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 :
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
>>> Up
* Aker Solutions Raised to Neutral at SB1 Markets; PT 36 kroner
* Aker Solutions Raised to Neutral at SB1 Markets; PT 36 kroner
* Aker Solutions Raised to Hold at SEB Equities; PT 39 kroner
* Aviva Raised to Overweight at Morgan Stanley; PT 820 pence
* Genmab ADRs PT Raised to $68 from $52 at TD Cowen
* Hilton Worldwide Raised to Outperform at Mizuho Securities
* Luotea Plc Raised to Buy at Inderes; PT 2.50 euros
* Royal Caribbean Raised to Buy at Freedom Capital; PT $379
* Standard Chartered Raised to Buy at Huatai Research
>>> Down
>>> Down
* Bradesco ADRs Cut to Neutral at JPMorgan
* Corbion Cut to Hold at Berenberg; PT 26 euros
* Genmab Cut to Hold at Sydbank
* GSK Cut to Hold at Jefferies; PT 2,100 pence
* GSK ADRs Cut to Hold at Jefferies; PT $55.90
* Molecular Partners to Cut up to 55 Jobs in Switzerland
* Naturgy Cut to Market Perform at Renta 4; PT 30 euros
* Naturgy Cut to Market Perform at Renta 4; PT 30 euros
* PayPal Cut to Underweight at Barclays; PT $53
>>> Initiation
>>> Initiation
* Absci Rated New Buy at Jefferies; PT $14
* Chevron Rated New Outperform at William Blair
* Conoco Rated New Market Perform at William Blair
* Exxon Rated New Market Perform at William Blair
* Exxon Rated New Market Perform at William Blair
* Fodelia Cut to Reduce at Inderes; PT 4.70 euros
* Kone Cut to Reduce at Inderes; PT 56 euros
* Palantir Rated New Overweight at JPMorgan; PT $262
* Sequoia Economic Rated New Overweight at JPMorgan
* Sobi Reinstated Buy at William O'Neil
* TK Accelis Group Rated New Buy at Deutsche Bank; PT 40 euros
>>> Call
* Salzgitter Delivers Strong Beat, Consensus Should Rise: JPMorgan
>>> Call
* Salzgitter Delivers Strong Beat, Consensus Should Rise: JPMorgan
* Vonovia Outlook Cut ‘What the Market Was Fearing,’ JPMorgan Says
- Prysmian (AEU TH) +8.6%
- Prysmian Boosts FY Adjusted Ebitda Forecast, Beats Estimates
- Huhtamaki (HUKI TH) +3.2%
- Huhtamaki 3Q Adjusted Ebit Beats Estimates
- Renault (RNL TH) +1.7%
- Renault Sticks to Full-Year Outlook in Challenging Car Market
- Santander (BSD2 TH) +1.5%
- Genmab (GE9 TH) -1.4%
- AB InBev (1NBA TH) -1.7%
- AB InBev Volumes Lag Estimates on Slump in China Demand
- Scout24 (G24 TH) -1.7%
- ASML (ASME TH) -1.8%
- Stellantis (8TI TH) -2%
- BE Semiconductor (BSI TH) -2%
- Knorr-Bremse (KBX TH) -2.2%
- Knorr-Bremse Rail Orders Miss, Guidance Narrowed: Street Wrap
- Technoprobe (K8B TH) -2.3%
- Nemetschek (NEM TH) -2.7%
- SAP (SAP TH) -3.8%
DAX:
- Scout24 (G24 TH) -1.7%
- Siemens Energy (ENR TH) -1.7%
- EMEA Stocks Are Forming 105 Major Technical Chart Patterns
- Vonovia (VNA TH) -2.5%
- Vonovia Cuts 2026 Organic Rent Growth View to ~3.8%
- SAP (SAP TH) -3.2%
- Airbus, ASML, Santander, SAP, TotalEnergies: Term Structure
MDAX:
- Salzgitter (SZG TH) +4%
- GERMANY DAYBOOK: ECB Rate Decision, Volkswagen Earnings
- Wacker Chemie (WCH TH) +2.2%
- Wacker Chemie 3Q Ebitda Beats Estimates
- Knorr-Bremse (KBX TH) -1.2%
- Knorr-Bremse Rail Orders Miss, Guidance Narrowed: Street Wrap
SDAX:
- Deutsche PBB (PBB TH) +1.1%
- Heidelberger Druck (HDD TH) -1%
- TeamViewer (TMV TH) -1.5%
- Redcare Pharmacy NV (RDC TH) -1.6%
- Redcare Pharmacy NV 9M Revenue EU2.55B Vs. EU2.15B Y/y
Israel vote leaves door open to Iran attack
Netanyahu could launch fresh bombing campaign with US while he serves as caretaker prime minister during coalition talks, security experts say
Israel’s inconclusive election opens the possibility for Benjamin Netanyahu to launch a new bombing campaign with the US against Iran while he rules as caretaker prime minister, said Israeli security experts.
