Saturday, November 7, 2026
Goldman Sachs reports third-quarter 2026 results on Tuesday 13 October at about 7:30 a.m. ET, with its call at 9:30 a.m. ET. IG puts the LSEG consensus at $13.02 a share on $16.71 billion of revenue, and the StarMine SmartEstimate at $12.80. Nothing has been reported yet, and estimates for individual business lines differ by provider.
ASML will announce third-quarter results on Wednesday 14 October and has guided to net sales of €11.0 billion to €12.0 billion. China was €2.9 billion, or 16 per cent, of first-half sales, against management's full-year expectation of about 20 per cent. The company stopped publishing bookings this year, so Wednesday's release will carry no order figure.
Citigroup's head of US rates strategy told clients on Friday that Treasury Secretary Scott Bessent is likely to reduce long-dated auction sizes and replace the money with Treasury bills, a change that would be announced on 4 November. The bank says the 20-year bond could be cancelled outright.
Brent settled at $104.72 and West Texas Intermediate at $91.85 on Friday, both higher on the day and the week. Early losses on President Trump's remarks about Iran were erased as more Gulf of Mexico output shut ahead of Hurricane Isaias, while attacks on tankers hit a wartime high.
The office commercial mortgage-backed securities delinquency rate hit 13.2 percent in August 2026, the highest level since at least 2019. About $39 billion of office CMBS matures in the next twelve months, and $13.9 billion of that is not yet distressed but already showing warning signs.
A $219 million construction loan for a partial conversion at 100 Wall Street, $113 million for a 25-story Magnificent Mile conversion in Chicago, and $44 million for a Boston office redevelopment closed in September and October. The conversion pipeline is moving from concept to concrete, backed by a combination of tax incentives and capital that has found its price.
The federal government paid $1.36 trillion in gross interest on its debt in fiscal year 2026, up 11.5 percent from the prior year and more than Washington sent the states for Medicaid. At $3.73 billion a day, the cost of carrying the debt has become a top-five budget line by any measure.
The blended net profit margin for the S&P 500 reached 13.4 percent in the first quarter of 2026, the highest reading since FactSet began tracking the metric in 2009. Analysts project it will climb further through year end.
Gold settled at $4,113.80 on October 7, down 22.65 percent from its January record of $5,318.40. The metal has given back a fifth of its peak, and the forces that drove it there have not gone anywhere.
The Nasdaq and S&P 500 hit record highs this week even as the 10-year Treasury yield touched its highest level since 2002. Underneath the records, fewer stocks are doing the work, and high-yield credit spreads have widened since late September.
Oura's amended S-1, filed with the SEC on 21 September, offers 50 million shares at $40 to $44. Only 13.5 million of them come from the company. Of the roughly $532.6 million the company nets at the midpoint, $526.4 million is earmarked for tax withholding on employee stock. Forerunner Ventures is selling its entire 28.7 million-share position and will own nothing on day one.
On Monday the S&P 500 rose 1.5 percent, the Nasdaq closed at a record, crude fell more than 4 percent and the ten-year yield slipped. The two-year Treasury yield, the maturity most tied to the Fed, closed at 4.76 percent, exactly where it was on Friday and its highest close since July 2024.
Brent closed above $100 on Wednesday for the first time since May, and the same afternoon the US president said the war would end immediately after the 3 November election. A forward curve pricing an open-ended disruption has to guess at duration. It has now been given a date to disagree with, which is not the same as being given the truth.
Mortgage balances fell by $74bn in the second quarter, to $13.1 trillion. Households do not usually retire debt when the alternative uses of cash pay this well, and the composition of who is paying and who cannot refinance explains more about the housing market than any measure of affordability.
The funds rate has sat at 3.5 to 3.75 percent while the 30-year Treasury reached 5.31 percent last month, its highest in 19 years, and the 10-year went to levels last seen in 2023. A governor says he is inclined to hold. The long end is not arguing with him. It has stopped listening.
Moody's puts expected ultimate recoveries on first-lien middle-market loans at about 68 cents, against a long-run average in the high seventies. Between 90 and 95 percent of broadly syndicated issuance now carries no financial maintenance covenant. Those two facts are the same fact.
Credit secondaries volume went from about $6bn in 2023 to roughly $11bn in 2024 and is expected to top $18bn for 2025. Quality stakes change hands at 95 to 99 percent of net asset value. That is either evidence the marks are right, or evidence that only the defensible ones get offered.
Hyperscalers and related issuers have sold about $225bn of bonds this year by S&P Global's count, on pace for a record. Capital spending now runs at roughly 94 percent of operating cash flow against 40 percent in 2023, and the paper being issued is long — matched to a useful life the issuers estimate themselves.
One account of second-quarter results says conditions have begun to stabilise. Another, from a review of filings by 44 business development companies, says portfolios moved further below cost. Ares Capital's non-accruals rose 15 percent to $708m. The reports do not contradict each other; they describe different derivatives of the same line.
The ten-year Treasury reached its highest yield since November 2023 on Wednesday. On the same day Japanese ten-year debt passed 3 percent for the first time in thirty years, German yields hit a fourteen-year high and British yields an eighteen-year one. Four governments with four different problems do not usually move together.