion.

Why it matters: SpaceX posted its first quarterly profit since its June listing, with net income of US$4.4 billion as AI revenue from the xAI deal jumped 830%.

Why it matters: Netflix beat Q3 profit estimates but its Q4 revenue forecast of US$13.44b missed, and the stock fell 5% after hours. Growth is slowing even as earnings hold up.

Why it matters: 3M beat Q3 profit forecasts and raised full-year EPS guidance to $9.10-$9.15. Amazon also took a stake via warrants worth over US$521 million.

Why it matters: Nasdaq surged over 1%, rebounding after its worst week since June, as investors await this week's AI earnings test from Tesla and Meta.

Why it matters: Intel jumped as much as 5% after a JPMorgan upgrade, and CoreWeave was upgraded to Buy by Goldman Sachs as chip stocks rebounded from last week's selloff.

Why it matters: Fifth Third beat estimates with adjusted EPS of $1.13 against $0.83 expected, helped by its Comerica takeover, but shares still fell slightly premarket.

Why it matters: Cleveland-Cliffs shares jumped 7% premarket after adjusted profit of 28 cents beat forecasts of 22 cents, with steel prices near US$1,177 a tonne.

Why it matters: Nasdaq futures rose more than 1% Monday as traders eyed this week's earnings from Netflix, Tesla and Meta, after the Nasdaq's worst week since June.

Why it matters: China's manufacturing PMI fell to 49.3 from 50.1, back in contraction, with export orders also weak. China is NZ and Australia's biggest trading partner, so this matters for exporters.

Why it matters: Chevron will spend US$7 billion to double Venezuelan oil output to 600,000 barrels a day by 2031, a small addition to global supply and petrol prices.

Why it matters: The Fed's preferred inflation gauge hit 3.6% in September, core 3.1%, both faster than August. Real incomes fell 0.3% the same month.

Why it matters: US GDP grew at an annualised 3.4% in the third quarter, above forecasts of 3.1%, driven by AI-related business investment up 12.7%.

Why it matters: Lithium carbonate prices fell nearly 20% over the month, dragging Pilbara Minerals down 6.9% to $2.79 and Elevra Lithium down 8.3% on the ASX.

Why it matters: The Fed held its rate at 3.75%-4% in a split 10-2 vote, with two members wanting a hike as inflation runs hot. That keeps US borrowing costs elevated.

Why it matters: The US goods trade deficit widened to US$135 billion in September as imports surged 27.8%, a sign tariffs aren't closing the gap even as the trade war drags on.

Why it matters: Brent crude eased 0.8% to US$114.93 a barrel as hopes for a Hormuz deal offset Saudi missile attacks. Oil near these levels keeps petrol prices elevated here.

Why it matters: Oil held near US$103 a barrel and gold rose US$29 to US$4,022/oz overnight, while the kiwi sits at 56.8 US cents.

Why it matters: Goldman says AI's lift to the US economy is near its peak. Apollo says it's been 'zero financial payoff' for firms outside Big Tech.

Why it matters: Brent crude jumped 3.1% to US$116.72 a barrel, its highest in almost six months, as Middle East tensions escalate. ASX futures point to a 0.5% fall at the open.

Why it matters: RBNZ is expected to raise the OCR 25 basis points this week while the Fed, ECB and Bank of Japan hold. Brent crude is near US$116.50 a barrel.

Why it matters: Brent crude topped US$113, the highest since May, on reports the US and Israel plan fresh Iran strikes. Higher oil flows straight through to petrol prices here.

Why it matters: China's FDI fell to its lowest in at least 12 years, down 47% from its 2022 peak. The US 10-year yield dropped 16bps as investors sought safety.

Why it matters: Japan posted a record US$17.8 billion half-year trade deficit as Brent crude climbed from US$70 to roughly US$110 a barrel, the same costs feeding petrol prices here.

Why it matters: Brent crude hit a five-month high near US$112 before an unconfirmed Iran-talks report knocked it to US$106, settling near US$109. It feeds into petrol prices here.

Why it matters: Taiwan's export orders hit a record US$114.2bn in September, up 67% on a year ago, a sign of how strong AI-driven chip demand still is across Asia.

Why it matters: Seoul's Kospi fell 2.8% and Hong Kong's Hang Seng 1.1% on doubts AI capital spending will pay off. KiwiSaver and super funds holding global tech shares feel swings like this.