Ahead of the vote, the Israeli premier had instructed his military to prepare for a multi-day bombing campaign on the weekend of October 10, people briefed on the matter told the FT. The operation did not proceed because it was not greenlit by US President Donald Trump, whose Republican Party faces its own crucial test in next week’s midterms.
But after Netanyahu’s far-right coalition avoided outright defeat in Tuesday’s Israeli election, and appears set to win more seats than its main rival, Israeli security experts said there would be no constraints on him reviving his plans to launch fresh attacks on Iran after the midterms.
“If it remains with him as the biggest party, and his coalition has more seats than the Jewish opposition bloc, I don’t see there would be any problem of legitimacy to give any order to the chief of staff and the heads of the other [security] organisations,” said Yaakov Amidror, a former national security adviser and a Netanyahu confidant.
“I’m quite sure many generals in the IDF [Israel Defense Forces] think we should do something against Iran.”
After the inconclusive vote, Israel is bracing for a period of political deadlock. Netanyahu is expected to remain as caretaker prime minister while politicians haggle over attempts to form a government — potentially for months.
Netanyahu’s far-right coalition shed votes and lost its absolute majority, but was on course to win 53 seats in the Knesset, while his Likud was set to be the biggest single party in the 120-member parliament, according to initial results after most ballots were counted.
The Jewish opposition bloc was set to win about 48 seats, while two Arab parties were on course to garner up to 19 MPs. However, during the campaign, some senior leaders in the Zionist camp rejected any co-ordination with Arab MPs, meaning Israel faces a political stalemate with no group having a clear path to forming a governing coalition.
“He doesn’t have legal constraints. He can still do whatever he needs to do. The army commanders cannot say no . . . and they are getting ready,” said Danny Citrinowicz, a former Iran analyst with Israeli military intelligence. “The IDF was against initiating war now, but when Trump calls him and says ‘this is the time’, they won’t say no.”
If the Jewish opposition bloc had secured a working majority, Citrinowicz said that “legitimacy wise it would be harder for him”. But “now he has the biggest party [in the Knesset] it’s another vote of confidence.”
A person familiar with Israeli war planning said it was “within the authority” of a caretaker government to launch a war, despite possible reservations among IDF generals because of the proximity to an election.
It is always possible to “build a case” in terms of intelligence to attack, whether based on Iran’s nuclear programme or other factors, they added.
If a military chief truly opposed such action he could resign, but would have few other options, the person said.
Citrinowicz predicted that unless there was a “magical breakthrough” in regional mediation efforts to broker an interim deal between the US and Iran, “we will have another escalation that will serve [Netanyahu’s] interests”.
Both Trump and Netanyahu have threatened a new offensive against Iran, but the White House has said US forces would not launch such attacks before the November 3 midterms.
Netanyahu would likely need US backing for any fresh offensive, with Israel dependent on American forces to support its defences. Iran is expected to mount a ferocious response to any new assault.
Netanyahu and Trump launched their war against Iran on February 28, but failed to cause the collapse of its military.
Israel and Iran have not exchanged direct fire since Washington and Tehran agreed a fragile ceasefire on April 8, even as the US and the Islamic republic continue to engage in simmering hostilities, primarily over control of the Strait of Hormuz.
“I’m quite sure that next week or the week after that, Netanyahu will seriously consider promoting military steps against Iran,” said Michael Milshtein, a former Israeli intelligence officer.
Netanyahu would prefer a joint attack with the US, he said. But if Trump was reluctant, the Israeli prime minister could consider “independent steps, co-ordinated with the Americans”, Milshtein said.
According to several people familiar with the war plans, any new US-Israeli assault would be intense, lasting some three days and targeting nuclear facilities, regime assets and civilian infrastructure including power plants.
Amidror, a consultant at US-based think-tank Jinsa, said it was unlikely that Gadi Eisenkot — a former military chief who leads the largest Jewish opposition party — would object to an attack if Netanyahu properly briefed him in advance.
