Nexus Europa — Oct 29, 2026, 10:00 AM UTC

UK budget plans defended amid tech stock slide over AI spending

UK budget plans are defended as European markets react to a tech stock slump driven by Alphabet's post-market fall and AI spending concerns.

During a broadcast of Bloomberg Daybreak Europe, British officials defended recent fiscal plans while global markets experienced downturns across key sectors. The defense of the UK budget coincided with a broader slide in technology equities, highlighted by Alphabet shares dropping by ten percent in post-market trading due to investor anxiety regarding return on artificial intelligence investments. Similarly, Samsung experienced declines after withholding its shareholder payout strategy. The market movements reflect growing caution among European and global investors as tech sector spending comes under scrutiny alongside macroeconomic policy updates across Europe.

Sources: Bloomberg.

Ethiopia receives Russian fighter jets amid ongoing Tigray conflict

Ethiopia has received 12 Russian Su-35 fighter jets and air defence systems, with Prime Minister Abiy Ahmed calling the acquisition a key milestone for national defence.

Ethiopia has taken delivery of 12 Russian Su-35 fighter jets along with air defence systems as clashes intensify in the northern region of Tigray. Ethiopian Prime Minister Abiy Ahmed announced the acquisition while attending the Russia-Africa summit in Moscow, characterizing the arrival of the military hardware as a "milestone" for the nation's strategic defence capabilities. According to Abiy, the agreement to purchase the combat aircraft and missile systems was finalized several years prior to the current delivery. The arrival of the advanced armament comes at a critical juncture in the regional conflict near the border with Eritrea.

Sources: BBC News