Technology shares fell, stalling this week’s rally, after disappointing earnings from two industry heavyweights revived doubts over whether billions of dollars in AI spending will deliver sufficient returns. Samsung Electronics Co. slid as much as 6.6% after the lack of a new shareholder return plan disappointed investors, dragging down the Kospi Index by 2.1%. That marked a sharp reversal from Wednesday, when the benchmark gauge jumped by the most since July as strong earnings from chipmaker SK Hynix Inc. fueled gains across technology stocks. Alphabet Inc. slumped 10% in extended trading after sales underwhelmed, reinforcing concern that Google is losing ground to AI rivals despite pouring hundreds of billions of dollars into the technology. Futures for the Nasdaq 100 Index dropped 1.4%, after the underlying benchmark climbed for the past three days. The broader MSCI Inc.’s Asia Pacific equities reversed earlier gains to fall 0.5%. The news wasn’t all bad as Microsoft Corp. shares rose 2.9% in after-hours trading on solid cloud sales, while Oracle Corp. earlier surged 11% after issuing a long-term outlook for free cash flow. A gauge of Oracle’s credit risk improved the most in nearly nine months. The latest earnings have exposed fresh cracks in the AI trade, raising doubts about whether massive spending on the technology can deliver returns quickly enough to justify higher valuations. Amazon.com Inc.’s results Thursday, followed by Apple Inc. next week, will test sentiment further, with investors increasingly demanding evidence that heavy investment is translating into stronger profits. Elsewhere, shorter-maturity Treasuries gained for a second day after the Federal Reserve held off from raising interest rates on Wednesday. The yield on the rate-sensitive two-year note dropped two basis points to 4.68%. Meanwhile, oil dropped as traders assessed fresh diplomatic efforts in the Middle East to avert a potential restart of US military strikes on Iran. Global benchmark Brent declined 0.5% to $114.80 a barrel. Gold slipped 0.6% to about $4,040 an ounce, while Bitcoin fell 1.7% to trade below $80,000. The macro backdrop also offered little support for markets as renewed tensions with Iran threatened to lift oil prices, stoke inflation and reinforce the case for keeping borrowing costs elevated. Thursday also brings personal consumption expenditures data, the Fed’s preferred inflation gauge, which will offer fresh clues on price pressures in the economy. After the Fed voted 10-2 to hold rates steady, attention turns to the European Central Bank’s monetary policy decision Thursday and the Bank of Japan’s on Friday. Both are expected to keep rates unchanged. US After Hours GKOS +18.5%, GEN +9.4%, TDOC +9.0%, MYRG +9.0%, CMG +6.8%, CVNA +6.7%, PI +6.4% higher on earnings; FTNT -26.0%, SFM -21.0%, NOW -18.0%, GOOGL -10.5%, GOOG -10.4%, CYH -9.8%, SCI -8.9% lower on earnings.

Nikkei +1.20% Hang Seng +0.13% CSI -0.67% Kospi -0.71% Shanghai -0.40%% Shenzen -1.56%

Eur$ 1.1147 CNH 6.6595 CNY6.6623 JPY157.77 GBP 1.3322 CHF 0.8282 RUB 80.4850 TRY 49.8352 WTI$ 101.52 Gold 4,039 -- BTC 79,785 -1.72% ETH 2,305 -2.20%

S&P -0.15% Nasdaq -0.79% EuroStoxx +0.16% FTSE +0.28% Dax +0.31% SMI

Macro :
- Arini’s 26% Loss Rocks the Junk Market Its Star Trader Dominates
- UK Identifies More Than 200 Billionaires for Tax Scrutiny