“The opposition can make noises, but if he calls Gadi and says this is the situation . . . this [is] the intelligence we have, and the head of the intelligence backs him, I don’t see Gadi opposing it,” Amidror said.
Yet Eisenkot late on election night, before the scale of the opposition setback became clear, said the caretaker premier did not have the “mandate or the people’s trust” to start any military adventure.
“Netanyahu — do not dare use Israel’s security for your political needs,” he added.
There is some precedent for Netanyahu demanding a major military operation around an election.
In September 2019, both before and after an inconclusive ballot, the veteran leader attempted to launch air strikes against Hamas in Gaza. But the then-IDF chief of staff and other security chiefs refused on the grounds that it could impact the will of voters.
Now, the heads of both the Mossad and Shin Bet intelligence agencies are Netanyahu loyalists, while the public standing of the IDF general staff — once almost untouchable across Israeli Jewish society — has been eroded by the failures surrounding Hamas’s October 7 2023 attack, amid persistent attacks by rightwing Netanyahu loyalists.
The current IDF chief of staff Eyal Zamir “has courage, but his standing is not what it once would have been”, the person familiar with Israeli plans said. “We’ve crossed a Rubicon.”
F.P. Journe Watches: ‘The Hottest Brand in the World Right Now’
The independent Swiss brand has been dominating auction sales — and industry buzz — for months.

The FFC Prototype based on the model owned by the film director Francis Ford Coppola.
A coterie of high-end watch collectors gathered at a cottage in this moneyed lake region north of Toronto one Saturday in August to enjoy the waning days of summer, drink wine and talk watches.
The hosts of the soiree — Kevin O’Leary, the Canadian businessman, personality on ABC-TV’s “Shark Tank” and devoted watch enthusiast, and his wife, Linda — have been inviting collector friends to their lakeside cottage for an annual get-together for the past few years. This year’s gathering, with about 30 guests, was the largest. And unlike most watch meet-ups, where Rolex and other big brands tend to dominate, it celebrated watchmaking esoterica.
Image

Watch collectors gathered at a cottage north of Toronto in August to drink wine and talk watches at the home of Kevin O’Leary and his wife, Linda.Credit...Tony Cenicola/The New York Times
The collectors, many of them Canadian entrepreneurs and captains of industry, have gravitated to niche brands — Ferdinand Berthoud, Greubel Forsey, Ludovic Ballouard and Simon Brette, for example — that reflected their rarefied tastes.
One maker, however, stood out, remarkable for how often he was mentioned and the respect that he commanded.
“Journe is a base line for all of these people,” Mr. O’Leary said, referring to the French-born watchmaker François-Paul Journe, who founded his namesake brand, F.P. Journe, in Geneva in 1999.
“The guy’s making 900 mechanical pieces a year,” he added. “There’s demand for 10,000.”
Regarded by many experts as the greatest living watchmaker, Mr. Journe, 69, has built a business in which extreme demand, scarcity and hype have intersected to produce spectacular results in the primary and secondary markets. Even the brand’s quartz-powered Élégante watches, which start at 15,400 Swiss francs (about $18,700), sell secondhand for as much as 10 times their retail value.
Paul Boutros, the head of watches in the Americas division at the auction house Phillips and a guest at the Muskoka gathering, put it bluntly, “It’s the hottest brand in the world right now.”
Mr. Boutros would know. In June, after nearly nine minutes of bidding, a Chronomètre à Résonance Souscription, No. 007 by Mr. Journe sold for $13.92 million at a Phillips sale in New York. According to the auction house, it was the most expensive watch that the brand has sold at auction and the highest price ever achieved by an independent maker on the secondary market. It bested a record set in December, when the brand’s FFC Prototype watch, which belonged to the film director Francis Ford Coppola, sold for $10.75 million, also at Phillips in New York.
Image

A Chronomètre à Résonance Souscription, No. 007.
Mr. Journe himself acknowledged the market’s extravagance. “I am very pleased with the results, although I find them a little exaggerated, even for very rare watches,” he wrote in an email.
And those were merely the headline grabbers. Behind the multimillion-dollar auction sales, F.P. Journe has all but rewritten the rulebook for secondary market success, said Giovanni Prigigallo, a co-founder of EveryWatch, a platform that aggregates data on what pre-owned luxury watches are worth and where to buy them.
