1. South Korea’s Kospi snaps 4-session winning streak as Asia-Pacific markets trade mixed
Asia-Pacific markets traded mixed Tuesday in the absence of any major triggers, after two key Wall Street indexes rose overnight on tech optimism. Amazon shares rising 4% on a $38 billion deal with OpenAI, a move that will use hundreds of thousands of Nvidia’s graphics processing units. Nvidia also gained about 2% after it secured export licenses to ship its chips to the United Arab Emirates. Australia’s S&P/ASX 200 fell 0.7% as investors awaited the Reserve Bank of Australia’s policy decision. Japan’s Nikkei 225 was 0.25% higher, and the Topix added 0.52%. South Korea’s Kospi fell 1.29% while the small-cap Kosdaq climbed 0.24%. Hong Kong’s Hang Seng index edged 0.23% higher, while mainland’s CSI 300 was flat.
2. Nasdaq closes higher to start November, boosted by Amazon and other AI leaders
The Nasdaq Composite rose on Monday as investors moved further into the artificial intelligence trade following a number of deal announcements. The tech-heavy Nasdaq advanced 0.46% to finish at 23,834.72, while the S&P 500 traded up 0.17% to 6,851.97. The Dow Jones Industrial Average lagged, falling 226.19 points, or 0.48%, to 47,336.68. “Magnificent Seven” name Amazon supported the market, with shares rallying 4% after the company reached a $38 billion deal with OpenAI. Notably, the partnership will utilize hundreds of thousands of Nvidia’s graphics processing units. Nvidia shares continued to move higher Monday following Microsoft’s announcement that it has secured export licenses from the Trump administration to ship Nvidia chips to the United Arab Emirates.
3. Gold holds under $4,000 on dollar resilience, Fed rate-cut outlook
Gold traded below the $4,000 per ounce mark again on Tuesday as the dollar remained resilient at over three-month highs, while reduced chances of another U.S. interest rate cut in December and easing U.S.-China trade tensions blunted bullion’s demand. The dollar rose to a three-month high against the euro, extending its gains from last week on doubts about the outlook for another U.S. Federal Reserve rate cut this year. The Fed last week cut interest rates for the second time this year, but Chair Jerome Powell said another cut this year was “not a foregone conclusion”. Market participants now see a 65% chance that the Fed will cut rates again in December, down from over 90% before Powell’s remarks, as per CME’s FedWatch Tool.
4. Oil steadies as market digests OPEC+ output plans
Oil prices were little changed early on Tuesday as markets weighed OPEC+’s decision to pause output hikes in the first quarter even as concerns over a looming supply glut persisted. Brent crude futures fell 9 cents, or 0.1%, to $64.80 a barrel by 0110 GMT. U.S. West Texas Intermediate crude was down 10 cents, or 0.2%, at $60.95 a barrel. On Sunday, the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed to a small oil output increase for December and a pause in increases in the first quarter of next year. OPEC+ has raised output targets by around 2.9 million barrels per day – or around 2.7% of global supply – since April, but slowed the pace from October amid predictions of oversupply.
5. Trump admin will pay 50% of food stamp benefits in November amid shutdown
The Trump administration told a Rhode Island federal judge on Monday that it would tap billions of dollars in contingency funds to pay 50% of the normal amount of SNAP benefits in November as the U.S. government shutdown persists. The Supplemental Nutrition Assistance Program provides food stamps to about 42 million low-income Americans. The administration in a court filing told Judge Jack McConnell that it had declined the option he suggested to make full November payments for SNAP benefits by using at least $4 billion from the Child Nutrition Program, as well as from other unspecified funds. Instead, the administration will use all of the $4.65 billion remaining from a contingency fund for SNAP appropriated by Congress for “November benefits that will be obligated to cover 50% of eligible households’ current allotments.”
6. Trump backtracks on attending Supreme Court tariffs case arguments
President Donald Trump, who recently suggested he would be at the Supreme Court on Wednesday for oral arguments in the case that will determine the fate of many of his wide-ranging tariffs, now says he will not attend. “I will not be going to the Court on Wednesday in that I do not want to distract from the importance of this Decision,” Trump wrote Sunday in a Truth Social post. “It will be, in my opinion, one of the most important and consequential Decisions ever made by the United States Supreme Court,” he wrote. Trump said on Oct. 15 that if he loses the case, “we will be a weakened, troubled, financial mess for many, many years to come. “That’s why I think I’m going to go to the Supreme Court to watch,” Trump said at the time. If he had gone, Trump likely would have been the first sitting U.S. president to attend oral arguments at the Supreme Court.