Keep an eye on :
- ABI BB : AB InBev 3Q Organic Volume Growth Misses Estimates
- ADS GY : Adidas 3Q Revenue Matches Estimates
- AIR FP : Airbus ADRs Slip as 3Q Profit, Revenue Misses Estimates
- AI FP : Air Liquide 3Q Revenue Beats Estimates, Air Liquide Sales Hit Four-Year High on Sustained AI Demand
- AIXA GY : Aixtron 3Q Revenue Beats Estimates
- AKRBP NO : Aker BP 3Q Net Income Beats Estimates
- ALMA FH : Alma Media 3Q Adjusted Operating Profit Beats Estimates
- GOOGL US : Alphabet Shares Tank on Sales Misses Across Core Businesses, *ALPHABET STILL SEES FY CAPEX $195B TO $205B, EST. $202.21B, Alphabet’s Revenue Miss Reignites Fears Over AI Spending Binge
- ACT0 GY : Alzchem Group FY Outlook Below Consensus
- AWK US : American Water Narrows FY Adjusted EPS Forecast
- AMUN FP : Amundi 3Q Adjusted Net Income Beats Estimates
- AMRZ US : Amrize Cuts FY Revenue Forecast, Misses Estimates
- ANDR AV : Andritz 3Q Revenue Beats Est.; Sees €10b Revenue by 2029
- ANT US IPO : Anthropic Is Said to Plan UK Share Offering Via RetailBook
- APR NO : Appear FY Outlook Above Consensus; 3Q Revenue Misses Estimates
- AVOL SW : Avolta 3Q Organic Revenue Beats Estimates
- ACR NO : Axactor 3Q Revenue Misses Estimates
- AYV FP : Ayvens 3Q Used Cars Sold Misses Estimates
- BBVA SM : BBVA 3Q Net Income Beats Estimates
- BAMI IM : ECB Sets Banco BPM 2027 Pillar 2 Requirement at 2.25%
- BB FP : BIC 3Q Net Sales Beat Estimates
- BITTI FH : Bittium 3Q Operating Profit Beats Estimates
- BP/ LN : Some BP Board Members Favor Breakup; No Decision Made: Semafor
- BCP PL : BCP 9M Net Income EU873.7M Vs. EU775.9M Y/y
- CPR IM : Campari 3Q Sales Beat Estimates, Campari ADRs Fall on US Topline Decline Expectation: Street Wrap
- CEVI SS : CellaVision 3Q Sales Beat Estimates
- CMG US : Chipotle Jumps on 3Q Comparable Sales Beat, Rosy Outlook
- CLARI FP : Clariane 9M Revenue EU4.05B Vs. EU3.98B Y/y
- CTEK SS : CTEK 3Q Sales Under Estimates
- CTP NV NA : CTP 9M Net Rental Income EU619M Vs. EU549.0M Y/y
- DANSKE DC : Danske Bank 3Q Pretax Profit Beats Estimates, Danske Bank Narrows FY Net Income Forecast, Danske Improves Guidance Again as Business Volumes Drive Income
- DBV FP : DBV Tech 3Q Revenue Beats Estimates
- DTE GY : Deutsche Telekom Is Said to Hit Brakes on Giant T-Mobile Merger
- DNO NO : DNO 3Q Ebitda Beats Estimates
- DASH US : Doordash's deal to buy Instacart coming as early as Thursday morning, sources tell CNBC
- DRW3 GY : Draegerwerk 3Q Ebit Margin 5.6% Vs. 6.8% Y/y
- EDPR PL : EDPR Completes Sale of Operations in Brazil to Parent EDP
- ELD CN : Eldorado Gold Cuts FY Gold Production Forecast
- ELK NO : Elkem 3Q Ebitda Beats Estimates
- ELIS FP : Elis 3Q Organic Revenue Beats Estimates
- ENI IM : Eni Starts Operations at Venezuela's Junín-5 Oil Field
- EL FP : Ray-Ban Heir May Offer EU3.5B to Buy-Out 12.5% of Delfin: Sole
- EPR NO : Europris 3Q Revenue Misses Estimates
- EQNR NO : Equinor Says Afrodite Volumes May Be More Than Twice as Large
- ERA FP : Eramet Sees FY Adjusted Ebitda EU540M to EU610M, Eramet Hikes Weda Bay Nickel Ore Sales Target to 23m-26m Tons
- FDX US : FedEx Sees FY Adjusted EPS $18 to $18.60: Snapshot
- FM CN : First Quantum Minerals Narrows FY Gold Production Forecast
- FLOW NA : Flow Traders 3Q Net Trading Income Misses Estimates
- FDR SM : Fluidra Narrows FY Sales at Constant Exchange Rates Forecast
- F US : Ford Narrows FY Adjusted Ebit Forecast: Snapshot
- HUH1V FH : Huhtamaki 3Q Adjusted Ebit Beats Estimates
- IBE SM : Neoenergia To Sell Brasil Hidro Stake for BRL93.5m
- IDIA SW: Idorsia 3Q Net Loss CHF53M, Est. Loss CHF52.5M (2 Est.)
- IMPN SW : Implenia Gets Hospital Contract Worth About CHF165 Million
- IDR SM : Indra 3Q Ebitda Beats Estimates