EveryWatch is on the brink of publishing a 132-page report on F.P. Journe that describes the brand’s secondhand business as “the fastest-appreciating market in modern horology.”
“F.P. Journe makes three to four watches a day,” an early draft of the report said. “In the first half of 2026 the secondary market moved $202 million of them — up 196.9 percent on the year, and the strongest result on record for any independent watchmaker.”
King of the Indies
Image

The French-born watchmaker François-Paul Journe, who founded F.P. Journe in Geneva in 1999. "The guy’s making 900 mechanical pieces a year,” a watch enthusiast said. “There’s demand for 10,000.”Credit...via F.P. Journe
To understand Mr. Journe’s cultlike following, Mr. Boutros said it was important to consider his achievements in the wider context of independent watchmaking. The term loosely refers to artisans who produce limited numbers of high-end mechanical timepieces with total creative freedom, not beholden to any corporate interests.
Even though Chanel acquired a 20 percent stake in F.P. Journe in 2018, the deal, by all accounts, did not change how Mr. Journe, a famously prickly personality, ran his business.
“He’s not following the market, not following any trends, just doing his thing,” Mr. Boutros said.
Mr. Journe said as much: “I do not chase growth,” he wrote. “I like our human scale, like a family.” (The business, which has its headquarters in Geneva and two workshops in Meyrin, Switzerland, has a total of about 155 employees in watch production.)
That streak of nonconformity, coupled with Mr. Journe’s commitment to the scientific tradition of horology epitomized by George Daniels — the 20th-century British watchmaker credited by watch experts as the first person to transform the craft of watchmaking from a utilitarian pursuit into an art form — has made him a guiding light for a generation of horological talents. (In 2015, he made his mentorship official with the creation of the F.P. Journe Young Talent Competition, an annual contest, supported by the Singapore watch retailer the Hour Glass, which helps young watchmaking students and recent graduates establish themselves in the world of independent watchmaking.)
But initially, with relatively few Journe timepieces in circulation, it took time for the market to catch up. “Now, here we are, 27 years since the official launch of Journe, and, at most, there are about 20,000 mechanical Journes out there,” Mr. Boutros said. “And that’s enough to make it interesting.”
Devotees of Mr. Journe, such as Igor Boguslavsky — an I.T. executive from Illinois who, along with his wife, attended the O’Learys’ watch soiree in late August — often point to his instantly recognizable aesthetic as the gateway to their obsession with the brand.
That is especially true of the Chronomètre à Résonance, arguably Mr. Journe’s defining timepiece. Introduced in 2000, the model was inspired by a double movement pendulum clock made by the 18th-century watchmaker Abraham-Louis Breguet for King Louis XVIII of France. In 1983, Mr. Journe, then just 26 years old, restored it for the Musée des Arts et Métiers in Paris.
“The fact that there was something so unique about the design and the dials — it was like nothing else on the market,” Mr. Boguslavsky said. (He said he could not be sure whether his first Journe watch, acquired about 2011, was a Résonance, but it might have been)
He reflected on how the watch business had changed since he started collecting in the late 1990s. “I remember a time when you bought a watch and you expected to lose 20 to 30 percent after wearing it,” Mr. Boguslavsky said. “The idea of getting a watch that’s worth two, three, five, even 10 times what you paid for it is a phenomenon.”
Cultivating Collectors
A decade ago, buying a timepiece directly from F.P. Journe was as straightforward as walking into one of the brand’s worldwide points of sale and paying for one. Today, it’s the horological equivalent of trying out for the Olympics.
Allocations are tightly controlled. Unlike some luxury watch brands, which require customers to purchase additional, less-coveted watches in order to buy the one they really want (a practice known as bundling), F.P. Journe insists that its clients understand the timepiece they are buying and can demonstrate that to their sales adviser.
Pierre Halimi Lacharlotte, the longtime general manager of F.P. Journe Americas, explained that the brand holds regular talks at its boutiques and invites prospective clients to attend.
“Our job is to find the best collector possible for Journe,” he said in a recent phone interview. “If you’re not passionate about the watch and you do not know what it is, you’re not going to have it.”
Mr. Lacharlotte, who is based in Miami, said it took the brand’s U.S. team two months this year to come up with a list of sales recommendations. “We are traumatized by flippers,” he said.
Michael McGovern, a 26-year-old collector in Toronto who joined his parents at the O’Learys’ cottage in late August, where Mr. Lacharlotte and his wife also were guests, said he was aware of the brand’s strict policies about resale.
