Top Overnight News A global rally in technology shares stalled after disappointing earnings from two industry heavyweights revived doubts over whether billions of dollars in artificial intelligence spending will deliver sufficient returns. (BBG) Alphabet fell 10% in postmarket trading as its search-related revenue growth slowed to 12% from 17% in the previous quarter, even though Google Cloud’s revenue doubled; it posted negative free cash flow for a second quarter running, a first since going public. (BBG) Samsung’s chip profits surged 15-fold, yet the stock fell about 4% in Seoul because it withheld plans for shareholder payouts until January, a day after SK Hynix’s $45 billion payout. (BBG) Microsoft shares rose in extended trading after first-quarter results beat expectations on key metrics, including Azure growth of 48%, with capital spending below expectations; the company has since kicked off a 10-part US dollar high-grade bond offering. (BBG) ServiceNow tumbled 18.1% in postmarket trading after its forecast for fourth-quarter current remaining performance obligation fell short of the average analyst estimate. (BBG) European Central Bank President Christine Lagarde informed the Governing Council and European Council President António Costa that she will resign effective February 7, 2027; Costa says the EU will start the search for a new ECB president today. (BBG) The Trump administration is involved in ongoing negotiations centered around a temporary peace deal with Iran; if diplomacy fails, the US is ready to resume combat operations shortly after the midterms. (Semafor/BBG) Iran’s IRGC Navy claims three “non-compliant” oil tankers hit naval mines and caught fire in the Strait of Hormuz over the past 24 hours, the semi-official Fars news agency reports. (BBG) Europe is set to release 42 million barrels of oil, France says. (BBG) Shell announced one of its highest-ever share buybacks, $5 billion, as the Iran war and the Russia-Ukraine conflict lead to record margins for its oil-refining business. (BBG) DoorDash to buy Instacart for $65 a share in cash and stock, and plans to use debt financing to help fund the $17 billion acquisition. (BBG) Marvell Technology is in advanced talks to buy data-center optics maker Lumentum, according to people familiar with the matter. (BBG) Deutsche Telekom has hit the brakes on a merger with T-Mobile US, opting against a formal bid for now partly because of pushback from its works council. (BBG) Banks are delaying plans to offload part of a $15 billion loan to fund a data center tied to Anthropic in Texas, after the state put a hold on new projects while assessing risks to its power grid. (BBG) Traders are pricing a roughly 80% possibility that the Fed will deliver a 25bps hike in December, receding slightly from before Wednesday’s decision; by September they price a total of 70bps of tightening, down from around 78bps. (BBG) The US placed an effective ban on imports from Chinese genomics powerhouse BGI Group and two related entities under the forced-labor law. (BBG) US House Democrats demand President Trump preserve conversations with Grok and other AI bots: Politico US Department of Agriculture confirmed New World Screwworm in Arizona. (Newsquawk) BofA total card spending rose 6.0% Y/Y in the week to 24 October (prev. +4.9%), with spending growth among lower-income households consistently outpacing that of higher-income households over recent weeks. (Newsquawk) China names Zhang Shengmin as new Politburo member and will hold its party congress in Beijing in the second half of 2027. (BBG) Goldman expects the Fed's December hike to be the last, with March "also possible"; GS estimates September core PCE at +0.34% m/m (3.11% y/y). JPM's Market Intel desk stays Tactically Bullish, would buy dips, and sees the primary risk as a spike in kinetic conflict in the Middle East, hedged via longs in crude and equity vol. (JPM)(Consensus expectations: For the upcoming 2026Q3 event, consensus expects EPS of 5.9185; no revenue estimate is available.)