Reuters Morning Bid: Fed Holds Rates, AI Capex Weighs on Big Tech, and ECB Faces French Debt Stress

Reuters Morning Bid covers the day's key market-moving developments, from the Federal Reserve's latest policy decision to tech earnings and the European Central Bank's upcoming meeting. Mike Dolan and Peter Develin discuss what the Fed's hold signals for the rate path, how AI spending is reshaping the earnings season, and the pressures facing the ECB.

■ Federal Reserve Policy
- The Fed left rates unchanged, with two policymakers dissenting in favor of a hike
- Inflation remains above target, and the market still prices another increase in December
- Reduced number of policy meetings and less forward guidance under the new approach

■ Tech Earnings and AI Spending
- Alphabet's shares fell after sales underwhelmed, with cash burn from AI investment in focus
- Samsung, Microsoft, Oracle, Meta and Tesla compared on capital expenditure and shareholder returns
- Markets searching for the right balance between AI spending and sustainable returns

■ European Central Bank
- The ECB is expected to hold policy amid French debt stress and lingering inflation
- European natural gas prices and Middle East developments add to the backdrop

This episode is aimed at investors, traders and anyone following global macroeconomics and financial markets. Viewers can gain a clearer picture of how central bank decisions, corporate earnings and geopolitical risks interact to drive market moves.