Daily News
Kospi Surges 2.38% as Asia Trades Mixed; Nasdaq Tumbles 2.86% in Worst Day Since June as Investors Dump Tech; Gold Recovers Above $3,900; Crude Falls Below $101 on Iran Diplomacy
02 November 2026
Today in Brief
Asia-Pacific markets traded mixed, with South Korea’s Kospi gaining 2.38% and the Kosdaq adding 1.65%, Japan’s Nikkei 225 rising 0.38% while the Topix declined 0.46%, Hong Kong’s Hang Seng gaining 0.61%, mainland China’s CSI 300 adding 1.26% and Australia’s S&P/ASX 200 slipping 0.53%. On Wall Street, the Nasdaq Composite tumbled 2.86% on Friday to 25,437.00 — its worst single-day performance since June — as investors moved out of AI-related stocks into defensive areas; the S&P 500 slid 1.82% to 7,580.07 and the Dow fell 572.25 points, or 1.09%, to 51,770.31. Gold climbed above $3,900 an ounce on Monday, recovering modestly from one-year lows, with markets assigning around a 75% probability of a Fed rate hike in December, while crude oil fell more than 3% to below $101 per barrel as signs of diplomatic efforts to end the Middle East conflict weighed against fears of renewed U.S. military action against Iran.
In other news: Secretary of State Marco Rubio said President Trump would prefer to resolve the Iran war peacefully even as both sides prepare for possible strikes after the U.S. midterm elections; Qatari mediators held more than 12 hours of talks in Tehran aimed at restarting direct U.S.-Iran negotiations; Russian strikes left hundreds of thousands of Ukrainians without power; crypto-tied organizations have contributed more than $200 million to the 2026 midterms; OpenAI CEO Sam Altman made a surprise visit to South Korea to meet Samsung and SK Group executives; FedEx Freight shares surged 14% after a quarterly beat; Spotify is targeting a first-quarter 2027 launch for an AI remix service; and Microsoft expects to raise about $25 billion in its first US investment-grade bond sale in more than nine years.
In Asia, Japan’s Nikkei 225 gained 0.38% while the Topix declined 0.46%
In Asia, Japan’s Nikkei 225 gained 0.38% while the Topix declined 0.46%. The Kospi gained 2.38%, while the small-cap Kosdaq added 1.65%. Australia’s benchmark S&P/ASX 200 was 0.53% lower. Hong Kong’s Hang Seng index gained 0.61%, while mainland China’s CSI 300 added 1.26%. The week got off to a good start after Anthropic publicly filed for an IPO, which boosted AI-linked stocks. However, selling pressure resumed later in the week amid signs that capex spending could be abating after both Alphabet and Microsoft posted lower-than-expected capex forecasts.
Stock market rocked as investors dump tech shares; Nasdaq suffers worst day since June
The Nasdaq Composite tumbled on Friday, while the Dow Jones Industrial Average outperformed as traders moved out of key stocks related to artificial intelligence and into more defensive areas of the market. The tech-heavy Nasdaq lost 2.86% and closed at 25,437.00, posting its worst single-day performance since June. The index was also roughly 8% below its recent high. The blue-chip Dow was down 572.25 points, or 1.09%, to end at 51,770.31. The S&P 500 slid 1.82% to 7,580.07. Selling pressure intensified in afternoon trading as investors took money off the table into month-end and ahead of next week’s contentious midterm elections.
Gold prices climbed above $3,900 an ounce on Monday, recovering modestly from one-year lows
Gold prices climbed above $3,900 an ounce on Monday, recovering modestly from one-year lows as declining oil prices eased concerns over inflation and potential interest rate increases. Oil prices declined amid signs of ongoing diplomatic efforts to prevent renewed US military action against Iran following the midterm elections. President Trump had previously threatened to resume strikes against Iran after the vote, while Tehran warned of broader retaliation. Meanwhile, investors are awaiting this week’s closely watched US jobs report for further insight into the Federal Reserve’s monetary policy outlook, with markets currently assigning around a 75% probability of a rate hike in December. Last week, gold faced significant selling pressure as persistent concerns over energy-driven inflation strengthened expectations of further Fed rate increases.
Crude oil fell more than 3% to below $101 per barrel on Monday, erasing gains from last week
Crude oil fell more than 3% to below $101 per barrel on Monday, erasing gains from last week as investors weighed signs of diplomatic efforts to end the Middle East conflict against fears of renewed US military action against Iran. Reports indicated that President Donald Trump intends to allow diplomacy more time before deciding whether to resume strikes against Iran following Tuesday’s midterm elections. Meanwhile, Qatari and Iranian officials continued negotiations for a third consecutive day, as Gulf countries try to prevent an escalation in the region. Tehran has repeatedly warned that any further attacks would trigger retaliatory strikes against US and Israeli targets in neighbouring countries.
Rubio says Trump wants to end Iran war ‘peacefully’ even as both sides prepare for strikes
U.S. Secretary of State Marco Rubio said President Donald Trump would like to resolve the Iranian war “diplomatically,” and prefers not to use military force. Speaking over the weekend, Rubio told reporters that “He [Trump] hasn’t made a decision…what the president expresses to you is incredible confidence that if we needed to do something militarily, we would have the ability to do it, and we really we have everything we need to be successful. But we would prefer to do it peacefully.” The remarks come as reports suggest both sides are gearing up for additional military strikes after the midterm elections. On Saturday, Iranian Supreme Leader Mojtaba Khamenei called for Tehran’s armed forces to meet “any level or type of threat” with “an immediate, impactful, and geographically unrestricted response.”
