WSJ : ‘Philip Roth’ Review: The Masks of a Writer

‘Philip Roth’ Review: The Masks of a Writer
Roth’s fiction drew heavily on his own life and literary reputation in ways that blurred imagination and reality.

Philip Roth liked to booby-trap his biographers. In “Exit Ghost” (2007), he calls biography “the lowest of literary rackets.” Yet one version of biography kept drawing him back. “Making fake biography, false history, concocting a half-imaginary existence out of the actual drama of my life is my life,” he once said.

In “Philip Roth: Stung by Life,” Steven J. Zipperstein springs the trap. His approach is straightforward: center the writing without pretending the life is dispensable. “There was nothing of greater importance to Roth than his books,” Mr. Zipperstein insists, “his true loves, and the only reason that justifies spending years of one’s own life writing and rewriting a book about him.”

Mr. Zipperstein begins by anchoring Roth’s art in his origins. “What is your background?” William F. Buckley Jr.’s wife, Patricia, once asked Roth. “I didn’t have one,” he replied. “We were too poor.” The poverty of Newark, N.J., in fact, served as Roth’s inexhaustible native ground. In evoking that territory and its immigrant strivers, Mr. Zipperstein writes with the passion of a reader whose life was altered by Roth. He recalls himself as a teenager, encountering Roth’s writing for the first time: His “confessional voice, explosive intelligence, and impatience with dishonesty to oneself all had the feel of a barrage of urgent letters addressed just to me.”

Roth’s honesty with himself acts like a solvent. It removes the epidermis and leaves the nerves exposed. The result is astonishing. Thirty-one books across half a century: the decorous debut of “Goodbye, Columbus” (1959); Alexander Portnoy’s acrobatics with apple, glove, bottle, brassiere and a slab of liver in “Portnoy’s Complaint” (1969); the Kafkaesque metamorphosis in “The Breast” (1972); the filial exasperation of “Patrimony” (1991); the high-tragic architecture of the American trilogy (“American Pastoral,” “I Married a Communist” and “The Human Stain” in 1997, 1998 and 2000); the counterfactual audacity of “The Plot Against America” (2004); and the late-life stoic parables such as “Everyman” (2006) and “Nemesis” (2010). Few American novelists have ventured across so many registers of comedy and calamity.

Mr. Zipperstein is acute about the discipline that made such prolific range possible. Like his fictional stand-in Nathan Zuckerman, who called himself an “unchaste monk,” Roth lived that paradox: monastic at his desk but promiscuous in the freedoms he demanded from every other human arrangement. This was his way of protecting the imagination, of keeping it “on call,” as he once said of his sparse routine in his home in Litchfield County, Conn.: “I’m like a doctor and it’s an emergency room. And I’m the emergency.”

Mr. Zipperstein portrays Roth as “willing to challenge himself on all fronts, to lay bare all his limits as a writer, son, and Jew.” But the biographer also makes clear that Roth cultivated reticence with the same zeal with which he flaunted candor. “Few contemporary writers have shown themselves to be quite as self-referential as Roth,” Mr. Zipperstein writes, “and few self-referential writers have managed, for so very long, to be quite so cagey.” That play of masks—at once disclosing and disguising—animated Roth’s fictional alter egos, incarnations both intimate and inscrutable.

The Jewish question, inevitably, looms large. Roth was reviled for turning Jewish mothers into suffocating grotesques and Jewish sons—“boiling with temptations,” as he put it in “The Anatomy Lesson” (1983)—into ingrates. He was resented for puncturing euphemisms of communal self-regard. For this he was called a self-hater, a shande, or hopelessly obsolete. “It may be,” the author Cynthia Ozick told an interviewer this year, “that Philip Roth especially is likely to leave little or nothing heritable, since he was the product and the purveyor of a sociological outlook; and his sociology is dead.”

But if Roth’s interest in Judaism was intermittent, his engagement with Jewishness—as temperament and as argument—was lifelong. He grappled with Israel’s dilemmas in “The Counterlife” (1986) and “Operation Shylock” (1993) and wrestled with antisemitism in “The Plot Against America,” his novel about an attempted fascist takeover of the U.S. in the 1940s. Roth, in Mr. Zipperstein’s telling, probed Jewish life—and its collision with American ambition—with more fidelity than any rabbinic sermon could offer.

What distinguishes Mr. Zipperstein’s volume—composed with the tact of a historian who has read the archives and the novels with equal care—is how deliberately it resists the temptations that have undone earlier efforts. Previous accounts of Roth, including the one found in a memoir by Claire Bloom, Roth’s ex-wife, have chased the tours d’amour. Mr. Zipperstein suggests that the real drama was not in the bedroom but at the writing desk, where Roth’s quarrels with himself became art. Mr. Zipperstein faults Blake Bailey’s nearly 900-page authorized biography as “curiously tone-deaf to the writing at the epicenter of Roth’s life” and proceeds to tune our ears back to that center.

