The artificial intelligence trade stayed on the back foot as investors rotated out of one of the year’s hottest themes and sought safety in bonds. Adding to the pressure, crude oil extended its gains. Following a rout in chip stocks Thursday on Wall Street, semiconductor and other tech shares retreated in Asia, pushing the MSCI Asia Pacific equities gauge lower by 0.4% and set for its lowest close since late July. The Kospi Index in South Korea declined 0.8%. Stocks appeared to find some footing as regional benchmarks pared declines and recovered from session lows. Nasdaq 100 futures also edged up 0.1% after swinging between gains and losses earlier. European shares were also set for a flat open. The rout in the AI trade this week drove investors toward the safety of bonds, sending bond yields in the US and Japan lower. Treasuries held the previous session’s gains after staging their biggest rally in more than two years. The benchmark 10-year yield, which fell 17 basis points Thursday, traded at 4.96%. Government debt in Japan and Australia also advanced. While the yen, historically a haven asset in times of crisis, was little changed Friday at about 156.90 per dollar, the currency gained in each of the past three days. Little relief came in the energy markets after global crude oil benchmark Brent rose 0.4% to $113.65 a barrel, extending a 4% jump in the previous session. Oil rallied Thursday as deadly attacks in Saudi Arabia heightened concerns over supplies. Technology stocks that powered a four-year bull run in US equities bore the brunt of the selling as earnings from megacap companies added to concerns their rebound since late March had gone too far, too quickly. The group faces fresh tests next week with results from Microsoft Corp., Amazon.com Inc. and Alphabet Inc. landing, alongside the Federal Reserve’s policy decision. The shift out of tech stocks is proving to be a boon for defensive sectors, with utilities and healthcare shares gaining in the US. The S&P 500 Consumer Staples Index jumped 3.1% on Thursday to a record and put it on course for the best month since 1998. Blackstone Inc. President Jon Gray doesn’t think there is an AI bubble. He says demand for AI is “almost parabolic.” He speaks to Dani Burger on “Bloomberg Open Interest” about investing in AI and the firm’s third-quarter earnings results. The Nasdaq 100 Index is on pace for its second consecutive week of losses — the first back-to-back weekly decline since July. The Philadelphia Semiconductor Index is set for its third straight weekly decline, the longest losing streak since November 2025. Some investors see the declines as an opportunity to buy. Meanwhile, spreads on dollar bonds of higher-rated Asian companies widened to their highest since last July, moving in tandem with credit markets more broadly as the rout in AI stocks and rising geopolitical tensions drove investors toward safer assets. In other corners of the market, gold dipped to about $4,010 an ounce, while silver lost 1.5%. In Japan, government bond yields fell across the curve on Friday. The nation’s benchmark 10-year yield fell as much as 11 basis points to 2.76%, while the 20-year yield fell six basis points. Treasuries surged across