Why it matters: The Fed says AI firms spend untouched by rate rises while everyone else feels them. That split shapes where global, and our, interest rates head next.

Why it matters: France's 10-year bond yield jumped 7.8 basis points to 4.866% after weekend protests turned violent. KiwiSaver and super funds holding European bonds share that risk.

Why it matters: Jakarta's index fell over 5% Monday, adding to Friday's 11.6% plunge, after MSCI floated demoting Indonesia to 'standalone' status.

Why it matters: China's economy grew 4.5% in the third quarter, beating forecasts, as AI-linked exports offset weak spending at home. China is our largest trading partner.

Why it matters: Trump waived sanctions on Russian oil, and Brent crude fell 2.06% to US$107.60 a barrel on hopes for more supply. Cheaper crude could ease pump prices here.

Why it matters: Co-operative Bank must pay a $1.425 million penalty for anti-money laundering failures, nearly three times its half-year profit. It's the third NZ bank fined over AML in recent years.

Why it matters: New Zealand's auction rooms had their busiest week since early May, but only 37% of the 380 properties on offer actually sold.

Why it matters: Queensland's Land Court cleared Whitehaven's $1 billion Winchester South coal mine, set to produce 17 million tonnes a year. Final government approvals are still needed.

Why it matters: Stats NZ data show superannuitant households faced the sharpest rise in living costs last quarter, driven by rising interest payments and rents.

Why it matters: Two-year inflation expectations eased to 4.2% in October from 4.5%, but confidence slipped to +96.2. Fuel prices are still extremely high, ANZ's Sharon Zollner says.

Why it matters: Liquidators have recovered only $8.02 million of the $512.8 million lost in the First Guardian collapse, leaving 6,000 investors unlikely to recoup their super.

Why it matters: Fonterra lifted its milk price forecast midpoint to $9.75/kg from $9.50 on stronger milk powder demand, meaning more cash for NZ farmers and the wider economy.

Why it matters: Economists warn two or three more RBA hikes could tip Australia into recession, with unemployment seen topping 5%. A risk for ASX earnings and Aussie mortgage holders.

Why it matters: A global oil shock has added US$468 billion to world fuel bills. NZ diesel is up 99 NZ cents a litre since before the conflict, and average 91 petrol is now $3.51.

Why it matters: Firms' confidence rose to +53 but their own activity outlook eased to +46; costs are still rising, with 82% of firms expecting higher expenses.

Why it matters: NZX 50 edged up 0.2%, led by Freightways and Spark; Auckland Airport also announced plans for up to $350m of new bonds.

Why it matters: Total mortgage debt topped $400 billion for the first time, yet mortgage interest paid actually fell to $4.84b from $5.22b as borrowers refixed to lower rates.

Why it matters: Firmus scrapped a float that would have been Australia's biggest since Telstra, and now must find US$550 million for chip payments due this year some other way.

Why it matters: Freightways' revenue rose 17.6% to $408.3 million and profit lifted 12% to $26.2 million, as e-commerce volumes jumped 24% while retail volumes fell 1%.

Why it matters: Weather claims hit $186.4 million over the year, almost triple FY25's $70.6 million. Vero sees costs rising 12-15% by 2040, pointing to pricier home insurance.

Why it matters: BNZ's Stephen Toplis expects a 25-point OCR hike on 9 December despite the hold, calling the pause "nothing more than a tease.".

Why it matters: Economists had unanimously forecast a hike. The RBNZ held the OCR at 2.75% in a 4-3 vote, and the NZ dollar fell almost a cent to just under 56 US cents.

Why it matters: Mineral sands revenue fell 6.9% to $219 million, but Iluka's Eneabba rare earths refinery is now 65% built and on budget. That's a sign in Australia's rare earths push.

Why it matters: Serko rose 4% to lead gainers while the NZX 50 fell 0.5%, as markets digested the Reserve Bank's surprise OCR hold.

Why it matters: Annual inflation rose to 4.3%, up from 4%, driven by housing and a 9.4% jump in fuel prices. Markets now see an 85% chance the RBA hikes next Tuesday.

Why it matters: AA Insurance's premiums hit $1.01b but net profit fell 15% to $144.1m, as claims costs rose 7.9% to $698m. Insurance costs keep climbing for NZ households.

