Market Quick Take - Chip stocks sold off after key earnings - 22 October 2026

Key arguments

• Asian technology shares led a regional selloff as investors questioned the durability of AI infrastructure spending, offsetting the prior session's rebound.
• Brent's move above USD 111 reflects supply-risk premium from the Saudi and Russian infrastructure attacks; offsetting factors are higher Middle East crude exports and a planned Russian diesel shipment to the US.
• Gold's drop is attributed to energy-driven inflation and rate concerns triggering speculative selling, partly offset by ETF holdings at a four-year high; the question is whether USD 4,100 support holds for a third time this month.
• French 10-year OAT closed above 5.0% and the Germany-France spread hit its widest close since 2012, keeping fiscal and rate risk in focus even as earnings lifted European equities.

Corresponding source evidence

1. • Macro: UK inflation came in hotter than forecast while a Saudi oil field was attacked • Equities: US and European equities rallied on strong earnings, while Asian markets retreated as concerns over artificial intelligence spending resurfaced.
2. • UK annual inflation rose to 3.5% year-on-year in September 2026, the highest since October 2025 and above the 3.4% forecast, led by higher transport and motor fuel costs, with core CPI up to 2.8%. · September 2026
3. • A deadly drone attack on Saudi Aramco’s Shaybah field and Ukrainian strikes on Russian oil facilities have raised supply risks, but rising Middle East crude exports and Russia’s planned diesel shipment to the US may limit further oil price gains.