Mr. Zipperstein records the accusations that clung to Roth—misogyny most of all. But he allows countervailing testimony both from the work itself, which housed women as figures of power and empathy; and from the life, which included unadvertised acts of generosity to friends in trouble (among them the novelist Janet Hobhouse, whom he quietly aided during her final illness, and the Romanian-born writer Norman Manea).

The point isn’t exoneration; it’s proportion. Mr. Zipperstein also restores to view the curatorial Roth and his public literary citizenship. During the course of roughly a decade, Roth curated Penguin’s “Writers From the Other Europe,” smuggling masters from behind the Iron Curtain into American sight: Tadeusz Borowski, Danilo Kiš, Milan Kundera and, crucially, Bruno Schulz. Above all, Mr. Zipperstein returns us from the grievance ledger to the pages where Roth fought his real fights, his struggles with syntax and structure.

The life mattered, yes—its appetites, its feuds, its Newark-ness. But Mr. Zipperstein builds a biography that shuttles us back to the fiction, heritable or not, where the man hid in plain sight. Roth championed writers such as Schulz so they wouldn’t be lost to American readers; this biography returns the favor, rescuing Roth from the noise and restoring him to the exuberant sentences he spent his life turning around.

If literary biography is a racket, this is the honorable version: one that knows when to let the sentences speak.

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • FMC -29.4% (also President stepping down, reduces dividend sharply), SFM -23.9%, WOLF -19.7%, CMG -18%, PI -13.2%, WPP -11.9%, TMDX -10.3%, EBAY -8.8%, META -8.7%, CVNA -8.4%, WNC -7.2%, MUSA -6.4% (also names new CEO; also authorizes new $2 bln share repurchase program and raises dividend), IP -6.2%, ASTL -5.4% (also CEO to retire, names new CEO and new CFO), STLA -5.4%, RRX -5.1% (also CEO to step down), WLK -4.6%, ALSN -4.5%, XRX -4.4%, SPOK -4.1%, ENTG -3.8%, AGI -3.7%, STEM -3.6%, VNT -3.6%, BIO -3.5%, TEX -3.5%, MO -3.5%, BBIO -3.3%, SBUX -3.3%, PBF -3.3%, HWM -3.2%, MC -3.1%, TNK -3.1%, MRK -3.1%, MEOH -2.9%, BIIB -2.9%, MGM -2.8%, ETD -2.5%, MELI -2.4%, EHC -2.3%, FLWS -2.3%, MSFT -2.2%, TTE -2.2%, TT -2.2%, THG -2%, AVB -2%, TAK -2%, EXP -2%, OPCH -2%, CDE -1.9%, VMC -1.7%, PBI -1.6% (also increases dividend), EXR -1.5%, PPC -1.4%, APTV -1.4%, NTGR -1.3%, ARE -1.3%, DBRG -1.1%, TDOC -1%, CSL -1% (also increases share repurchase target to $1.3 bln for the full year)
Other news:
  • NTLA -15.7% (FDA places clinical hold on 2 Phase 3 trials)
  • CLF -9.2% (pricing of its underwritten public offering of 75,000,000 common shares for expected gross proceeds of $964 mln, before discounts and expenses)
  • DBVT -3.6% (sells ~$30 mln of ADSs through its At-The-Market (ATM) program on Nasdaq)
  • BE -3.2% (announced its intention to offer, subject to market and other conditions, $1.75 bln aggregate principal amount of 0% convertible senior notes due 2030 in a private offering; Bloom Energy agreed to issue to Oracle (ORCL) a warrant)
  • ADEA -1.9% (Federal Court of Canada issues favorable judgment)
  • GBTG -1.8% (stock offering by selling shareholders)
  • MNMD -1.2% (prices offering of 18,375,000 common shares at $12.25 per common share)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • GH +27%, GKOS +20.3%, EBS +18.6%, AAP +16.1%, ALGN +14.7% (also announces ClinCheck Live Plan), FORM +14.2%, INSM +13.8%, CHRW +13.6% (also authorizes new $2 bln share repurchase program), VIAV +13.4%, MAX +13.2% (also authorizes new $50 mln share repurchase program), ALGM +12.2%, COMM +10.7%, VRRM +9.9%, MCW +9.8%, CAH +9.5%, RES +9.5%, OMCL +8.2%, TAL +7.9%, CALX +7.7%, CMCO +7.6%, GOOG +7.5%, BHC +7.1%, PRM +6.5%, LXU +6.4%, WHD +6%, TENB +6%, ROG +5.8%, MDXG +5.7%, IART +5.7%, JBSS +5.5% (also special dividend of $1.00/share), EL +5.5%, ING +5.4%, ASX +5.3%, LLY +5.3%, SIRI +5.3%, UPBD +4.7%, CROX +4.7%, UTZ +4.4%, PFS +4.3%, ATRC +4.2%, BLDR +4.1%, GRBK +4%, SPGI +3.9%, VAL +3.5%, SNCY +3.5%, AME +3.5%, LCII +3.4%, HII +3.2%, JOE +3.1% (also increases dividend), AMRX +3.1%, KMB +3.1%, LNC +3%, LKQ +3%, NOW +2.9% (also approves 5-for-1 stock split; also expands strategic collaboration with FDX Dataworks), SKWD +2.9%, TW +2.7%, RWT +2.4%, ARMN +2.4%, NVCR +2.4%, ARGX +2.3%, ABEV +2.3%, MGY +2.2%, CVI +2.1%, BWA +2.1%, CCCS +2.1%, AEM +2%, MKL +2%, TTMI +1.9%, QSR +1.9%, BMY +1.9%, UDMY +1.7%, RIG +1.6%, XEL +1.6%, FCFS +1.6%, XPO +1.6%, CGNX +1.5% (also increases dividend), MORN +1.5% (also authorizes new $1 bln share repurchase program), APLS +1.5%, CMCSA +1.5%, RSI +1.3%, PRU +1.3%, CI +1.3%, FIBK +1.2%, WAY +1.1%, AWK +1.1%, BUD +1%, DINO +1%
Other news:
  • TECX +22.4% (reports Phase 1b results for TX45)
  • GPRK +19.1% (confirms rejection of acquisition proposal from Parex Resources)
  • MTSR +19.1% (Novo Nordisk (NVO) Submits Proposal to Acquire Metsera)
  • SVRA +3.9% (prices $130 mln offering consisting of common stock and warrants)
  • FRMI +2.1% (secures 157.5 MW turbine deal to power world's largest private energy grid)
  • NBHC +2% (increases dividend)
  • WVE +1.1% (Activin E data from its INLIGHT clinical trial of WVE-007)
  • OCS +1.1% (announced the pricing of offerings of an aggregate of 5,432,098 of its ordinary shares at $20.25 per share for total gross proceeds of $110 million)
  • CENX +1% (Jamalco joint venture resumes production following landfall of Hurricane Melissa)
  • DINO +1% (expansion of its Midstream refined products footprint)