the curve Thursday as the deepening rout in AI-related shares, turmoil in French markets and renewed Middle East tensions fueled haven buying. The rally pushed the 10-year yield below 5% for the first time in a month, with buying in Treasury futures accelerating as traders unwound bearish positions. Concerns about the sustainability of AI investment and its eventual payoff have knocked technology shares from recent highs and are beginning to weigh on the broader economic outlook. Traders also pared expectations for another Fed interest-rate increase this year. US After Hours RNG +14.1%, RHI +10.1%, ITG +4.5%, OMC +2.3%, NEM +1.9%, KN +1.9% higher on earnings; DECK -7.4%, FIX -5.8%, WDC -5.5%, KNSL -5.3%, BE -4.9%, KRC -4.9%, SSNC -4.8% lower on earnings
Nikkei -0.56% Hang Seng +0.76% CSI +0.67% Kospi -0.23% Shanghai -0.33%% Shenzen +0.63%
Eur$ 1.1208 CNH 6.6734 CNY 6.6726 JPY 157.03 GBP1.3388 CHF 0.8217 RUB 81.4507 TRY 49.7374 WTI$ 100.35 +0.87% Gold 4,008 -0.73% BTC 81,550 +0.52% ETH 2,393 +0.60% OAT / BUND 174
S&P -0.06% Nasdaq +0.12% EuroStoxx +0.02% FTSE +0.13% Dax -0.07% SMI -0.07%
Macro :
- Calpers Pivots From US Tech Giants to Private Equity, FT Reports
- France Plans Military Presence to Contain Next Round of Protests
- France Plans Military Presence to Contain Next Round of Protests
- OpenAI Shifts Value to $1.25 Trillion as Funding Talks Finalize
- ECB Set to Raise Rates in December After Pause, Economists Say
- Billionaires Drive Prague’s $10 Billion Building Boom
Keep an eye on :
Keep an eye on :
- AC FP : Accor Raises Low End of Ebitda Guidance on Luxury, Events
- ADP FP : ADP 9M Revenue EU5.11B Vs. EU5.04B Y/y
- ALLFG NA : Allfunds Assets Under Administration EU1.97T Vs. EU1.69T Y/y
- AOF GY : Atoss Software Sees FY Ebit Margin 37%, Saw at Least 34%
- BKT SM : Bankinter, Sonae Put Ores REIT up for Sale: Expansión
- BHG SS : BHG Group 3Q Sales Beat Estimates
- BILL SS : Billerud Shares Rise to Nine-Month High as Results Top Estimates
- BORG SS : Bjorn Borg 3Q Sales Above Estimates
- BRAV SS : Bravida 3Q Net Sales Beat Estimates
- CARM FP : Carmila 9M Gross Rental Income EU327.9M
- CRST LN : Credit insurers cut cover on struggling UK housebuilder Crest Nicholson
- DUNI SS : Duni 3Q Sales Beat Estimates
- DECK US : *DECKERS OUTDOOR FALLS 7% POSTMARKET AFTER SALES MISS
- DVN US : Devon Energy Draws M&A Speculation as Activist Pressure Builds
- DVN US : Devon Energy Draws M&A Speculation as Activist Pressure Builds
- ELUXB SS : Electrolux 3Q Operating Profit Beats Estimates
- ENI IM : Eni 3Q Adjusted Net Income Beats Estimates, *ENI TO PAY €1.3B EXTRAORDINARY DIV IN 4Q, BOOSTS BUYBACK
- EQV1V FH : eQ 3Q Operating Profit Misses Estimates
- EVO SS : Evolution 3Q Ebitda Misses Estimates
- GALD SW : Galderma Says Relfydess Gets China Approval for Frown Lines
- GJF NO : Gjensidige 3Q Combined Ratio Reported Beats Estimates (1)
- GREEN SS : Green Landscaping 3Q Sales Above Estimates
- RMS FP : Europe’s Luxury Giants Trade at Lowest Valuations in a Decade
- HIAB FH : Hiab 3Q Net Sales EU481M Vs. EU346M Y/y
- HILN SW : Holcim Sees FY Org. Recurring Ebit +10% to +12%, Saw About +10%
- INSTAL SS : Instalco 3Q Sales Above Estimates
- IPS FP : Ipsos Sees FY Organic Revenue +1.2% to +1.5%, Saw About +2%
