Oil hits five-month high as global stocks wobble on AI fears and British retail sales fall

Summary

Global stocks wobbled on fears about artificial intelligence while oil prices hit a five-month high, according to The Guardian's business live blog. Retail sales in Great Britain fell as shoppers cut back. The blog also reported that the jobs balance rose to 50.5 from 48.9 in September, consistent with a monthly payrolls gain of about 9,000 in October. An economist quoted in the coverage said a November interest rate hike was a near certainty and that the jobs data undermined any case for waiting to raise rates, while adding that the case for a third hike in May or earlier was a close call. The same blog reported that Heineken had warned British bars and pubs that the rise of weight-loss drugs such as Ozempic and Wegovy could reduce beer and cider sales.

Timeline

1. The Guardian

   23 Oct 2026, 10:20 UTCSource ↗

   The Guardian's business live blog reports that oil hit a five-month high as global stocks wobbled on AI fears, that retail sales in Great Britain fell as shoppers cut back, and that the jobs balance rose to 50.5 from 48.9 in September.