>>> Treasury Secretary Scott Bessent Fox Business interview: Expecting a signed

Treasury Secretary Scott Bessent Fox Business interview: Expecting a signed China trade deal as soon as next week; President Trump will likely select next Fed Chair before Christmas (687.39)
Mr. Bessent said:
  • There was a lot of respect between President Trump and Xi during the meeting.
  • China's rare earth export controls will be delayed for one year.
  • He is expecting a signed China trade deal as soon as next week.
  • China agreed to give the U.S. substantial cooperation on the flow of fentanyl into North America. His team will set measures that China needs to meet. In return, the U.S. cut the fentanyl tariff rate to 10%.
  • Section 301 measures targeting China's maritime shipbuilding are suspended for one year.
  • The U.S. will integrate shipbuilding with its allies.
  • President Trump will likely select the next Fed Chair before Christmas.
  • China agreed to purchase 12 million metric tons of U.S. soybeans this year & 25 million metric tons of U.S. soybeans each year thereafter through 2028.
  • He is very optimistic about economic growth in 2026. He expects larger tax refunds will be a boost to consumer spending in 2026.
  • President Trump also signed trade deals with other Asian nations for soybean purchases.
Potential related stocks: DG, DLTR, WMT, TGT, COST, AMZN, NKE, BABA, BIDU, PDD, JD, KC, FXI, STZ, MOS, NTR, CF, DE, TSN, HRL, MP, REMX. TMC, CRML, TMQ, USAR, XOM, CVX, BP, SHEL, OXY, COP, DVN

>>> Europe : Brokers Upgrades & Downgrades - 30th of October 2025 V3(++)

