Daily report
Wednesday 28 October 2026
4 stories
Published 07:04 CET
A Fed day: the session turns on the 19:00 CET decision and Warsh's press conference, with oil bid after a Houthi strike on Saudi Arabia's largest refinery and Microsoft and Alphabet reporting after the close.
Market snapshot
Calendar
- 28 OctGE Vernova Inc. earningsEPS $4.03 · EPS $1.64 a year ago
- 28 OctBanco Santander, S.A. earningsEPS $0.26 · EPS $0.23 a year ago
- 28 OctAmphenol Corporation earningsEPS $0.73 · EPS $0.47 a year ago
- 28 OctUBS AG earningsEPS $0.91 · EPS $0.76 a year ago
- 28 OctAutomatic Data Processing, Inc. earningsEPS $2.78 · EPS $2.49 a year ago
- 28 OctPhillips 66 earningsEPS $11.97 · EPS $2.52 a year ago
- 28 OctGSK plc earningsEPS $1.40 · EPS $1.48 a year ago
- 28 OctFederal Funds Rate4.00% · 4.00%
- 28 OctFOMC Statement
- 28 OctFOMC Press Conference
- 28 OctMicrosoft Corporation earningsEPS $4.71 · EPS $4.13 a year ago
- 28 OctAlphabet Inc. earningsEPS $2.94 · EPS $2.87 a year ago
- 28 OctKLA Corporation earningsEPS $1.18 · EPS $0.88 a year ago
- 28 OctServiceNow, Inc. earningsEPS $0.56 · EPS $0.59 a year ago
- 28 OctT-Mobile US, Inc. earningsEPS $2.86 · EPS $2.59 a year ago
- 28 OctBanco Bilbao Vizcaya Argentaria S.A. earningsEPS $0.62 · EPS $0.49 a year ago
- 28 OctFortinet, Inc. earningsEPS $0.77 · EPS $0.65 a year ago
- 29 OctUS GDP and core PCE
- 29 OctECB decision, press conference at 14:45
- 29 OctAmazon, Intel, Coinbase and Strategy report
- 30 OctBank of Japan decision
Today’s stories
Open a story for context and sourcesmacroHotFed expected to hold today, with a December hike pricedThe Fed decides at 19:00 CET with a hold at 4.00% forecast, and Wall Street widely expects a December hike, per the AP
What happened
The AP expects the Fed to hold after it raised its key rate in September for the first time in three years, with CPI at 3.7% a year, and says a December hike is widely expected. Core PCE on Thursday is forecast at 3.1% a year after 3%, per the AP; the 10-year yield is 4.993.
What it means today
The Fed decision at 19:00 CET and Warsh's 19:30 press conference reset rates, the dollar and gold; GDP and core PCE follow Thu 13:30 CET. One decision reprices every market on the account at once, from the index and stock perps to gold, the crypto perps and the yield products, and the perps price it the minute the statement lands.
Running story: The Fed on 28 Oct · since 26 Oct
Sources
commoditiesHotOil rises as the Houthis claim a strike on Ras TanuraOil rose after the Houthis said they struck Saudi Arabia's Ras Tanura refinery, with WTI futures at $101.37, per CNBC
What happened
The Houthis said they hit Ras Tanura, Saudi Arabia's largest refinery, with a ballistic missile; Brent futures rose to $115.59 and WTI to $101.37, per CNBC. Commerzbank warns new US attacks on Iran could follow the 3 Nov midterms, and the WSJ reported the US told Gulf states to prepare for a short campaign then, per FXStreet; the US energy secretary told CNBC more Russian diesel may reach the market.
What it means today
Ras Tanura and Iran headlines reach the WTI perp at any hour; the 14:30 CET US open prices them before the Fed weighs oil-led inflation at 19:00 CET. The WTI perp on the account trades Gulf headlines around the clock, and oil feeds the inflation the Fed weighs tonight, so a supply turn reaches the index perps and gold too.
Running story: Gulf oil supply · since 2 Oct
equitiesOpenAI plans to buy Google chips before Alphabet reportsMicrosoft and Alphabet report after today's US close, after The Information reported that OpenAI plans to buy Google's AI chips
What happened
OpenAI plans to buy Google's AI chips to cut its dependence on Nvidia, per The Information via Reuters, hours before Alphabet and Microsoft report; KLA, ServiceNow, T-Mobile, BBVA and Fortinet also report after the close. The Nasdaq 100 perp is 29790 (+1.99% over 24 h) and the Nvidia perp 218.81.
What it means today
Microsoft and Alphabet report after the 21:00 CET US close, two hours after the Fed; GE Vernova, Amphenol and UBS land before the 14:30 CET open. Two hyperscalers set the AI-spending read for the Nvidia perp, the Nasdaq 100 perp and the tokenized big-tech stocks on the account, and the perps price the numbers overnight, before the next US open.
Running story: AI earnings week · since 26 Oct
Sources
cryptoHyperliquid whales turn net short bitcoin before the FedHyperliquid's biggest traders turned net short bitcoin for the first time since March, per Glassnode data cited by Yahoo Finance
What happened
A net short means positions that gain from a fall now outweigh those that gain from a rise; the last time Hyperliquid's whales went short, in March, bitcoin rallied from $65,947 to $78,637 by late April. The BTC perp is 80884 (+1.22% over 24 h) with funding at 0.00125% an hour and $3.50B of open interest.
What it means today
Hourly funding runs into the 19:00 CET Fed decision, the first event that can test the whales' short; Coinbase and Strategy report Thu after the close. The crypto perps on the account trade on the same Hyperliquid books as these whales, and the Fed decision tonight is the first test of that positioning.