Daily Update — October 12, 2026
US GDP Decreased in August; Mixed Outlook for Philippine Rice Imports; and Agentic AI Across Mobile
Today is Monday, October 12, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Economy
Monthly GDP decreased 0.2% in August
US GDP decreased 0.2% month over month in August after a 0.9% increase in July, driven by large reductions in net exports and nonfarm change in private inventories, according to S&P Global Market Intelligence’s monthly GDP index. Final sales to domestic purchasers rose moderately in August for the fourth consecutive month, reflecting gains in personal consumption expenditure and nonresidential fixed investment. S&P Global Market Intelligence forecasts another small GDP decrease in September as third-quarter GDP is estimated to grow 3.7% year over year.
Global Trade
Philippine rice import outlook mixed as El Niño, fertilizer costs cloud demand
Philippine rice import prospects for 2027 remain mixed. Front-loaded purchases and strategic stockpiling provide a supply cushion, but intensifying El Niño risks and elevated fertilizer costs could weigh on domestic production, market participants told Platts, part of S&P Global Energy.
The resulting stock cushion could temper Philippine rice import demand in early 2027, but a sharper-than-expected hit to domestic production from El Niño and high fertilizer costs could quickly boost buying interest. Philippine Agriculture Secretary Francisco Tiu Laurel Jr. told Platts that the Philippines’ 2027 rice import requirement could return to about 4 million metric tons, with an uncertainty range of 5%-10%. The Philippines had already received about 4.3 million mt of imported rice as of Oct. 6, 2026, with another 900,000 mt to 1 million mt contracted and on the way, Laurel said.
Artificial Intelligence
Listen: Mobile Moves From Apps to Agents
Qualcomm said at Snapdragon Summit 2026 that smartphones will remain at the center of personal computing, even as AI agents are increasingly installed in glasses, watches, earbuds, PCs, cars and other connected devices.
In this episode of the “Data & Dimensions” podcast, host Neil Barbour examined Qualcomm’s agentic AI strategy, the new Snapdragon 8 Elite Gen 6 platforms, and demonstrations that showed how on-device intelligence could remember context, coordinate apps and act on a user’s behalf.
In case you missed it
- Russia increased crude exports in September by relying more on non-G7 tankers, particularly those operated by domestic companies.
- US airlines are heading into the third quarter with strong pricing and resilient travel demand, but a surge in fuel costs is threatening to widen the gap between revenue growth and profitability.
- Italian corn buyers are increasingly turning to US and Brazilian supplies as conflict around the Black Sea disrupts shipments from Ukraine, traditionally Italy's main source of imported corn, traders said.
Upcoming events
- Powering APAC’s AI Infrastructure Future | October 14 (Webinar)
- Compass Series 2026, Baltics: Mapping Energy Expansion with Sustainability | October 22 (Riga, Latvia)
- Africa Summit 2026 | November 10-11 (Lagos, Nigeria)