>>> Up
* ABB PT Raised to 68 Swiss francs from 62 Swiss francs at Citi
* Campari Raised to Neutral at JPMorgan; PT 6 euros
* Deutsche Bank PT Raised to 39 euros from 34 euros at RBC
* Emeis Raised to Reduce at AlphaValue/Baader
* Equinor Raised to Buy at Arctic Securities; PT 270 kroner
* Garmin PT Raised to $208 from $167 at Barclays
* Kempower Raised to Accumulate at Inderes; PT 17 euros
* Microsoft PT Raised to $650 from $625 at Morgan Stanley (+)
* Moltiply Group SpA Raised to Buy at Kepler Cheuvreux (++)
* Nordex Raised to Reduce at AlphaValue/Baader
* Sweco Raised to Buy at Jefferies; PT 200 kronor
* Sweco Raised to Buy at ABG; PT 195 kronor
* Vale ADRs Raised to Buy at Banco BTG Pactual; PT $15
* Valmet Raised to Buy at Inderes; PT 32 euros
* Warner Bros Discovery Raised to Buy at Rothschild & Co Redburn (+)

>>> Down
* Airbus Cut to Hold at Kepler Cheuvreux; PT 214 euros (++)
* Basler Cut to Hold at M.M. Warburg (+)
* Boeing Cut to Hold at Deutsche Bank; PT $240
* Eurobank Cut to Hold at HSBC; PT 3.65 euros
* Fiserv Cut to Neutral at Seaport Global Securities
* Fiserv Cut to Neutral at Goldman; PT $79
* Fiserv Cut to Equal-Weight at Morgan Stanley; PT $81
* Fiserv Cut to Hold at Truist Secs
* Fiserv Cut to Hold at TD Cowen; PT $80
* Fortum Cut to Sell at OP Corporate Bank; PT 15.50 euros (++)
* Ibstock Cut to Neutral at UBS; PT 140 pence (++)
* Impianti Cut to Neutral at EnVent S.p.A.; PT 1 euro
* Iren Cut to Hold at Kepler Cheuvreux; PT 2.90 euros (++)
* Kering Cut to Underperform at Bernstein; PT 240 euros (+)
* Kuehne + Nagel Cut to Underweight at Barclays
* Loihde Cut to Reduce at Inderes; PT 11.70 euros
* Matvareexpressen Cut to Sell at Norne Securities; PT 190 kroner
* Meta Cut to Market Perform at Oppenheimer
* Mowi Cut to Hold at Nordea
* Neste Cut to Neutral at BNPP Exane; PT 19 euros
* Neste ADRs Cut to Neutral at BNPP Exane; PT $11.20
* Outokumpu Cut to Hold at Deutsche Bank; PT 3.60 euros
* Salmar Cut to Sell at Nordea; PT 500 kroner
* Symrise Cut to Add at AlphaValue/Baader
* Technoprobe Cut to Neutral at Banca Akros (ESN); PT 9.50 euros (++)
* Valmet Cut to Hold at SEB Equities; PT 30 euros

>>> Initiation
* Bachem Rated New Neutral at Oddo BHF; PT 64.60 Swiss francs
* Cisco Reinstated Buy at President Capital Management; PT $90
* Franchise Brands Rated New Buy at Cavendish; PT 146 pence (+)
* Otofarma Rated New Buy at Alantra Capital Markets; PT 8 euros
* Primary Health Reinstated Buy at Deutsche Bank; PT 114 pence (+)
* Ratos Rated New Hold at SEB Equities; PT 42 kronor
* SMG Swiss Marketplace Group Rated New Neutral at Goldman
* SMG Swiss Marketplace Group Rated New Overweight at JPMorgan
* SMG SW Rated New Equal-Weight at Morgan Stanley
* SMG Swiss Marketplace Group Rated New Neutral at BNPP Exane
* SMG Swiss Marketplace Group Rated New Buy at UBS (++)

>>> Call
* Deutsche Bank PT Hiked to Street-High on Profitability: RBC (+)
* Flow Traders Shares Drop as KBC Says Results are ‘Very Muted’ (++)

