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NEWS & MARKETS
The stories behind the numbers.
Six concise updates from the October 31 Morning Briefing on the economy, companies and global policy, with links to the primary sources.
Updated October 31, 2026 at 10:04 a.m. EDT (14:04 UTC). Reports dated October 29–30; official sources rechecked October 31 for this refresh. Preliminary statistics can change; company plans and policy goals are not completed outcomes. Market readings above are separate provider feeds and may be delayed or market-closed.
From the Arants archive: earnings calls, cash-flow NPV and Graham valuation.
GLOBAL MACROECONOMICS · OCTOBER 30
Original Arants conceptual illustration. Not a photograph or data chart.
Europe grows at a slower pace
Eurostat’s October 30 preliminary estimate shows euro-area GDP rising 0.4% in the third quarter, versus 0.6% in the second. EU growth eased to 0.5% from 0.7%. These are quarter-on-quarter, not annualized, rates. Euro-area output was 1.3% above a year earlier. Expansion continues, but the early figures remain subject to revision.
Eurostat preliminary GDP release · October 30
GLOBAL MACROECONOMICS · OCTOBER 29
Original Arants conceptual illustration. Not a photograph or data chart.
U.S. spending rises; real gains are small
BEA’s October 29 release puts September consumer spending up 0.5% from August in dollar terms, but less than 0.1% after inflation. Income rose 0.2% and the saving rate was 3.8%. PCE inflation reached 3.6% year over year, or 3.1% excluding food and energy. Higher sales dollars do not necessarily mean much more purchasing volume.
BEA · October 29, 8:30 a.m. EDT
MARKETS & CORPORATE NEWS · OCTOBER 30
Original Arants conceptual illustration. Not a photograph or data chart.
Exxon reports stronger quarterly cash flow
ExxonMobil reported third-quarter GAAP earnings of $15.4 billion, compared with $14.5 billion in the second quarter. Operating cash flow was $25.7 billion and company-defined free cash flow was $19.1 billion. Its separate $17.5 billion adjusted earnings measure excludes specified items. Management’s $20 billion 2027 buyback plan remains conditional on reasonable market conditions.
ExxonMobil official results · October 30
MARKETS & CORPORATE NEWS · OCTOBER 29
Original Arants conceptual illustration. Not a photograph or data chart.
Amazon cloud growth carries a capital bill
Amazon’s third-quarter sales rose 12% year over year to $201.9 billion; AWS sales increased 39% to $46.0 billion. Operating income rose to $28.1 billion from $17.4 billion. Yet trailing-year free cash flow was a $42.4 billion outflow, versus a $14.8 billion inflow a year earlier, as investment expanded primarily for AI. Prime Day’s timing shift also complicates retail comparisons.
Amazon official results · October 29
GEOPOLITICS & POLICY · OCTOBER 30
Original Arants conceptual illustration. Not a photograph or data chart.
Canada and EU deepen trade cooperation
The October 30 Canada–EU joint statement announces an Alliance for the Future and completed substantive digital-trade negotiations. It also outlines critical-resource investment and competition cooperation. The partners aim to define a closer association by their 2027 summit, short of full EU membership. Announcements and concluded negotiations do not establish that every measure is already legally effective.
Canada–EU joint statement · October 30
GEOPOLITICS & POLICY · OCTOBER 30
Original Arants conceptual illustration. Not a photograph or data chart.
Canadian tariff coverage changes by product
Proclamation 11076, signed October 23 and published October 30, removes some Canadian products from an existing 50% additional duty and adds others. Changes apply to specified entries from October 30 at 12:01 a.m. Eastern; applicable Section 232 duties can also apply. This is an operative change, not a blanket tariff on all Canadian goods. Exact classification and entry timing matter.
Official Federal Register · Proclamation 11076
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