7. Voters express frustration with Trump’s handling of economy, poll shows
A recent news poll showed growing frustration among Americans regarding President Donald Trump’s handling of the economy less than a year after entering office. In a poll of 1,000 voters taken between Oct. 25-28, 63% said Trump had fallen short of expectations regarding the economy. Separately, 65% said Trump had fallen short of looking out for the middle class, and 66% expressed the same sentiment for the handling of inflation and the cost of living. Trump’s overall approval rating in the poll has fallen 4 points to 43% since March, while 55% disapprove of the president’s job performance. The negativity appears to be bleeding into voters’ feelings of dissatisfaction with Republican lawmakers. With just a year to go before the 2026 midterm elections, Democrats are favored to win control of Congress by an 8-point margin, 50% to 42%, among those polled. Democrats led by just one point, 48% to 47%, in the March survey.
8. Australia’s central bank holds rates steady, cautious about inflation
Australia’s central bank on Tuesday left its cash rate steady as expected at 3.60%, saying it was cautious about easing further given higher core inflation, firmer consumer demand and a revival in the housing market. Wrapping up a two-day policy meeting, the Reserve Bank of Australia (RBA) said recent data suggested inflationary pressures could remain in the economy, adding that it will update its view as data evolves. Markets had seen little chance of a rate cut this week following an uncomfortably hot reading on third-quarter inflation, and also see scant prospect of an easing in December. The Australian dollar slipped 0.3% to $0.6521 as the RBA offered little guidance on the rate outlook, while three-year bond futures were down 2 ticks to 96.32.
9. Japan PM Takaichi creates new economic growth panel, gears up proactive investments
Japanese Prime Minister Sanae Takaichi’s government on Tuesday created a new economic strategy panel, aiming to boost the world’s fourth-largest economy with proactive spending. The government approved the creation of the advisory panel, the Japan Growth Strategy Council, which includes private-sector experts. The panel will be the administration’s key policy platform to build a strong economy backed by targeted investment. “We aim to increase tax revenue without raising tax rates,” Takaichi said, speaking at the opening of the headquarters of the panel. A public-private investment roadmap will be crafted, outlining the content, timing and target amounts of investments, she said.
10. China’s October factory activity expansion slows, private PMI shows
China’s factory activity in October expanded at a slower pace as new orders and output both waned amid tariff anxiety, a private-sector survey showed on Monday. The RatingDog China General Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, dropped to 50.6 in October from 51.2 in September, missing analysts’ expectations of 50.9 in a Reuters poll. The 50-mark separates growth from contraction. “Among the sub-indices, only employment showed a positive month-on-month change, while all other indicators declined to varying degrees,” said Yao Yu, founder of RatingDog. The survey was taken when U.S. President Donald Trump had threatened to impose 100% tariffs on Chinese goods. However, he has since agreed with China’s President Xi Jinping on Thursday to trim 10% tariffs on Chinese goods in exchange for Beijing cracking down on the illicit fentanyl trade, resuming U.S. soybean purchases and keeping rare earths exports flowing.
11. US states, nonprofits sue over Trump rule limiting student loan forgiveness
Several Democratic-led states, cities and nonprofits filed lawsuits on Monday seeking to block a new rule by U.S. President Donald Trump’s administration that would exclude organizations from a federal student loan forgiveness program if they are deemed to have a “substantial illegal purpose.” The two lawsuits argue that a rule the U.S. Department of Education announced last week would allow it to prevent people working for state or charitable organizations the administration disfavours, including those that support immigrants, gender-affirming care and diversity programs, from being eligible for the Public Service Loan Forgiveness Program. The program established by Congress in 2007 allows borrowers to have their federal student loans forgiven after 10 years working for government or nonprofit employers.
12. XPENG reports 42,013 vehicle deliveries in October, up 76% year-over-year
XPENG delivered 42,013 electric vehicles in October 2025, representing a 76% increase from the same month last year and a 1% increase from September, according to a company statement. The October figure marks the second consecutive month that the Chinese electric vehicle manufacturer exceeded 40,000 monthly deliveries. For the first 10 months of 2025, XPENG delivered 355,209 vehicles, up 190% compared to the same period in 2024. The company expanded its international presence in October by entering seven new markets: Lithuania, Latvia, Estonia, Cambodia, Morocco, Tunisia and Qatar. This expansion spans across Europe, Asia and Africa regions. XPENG reported that 86% of users actively engaged with XNGP, its advanced driver assistance system, during urban driving in October.
