AGP Executive Report
Last update: 8 hours agoBig Tech: Alphabet shares plunged more than 10% after a profit miss, slower ad growth and an $8.7 billion loss on investments deepened investor concerns about its AI spending. Anthropic’s IPO filing also drew scrutiny: its $80.7 billion first-half loss was largely an accounting adjustment, while operating losses were $693 million. US Economy and Rates: Third-quarter growth accelerated to a 3.4% annual pace, powered by consumer spending and business investment. The Fed held rates at 3.75%–4%, but persistent inflation and strong activity have raised the prospect of a December hike. African Markets: Dangote Refinery’s $1.6 billion IPO attracted investor commitments from 119 countries, with proceeds intended to fund an expansion that would double capacity by 2029. Bond Market: China’s central bank launched an emergency swap facility to help curb forced bond selling amid large redemptions at nonbank institutions, while leaving investors exposed to losses from excessive risk-taking.
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