After US inflation data came in above expectations, markets globally experienced a renewed wave of selling as investors priced in a higher probability of further Fed tightening. Technology stocks, chipmakers and companies tied to artificial intelligence were among the hardest hit.
Asia saw the steepest declines
On October 15, 2026, Asian markets recorded the sharpest moves: South Korea’s Kospi plunged about 7.8%, while Japan’s Nikkei fell around 4.4%. Chipmakers were particularly affected in South Korea — SK Hynix slid more than 10% and Samsung Electronics dropped roughly 8.7% in some sessions. Suppliers also took heavy losses: LG Innotek fell 8.9%, Seoul Semiconductor 9.3% and Samsung SDI 6.3%.
In Japan, notable declines included Advantest near 14%, SoftBank down 7.9%, Tokyo Electron about 6.45% and Renesas Electronics around 8%.
Investors were additionally worried by capacity expansion in the memory-chip market that could create oversupply, and a weekend announcement by China’s ChangXin Memory Technologies about a technological breakthrough added to the uncertainty.
US and European markets: tech under pressure
US markets extended their declines on October 15. At 15:47 CET, the S&P 500 was down about 0.4% while the Nasdaq traded roughly 1.6% lower; earlier intraday moves had taken the Nasdaq down as much as 1.9%, its weakest day since late July in that stretch. Large-cap technology names including Meta, Nvidia, Microsoft, SpaceX, Tesla and Intel all fell.
European markets showed mixed but milder movements: the German DAX slipped about 0.3% while the French CAC rose roughly 0.2% during parts of the session.
Volatility on Budapest Stock Exchange: OTP in focus
In Hungary, attention centered on OTP Bank. On October 14, OTP purchased 62,048 ordinary shares on the Budapest Stock Exchange at an average price of HUF 42,045 per share, for a total transaction value of HUF 2.6 billion. After the trade, OTP Group’s holding of treasury shares rose to 16.4 million shares, representing approximately 5.87% of issued shares.
During trading on October 15 the OTP share price swung: it initially fell by nearly 2% in the morning, then buyers pushed it back up to around a 0.5% gain in recent hours. Compared with the prior peak, however, the stock had declined cumulatively by nearly 5%.
Among domestic blue chips, Richter managed to trade higher over the day, while Mol and Magyar Telekom showed moderate declines.
Corporate results and sector updates
- Taiwan Semiconductor Manufacturing Company (TSMC) reported better-than-expected results: net profit rose 69% to TWD 763.1 billion (about USD 23.6 billion) and revenue increased 51% to USD 47 billion. TSMC plans significant capacity expansion and previously indicated this year’s capital expenditure could reach up to USD 64 billion.
- Ericsson delivered stronger-than-expected Q3 results: adjusted EBITA was SEK 10.1 billion versus analysts’ SEK 7.9 billion estimate. The company warned that component-cost pressures could weigh on gross margins next year.
- Anthropic: the developer of Claude reported revenue growth of nearly 45% quarter-on-quarter and, on a adjusted basis, posted profitability.
Commodities and geopolitics
Geopolitical tensions in the Middle East and related supply risks also influenced markets. The sinking of a Singapore-registered vessel in the Strait of Hormuz and further attacks on commercial shipping heightened regional uncertainty.
Oil prices fell on Thursday: Brent dropped about 1.7% to USD 104.3 per barrel, while WTI was down around 1.1% at USD 94 per barrel.
Outlook: macro releases and earnings ahead
Market participants are watching upcoming macro releases — September producer prices, retail sales and weekly initial jobless claims — as well as further corporate results. The earnings season will feature reports from U.S. Bancorp, PNC and Charles Schwab, among others.
Other domestic deal news
O3 Partners signaled plans to acquire a stake in a Hungarian asset manager: initially buying 25% of ACCESSIO, with the option to obtain a majority stake later if assets under management grow significantly. Completion requires satisfaction of several conditions and approval from the Magyar Nemzeti Bank.
Conclusion
The October 15, 2026 trading session was dominated by risk-off sentiment after higher-than-expected US inflation, which amplified fears of additional Fed tightening and hit capital-intensive technology and chipmaking companies hardest. Asian exchanges experienced the most severe losses, while European and Hungarian markets showed volatile but more moderate moves amid mixed corporate results.
This article does not constitute investment advice or a recommendation.