“There’s actually kind of a procedure for selling a Journe,” said Mr. McGovern, who wore a titanium Élégante model he had bought directly from the brand. “You have to contact them and say, ‘I’m not interested in this watch anymore, and here are the reasons why.’ I was at an event once and they literally said, ‘If you sell your watch without talking to us, you’re never getting another watch again.’”
The Journe Society, an invitation-only group of collectors dedicated to honoring Mr. Journe’s vision and legacy, operates according to a similar transaction philosophy, said Brad Schwartz, a finance executive in New York who serves as the society’s president.
“It is not about trading or speculation,” Mr. Schwartz said during a coffee meeting in early September in Beverly Hills, Calif.
He said the group, which formed a decade ago, operated independently of the brand, but he declined to disclose its membership numbers.
“We’re not a secret society, but we’re discreet,” Mr. Schwartz said. “People from all different walks of life come together — you sit down at the table and try to crowd out the market noise. It has to come back to the fundamentals of what brought us together, which is, ‘What makes Journe special?’”
Timing Is Everything
Among Mr. Journe’s most devoted followers, the answer to that question inevitably centers on his commitment to chronometry.
“That is a fundamental value for the best watches in the world — being able to keep accurate time,” Mr. Boutros said. He compared Mr. Journe’s use of high-quality escapements (the mechanism that controls the release of energy from the mainspring to the hands) to Rolex and Patek Philippe, the two blue-chip brands.
“What does Journe have in common?” he added. “He uses free-sprung escapements across all of his mechanical models. At the same time, he’s a great artisan. The watches fit wrist sizes of all types.”
William Rohr, the founder of the independent brand Massena LAB, who is known in the industry as William Massena, said he fell under Mr. Journe’s spell nearly 30 years ago in Geneva and remained an acolyte for all the reasons that Mr. Boutros mentioned.
“He’s such a luminous watchmaker, so good on so many levels,” Mr. Massena said. “Today, it’s all about finishing: how perfect the watch is. But to Journe, what’s important is the aesthetic of the watch, the chronometry of the watch, the reference to important watchmakers who came before him.”
That combination has steadily transformed F.P. Journe into a top-performing asset, said Linden Lazarus, co-founder and chief executive of Collectible, a watch technology company focused on after-sales service.
“If you asked people 10 years ago, ‘Are they worth this money?’ nobody would have said yes,” Mr. Lazarus said by phone recently. “The magic is there are very few of them. They have such a specific design language that they don’t look like any other watch. Because of that, they can support a high price.”
And yet, with models such as the Chronomètre Furtif, which trades for about $1.4 million in secondary channels, it is natural to wonder: Is the Journe mania, the madness of recent years, just a bubble?
For Mr. Massena, the question itself hints at a larger concern.
“F.P. Journe is the watch for the real watch lover,” Mr. Massena said. “He went from being unknown — if you know, you know — and today he’s the biggest flex in watchmaking.
“It breaks my heart,” he added.
Apple’s touchscreen MacBook Pro pushes laptop pricing to a new extreme
Apple has officially entered the touchscreen MacBook Pro era, and apparently, it wants to drain your wallet while it’s at it.
The new touchscreen MacBook Pro starts at $2,899, which is already a hefty price tag in this economy. But if you want the absolute top-of-the-line model with every possible upgrade, prepare to cough up around $14,549.
As MacRumors first reported, Apple’s configurator prices the fully loaded 14-inch model at $14,249 and the 16-inch version at $14,549. Both come equipped with Apple’s top-tier M5 Max chip, featuring an 18-core CPU and 40-core GPU.
You can blame the ongoing memory shortage and AI’s seemingly endless appetite for hardware for some of the pricing pressure. Moving to a 4TB SSD costs an additional $1,000, while upgrading to 8TB adds $3,000. Want the new 16TB option? That’ll set you back another $7,000.
Another $2,000 gets you 128GB of memory, while nano-texture glass adds $150.
For some perspective, the previous 16-inch MacBook Pro topped out at $10,149. The new model raises that ceiling by a whopping $4,400.
Absurd prices aside, the launch marks a significant shift for Apple, nearly a decade after it first experimented with the Touch Bar. The company eventually abandoned that feature, but now it’s ready to embrace a touchscreen MacBook Pro.
Preorders open October 30, with availability beginning November 6.