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • TECX +23.5%, GH +22.6%, GKOS +19.4%, MTSR +19.2%, GPRK +15.5%, EBS +15.4%, ALGN +15.1%, FORM +14.7%, COMM +14.3%, CHRW +13.6%, PRM +13.3%, VIAV +12.7%, MDXG +11%, LXU +9.7%, WVE +8.8%, CALX +8.3%, OMCL +8.2%, TAL +7.2%, GRBK +7.1%, GOOG +7.1%, AMRX +6.7%, AMRX +6.7%, SPOK +6.3%, WHD +6%, ROG +5.8%, MCW +5.8%, BHC +5.3%, JOE +5.2%, JBSS +5%, MAX +5%, ING +5%, PFS +4.3%, ATRC +4.2%, ASX +4.1%, EL +4.1%, ARMN +4.1%, SNCY +4%, EPR +3.6%, DBRG +3.5%, NOW +3%, SKYX +2.9%, UTZ +2.9%, KMB +2.8%, VAL +2.7%, SKWD +2.7%, KBR +2.6%, DHT +2.5%, CENX +2.4%, RWT +2.4%, LNC +2.4%, STAG +2.3%, AWK +2.3%, ARGX +2.3%, ABEV +2.3%, MGY +2.2%, CVI +2.1%, NBHC +2%, MKL +2%, TTMI +1.8%, AEM +1.7%, RIG +1.7%, UDMY +1.7%, RSI +1.6%, MORN +1.5%, TS +1.5%, EQX +1.4%, MAA +1.3%, PRU +1.3%, TENB +1.3%, BUD +1.3%, FIBK +1.2%, OCS +1.1%, FRMI +1%, WAY +1%, CI +1%
  • Gapping down:
    • FMC -29.4%, SFM -25.6%, WOLF -20.4%, CMG -19%, NTLA -15.4%, WPP -11.5%, PI -10.1%, CLF -9.3%, TMDX -9.2%, EBAY -9.1%, META -8.8%, CVNA -8.7%, XRX -8.2%, BIO -5.9%, WLK -5.7%, FCFS -5.5%, ASTL -5.4%, STLA -5.4%, RRX -5.1%, ALSN -4.9%, TT -4.6%, IART -4.4%, BE -4%, VNT -3.6%, MRK -3.5%, MNMD -3.4%, MUSA -3.4%, MGM -3.4%, PBF -3.3%, MC -3.1%, TNK -3.1%, MEOH -3%, COHU -3%, SBUX -2.7%, MSFT -2.6%, ETD -2.5%, AXS -2.5%, BBIO -2.4%, EHC -2.3%, XEL -2.1%, PBI -2%, THG -2%, TAK -2%, TTE -2%, ADEA -1.9%, MELI -1.9%, GBTG -1.8%, EXR -1.8%, EPD -1.8%, SVRA -1.6%, DBVT -1.6%, AGI -1.5%, EXP -1.5%, STEM -1.4%, NTGR -1.3%, AVB -1.3%, DVA -1.2%, ARE -1.1%, BIIB -1.1%, CSL -1%, TSLA -0.9%

>>> Europe : Brokers Upgrades & Downgrades - 30th of October 2025 V2(+)

>>> Up
* ABB PT Raised to 68 Swiss francs from 62 Swiss francs at Citi
* Campari Raised to Neutral at JPMorgan; PT 6 euros
* Deutsche Bank PT Raised to 39 euros from 34 euros at RBC
* Emeis Raised to Reduce at AlphaValue/Baader
* Equinor Raised to Buy at Arctic Securities; PT 270 kroner
* Garmin PT Raised to $208 from $167 at Barclays
* Kempower Raised to Accumulate at Inderes; PT 17 euros
* Microsoft PT Raised to $650 from $625 at Morgan Stanley (+)
* Nordex Raised to Reduce at AlphaValue/Baader
* Sweco Raised to Buy at Jefferies; PT 200 kronor
* Sweco Raised to Buy at ABG; PT 195 kronor
* Vale ADRs Raised to Buy at Banco BTG Pactual; PT $15
* Valmet Raised to Buy at Inderes; PT 32 euros
* Warner Bros Discovery Raised to Buy at Rothschild & Co Redburn (+)

>>> Down
* Basler Cut to Hold at M.M. Warburg (+)
* Boeing Cut to Hold at Deutsche Bank; PT $240
* Eurobank Cut to Hold at HSBC; PT 3.65 euros
* Fiserv Cut to Neutral at Seaport Global Securities
* Fiserv Cut to Neutral at Goldman; PT $79
* Fiserv Cut to Equal-Weight at Morgan Stanley; PT $81
* Fiserv Cut to Hold at Truist Secs
* Fiserv Cut to Hold at TD Cowen; PT $80
* Impianti Cut to Neutral at EnVent S.p.A.; PT 1 euro
* Kering Cut to Underperform at Bernstein; PT 240 euros (+)
* Kuehne + Nagel Cut to Underweight at Barclays
* Loihde Cut to Reduce at Inderes; PT 11.70 euros
* Matvareexpressen Cut to Sell at Norne Securities; PT 190 kroner
* Meta Cut to Market Perform at Oppenheimer
* Mowi Cut to Hold at Nordea
* Neste Cut to Neutral at BNPP Exane; PT 19 euros
* Neste ADRs Cut to Neutral at BNPP Exane; PT $11.20
* Outokumpu Cut to Hold at Deutsche Bank; PT 3.60 euros
* Salmar Cut to Sell at Nordea; PT 500 kroner
* Symrise Cut to Add at AlphaValue/Baader
* Valmet Cut to Hold at SEB Equities; PT 30 euros

