1. SoftBank shares soar 13% after it agrees to buy ABB robotics unit for $5.4 billion
Shares of SoftBank jumped as much as 13% Thursday, a day after the Japanese giant announced a deal to buy the robotics division of Swiss engineering firm ABB for $5.4 billion, further advancing SoftBank’s AI footprint. The deal, which is subject to regulatory approval globally, means ABB will no longer look to spin off its robotics business as a separately listed company. Japan’s benchmark Nikkei 225 index added 1.11%, while the Topix index was up 0.36%. Meanwhile, Hong Kong-listed shares of HSBC retreated more than 6%. The Hang Seng Index fell 0.93%, while the Hang Seng Tech Index declined 0.98%. Mainland China’s CSI 300 rose 0.4% after coming back from a bumper holiday period. Australia’s ASX/S&P 200 rose 0.44%.
2. S&P 500, Nasdaq close at record highs as Wall Street looks past U.S. government shutdown
The S&P 500 and Nasdaq Composite scored new all-time intraday and closing highs on Wednesday, a day after the broad market index snapped a seven-day winning streak because of a drop in Oracle that called to question the sustainability of the artificial intelligence trade. The U.S. government shutdown is also in its second week. The benchmark S&P 500 climbed 0.58% to close at 6,753.72, supported by a rise in the index’s information technology, utilities and industrials sectors. All three sectors notched fresh closing highs. The Nasdaq Composite advanced 1.12% to finish at 23,043.38. The Dow Jones Industrial Average fell 1.20 points to end the day at 46,601.78. Stocks showed little reaction to the release of minutes from the Federal Reserve’s September meeting, where it cut rates for the first time in 2025.
3. Gold shatters $4,000 milestone, silver belts record high as investors rush to safety
Gold surged past the $4,000 an ounce level for the first time on Wednesday, building on a record-breaking rally as broader geopolitical and economic uncertainty, as well as expectations of U.S. interest rate cuts sent investors flocking to the safe-haven asset. Silver also climbed to a record high on Wednesday, latching on to gold’s record streak as investors flocked to the metal. Spot gold was up 1.52% at $4,044.09 per ounce. U.S. gold futures for December delivery also settled 1.7% higher at $4,070.5. Silver gained 2.4% to $48.97per ounce, after hitting its all-time high of $49.57. Silver was up 71% so far this year, benefiting from the same factors driving gold’s rally as well as tightness in the spot market.
4. Oil prices rise on worries about Russian output, higher US oil demand
Oil prices rose more than 1% to a one-week high on Wednesday as traders expected a lack of progress on a Ukraine peace deal to keep sanctions in place against Moscow and a weekly report showed an increase in U.S. oil consumption. Brent crude futures rose 80 cents, or 1.22%, to close at $66.25 a barrel. U.S. West Texas Intermediate crude climbed 82 cents, or 1.33%, to settle at $62.55. In Russia, a top Russian diplomat said the impetus to reach a peace deal with Ukraine, which emerged after a summit between Russian President Vladimir Putin and U.S. President Donald Trump in August, had proven to be largely exhausted. Oil markets held gains as traders focused more on a U.S. report showing an increase in oil consumption last week than the bigger-than-expected increase in crude inventories.
5. Divided Fed officials saw another two interest rate cuts by the end of 2025, minutes show
Federal Reserve officials in September were strongly inclined to lower interest rates, with the only dispute seeming to be over how many cuts were coming, meeting minutes released Wednesday showed. The meeting summary indicated near unanimity among participants at the Federal Open Market Committee that the central bank’s key overnight borrowing rate should be cut due to weakness in the labour market. They split, however, on whether there should be two or three total reductions this year, including the quarter percentage point move approved at the Sept. 16-17 meeting. “In considering the outlook for monetary policy, almost all participants noted that, with the reduction in the target range for the federal funds rate at this meeting, the Committee was well positioned to respond in a timely way to potential economic developments,” the minutes stated.
6. Bank of England warns of ‘sharp market correction’ if AI bubble bursts
The Bank of England on Wednesday warned that the risk of a “sharp market correction” has increased, noting that valuations appear stretched, particularly for artificial intelligence-focused tech firms. The central bank becomes the latest in a long list of banks and investors to weigh in on whether an AI bubble is forming as markets tick into the fourth quarter. Heightened geopolitical tensions, fragmented trade and financial markets and pressures on sovereign debt markets play into the risk, the Bank of England said in a record of its latest meeting minutes. “A crystallisation of such global risks could have a material impact on the UK as an open economy and global financial centre,” it said. Equity market valuations stood at near all-time highs, the Bank of England said, thanks in part to strong second-quarter earnings by U.S. tech firms.
7. IRS furloughs nearly half of its workforce due to government shutdown
The IRS on Wednesday said that it was furloughing nearly half of its workforce due to the ongoing government shutdown. About 34,000 IRS workers are being furloughed, according to the tax agency. Another 39,870 employees, representing 53.6% of the workforce, will remain on the job. The furloughs came as the shutdown of federal government operations was in its eighth day, and as duelling funding resolutions that would end the crisis for the sixth time failed to pass in votes by the Senate. “Due to the lapse in appropriations, most IRS operations are closed,” the agency said in a message to employees on Wednesday. “An IRS-wide furlough began on October 8, 2025, for everyone except already-identified excepted and exempt employees,” the message said.
