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The True Brief
Friday 30 October 2026·16 items · about 6 min read·Free edition
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Front page · Top story
ECB says Lagarde will step down as President on 7 February 2027
CENTRAL BANK · Lead story
The ECB said Christine Lagarde "informed the Governing Council and the President of the European Council António Costa that she will step down from her position on 7 February 2027." The release said her successor "will be appointed by the European Council following the nomination process outlined in Article 283 of the Treaty on the Functioning of the European Union." Later on X, Lagarde wrote that she is leaving "because I want to have the freedom of speech, the freedom of expression, and the freedom to engage on matters that are not monetary policy matters."
US and Finland sign technology deal and critical minerals framework
The State Department said Marco Rubio and Finnish Foreign Minister Elina Valtonen "signed the U.S.-Finland Technology Prosperity Deal and a Critical Minerals Framework Agreement". The White House text lists cooperation on 5G and 6G networks, quantum technologies, energy, advanced semiconductors and space.
US and Hungary sign two memoranda of understanding, State Department says
The State Department said Rubio and Hungarian Foreign Minister Anita Orbán signed two memoranda of understanding, "codifying Hungary’s commitment to energy diversification under the Trump Peace Pipelines Framework (TPPF) and a bilateral commitment to combatting far-left terrorism." The readout said the talks also covered cybersecurity cooperation.
Zelensky says Ukrainian strikes destroyed two Russian Su-34 jets
Ukrainian President Volodymyr Zelensky wrote on X: "we carried out two missile strikes, destroying two Russian Su-34s and hitting an Iskander launcher." He also wrote about "packages of interceptors, primarily for Patriots, that our partners can provide us."
The ECB said "The Governing Council today decided to keep the three key ECB interest rates unchanged." The deposit facility rate stays at 2.50%. The statement said "Energy prices have continued to rise, posing upside risks to the inflation outlook and downside risks to the growth outlook." It added: "The Governing Council is not pre-committing to a particular rate path."
Bank of Japan keeps its guideline at around 1.25% and raises its ETF sales pace
The Bank of Japan said "The Bank will encourage the uncollateralized overnight call rate to remain at around 1.25 percent." The vote was 8–1; board member Takata Hajime voted against and proposed a guideline of around 1.5 percent, and the proposal was defeated. The Bank said it will sell its ETF holdings at a pace of about 860 billion yen per year on a book value basis, up from about 330 billion yen; the statement said the change will be implemented in January 2027.
Swiss National Bank reports CHF 44.2 billion nine-month profit
The SNB said "The Swiss National Bank reports a profit of CHF 44.2 billion for the first three quarters of 2026." Foreign currency positions made CHF 43.3 billion and gold holdings a CHF 1.2 billion valuation gain. The bank said that "only provisional conclusions are possible as regards the annual result."
US economy grew at a 3.4% annual rate in the third quarter
The Bureau of Economic Analysis said "Real gross domestic product (GDP) increased at an annual rate of 3.4 percent in the third quarter of 2026". Growth was 2.2% in the second quarter. At annual rates, the PCE price index rose 2.1% and the core index 2.5%, and real final sales to private domestic purchasers rose 4.9%. The next estimate is due 25 November.
US PCE prices rose 3.6% from a year earlier in September
The BEA said the PCE price index rose 0.5% in September and 3.6% from a year earlier; the core index rose 0.3% and 3.1%. Personal income increased $54.5 billion, or 0.2%, and consumer spending $113.1 billion, or 0.5%. The personal saving rate was 3.8%.
The Treasury's par yield curve showed the 10-year yield at 4.98% on Thursday, from 5.05% on Wednesday. The 2-year yield fell to 4.61% from 4.67% and the 30-year to 5.32% from 5.37%. The 3-month yield was unchanged at 4.18%.
Amazon reports third-quarter sales up 12% to $201.9 billion
Amazon said AWS segment sales rose 39% to $46.0 billion. Operating income increased to $28.1 billion from $17.4 billion, while net income fell to $20.7 billion, or $1.89 a share, from $21.2 billion. For the fourth quarter, Amazon said net sales "are expected to be between $240.0 billion and $247.0 billion".
Eli Lilly reports revenue up 39% and raises full-year guidance
Lilly said third-quarter revenue rose 39% to $24.4 billion and that earnings per share were $7.22 on a reported basis, or $7.48 on a non-GAAP basis. It raised its 2026 revenue guidance to a range of $91.0 billion to $92.0 billion. Chair and chief executive David A. Ricks said: "Revenue growth was driven by broad global consumer demand for Mounjaro and Zepbound".
Intel said "Third-quarter revenue was $16.5 billion, up 21% year-over-year (YoY)." Earnings per share were $0.60, or $0.52 on a non-GAAP basis. It forecast fourth-quarter revenue of $15.0 billion to $16.0 billion. Chief executive Lip-Bu Tan said the results "demonstrate improving execution".
SEC charges two entities over $130 million scheme using false SEC filings
The SEC said it charged BG Wealth Sharing Ltd and DSJ Exchange Pty Ltd over a scheme that raised "more than $130 million from tens of thousands of retail investors." The complaint alleges they filed false Form ADV and Form D filings to appear licensed. The SEC said the filings have been removed from its website.
EIA reports an 80 Bcf build in US natural gas storage
The EIA said "Working gas in storage was 3,724 Bcf as of Friday, October 23, 2026", a net increase of 80 Bcf from the previous week. Stocks were 147 Bcf below a year earlier and 38 Bcf above the five-year average of 3,686 Bcf, the report said.
Canadian Prime Minister Mark Carney wrote on X: "Canadians will own a stake in Cohere’s world-leading secure AI." He added: "An investment for Canadians, by Canadians."