1. Asia markets close mixed as tariff concerns weigh
Asia-Pacific markets traded mixed Wednesday as investors assessed rising global bond yields and the latest developments on the trade front. Chinese markets were in focus following President Xi Jinping’s speech at a military parade to commemorate the 80th anniversary of the end of World War II. The event was graced by 26 world leaders, including Russian President Vladimir Putin and North Korea’s leader Kim Jong Un. Hong Kong’s Hang Seng index fell 0.6% to close 25,343.43, while mainland China’s CSI 300 declined by 0.68% to close at 4,459.83. Japan’s Nikkei 225 fell 0.88% to close at 41,938.89, while the broader Topix index dropped by 1.07% to 3,048.89. Elsewhere in India, the benchmark Nifty 50 increased by 0.23%, while the BSE Sensex index ticked up 0.12%
2. S&P 500, Nasdaq close higher, lifted by Alphabet rally, but economic concerns limit gain
The S&P 500 rose Wednesday, boosted by tech shares after a federal court decision in an Alphabet antitrust case fuelled optimism that the tech giants will be able to weather regulatory threats. The tech-heavy Nasdaq Composite gained 1.03% to end the day at 21,497.73, while the S&P 500 climbed 0.51%, to finish at 6,448.26. The Dow Jones Industrial Average lagged, falling 24.58 points, or 0.05%, to settle at 45,271.23. Shares of the Google parent jumped 9.1% after a federal judge ruled Tuesday that Google can keep its Chrome browser but won’t be allowed to strike exclusive search deals and must share its search data.
3. Safe-haven gold rally gains further momentum after soft U.S. data
Gold extended its record-breaking rally on Wednesday, powered by softer U.S. jobs data that reinforced expectations of a Federal Reserve interest rate cut later this month, while lingering global uncertainties kept safe-haven demand firmly in play. Spot gold was up 1.07% to $3,570.66 per ounce by 1:11 p.m. EDT (1711 GMT), after hitting a record high of $3,565.57. U.S. gold futures gained 1.15% to $3,634.50. The U.S. government reported that job openings fell more than expected in July and hiring was moderate, consistent with easing labour market conditions. Investors’ focus now shifts to U.S. jobless claims and ADP employment data on Thursday and the closely-watched monthly nonfarm payrolls report on Friday.
4. Oil prices drop as OPEC+ weighs another output hike
Oil prices fell by more than 2% on Wednesday ahead of a weekend meeting of OPEC+ producers that is expected to consider another increase in production targets in October. Brent crude fell $1.47, or 2.13%, to $67.67 a barrel. U.S. West Texas Intermediate crude fell $1.58, or 2.41%, to $64.01 a barrel. Eight members of the Organization of the Petroleum Exporting Countries and allies (OPEC+) will consider further raising oil production at a meeting on Sunday, two sources familiar with the discussions told reporters as the group seeks to regain market share. Another boost would mean that OPEC+, which pumps about half of the world’s oil, would be starting to unwind a second layer of output cuts of about 1.65 million barrels per day, or 1.6% of world demand, more than a year ahead of schedule.
5. UK has weeks to solve fiscal puzzle as it sets date for Autumn Budget
The U.K. Treasury on Wednesday revealed Finance Minister Rachel Reeves will deliver the nation’s Autumn Budget on Nov. 26 amid heightened pressure to resolve a fiscal conundrum over spending, taxation and borrowing. The budget will address an economy that’s “not working well enough for working people,” Reeves said Wednesday in comments released by the Treasury. “Bills are high. Getting ahead feels tougher. You put more in, get less out. That has to change,” she added. The U.K.’s long-term borrowing costs rose this week amid market jitters over the forthcoming budget, and how the British finance minister will meet self-imposed fiscal “rules” to make sure day-to-day spending is funded by tax receipts, rather than borrowing, and to lower U.K. debt over the next few years.
6. India’s consumption push could ease the impact of Trump’s tariffs, but a weak rupee poses risks
India has to grapple with steep U.S. tariffs, but two factors are expected to ease their impact, according to analysts: stronger than expected economic growth and improving domestic consumption. In September, Goldman Sachs raised its real GDP growth forecast for the country by 60 basis points to 7.1% and 6.7% for the calendar year 2025 and fiscal year 2026, respectively. The improved projection takes into account the negative impact of U.S. tariffs. The doubling of U.S. tariffs on most Indian imports to as much as 50% took effect last week, raising economic worries. Two days later, India’s quarterly GDP data showed the economy expanding at 7.8%, beating estimates.
7. Global bond sell-off reflects unease over budgets and central banks
Long-dated borrowing costs around the world are back under pressure, and analysts say that’s in part thanks to broad investor unease with the path of both fiscal and monetary policy in many major economies. Bond markets have been on a bumpy ride this year, with massive spikes and falls at times stemming from White House policymaking, ranging from tariffs to concerns about the U.S. deficit related to the “big, beautiful tax bill.” Moves have been more measured this week. But several yields hit notable milestones, reigniting discussion over the opportunities and risks in government debt. The U.S. 30-year Treasury yield nudged above 5% on Wednesday morning for the first time since July amid questions over the future of tariff revenues following a recent court ruling.
