{"id":31378,"date":"2026-10-23T21:39:13","date_gmt":"2026-10-23T19:39:13","guid":{"rendered":"https:\/\/caledonia.es\/?p=31378"},"modified":"2026-10-23T22:13:22","modified_gmt":"2026-10-23T20:13:22","slug":"markets-weekly-23-october-2026","status":"publish","type":"post","link":"https:\/\/caledonia.es\/en\/markets-weekly-23-october-2026\/","title":{"rendered":"Markets Weekly &#8211; 23 October 2026"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A deepening unwind of the AI trade dominated the week. Concerns over how AI infrastructure spending is financed triggered a sharp rotation out of technology and chip stocks, and the Nasdaq posted its worst day since June. Brent crude topped $114 on Middle East tensions, and France\u2019s sovereign bond crisis reached its most acute phase since 2011.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The S&amp;P 500 ended flat (+0.05%) and the Dow gained 1.66% on defensive rotation, while European indices bore the brunt: Euro Stoxx 50 \u20131.9%, Ibex \u20131.88%. Investors fled to Treasuries and Bunds; the US 10Y fell about 10bps to 4.97%. French 10Y yields jumped 26bps to 5.07%, a 24-year high, as the OAT-Bund spread widened to ~172bps. LatAm USD bonds broadly tracked the Treasury rally, with Colombia and Argentina the exceptions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Next week: Brazil\u2019s presidential runoff, rate decisions in Chile and Colombia, and Mexico\u2019s 3Q GDP.<\/p>\n\n\n\n\t\t<div class=\"wppdfemb-frame-container-1\" style=\"-webkit-overflow-scrolling:auto;\">\n\t\t\t<iframe class=\"pdfembed-iframe nonfullscreen wppdf-emb-iframe-1\"\n\t\t\t\tsrc=\"https:\/\/caledonia.es\/en\/?pdfemb-data=eyJjb250aW5vdXNzY3JvbGwiOiJvbiIsImRvd25sb2FkIjoib24iLCJ0cmFja2luZyI6Im9mZiIsInBkZklEIjozMTM3OSwidXJsIjoiaHR0cHM6XC9cL2NhbGVkb25pYS5lc1wvd3AtY29udGVudFwvdXBsb2Fkc1wvMjAyNlwvMTBcL0NhbGVkb25pYS1TVi1NYXJrZXRzLVdlZWtseS0yMy0xMC0yMDI2LnBkZiIsInRpdGxlIjoiQ2FsZWRvbmlhLVNWLU1hcmtldHMtV2Vla2x5LTIzLTEwLTIwMjYiLCJpbmRleCI6MX0\"\n\t\t\t\ttitle=\"Caledonia-SV-Markets-Weekly-23-10-2026\"\t\t\t\tdata-pdf-id=\"31379\"\n\t\t\t\tdata-pdf-index=\"1\"\n\t\t\t\tstyle=\"border:none;width:100%;max-width:100%;height:100vh;\"\n\t\t\t\tscrolling=\"yes\">\n\t\t\t<\/iframe>\n\t\t<\/div>\n\n\t\t\n    <div class=\"xs_social_share_widget xs_share_url after_content \t\tmain_content  wslu-style-1 wslu-share-box-shaped wslu-fill-colored wslu-none wslu-share-horizontal wslu-theme-font-no wslu-main_content\">\n\n\t\t\n        <ul>\n\t\t\t        <\/ul>\n    <\/div> \n","protected":false},"excerpt":{"rendered":"<p>The AI trade unwind, Brent above $114 and France\u2019s worst bond crisis since 2011 drove a flight to safety. Treasuries and Bunds rallied, French 10Y yields hit a 24-year high, and European equities led declines.<\/p>\n","protected":false},"author":4,"featured_media":31380,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[274],"tags":[],"class_list":["post-31378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets-weekly"],"_links":{"self":[{"href":"https:\/\/caledonia.es\/en\/wp-json\/wp\/v2\/posts\/31378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/caledonia.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/caledonia.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/caledonia.es\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/caledonia.es\/en\/wp-json\/wp\/v2\/comments?post=31378"}],"version-history":[{"count":2,"href":"https:\/\/caledonia.es\/en\/wp-json\/wp\/v2\/posts\/31378\/revisions"}],"predecessor-version":[{"id":31392,"href":"https:\/\/caledonia.es\/en\/wp-json\/wp\/v2\/posts\/31378\/revisions\/31392"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/caledonia.es\/en\/wp-json\/wp\/v2\/media\/31380"}],"wp:attachment":[{"href":"https:\/\/caledonia.es\/en\/wp-json\/wp\/v2\/media?parent=31378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/caledonia.es\/en\/wp-json\/wp\/v2\/categories?post=31378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/caledonia.es\/en\/wp-json\/wp\/v2\/tags?post=31378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}