8. Senate again rejects funding bills as government shutdown enters second week
The Senate on Wednesday again rejected duelling Republican and Democratic funding proposals to end the government shutdown, which stretched into its eighth day with no hint of progress toward a resolution. In a 54-45 vote, the Senate did not advance a GOP-led stopgap bill that would have funded the government through late November. An alternative funding bill backed by Democrats also failed in a 47-52 vote around 12:50 p.m. ET. The same three senators from the Democratic caucus who have voted with Republicans on previous votes — John Fetterman of Pennsylvania, Nevada’s Catherine Cortez Masto, as well as Angus King of Maine, one of two independents in the caucus — did so again on Wednesday.
9. Israel, Hamas agree to first phase of Gaza peace plan, allowing release of hostages and prisoners
U.S. President Donald Trump announced Wednesday night stateside that Israel and Hamas had agreed on the first phase of a peace plan which could put an end to the two-year war and free hostages. “ALL of the Hostages will be released very soon, and Israel will withdraw their Troops to an agreed upon line as the first steps toward a Strong, Durable, and Everlasting Peace. All Parties will be treated fairly! ,” Trump said in a post on Truth Social. The preliminary agreement was confirmed by Israeli officials, Hamas and mediator Qatar. Israeli Prime Minister Benjamin Netanyahu thanked Trump on X and said that “With the approval of the first phase of the plan, all our hostages will be brought home. This is a diplomatic success and a national and moral victory for the State of Israel.”
10. Auto giant shares tumble as European Union’s new steel tariffs spark industry panic
Shares of Europe’s biggest carmakers traded lower Wednesday, amid concern that the European Union’s latest efforts to protect the domestic steel market could threaten the region’s auto sector. The European Commission, the EU’s executive arm, announced Tuesday that it plans to hike steel tariffs and sharply cut import quotas, seeking to offer “strong and permanent protection” to the region’s steel industry. The proposal includes a push to limit tariff-free import volumes to 18.3 million tons a year, reflecting a reduction of 47% compared with 2024 steel quotas — and doubling tariffs to 50% on any excess imports. The planned measures have not gone down well within Europe’s automotive industry. Europe’s Stoxx Automobiles and Parts index provisionally ended Wednesday’s session 2.1% lower, leading regional losses.
11. Nvidia shares rise after CEO Huang says AI computing demand is up ‘substantially’
Nvidia CEO Jensen Huang said Wednesday that demand is up huge this year as artificial intelligence models develop further from answering simple questions to complex reasoning. “This year, particularly the last six months, demand of computing has gone up substantially,” Huang said on.” The CEO of the AI chip leader was answering a question about what investors ask him most about. Nvidia shares rose about 2% on Wednesday, helping to boost the Nasdaq Composite higher. AI reasoning models are using exponential amounts of computing power but they are also seeing exponential amounts of demand because their results are so good, Huang said. “The AIs are smart enough that everybody wants to use it,” the CEO said. “We now have two exponentials happening at the same time.”
12. Verizon signs deal with AST SpaceMobile to provide cellular service from space. AST shares surge 8%
AST SpaceMobile on Wednesday announced a deal with Verizon to provide cellular service from space beginning next year. This deal aims to bring direct-to-service connection via space to cell phone users “when needed” on Verizon plans, according to AST. It marks an expansion of a partnership between the two companies announced last year. AST shares climbed more than 8% on Wednesday. The volatile space stock had surged more than 250% in 2025 before the deal was announced. Verizon shares ticked lower. “Through our definitive commercial agreement with Verizon, we are working to deliver space-based cellular broadband coverage from space across the continental United States,” Abel Avellan, founder and CEO of AST, said in a press release.
13. China’s BYD expands South American footprint with Argentina EV launch
China’s largest carmaker BYD on Wednesday launched sales of its EVs in Argentina, taking advantage of the lifting of import tariffs for electric and hybrid vehicles and boosting its fast-growing footprint in South America. The models for sale are the electric Yuan Pro SUV, Song Pro plug-in hybrid SUV, and the electric Dolphin Mini. They all have a price of under $16,000 at origin before taxes and fees to take advantage of a new measure by Argentina’s government to allow up to 50,000 electric and hybrid vehicles without tariffs in 2026. Chinese brands dominate this sector, and Argentina has said it expects imports of about 40,000 electric and hybrid vehicles to enter the country by the end of January. Local dealers say the tariff scheme will likely benefit lower-cost Chinese carmakers such as BYD, which is expanding across South America.
14. Salesforce to spend $1 billion in Mexico over next five years to drive AI adoption
Salesforce said on Wednesday it would spend $1 billion in Mexico over the next five years, as the cloud software provider looks to expand its operations and drive artificial intelligence adoption. The company, which began operating in Mexico in 2006, said the investment will fund a new Mexico City office and a Global Delivery Centre to support customers across the Americas. “This $1 billion investment is a commitment to Mexico as a key market for AI-powered growth,” CEO Marc Benioff said. Mexico is rapidly emerging as a tech services hub, drawing investments from technology companies, particularly in the AI domain due to the country’s proximity to the U.S. and growing talent base.
15. Amazon Pharmacy to launch electronic kiosks for prescriptions at One Medical locations
Amazon said on Wednesday its pharmacy business in December will begin filling some prescriptions for common medications at electronic kiosks in its One Medical primary care locations, which the company says will reduce barriers to access and limit shipping costs. Amazon plans to start the offer with One Medical patients in Los Angeles for drugs including antibiotics, asthma inhalers and treatments for high blood pressure, the company said. The kiosks will be the first in-person pick-up service offered by Amazon Pharmacy, which has been providing prescription services primarily by delivery, said Hannah McClellan Richards, a vice president at Amazon Pharmacy. One Medical offers a membership structure that allows patients to access primary and urgent care at a subscription fee of $199 annually.