>>> Initiation
* Bachem Rated New Neutral at Oddo BHF; PT 64.60 Swiss francs
* Cisco Reinstated Buy at President Capital Management; PT $90
* Franchise Brands Rated New Buy at Cavendish; PT 146 pence (+)
* Otofarma Rated New Buy at Alantra Capital Markets; PT 8 euros
* Primary Health Reinstated Buy at Deutsche Bank; PT 114 pence (+)
* Ratos Rated New Hold at SEB Equities; PT 42 kronor
* SMG Swiss Marketplace Group Rated New Neutral at Goldman
* SMG Swiss Marketplace Group Rated New Overweight at JPMorgan
* SMG SW Rated New Equal-Weight at Morgan Stanley
* SMG Swiss Marketplace Group Rated New Neutral at BNPP Exane

>>> Call
* Deutsche Bank PT Hiked to Street-High on Profitability: RBC (+)

>>> What to look at today - 30th of October 2025

Stocks fluctuated and gold rallied as investors parsed President Donald Trump’s comments about his meeting Chinese leader Xi Jinping after their summit aimed at reducing trade tensions between the world’s largest economies. US equity-index futures fell 0.1% after Trump said he had an “amazing meeting” with Xi and would reduce fentanyl tariffs from 20% to 10% effective immediately. Contracts for the Nasdaq 100 index slipped 0.2% as Trump said he had discussed Chinese access for Nvidia Corp.’s chips but indicated that he would not offer access to their most advanced Blackwell line. A gauge of Asian shares fell 0.2%, erasing their earlier gains. Chinese indexes also retreated. A gauge of the dollar trimmed gains from the prior session. Treasuries recouped some of their losses with the yield on the 10-year declining one basis point to 4.06%. The yen fluctuated against the dollar after the Bank of Japan held its policy rate. Gold jumped 1.2%. Investors were speculating that the US-China meeting would help ease the world’s largest trade dispute and steady global markets after months of tension. Since the tariff-fueled meltdown in April, the S&P 500 has surged on optimism about AI and hopes for Federal Reserve interest-rate cuts. Instead, the Fed on Wednesday cautioned investors that a cut in December isn’t a foregone conclusion.  Trump said he had an “amazing meeting” with Xi that resulted in a trade deal that would see the US halve fentanyl-related tariffs on Chinese goods effective immediately. The deal will also see China resume soybean purchases and pause its rare-earths licensing regime for at least a year, Trump said. Earlier, following the Fed’s expected rate cut, Powell’s caution about future moves and his focus on labor market risks led investors to scale back easing bets. Fed officials delivered their second straight rate reduction Wednesday to support a softening labor market, and said they would stop shrinking the portfolio of assets on Dec. 1. Governor Stephen Miran dissented again in favor of a larger reduction. Kansas City Fed President Jeff Schmid said he preferred not to cut rates at all. Technology sector remained in focus after Samsung Electronics Co.’s earnings beat estimates, and megacap US companies boosted bets on the artificial intelligence theme. Investors also got a chance to price in tech companies spending on artificial intelligence after earnings from megacaps. Three bellwethers – Alphabet Inc., Meta Platforms Inc. and Microsoft Corp. — together racked up some $78 billion in capital expenditures last quarter. That’s up 89% from a year earlier. Their earnings were mixed. Meta Platforms shares fell 7.4% in extended trading while Alphabet jumped 6.7%. Microsoft fell almost 4%. Earlier in the US trading day, Nvidia Corp. became the first company to reach $5 trillion in market valuation. US After Hours Some big tech names reported - GOOG +6% is higher; EBAY -7.6%, META -7.6%, KLAC -3.7%, MSFT -3.7% trade lower; FMC -24.9%, CMG -15.6%, TMDX -11.4%, CVNA -8.8%, PI -8.8% also lower.

Nikkei +0.04% Hang Seng -0.61% CSI -0.59% Shanghai -0.57% Shenzen -1.06%

Eur$ 1.1629 CNH 7.1022 CNY 7.1027 JPY 152.97 GBP 1.3213 CHF 0;7983 RUB 79.9702 TRY 41.9484 WTI$ 60.11 -0.63% Gold 3,960 +0.82% BTC 110,163 -1.16% ETH 3,908 -1.13%

S&P -0.06% Nasdaq -0.06% EuroStoxx +0.14% FTSE -0.23% Dax +0.20% SMI

Macro :
- Italy Ready to Amend ‘Golden Power’ Rules to Appease EU: Rtrs
- UK Tax Speculation to Slow Homebuilding Into 2026, Survey Says
- OpenAI Aims for IPO Filing in 2026, Listing in 2027: Reuters
- US Delays China Port-Fee Talks as Focus Turns to Shipbuilding

