Global markets were tracking rising geopolitical tensions, corporate earnings and changing investment trends on October 26, 2026. Developments involving Iran, France’s debt risks and artificial intelligence valuations remained in focus, while India’s oil procurement strategy and foreign investment outlook drew attention.
France’s Debt Risks Rise as Iran Tensions Escalate
France was ranked the most exposed to a potential debt crisis among 43 advanced economies by the International Monetary Institute (IMI). The country’s 10-year government bond yield briefly crossed 5% on October 21, reaching its highest level since 2002 amid political protests and budget uncertainty. Moody’s retained France’s credit rating at Aa3 with a negative outlook.
Meanwhile, Houthi forces claimed attacks on Saudi Arabia’s east–west crude oil transfer stations and Riyadh airport. Saudi authorities had not immediately confirmed the claims. The Saudi-led coalition reported intercepting a missile directed towards Riyadh and carrying out strikes against Houthi positions in Yemen.
CNN reported that US forces deployed in the Middle East could be ready to launch an operation against Iran within 96 hours of an order from President Donald Trump. Officials reportedly said existing deployments were sufficient for the potential operation, but no confirmed attack order was reported. Separately, Iranian officials described plans for a regional security meeting involving Saudi Arabia, Türkiye and Pakistan in Tehran.
Jio IPO Fees Fall as BPCL Changes Oil Sourcing
Jio Platforms reportedly paid ₹1.96 billion ($20.7 million) in underwriting fees to 19 banks for its approximately $3.1 billion initial public offering (IPO), according to filing documents cited by Sina Finance. The fees represented around 0.65% of the offering.
By comparison, Hyundai Motor India paid approximately ₹4.9 billion in banking fees for its ₹278 billion IPO in 2024, equivalent to roughly 1.76% of the offering. Competition among investment banks was cited as a factor behind lower underwriting commissions on major transactions.
Bharat Petroleum Corporation Ltd. (BPCL) sharply reduced its planned Russian crude purchases for November as the commercial attractiveness of those supplies weakened. The company was resuming purchases from the Middle East as regional crude availability improved and expected supplies to increase further in November.
Earnings Season and India’s Foreign Investment Outlook
According to FactSet, 179 S&P 500 companies, representing 36% of the index, were scheduled to report quarterly results during the week. Investors were watching Amazon, Alphabet and Microsoft amid concerns about AI valuations and the sustainability of AI-related spending. Analysts expected third-quarter earnings to grow 29.5% year-on-year.
Ben Powell of BlackRock Investment Institute told The Economic Times that the firm was considering a more constructive tactical stance on Indian equities but wanted clearer signals before changing its position. Foreign investors had sold approximately ₹4.55 lakh crore worth of Indian stocks, while elevated crude oil prices remained a concern.
The Bank of Japan was also widely expected to leave interest rates unchanged at its Friday meeting, while keeping the possibility of a December rate hike open, depending on inflation, wages and market conditions.
