TheChek News Flow

Most Asian stocks rose with US equity futures as investors recovered their risk appetite following last week’s slump in tech shares. Oil fell.Benchmark indexes gained in South Korea, Hong Kong and Japan, helping the MSCI Asia Pacific Index rise 0.1%. That followed a Friday session where the Nasdaq 100 Index slumped 3.5% — its worst day since June — and the Philadelphia Semiconductor Index plunged 7.2%. Futures on the S&P 500 and Nasdaq 100 both climbed at least 0.4% on Monday, pointing to a higher open when US cash markets resume trading. Chinese stocks advanced following a report that financial regulators will meet with banks and securities firms Monday to discuss measures to support the capital market, signaling authorities’ renewed effort to halt a slump.  Brent crude fell 3.3% to $109.73 a barrel after a report said US President Donald Trump wants to give diplomacy with Iran more time before potentially resuming strikes following Tuesday’s midterm elections. Gold climbed 0.9% to around $3,910 an ounce after falling to its lowest close in more than a year on Friday. Bitcoin rose for a third day after sinking last week when Binance Holdings revealed a record hack that rattled the crypto industry. Friday’s US stock selloff indicated that investors are showing less tolerance for tech companies whose core businesses are slowing while AI spending surges. Results from Alphabet Inc. and Amazon.com Inc. last week fueled concerns that AI is eroding the businesses financing those investments. Traders are bracing for more volatility, with the US midterm elections this week and Nvidia Corp. earnings later in November. Still, some in the market say the decline may prove to be a buying opportunity. There are a few “clearing events” ahead that could temporarily push stocks lower and create an opportunity for investors to add exposure, said Mike Wilson, chief equity strategist at Morgan Stanley in New York.  China’s benchmark CSI 300 Index rose 1.3%, rebounding from a 2.9% drop last week. The tech-heavy Star 50 Index gained 3%. All three major Chinese financial regulators — the People’s Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission — will hold meetings with major banks to study optimizing lending programs to support stock buybacks, Chinese media outlet Cailian reported on Sunday. Kioxia Holdings Corp.’s shares tumbled as much as 17% in Tokyo after the Japanese memory maker’s cautious outlook added to concern that the explosive growth driven by artificial intelligence may be leveling off.b Recent artificial intelligence related market stumbles have somewhat burst the bubble of infallibility around the sector, Howard Marks, co-chair of Oaktree Capital Management LP, tells Bloomberg TV. The dollar was mixed against its Group-of-10 peers and Treasuries were little changed as traders turned their attention to the US midterm elections. Last week’s stock slump delivered a long-awaited jolt of volatility after disappointing earnings from technology giants intensified concerns about the durability of the AI-driven rally. The Cboe Volatility Index touched its highest intraday level since April, while demand for puts protecting against further losses surged and correlations among stocks climbed, signs of mounting stress. Still, those measures remain well below levels reached in March after the US and Israel attacked Iran. 24

Macro :

- Gulf States Fear Fiercer Iran Retaliation If US Strikes

- JPMorgan Bolsters Gulf Presence With New Dubai Wealth Outpost

- Capital Group to Open Middle East Office in November

- Mike Wilson Says Buy Stock Dip Regardless of Who Wins Midterms
- Czech Billionaire Strnad Sees Long-Term Opportunities in Italy

- OPEC+ agrees in principle to keep oil output targets steady in December, sources say - Reuters

- Tudor’s Xantium Plans to Split Off With $9b in Assets: FT

- Brazil Shakeup Sounds Warning on Crowded Emerging-Market Trades

Keep an eye on :

- ACAD SS : Academedia 1Q Net Sales Meet Estimates

- AMBA US : Ambarella Pares Drop, Betaville Says in Exclusive Talks With NXP

- ANT US : Anthropic Seeks Up to $3.5 Billion in Japan for Its Mega US IPO

- ARBN SW : Arbonia Cuts FY Rev. View on Weak Demand, High Costs in Germany

- AUTN SW : Autoneum to Buy Trèves Group for About €40m Upfront

- BAKKA NO : Bakkafrost Sees 2027 Harvest About 125,000 Metric Tons

- BAVA DC : Bavarian Nordic Gets Multi-Year Vaccine Deal From UK Government

- BX US : Blackstone Leads $3.1 Billion Deal to Acquire LNG Canada Stake

- BORR US : Borr Drilling Recovers Fourth Body in Prospector 5 Incident

- EL FP : Czech Billionaire Strnad Sees Long-Term Opportunities in Italy

- ENX FP : Euronext Joins Industry Push to Integrate Nordic Capital Markets, Euronext CEO Stephane Boujnah Gets Replaced by NN CEO Knibbe

- FRVIA FP : Forvia 3Q Sales Beat Estimates

- FRE GY : Fresenius Signs Exclusive Biosimilars Pact With WuXi Biologics

- GLEN LN : Glencore Seeks New CEO Pay Deal to Shield Shares in Takeover: FT

- GOOGL US : Alphabet Is in Talks to Join Trump’s Golden Dome Defense Program
- KVUE US : Okta to replace Kenvue in S&P 500 at open on 11/4

- LI US : Li Auto Oct. Vehicle Deliveries 29,025 Units Vs. 31,767 Y/y

- LLOY LN : Lloyds launches redundancy round as rivals make sweeping job cuts

- LHA GY : ITA Airways CEO Sees Breakeven This Year and Next: Corriere

- MDW FP : Reese Witherspoon’s Hello Sunshine Cuts 50% of Employees After Actress Buys Back Company - Variety

- MED SW : Medartis To Overachieve FY Organic Sales Growth Guidance

- MDT US : Medtronic's Transcatheter Valve Linked to Life-Threatening Event

- MOL HB : Mol Gets US License to Continue Talks for NIS Majority Stake

- NIO US : NIO Inc. Oct. Deliveries 34,246 Vs. 37,408 M/M

- NN NA : NN Group to Appoint Tjeerd Bosklopper as CEO, Replacing Knibbe

- OKTA US : Okta to replace Kenvue in S&P 500 at open on 11/4
- OPEN AI IPO : OpenAI slashes funding target by $10bn as tech anxieties mount

- PERI US : Affle 3i to Buy Perion, Affle To Buy Perion for $11.70/Shr Cash

- PPGN SW : Samsung Peptide Holds 97.98% of Shares After Acceptance Period

- RKET GY : Rocket Internet Gets Mandatory Offer Exemption From Regulator

- RYA ID : Ryanair 2Q Profit After Tax Beats Estimates

- CRM US : Salesforce Signs Definitive Agreement to Acquire Rune Technologies

- 4XO GY : Steyr Motors Board Backs Red Cat Offer at €39/Shr

- SVIK SS : Studsvik Names New CEO as Thedeen Quits With Immediate Effect

- TNIE GY : -16% Pre-Open

- UBSG SW : UBS Asia Wealth Chair Says Hiring Selectively Amid Growth

- WAWI NO : Wallenius Wilhelmsen Signs $700m Pact With Asian Automaker

- WBD IM : Webuild’s Trevi Stake Exceeds 30%, Turning Offer Mandatory

- XPEV US : Xpeng Oct. Vehicle Deliveries 50,237 Units Vs. 42,013 Y/y