8. GOP senators not in rush to consider Lisa Cook replacement on Fed until case resolved
Two Republican senators said Wednesday that they will not consider a possible replacement for Federal Reserve Board Governor Lisa Cook until her lawsuit challenging her firing by President Donald Trump is resolved. “She is still in the position, she has not had due process yet,” Sen. Mike Rounds, R-S.D., told CNBC. Rounds, a member of the Senate Banking, Housing and Urban Affairs committee, refused to say whether he would back a replacement for Cook in committee, noting that it is hypothetical at this point. “I don’t get to make the decision on what comes up before the committee, so at this point, it’s hypothetical,” he said. “She is still a member of the board, and you know the president most certainly has the right to try to influence and to lobby, but at this stage of the game, there’s no change in her status.”
9. Trump asks Supreme Court to quickly hear appeal to save his tariffs
President Donald Trump on Wednesday night asked the Supreme Court to quickly accept and rule on an appeal seeking to overturn lower court decisions that found most of his tariffs are illegal. The request comes five days after the U.S. Court of Appeals for the Federal Circuit, in a 7-4 ruling, said that Trump overstepped his authority when he implemented the steep levies on virtually every country. That decision threw a central pillar of Trump’s trade agenda into doubt. Trump is asking the Supreme Court to hear arguments on his appeal in early November and issue a final decision on the legality of the disputed tariffs soon afterward, according to filings obtained by NBC News from the plaintiffs in the case. Normally, the Supreme Court would take as long as early next summer to issue such a decision. Treasury Secretary Scott Bessent, in a declaration attached to Trump’s request, said the appeals court ruling “gravely undermines the President’s ability to conduct real-world diplomacy and his ability to protect the national security and economy of the United States,” the filing noted.
10. Gilead starts building manufacturing hub under $32 billion planned US investments
Gilead Sciences said on Wednesday it has started work on a new pharmaceutical development and manufacturing hub at its headquarters in Foster City, California, as part of its planned $32 billion investment in domestic manufacturing. Major U.S. drugmakers such as Eli Lilly, Johnson & Johnson, Merck and Bristol Myers Squibb have also announced big investments this year to boost domestic production, as tariffs threaten to raise costs and President Donald Trump pushes to bring more manufacturing to America.
11. Macy’s turnaround progress boosts annual forecasts, shares jump 20%
Macy’s shares surged 20% on Wednesday after the department store operator offered fresh evidence that its turnaround plan was working, with raised annual sales and profit forecasts despite tariff uncertainty. Shedding some underperforming banners and leaning into its pricier labels, which serve higher-income shoppers, have helped Macy’s offset the hit from pressured consumer spending amid macroeconomic uncertainty. CEO Tony Spring introduced the turnaround plan last year February, which included closing 150 Macy’s stores by 2026, reinvesting in high-potential locations and improving product offerings and loyalty programs.
12. Exclusive-China’s BYD cuts 2025 sales target by 16%, sources say, a sign its white-hot growth is cooling
BYD has slashed its sales target for this year by as much as 16% to 4.6 million vehicles, two people with knowledge of the matter said, as the Chinese EV giant faces its slowest annual growth in five years and other signs that its era of record-setting expansion could be drawing to a close. China’s largest automaker told analysts in March it was targeting sales of 5.5 million vehicles for 2025. But internally, the number has been downgraded multiple times in recent months, according to the people. The latest figure of at least 4.6 million vehicles was communicated inside the company and to select suppliers last month to help guide planning, according to the people, both of whom spoke on condition of anonymity.
13. Alphabet shares surge after dodging antitrust breakup bullet
Alphabet shares closed more than 9% higher on Wednesday after a U.S. judge ruled against breaking up the Google parent, clearing a major regulatory overhang and adding about $210 billion to the company’s market value. The ruling on Tuesday by Judge Amit Mehta allows Google to retain control of its Chrome browser and Android mobile operating system, while barring certain exclusive contracts with device makers and browser developers. Google was also allowed to keep making payments to partners such as Apple to feature its search engine. Shares of the iPhone maker closed up 3.8%. The ruling preserves Alphabet’s ability to deepen its partnership with Apple and potentially integrate its Gemini AI into future iPhones, analysts said.
14. Salesforce’s weak quarterly revenue forecast signals lagging AI monetization
Salesforce forecast third-quarter revenue below Wall Street estimates on Wednesday, signalling lagging monetization for its highly-touted artificial intelligence agent platform as clients dial back spending due to macroeconomic uncertainty. The cloud software provider also announced a $20 billion increase to its existing share buyback program, but that was unable to allay investors’ concerns, sending Salesforce’s shares down over 5% in extended trading. Since OpenAI’s ChatGPT launched in 2022, Salesforce has adopted artificial intelligence on a wide scale, integrating it into its various cloud services and creating an AI agent platform called Agentforce to automate tasks in the hopes of streamlining operations and boosting margins.