The artificial intelligence trade took another hit as investors braced for more earnings from megacap tech companies that will offer clues on whether the recent pullback in technology shares has further to run. Oil declined. The Kospi Index in South Korea — a bellwether for the AI trade — lost 1.6% with chip heavyweights SK Hynix Inc. and Samsung Electronics Co. retreating. Goldman Sachs Group Inc. strategists slashed their target for the benchmark by 25%, as concerns over the AI trade intensified. Semiconductor-related stocks declined in Japan as well. Sentiment toward tech remained weak as futures for the Nasdaq 100 Index slipped 0.2%. The broader MSCI Asia Pacific Index fell 0.1% as regional equities struggled to recover from four consecutive weeks of losses — the longest losing run since April. Meanwhile, a Tokyo-based exchange-traded fund tracking Brazilian stocks slumped as much as 16% after Luiz Inácio Lula da Silva pulled off a surprising win in Sunday’s runoff. Providing some support, global oil benchmark Brent dropped 2% from a six-month high to about $114.40 a barrel. US President Donald Trump said it’s “getting to be decision time” on whether to reach a deal with Tehran or resume attacks as threats from Iran and the Houthis against Americans in the Middle East mount. Spending on the AI buildout will come under scrutiny as investors assess earnings from Microsoft Corp., Alphabet Inc. and Amazon.com Inc. following a volatile stretch for technology shares. The Federal Reserve and Bank of Japan will also deliver policy decisions as officials grapple with stubborn inflation, higher energy costs and elevated global bond yields. The Fed and its peers in the euro zone and Japan will probably keep rates steady in the coming week, opting to bide their time before potential further hikes. Three days of decisions starting on Wednesday in Washington are likely to affirm a hawkish stance balanced by a measured pace as policymakers confront inflation risks ranging from surging energy prices to the AI boom. The US central bank raised rates in September for the first time since 2023 and signaled another increase was likely this year. Elsewhere, French bond futures jumped, outperforming bund futures, after the nation avoided a downgrade at Moody’s Ratings and a repeat of large-scale violence and looting. The euro was also quoted a touch higher. Treasuries rose across the curve, with the yield on the benchmark 10-year falling four basis points to 4.96%. Gold steadied after its biggest weekly drop since June. In Brazil, markets are bracing for steep losses after Lula’s stunning comeback to defeat Flávio Bolsonaro, the right-wing candidate that many investors preferred. Bolsonaro called for the annulment of presidential runoff result.A currency derivatives contract on the CME exchange showed the real at 5.55 per dollar. While not a direct indication of pricing, the move implies a more than 10% plunge in the real from the close on Friday. It’s also Asia’s busiest earnings week. About 550 of the roughly 1,200 companies in the MSCI Asia Pacific Index are due to report this week, according to data compiled by Bloomberg. That includes some of the biggest names in the AI boom, such as Korean memory giants SK Hynix Inc. and Samsung Electronics Co.
Geopolitical risks are also likely to remain elevated heading into next month. Trump has suggested US strikes on Iran could resume after the Nov. 3 midterm elections, while officials have warned the period between the vote and the new Congress taking office could be particularly dangerous.
Nikkei -0.19% Hang Seng +0.62% CSI -0.45% Kospi -0.41% Shanghai -0.10% Shenzen -0.58%
Eur$ 1.1222 CNH 6.6691 CNY 6.6693 JPY 156.88 GBP 1.3381 CHF 0.8238 RUB 80.7531 TRY 49.7606 WTI$ 100.95 -2.23% Gold 4,009 +0.31% BTC 79,645 -0.93% ETH 2,305 -1.65% BUND / OAT 167
S&P +0.27% Nasdaq +0.23% EuroStoxx +0.38% FTSE +0.41% Dax +0.27% SMI
Macro :
- Lula Wins Record Fourth Term in Brazil in Surprise Comeback (2)