Russian strikes cut power to thousands in Ukraine as drones damage Russian facility
Russian strikes left hundreds of thousands of Ukrainians without power on Sunday, President Volodymyr Zelenskyy said, while Russian authorities reported major damage to an industrial site following Ukrainian drone attacks on Nizhny Novgorod region. Even as a six-day local ceasefire held on its final day around the Russian-controlled Ukrainian town of Oleshky, there was no letup in fighting elsewhere along the front line, and both sides kept up long-range air attacks. Zelenskyy said Russia had hit power infrastructure in four Ukrainian regions overnight, cutting electricity to hundreds of thousands of households. “The intensity of the strikes is very high, and the Russians are seeking to maximally exploit the deficit of ballistic missile interceptors,” he said on Telegram.
Qatari mediators held talks in Tehran aimed at restarting direct U.S.-Iran negotiations, source says
Qatari mediators have held talks with Iranian officials in an attempt to restart direct negotiations between Washington and Tehran, an official source familiar with the discussions told CNBC on Saturday. Iran promised a “geographically unrestricted response” to any new attacks by the U.S. Qatari mediators held more than 12 hours of talks in Tehran on Friday to reach a deal to avoid a possible resumption of American-led attacks on Iran after the U.S. midterm elections, the source said, speaking on condition of anonymity. Axios first reported the talks, which it said are set to continue in the Qatari capital, Doha, on Saturday.
Crypto industry pours more than $200 million into 2026 midterms to pressure Congress on favourable rules
The largest group of single-issue super PACs in United States history is pouring millions of dollars into congressional races across the country. Cryptocurrency groups outpaced online betting and data center development groups in federal corporate political spending this election cycle, according to Public Citizen. Crypto-tied organizations have contributed more than $200 million in this election cycle. The industry is hoping to repeat the success of 2024, when super PACs spent $250 million to elect pro-crypto lawmakers and reshape Congress. Crypto juggernaut Fairshake and its affiliated super PACs are throwing their support behind 33 House candidates — 19 Republicans and 14 Democrats — seen as key supporters of the industry’s priorities.
Sam Altman makes surprise South Korea visit as OpenAI builds on chip partnerships
OpenAI CEO Sam Altman made an unannounced visit to South Korea over the weekend, meeting with Samsung executives and reportedly holding talks with SK Group Chairman Chey Tae-won, building on existing partnerships with the country’s leading chipmakers. Samsung said Saturday that Altman met with around 50 executives from its affiliates spanning electronics, finance and biotechnology in Yongin, south of Seoul. The discussions covered AI developments, potential business opportunities and the technology’s impact on corporate decision-making and operations, Samsung said. Altman also met with SK Group Chairman Chey Tae-won over lunch Saturday, with senior executives from SK Hynix and SK Telecom in attendance, according to South Korean media reports.
FedEx Freight shares surge as analysts back growth targets after quarterly beat
Shares of FedEx Freight surged 14% in early trading on Friday, with analysts backing the trucking firm’s 2027 growth expectations after it forecast fourth-quarter profit above their estimates. The stock, listed on June 1 after the company’s spinoff from parent FedEx, is on track for its biggest-ever single-day jump and its first-ever monthly gain. FedEx Freight CFO Marshall Witt said the company’s 2027 revenue growth would be in line with a 4%-6% medium-term target, while adjusted operating margin would progress towards its goal of 15% Witt also said some of the company’s clients are bringing their suppliers along with them, highlighting potential for higher freight volume FedEx Freight’s short-term earnings have taken a hit from FedEx separation costs and expenses tied to tech upgrades, but the company is working to improve yields in a bid to boost revenue
Spotify targets 2027 launch for AI remix service
Spotify aims to launch an AI-powered music remix service in the first quarter of 2027, targeting a potential unveiling around the Grammy Awards in February, the Financial Times reported on Friday, citing people familiar with the plans. The Swedish audio-streaming giant is considering charging subscribers an additional $4 to $5 a month for the service, according to the FT report. Spotify did not immediately respond to a Reuters request for comment. The service would let paying subscribers use AI to create their own versions of songs, such as transforming a folk song into a dance track or making one artist appear to cover another’s music, the FT report said. Under Spotify’s plan, royalties from fan-created remixes would flow back to original artists, and plays would count towards the original songs in Spotify’s charts, the newspaper said
Microsoft expects to raise $25 billion in US bond sale
Microsoft is planning to raise about $25 billion through its first US investment-grade bond sale in more than nine years, two sources familiar with the matter told Reuters on Thursday. The bond sale would make Microsoft the latest tech giant to tap into debt markets to fuel its AI ambitions and had gathered more than $100 billion of orders, or over four times the size of the offering, one of the people said, requesting anonymity as the matter was confidential. Bloomberg News first reported the development. The world’s largest tech firms have turned to selling bonds and raising equity over the past year to pay for their AI spending spree, a shift in approach for the Silicon Valley giants that have typically relied on their large coffers to fund investments.