Geopolitical Risks Surge, European Defense Stocks Rally Again
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FedEx (FDX.US) delivers its first financial report after freight division spin-off: revenue and profit both exceed expectations, raises full-year guidance, announces new CFO
Thanks to rising package unit prices, increased business volume, and ongoing structural cost reduction measures, FedEx's revenue and profits for the quarter both exceeded Wall Street expectations. The company also raised its full-year earnings outlook for 2026.
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U.S. crude oil inventories fall for four consecutive weeks as exports surge; distillate stocks decline more than expected
According to U.S. EIA data, commercial crude oil inventories decreased by 1.9 million barrels for the week ending October 23, while market expectations were for an increase of 15,000–100,000 barrels. Exports rose by 1.4 million barrels per day. Distillate oil inventories fell by 1.5 million barrels, exceeding the market expectation of 900,000 barrels, making it difficult for diesel prices to find relief in the short term. Gasoline inventories unexpectedly increased by 3.9 million barrels, while the market had expected a decrease of 700,000 to 900,000 barrels. Amid escalating tensions in the Middle East, WTI rose by as much as 3.6% on Wednesday before pulling back.
Federal Reserve Announces No Change in Interest Rates; Waller Sends Cautious Signal; Market Still Bets on Rate Hike in December
The Federal Reserve announced on Wednesday that it will keep the benchmark interest rate unchanged, maintaining the federal funds rate target range at 3.75% to 4%, in line with widespread market expectations.
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