Why it matters: Star Entertainment was fined $260m for money laundering failures, $195m over Sydney conduct and $65m over Queensland, paid in four instalments.

Why it matters: Canberra put $180m into Astron's Donald rare earths mine in the Wimmera, taking total funding to $360m. Mining is due to start in 2028.

Why it matters: First home buyers paid $673,000 on average in September, the lowest in 19 months, but 50.3% took out low-equity loans.

Why it matters: WA will be the first state to legalise plug-in solar for renters, systems costing up to $1,300 and saving up to $500 a year with a battery.

Why it matters: NRMA (owned by ASX-listed IAG) overcharged 41,564 NSW drivers $12.17m after a system fault, and must now refund them with interest.

Why it matters: Economists expect a 25bp hike to 3% at 2pm today, a third straight rise, with inflation already at 3.7% and tipped above 4% next year.

Why it matters: NZ retail investors are excluded from the float under the Financial Markets Conduct Act, while Australia gets its own retail prospectus.

Why it matters: Japanese firm Umios paid $72.5m to lift its Sanford stake to 15.53%, sending shares up 12.3% to $6.85. Ngāi Tahu exited after five years as a shareholder.

Why it matters: WA has proposed an 870MW gas plant near Perth while aiming to lift renewables from 40% to 75%. Without it, power prices could jump 89% by 2032, the state warns.

Why it matters: NZ start-ups raised $775.7m in the six months to June, up 114.5% on a year ago, even as deal numbers fell 6.8%. More capital is chasing fewer, bigger bets.

Why it matters: Heartland's reverse mortgage book grew 12.9% to $1.487b in Q1, offsetting falls in rural, motor and business lending, with its $620m TSB takeover still due in December.

Why it matters: Canberra's plan to reserve 20% of LNG exports for home use may have loopholes letting Santos's Gladstone venture dodge it, keeping gas prices higher.

Why it matters: ASB expects NZ home loan rates to keep rising into 2027, even before this week's expected OCR hike. One-year fixed rates are already at 4.99%.

Why it matters: 38% of Australian small businesses saw revenue fall over the past year, and one in 10 invoices are now overdue by 60+ days, the worst run since April 2018.

Why it matters: Perfection Fresh admitted fixing prices on broccoli, cauliflower and lettuce sold to Aldi in NSW. It faces a $12 million penalty, pending court approval.

Why it matters: Eagers Automotive shares jumped about 8% after it agreed to buy the remaining 20% of its BYD retail joint venture, a deal it says will be 5.0-5.5% earnings accretive.

Why it matters: Ingenia Communities has received a $5.40-a-share cash takeover proposal from AVID Property Group, conditional on it dropping its agreement to buy Peet.

Why it matters: NEXTDC's chair will retire and directors took a 10% pay cut after a Melbourne power delay forced a guidance cut. The ASX stock is down 65% over the past year.

Why it matters: Domain figures show capital city prices fell 4.7% last quarter, the steepest drop on record. Every capital fell together for the first time in 15 years.

Why it matters: Domestic airfares were already 5.1% higher in September as jet fuel costs surged, Air NZ says, with Christmas fares set to climb further.

Why it matters: Economists now expect the RBNZ to lift the OCR to 3% on Wednesday, as oil prices and a weak kiwi dollar stoke inflation. That flows into floating mortgage rates.

Why it matters: The NZX 50 slipped 0.3% to end the week down 0.8% for the month. Air New Zealand fell 3% while Chorus, Mainfreight and Spark each rose 2%.

Why it matters: Zip's Q1 transaction volume rose 18% to $4.6b and it kept FY27 guidance, despite a $10.1m hit from a US fraud incident. Shares are still 48% below a year ago.

Why it matters: NEXTDC shares have fallen 42% on power-connection delays, and the $44 billion Firmus data-centre float collapsed on pricing. Together they question the AI data-centre boom.

Why it matters: Australians pulled a record $1.46 billion from super for medical costs last year, up 220% since 2018-19. The ATO warns of 'predatory' sales tactics driving withdrawals.

Why it matters: Treasury now expects business investment to grow over 5% this year, $50b more than May's forecast, even as unemployment sits at a five-year high of 4.7%.