Keep an eye on :
- ABI BB : AB InBev 3Q Adjusted Ebitda Beats Estimates, AB InBev Announces $6 Billion Buyback as Volumes Decline
- AIR FP : Airbus Ebit Beats, Delivery Target Maintained
- AIXA GY : Aixtron 3Q Revenue Misses Estimates
- AMZN US : Amazon Announces Its Key Cloud-Computing Client Anthropic Will Double Its Investment In The E-Commerce Company's Artificial
- AMP IM : Amplifon 3Q Adjusted Ebitda Misses Estimates
- ANDR AV : Andritz 3Q Revenue Misses Estimates
- ARCAD NA : Arcadis 3Q Oper Ebitda EU132M Vs. EU137M Y/y
- ARGX BB : Argenx 3Q Vyvgart Sales Beat Estimates
- ASM NA : ASM Intl Holder Tokyo Electron Offers 400,000 Shares, ASM International Offering Prices at EU543/Share
- AVOL SW : Avolta 3Q Organic Revenue Misses Estimates
- BBVA SM : BBVA 3Q Net Income Meets Estimates, BBVA to Start Buyback Announced in January for as Much as €993M
- BFSA GY : Befesa 3Q Adjusted Ebitda Meets Estimates
- BHC CN : *BAUSCH SHARES CLIMBS 8.3% POSTMARKET IN NEW YORK AFTER RESULTS
- BCP PL : BCP 9M Net Income EU775.9M Vs. EU714.1M Y/y
- BA US : Boeing Books $4.9 Billion Charge As 777X Jet Faces New Delay
- BT/A LN : Virgin Media O2 in Talks for £2B Takeover of Netomnia: FT
- CPR IM : Campari 3Q Adjusted Ebit Beats Estimates
- CA FP : Carrefour Brasil Approves Sale-Leaseback of 22 Properties
- CMG US : Chipotle Shares Tumble on Reduced FY Comp Sales Outlook
- CICN SW : Cicor Announces Firm Intention to Make Offer for TT Electronics
- CLN SW : Clariant 3Q Adjusted Ebitda Beats Estimates
- ACA FP : Credit Agricole 3Q Net Income Beats Estimates
- DBK GY : *DEUTSCHE BANK’S US DISTRESSED DESK RECORDS $200 MILLION PROFIT
- DBV FP : DBV Technologies to Raise $30 Million via Issue of American Depositary Shares
- DSFIR NA : DSM-Firmenich 3Q Adjusted Ebitda Meets Estimates, DSM-Firmenich Cuts FY Adjusted Ebitda Forecast
- ELUXB SS : Electrolux 3Q Operating Profit Misses Estimates
- EPR NO : Europris 3Q Net Income Beats Estimates
- ERA FP : Eramet Narrows FY Capital Expenditure Forecast
- FLOW NA : Flow Traders 3Q Net Trading Income Misses Estimates
- FDR SM : Fluidra 9M Net Income EU163M Vs. EU123M Y/y
- GALD SW : Galderma Rally Puts Zurich Top of European Rankings
- GRMN US : Thailand Approves 3b Baht Investment by Garmin to Set Up Factory
- GOOGL US : Alphabet 3Q Revenue Ex-TAC Beats Estimates, Alphabet Gains With Cloud a Highlight of Results: Street Wrap
- HNSA SS : Hansa Biopharma 3Q Net Revenue Misses Estimates
- HFG GY : HelloFresh 3Q Revenue Misses Estimates
- IDIA SW : Idorsia 3Q Operating Loss CHF41M, Est. Loss CHF52M
- IDR SM : Indra 3Q Net Income Beats Estimates
- INGA NA : ING 3Q Net Income Beats Estimates
- INTRUM SS : Intrum 3Q Adjusted Ebit SEK1.23B Vs. SEK950M Y/y
- INVP LN : India Said to Reject SBI Plan to Raise Stake in Investec Unit
- IG iM : Italgas 3Q Adjusted Net Income EU178.3M Vs. EU120.2M Y/y
- IVN CN : Ivanhoe Mines 3Q Exploration/Project Spendings Beats Estimates
- JMT PL : J. Martins 3Q Net Sales & Services Meet Estimates
- KESKOB FH : Kesko 3Q Net Sales Match Estimates
- KLAC US : KLA Corp Falls as Outlook ‘Failed to Impress’: Street Wrap
- KOG NO : Kongsberg Plans to Demerge & List Kongsberg Maritime in Oslo
- KBX GY : Knorr-Bremse 3Q Ebit Misses Estimates