- Goldman Says Yen Becoming Better Hedge Against AI Market Shock
- Goldman Strategists Say Debt Costs Weighing on European Earnings
- Goldman Strategists Say Debt Costs Weighing on European Earnings
- Growth, Value Stocks Set for Reshuffle as S&P Adopts New Rules
- Israel’s War-Focused Election Masks Underlying Economic Schism
Keep an eye on :
Keep an eye on :
- ABBV US : AbbVie Treatment Granted Orphan Drug Status by FDA
- ABBV US : Abbvie’s Subcutaneous Skyrizi Gets FDA Ok for Crohn’s Disease
- AIR FP : Airbus, BAE to Discuss Role in Next-Gen Jet Project GCAP: FT
- AMRN US : Amarin Drug Doesn’t Meet Primary Endpoint in Cancer Trial
- AAL LN :
- AZN LN :AstraZeneca Readies New Portfolio of Targeted Cancer Therapies, The U.K. drugmaker is developing an in-house lineup of targeted cancer drugs - WSJ
- BAB LN : Babcock in push to build warships for US navy
- BAS GY : BASF Said to Increase Bid for Evonik to Over €11 Billion
- BNTX US : BioNTech, Bristol Report ‘Encouraging’ Data for NSCLC Drug
- BORR US : Borr Drilling Rig Sinks Offshore Gabon, Five Missing
- BMY US : Bristol Myers Reports CAR-T Death as Safety Concerns Mount
- BOL FP : Bollore 3Q Organic Revenue +53%
- BP/ LN : BP to Pull Forward ~$350m 2015 Deepwater Payments to Louisiana
- BA/ LN : Airbus, BAE to Discuss Role in Next-Gen Jet Project GCAP: FT
- CAN LN : Canal+ Gets Exclusive Rights to Six Senegalese Wrestling Events
- CAN LN : Canal+ Gets Exclusive Rights to Six Senegalese Wrestling Events
- CMFC GA : Greek Shipping Firm Capital Maritime Edges Higher in First Week
- EBS AV : Polish Regulator Clears Erste Plan to Exceed 50% in Polish Unit
- FRAS LN : Mike Ashley’s Frasers Says It’s Taken Control of Hugo Boss
- GALP PL : Galp-Moeve Downstream Combination at Risk of Collapse
- G IM : Generali to Cut 9% of Workforce in Germany, Streamline Structure
- GMAB DC : Genmab’s Rina-S Phase 3 Trial Meets Both Endpoints
- GSK LN : GSK's Mo-Rez Hits 62% Response Rate in Ovarian Cancer
- GTT FP : GTT Appoints Ronge as Board Chair, Berterottière Exits
- BOSS GY : Frasers Buys €38/Shr Hugo Boss Stake, Now Holding 50.08%
- IDIA SW : Idorsia’s Daridorexant Meets Primary Endpoint in Insomnia Study
- JNJ US : J&J Drug Phase 1 Data Show 75% Tumor Response in Prostate Cancer
- KNEBV FH : Kone tries to limit asset sales as it seeks Brussels’ approval for €29bn megadeal
- OR FP : L'Oreal sees India business gaining momentum; expands skincare brands and online presence
- LISN SW : Lindt Chairman Plans to Stay on After CEO’s Ouster, He Tells NZZ
- MC FP : Louis Vuitton Has Appointed a Chief Brand Creative Officer
- MC FP : Louis Vuitton Has Appointed a Chief Brand Creative Officer
- LHA GY : Lufthansa Delays Resumption of Dubai Flights to Late November
- NANO FP : Nanobiotix S.A.: NANOBIOTIX Announces Final Data from Phase 1 Study Evaluating JNJ-1900 (NBTXR3) With Immune Checkpoint
- NOKIA FH : L&T Tech Services Wins Five-Year Engineering Contract With Nokia
- NOVN SW : Novartis’ Remibrutinib Meets Primary Endpoint in Phase III Trial
- NOVN SW : Novartis Multiple Sclerosis Pill Missed Expectations in Study
- NOVOB DC : Novo-Backed Windward Bio Files for US IPO to Fund Antibody Drugs
- NOVOB DC : Novo’s Awiqli Gets FDA Nod for Kids With Type 2 Diabetes
- REC IM : CVC-Backed Bid for Italy’s Recordati Reaches Delisting Threshold
- RIO LN : Apollo, GIC join the bidder pool at Rio’s $7b infrastructure auction
- ROP SW :Roche Targets Emerging Oncology Market With New Lung-Cancer Drug, Roche said its drug lowered the risk of death by 44% compared with available treatments from Amgen and Bristol-Myers Squibb - WSJ
- SBBB SS : SBB to Reconvene EGM on Class D Share Buyback by Dec. 10
- SPCX US : Musk Claims SpaceX Closed $40 Billion Debt Deal for AI Chips (1)
- UBSG SW : Swiss Bank Union Warns UBS Leaving Could Cost 12,000 Jobs: NZZ
- UNI IM : Unipol Exceeds 30% Threshold in BPER Banca
- VOW G Y : Volkswagen Plans New Audi Plant in Georgia, Handing Trump a Win