Why it matters: Snowy 2.0's cost has grown from a $2b budget to as much as $25b, with completion now pushed to 2029. Taxpayers are funding this renewable grid firming project.

Why it matters: Lodestone Energy's $75m float was NZ's first major IPO in five years. F&P Healthcare also disclosed unauthorised email access, with no patient data affected.

Why it matters: South32's ASX-listed Groote Eylandt mine wants to pump up to 80 gigalitres of water into the ocean yearly, a $100 million fix for rising costs.

Why it matters: Inflation came in at 3.7%, below the RBNZ's own 3.9% forecast. That eases the case for a hike at the 28 October OCR review.

Why it matters: New fee caps on commercial credit cards should save NZ businesses $40 million a year, part of $290 million in total annual card-fee savings.

Why it matters: Australian workers are underpaid $6 billion in super a year, and the ATO recovers only 15% of it. New 'payday super' rules aim to close the gap.

Why it matters: TPG Telecom says 98% of scam calls on its network, over 24 million, came via Symbio, owned by ASX-listed rival Aussie Broadband.

Why it matters: NextDC shares fell 40% after cutting revenue guidance to $475-$500 million from $615-$640 million, blaming a power-pole dispute delaying its data centre to 2028.

Why it matters: ANZ now expects house prices to fall 2% this year and 1% in 2027, having previously picked a 2% rise next year, as petrol costs and a weak kiwi dollar bite.

Why it matters: The NZX 50 rose 0.5% as EBOS Group (+6%) and Vulcan Steel (+5%) led gains, while Gentrack and Vista Group fell.

Why it matters: House insurance premiums have risen 28% (an average $643) over three years. Quashed says shopping around saved some households over $1600.

Why it matters: RBA deputy Andrew Hauser says the inflation outlook is 'materially worse'. Markets price a 51% chance of a November 3 rate hike, up from under 20% a week ago.

Why it matters: NextDC shares fell 45% to $5.10 after Melbourne power delays forced a deep cut to earnings guidance. A reminder AI data-centre growth isn't risk-free.

Why it matters: ASIC is probing Sydney firm MGF Capital over Main Group FX, a scheme linked to up to $138m in losses. It quit the AFCA complaints scheme in 2024.

Why it matters: Gentrack jumped 7% while Serko led decliners, down 3%. The NZX 50 is down 1.5% over the past month but still up 5.4% over six months.

Why it matters: Hardship withdrawals hit 5,440 in September, more than the 4,250 taken for first homes. But first-home withdrawals pulled out more money: $195.7 million versus $47.9 million.

Why it matters: Codan lifted first-half profit guidance again, to at least $162 million, on demand for unmanned systems in conflict zones. The ASX stock is up 86.8% over the year.

Why it matters: NAB will cut up to 2,500 jobs, about 6% of its workforce, by mid-2027, taking a $300 million pre-tax charge. ANZ and Bendigo Bank are also cutting staff this year.

Why it matters: KiwiSaver provider Simplicity is putting $50 million into Icehouse Ventures' Growth Fund III, taking it to $180 million, backing startups like Halter.

Why it matters: Australia's jobless rate hit 4.7%, a decade high, while NZ grew 2.6% against Australia's 2.1%. The old pull for Kiwis crossing the Tasman is easing.

Why it matters: The NZX 50 slipped 0.6% as Infratil fell 6% and Tourism Holdings rose 3%. Contact Energy flagged up to NZ$225m of green bonds.

Why it matters: EQT will pay A$3.095 cash a share for Cleanaway, valuing it near A$9.3 billion. The board backs the deal; a shareholder vote isn't due until early 2027.

Why it matters: Japan's TAL Daiichi Life, already a 20% holder, wants the rest of Challenger at A$11.80 a share, a 17.7% premium. It's non-binding and still early days.

Why it matters: Stockland reaffirmed FY27 guidance and retail turnover grew 3.5%, but the stock is still down about 36% over the past year versus the ASX 200's 2% fall.

Why it matters: Ampol's Lytton refinery margin hit US$23.92 a barrel last quarter, more than double a year ago. Good for the refiner's profit, not bowser prices.

Why it matters: New Hope's merger with Malabar Resources creates a $6.3bn coal group able to produce up to 19 million tonnes a year, pending approvals by March 2027.