- KTN GY : Kontron FY Revenue Forecast Misses Estimates
- LHA GY : Lufthansa 3Q Adjusted Ebit Beats Estimates
- MELI US : MercadoLibre 3Q Net Revenue Beats Estimates
- META US : Meta Falls With Investors ‘Spooked’ by Spending
- MSFT US : MSFT 1Q Azure & Other Cloud Rev Ex-FX Beats Estimates, Microsoft Dips as Results Don’t Meet High Hopes
- MC US : Moelis & Co 3Q Adjusted EPS Beats Estimates
- NETC DC : Netcompany 3Q Revenue Beats Estimates
- NETC DC : Netcompany Updates Long-term Financial Targets
- DNORD DC : Norden 3Q Ebit $37.9M
- ORIOLA FH : Oriola 3Q Net Sales Meet Estimates
- ONTEX BB : Ontex 3Q Adjusted Ebitda Misses Estimates
- Open AI IPO : OpenAI Aims for IPO Filing in 2026, Listing in 2027: Reuters
- PAnini IPO : Panini Mandates Citi to Look for Potential Investors: Corriere
- PLX FP : Pluxee FY Recurring Ebitda Meets Estimates
- PRU LN : Prudential Says Regional CEO John Cai to Leave on Oct. 31
- PRY IM : Prysmian 3Q Revenue Beats Estimates
- RECT BB : Recticel 3Q Sales Miss Estimates
- RCO FP : Remy Cointreau 2Q Organic Revenue Misses Estimates, CUTS GUIDANCE ON CHINA, US CONDITIONS
- REP SM : Repsol 3Q Adjusted Income Beats Estimates
- RIVN US : Rivian Won’t Tap Loan Before Plant Construction Starts
- RWE GY : RWE, QatarEnergy, Shell Trade Dec.-Jan. Cargoes to Asia Via MOC
- 005930 KS : Samsung’s Chip Profit Soars After AI Fuels Demand for Memory
- SANOMA FH : Sanoma 3Q Revenue Meets Estimates
- SDZ SW : Sandoz Group Sees FY Core Ebitda Margin 21% to 22%, Est. 21%
- SCATC NO : Scatec 3Q Consolidated Ebitda Misses Estimates
- SU FP : Schneider Electric 3Q Organic Revenue Beats Estimates, Schneider Electric Sales Jump on AI, Grid Infrastructure Demand
- G24 GY : Scout24 Sees FY Rev. Mid to High End of +14% to +15%
- SIGN SW : SIG Group Sees FY Revenue in Constant Currency 0% to +2%
- GLE FP : SocGen 3Q Net Income Beats Estimates
- SB1NO NO : SpareBank 1 Sor-Norge 3Q Pretax Profit Beats Estimates
- STAN LN : StanChart Raises Outlook as Quarterly Profit Beats Estimate
- SBUX US : Starbucks 4Q Comparable Sales Beat Estimates
- STLA US : Stellantis 3Q Net Revenue Meets Estimates: Snapshot
- TE FP : Technip Energies 3Q Adjusted Revenue Misses Estimates
- TEN IM : Tenaris 3Q EPS Beats Estimates, Tenaris Shows ‘Resilience’ in Strong Third Quarter: Street Wrap
- TTG LN : Cicor Announces Firm Intention to Make Offer for TT Electronics
- RBI AV : Raiffeisen 3Q Net Interest Income Ex Russia Beats Estimates
- RIG US : Transocean 3Q Adjusted EPS Beats Estimates
- UBXN SW : U-blox CEO Stephan Zizala to Step Down End of 2025
- UMG NA : Universal Music Settles With AI Music Platform Udio
- VOD LN : Vodafone Group PLC: Vodafone to Buy Skaylink
- VONN SW : Vontobel 9M Net Inflows CHF3.2B, Vontobel to Sell Cosmofunding to Zuercher Kantonalbank; No Terms
- VOS GY : Vossloh 9M Ebit EU76.2M Vs. EU77.1M Y/y
- VOW GY : Volkswagen Workers in Tennessee Vote to Authorize Strike
- VOW GY : VW 3Q Operating Loss EU1.30B, Est. Profit EU2.11B
- WCH GY : Wacker Chemie 3Q Ebitda Beats Estimates
- WG/ LN : Wood Group Expects to Publish FY24 Results by Oct. 31
- WPP LN : WPP Slashes Sales Guidance, New CEO Promises Strategy Overhaul
- YIT FH : YIT 3Q Adjusted Operating Profit Beats Estimates, YIT Narrows FY Adjusted Operating Profit Forecast