13. NIO delivers record 40,397 vehicles in October, up 92.6% year-over-year
NIO Inc. (NIO) delivered 40,397 vehicles in October 2025, setting a new monthly record and marking a 92.6% increase compared to the same period last year, according to the company’s delivery results. The deliveries comprised 17,143 vehicles from the NIO brand, 17,342 vehicles from the ONVO brand, and 5,912 vehicles from the FIREFLY brand. The company’s cumulative deliveries reached 913,182 vehicles as of October 31, 2025. The ONVO L90 SUV exceeded 10,000 monthly deliveries for the third consecutive month since its launch in late July 2025. NIO operates three vehicle brands targeting different market segments, with NIO positioned as premium, ONVO as family-oriented, and FIREFLY as small high-end vehicles.
14. Amazon closes at record after $38 billion OpenAI deal with AWS
OpenAI has signed a deal to buy $38 billion worth of capacity from Amazon Web Services, its first contract with the leader in cloud infrastructure and the latest sign that the $500 billion artificial intelligence startup is no longer reliant on Microsoft. Under the agreement announced on Monday, OpenAI will immediately begin running workloads on AWS infrastructure, tapping hundreds of thousands of Nvidia’s graphics processing units (GPUs) in the U.S., with plans to expand capacity in the coming years. Amazon stock closed 4% higher on Monday, a record closing high for the stock. The e-commerce giant is up 14% over the last two trading days, the best two-day period since Nov 2022. The first phase of the deal will use existing AWS data centers, and Amazon will eventually build out additional infrastructure for OpenAI.
15. Nvidia stock climbs 2% as U.S. approves chip sale to the UAE under Microsoft deal
Microsoft said Monday it has secured export licenses to ship Nvidia chips to the United Arab Emirates in a move that could accelerate the Gulf’s lofty AI ambitions. The tech giant said it is the first company under U.S. President Donald Trump’s administration to secure such licenses from the Commerce Department and that the approval, granted in September, was based on “updated and stringent technology safeguards.” The licenses enable the firm to ship the equivalent of 60,400 additional A100 chips, involving tech darling Nvidia’s more advanced GB300 GPUs. “While the chips are powerful and the numbers are large, more important is their positive impact across the UAE,” Microsoft said in a blog post. “We’re using these GPUs to provide access to advanced AI models from OpenAI, Anthropic, open-source providers, and Microsoft itself.” Nvidia shares climbed 2.17% Monday. Microsoft lost 0.17% on the day.
16. China’s Baidu says weekly robotaxi rides hit 250,000 — same as Alphabet’s Waymo this spring
As Baidu ramps up its robotaxi operations worldwide, fully driverless weekly rides as of Oct. 31 have now surpassed 250,000 orders, according to a spokesperson for the company’s driverless car unit Apollo Go. That’s on par with what Waymo reported in late April for its weekly paid U.S. rides. The Alphabet-backed robotaxi operator primarily operates in San Francisco and Los Angeles in California and Phoenix, Arizona. Waymo partners with Uber in Austin and Atlanta. The ramp up in Baidu’s robotaxi capabilities comes as Chinese and U.S. companies have been competing for leadership in advanced technology, including artificial intelligence, electric cars and autonomous driving.
17. Samsung SDI in talks with Tesla to supply energy storage batteries, shares soar
South Korea’s Samsung SDI said on Tuesday it is in talks to supply energy storage batteries to Tesla, in an order that Korean media said could be worth more than 3 trillion won ($2.11 billion). Samsung SDI shares soared more than 8% on the news. A deal would mark the latest push by Tesla to reduce reliance on China for key parts, fueled by tariffs and geopolitical tensions. Tesla has signed deals with South Korean companies Samsung Electronics and LG Energy Solution to source chips and batteries in recent months. Energy storage batteries have a similar chemistry to automotive batteries and are used to power facilities such as data centers. South Korean battery makers are repurposing electric vehicle battery production lines to also produce energy storage systems as they are hit by the elimination of U.S. subsidies.
18. Restaurant chain Denny’s to be taken private in $620 million deal
Restaurant chain Denny’s announced on Monday it would be acquired by a group comprising TGI Fridays-owner TriArtisan Capital Advisors in a $620 million deal, including debt. Under the agreement, the group, which also consists of investment firm Treville Capital and restaurant-operator Yadav Enterprises, would offer Denny’s stockholders $6.25 per share in cash for each owned. The purchase price implies a premium of 52.1% to stock’s last close. Shares of Denny’s, known for its inexpensive breakfast menu, surged nearly 48% after the bell. The deal marks the latest in a wave of private equity buyouts of restaurant chains in recent years, following acquisitions of brands such as sandwich chain Subway and Dave’s Hot Chicken. Denny’s deal with the group is expected to close in the first quarter of 2026, following which the company’s common stock would no longer be listed on the Nasdaq.
