The advent of deepfake technology has introduced significant challenges and opportunities in markets and economies globally. This paper examines the multifaceted impact of deepfakes on financial markets, corporate reputations, consumer behaviour, and economic stability. By synthesizing recent case studies and academic research, we explore how deepfakes can manipulate stock prices, erode trust in brands, and influence market decisions, leading to potential economic disruptions. We also discuss the role of regulatory frameworks, technological countermeasures, and the ethical considerations in mitigating the risks posed by deepfakes. Our analysis highlights the urgent need for enhanced vigilance, cross-sector collaboration, and innovative solutions to safeguard market integrity and economic stability in the face of this emerging threat.