- INGA NA : ING 3Q Net Income Misses Estimates
- ISP IM : Intesa Sanpaolo Wins All Approvals To Buy Monte dei Paschi
- JMT PL : J. Martins 3Q Ebitda Beats Estimates, J. Martins ADRs Drop as Biedronka Sales Disappoint
- KESKOB FH : Kesko Narrows FY Adjusted Ebit Forecast
- KGX GY : Kion 3Q Orders Meets Estimates
- KBX GY : Knorr-Bremse 3Q Ebit Misses Estimates
- LSS FP : Lectra 3Q Revenue Beats Estimates
- LITE US : Marvell Said to Near Megadeal for Lumentum In AI Push, *LUMENTUM SHARES JUMP 11% ON REPORT OF DEAL TALKS WITH MARVELL
- MAERSKB DC : Morocco to Boost Container Shipping Hub with $812m Expansion
- MRVL US : Marvell Is Said to Near Deal for Lumentum In AI-Related Megadeal --> -12%
- MSFT US : Microsoft Gains as Cloud and Capex Highlight Report: Street Wrap
- NESTE FH : Neste 3Q Adjusted Ebitda Beats Estimates, Neste Aims to Distribute 20–40% of EPS as Dividends
- NETC DC : Netcompany Narrows FY Revenue Forecast
- NETIB SS : Net Insight 3Q Sales Miss Estimates, Net Insight Reports 3Q Adj EBIT Loss of SEK 3.1 Million
- DNORD DC : Norden Boosts FY Net Income Forecast
- NOLAB SS : Nolato Reports 3Q Sales of SEK 2.5 Billion, Compared With FactSet Consensus of SEK 2.52 Billion
- Nscale IPO : Neocloud Nscale’s CEO Faces AI Tumult in Bid for $30 Billion IPO
- OERL SW : Oerlikon 3Q Orders CHF458M Vs. CHF396M Y/y
- OMV AV : OMV 3Q Energy Profit Misses Estimates Amid Growing Risk (2)
- ORCL US : Oracle Jumps After Projecting Return to Positive Cash Flow
- ORIOLA FH : Oriola 3Q Net Sales Meet Estimates
- PLX FP : Pluxee Sees 2027 Recurring Ebitda at Least EU440M, Est. EU473M
- POSTI FH : Posti Group Reports 3Q Adj EBIT Margin of 5.7%
- PRY IM : Prysmian Boosts FY Adjusted Ebitda Forecast, Beats Estimates
- RECT BB : Recticel 3Q Sales Beat Estimates
- RDC GY : Redcare Pharmacy NV 9M Revenue EU2.55B Vs. EU2.15B Y/y
- RNO FP : Renault 3Q Revenue Meets Estimates
- REP SM : Repsol 3Q Adjusted Income Beats Estimates, Repsol Starts €950m Share Buy-Back Program
- RR/ LN : UK Backs Rolls-Royce on £2.5 Billion Plan for New Jet Engine
- SZG GY : Salzgitter Prelim 9M Sales EU7.3B
- 005930 KS : Samsung 3Q Net Misses Estimates, Samsung Hikes Spending After AI Chips Sold Out for 2027 -5.37%
- SAB SM : Sabadell 3Q Net Income Beats Estimates
- NOW US : ServiceNow Slumps After a ‘Shocker’ of an Outlook: Street Wrap
- GLE FP : SocGen 3Q Equities Revenue Beats Estimates, SocGen’s Equities Traders Join Boom With 46% Surge in Quarter
- SOLTTEQ FH : Solteq 3Q Revenue Above Estimates
- SOP FP : Sopra Steria 3Q Revenue Beats Estimates, Sopra Steria Boosts FY Organic Revenue Forecast
- SB1NO NO : SpareBank 1 Sor-Norge 3Q Net Interest Income Matches Estimates
- STMPA FP : STMicro 4Q Net Revenue Forecast Meets Estimates, STMicroelectronics Names El-Ouazzane CTO Effective Jan. 1
- SWECB SS : Sweco 3Q Operating Profit Misses Estimates
- TE FP : Technip Energies 3Q Adjusted Recurring Ebit Beats Estimates
- TSLA US : South Korean Court Rejects Tesla Owners’ Demand for FSD Refund
- TMUS US : Deutsche Telekom Is Said to Hit Brakes on Giant T-Mobile Merger
- VSAT US : *VIASAT QUICKLY EXTENDS GAINS TO SESSION HIGH, UP 11%
- VKTX US : Viking Therapeutics 3Q Loss per Share $1.55, Est. Loss/Shr $1.07
- DG FP : Vinci Unit Wins €149m Contract to Build Symphony Hall in Poland
- VOW GY : VW 3Q Revenue Misses Estimates, VW 3Q Operating Loss EU5.86B, Est. Loss EU5.67B
- VNA GY : Vonovia Cuts 2026 Organic Rent Growth View to ~3.8%
- WCH GY : Wacker Chemie 3Q Ebitda Beats Estimates, Confirms FY Outlook
- WAWI NO : Wallenius Wilhelmsen Signs >$1b Equipment Maker Contracts
- WEN US : Blackwells Opposes Trian’s $7.35/Share Offer for Wendy’s
- XIOR BB : Xior Names Frédéric Renard as New CFO