- KEMIRA FH : Kemira 3Q Oper Ebitda Beats Estimates; Outlook Maintained
- KER FP : Kering ADRs Fall as 3Q Gucci Comparable Revenue Fall Short
- KDP US : Keurig Must Face Coffee-Pod Monopoly Allegations, Judge Says
- LAGRB SS : Lagercrantz 2Q Net Revenue Beats Estimates
- LIAB SS : Lindab 3Q Net Sales Meet Estimates
- LIFCOB SS : Lifco 3Q Net Income Meets Estimates
- MCAP SS : MedCap Reports 3Q Sales of SEK 566.7 Million, Compared With FactSet Consensus of SEK 567.8 Million
- MSABB SS : Micro Systemation Reports 3Q EPS of SEK 2.96
- MRK US : Moderna, Merck Shares Fall As Leaked Cancer Data Disappoints
- MRNA US : Moderna, Merck Shares Fall As Leaked Cancer Data Disappoints
- MTRS SS : Munters 3Q Net Sales Beat Estimates, Munters 3Q Orders Beats Estimates
- NEM US : Newmont Exceeds Expectations on Higher-Than-Forecast Gold Prices
- NXI FP : Nexity 9M Revenue EU1.61B Vs. EU1.93B Y/y
- NHY NO : Norsk Hydro 3Q Adjusted Ebitda Misses Estimates
- OR FP : *L'OREAL 3Q ADJ. LFL REVENUE +7.7%, EST. +5.43% L’Oreal ADRs Climb to Highest Since 2024 on 3Q Revenue Beat (1)
- OTOVO NO : Otovo Offers Shares via Arctic Securities, Fearnley Securities, Otovo Offering of 3.5m Shares Prices at NOK8/Share
- OVH FP : OVH Groupe Holder Deep Code Offers About 4.65m Shares
- RATOB SS : Ratos 3Q Ebitda SEK782M
- RXL FP :Rexel Boosts FY Same-Day Sales Forecast
- RIO LN : Rio Tinto to Invest $1.9B to Develop Kangwinan Bauxite Project
- RR/ LN : Rolls-Royce Nears UK Taxpayer Subsidy Deal of Up to £200m: FT
- SAABB SS : Saab 3Q Sales Beat Estimates, Saab 3Q Operating Profit Beats Estimates
- SAF FP : Safran 3Q Adjusted Revenue Beats Estimates
- SCATC NO : Scatec Sets up Renewable Energy Investment Platform in Egypt
- SK FP : SEB 3Q Sales Meet Estimates
- SGSN SW : SGS 3Q Sales CHF1.98B Vs. CHF1.73B Y/y
- LIGHT NA : Signify 3Q Professional Business Comp Sales Growth Beat Est.
- SIKA SW : Sika 9M Ebit CHF1.27B Vs. CHF1.24B Y/y
- SW FP : Sodexo 2027 Underlying Oper. Margin Forecast Misses Estimates
- SPCX US : SpaceX in Talks to Access 80,000 Cell Sites for Wireless Network
- SPCX US : SpaceX Lower-Rated Debt to Price at ~8.3%: Semafor
- SF SS : Stillfront 3Q Sales Meet Estimates
- STORB SS : Storskogen 3Q Sales Meet Estimates
- TKO FP : Tikehau Capital Assets Under Management EU51.7B
- TOM NO : Tomra 3Q Ebita EU47M
- TRELB SS : Trelleborg 3Q Adjusted Ebita Meets Estimates
- URW FP : Unibail 9M Revenue EU2.23B
- FR FP : Valeo 3Q Revenue Meets Estimates, Valeo Reaffirms FY Guidance; Analysts Note Slight 3Q Miss
- VIE FP : Veolia Said to Seek Belgian and German Asset Sales to Cut Debt
- DG FP : Vinci 3Q Revenue Beats Estimates
- VIS SM : Viscofan 3Q Ebitda Misses Estimates
- VLTSA FP : Voltalia 3Q Revenue EU177.4M
- VOLO SS : Volati Reports 3Q Sales of SEK 1.18 Billion, Compared With FactSet Consensus of SEK 1.19 Billion (2 Est.)
- VOLCARB SS : Volvo Car 3Q Revenue Misses Estimates, Volvo Car Needs China Comeback With Locally Developed Cars: CEO
- VOW GY : Volkswagen Maps Next US Moves as Ford, Audi Decisions Loom
- EWAG LN : WAG Payment Holder TA Associates Management Offers 88.5m Shares
- WDP BB : WDP 9M Adjusted EPS EU1.21 Vs. EU1.15 Y/y
- XIOR BB : Xior 9M EPRA EPS EU1.59 Vs. EU1.52 Y/y