Daily Update — October 19, 2026
Emerging Markets Monthly Highlights; Private Market Outlook; and APAC Telco-Hyperscaler Partnerships
Today is Monday, October 19, 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
Emerging Markets Monthly Highlights: High Energy Costs And Tighter Policy Pose Risks
Expectations of further tightening by the Federal Reserve have tested the resilience of capital flows to emerging markets in September. Flows into emerging-market debt turned negative in September for the first time since March, when the outbreak of the Iran war triggered capital outflows. The persistent strengthening of the US dollar could continue weighing on emerging-market capital flows in the coming months.
Higher energy prices, especially for refined products, will keep inflation elevated and strain emerging-market fiscal balances as governments subsidize retail fuel. Domestic demand in emerging-market Asia has remained broadly resilient. However, higher food prices linked to El Niño, rising energy costs and tighter monetary policy are likely to weigh on household spending. As a result, S&P Global Ratings expects demand growth to moderate in the coming months.
Private Markets
Listen: What Private Markets Are Telling Us About the Future of Investing
In this episode of the “Look Forward” podcast, Jocelyn Lewis and Chris Sparenberg, hosts of S&P Global Market Intelligence's “Private Markets 360°” podcast, joined host Aries Poon to discuss why private markets continue to gather attention and which themes have emerged throughout 2026.
The “Look Forward” podcast is powered by the S&P Global Institute, S&P Global’s center for enterprisewide thought leadership that brings together expertise from across the company to provide insights on the trends reshaping markets, industries and the global economy.
Artificial Intelligence
AI-driven telco infrastructure in Asia-Pacific: Telco-hyperscaler partnerships
S&P Global Market Intelligence Kagan collaborated with the Fiber Network Council APAC on a white paper about AI-driven telco infrastructure in the Asia-Pacific region. The study identified more than 80 partnerships between Asia-Pacific telcos and global and regional hyperscalers.
Rising demand for AI-ready global and national physical infrastructure is leading to telco infrastructure upgrades, as hyperscale initiatives cannot be realized without this infrastructure. Telcos, with their existing fiber foundations, spectrum holdings and rights-of-way, are the open partners for hyperscalers seeking to extend computational power to new geographies. For example, Telstra Group and Google announced an Australian infrastructure-sharing arrangement in June, in which Google secured dark fiber capacity on Telstra's Aura Network, while Telstra gained access to fiber pairs on Google's Tabua, Proa and Bulikula subsea cable systems.
In case you missed it
- Ecuadorean shrimp processors can expect power limitations through Oct. 20 due to extended restrictions on electricity consumption from the country’s energy grid operator.
- Indonesian coal miners and Asian buyers are holding back on signing 2027 term supply contracts as uncertainty over government-approved production quotas and changes to export rules cloud the supply outlook, market sources told Platts, part of S&P Global Energy.
- Failures at lithium-ion battery storage systems that triggered fires, explosions and other safety hazards declined in recent years as global installations surged, according to analysis highlighting the technology's improving risk profile.
Upcoming events
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- Compass Series 2026, Baltics: Mapping Energy Expansion with Sustainability | October 22 (Riga, Latvia)
- Africa Summit 2026 | November 10-11 (Lagos, Nigeria)