1. Asia-Pacific markets rise, tracking Wall Street gains, as AI-linked stocks rebound
Asia-Pacific markets rose Thursday, tracking Wall Street gains after AMD’s third-quarter earnings beat lifted artificial intelligence stocks. Japan’s benchmark Nikkei 225 index was up 1.45%, while the Topix index climbed 1.11%. Japanese artificial intelligence-related companies rose: Advantest, which supplies testing equipment to Nvidia, was up 3.73%, chipmaker Renesas Electronics gained over 4%, while chip equipment maker Disco Corp advanced 4.59%. South Korea’s Kospi index pared early gains to trade near the flatline, after declining in the previous session. Shares of Nvidia-supplier SK Hynix were up 3.11%. The small-cap Kosdaq reversed course, falling 0.52%. Australia’s ASX/S&P 200 rose 0.28%. Hong Kong’s Hang Seng Index rose 0.72%, while the mainland’s CSI 300 was flat in early trading.
2. Dow closes up 200 points after Supreme Court probes Trump tariff argument, AMD sparks AI rebound
U.S. equities rose on Wednesday as the Supreme Court’s tough questions about President Donald Trump’s tariffs raised hopes that some of the duties may be rolled back. Chipmaker Advanced Micro Devices and other names in the artificial intelligence trade also rebounded from valuation concerns that plagued the market in the prior day. The Dow Jones Industri al Average gained 225.76 points, or 0.48%, to close at 47,311.00. The S&P 500 rose 0.37% to finish at 6,796.29, while the Nasdaq Composite advanced 0.65% to settle at 23,499.80. Investors were paying attention to the Supreme Court hearing Wednesday regarding President Donald Trump’s tariffs. At issue is whether the president had the authority to impose such duties under the International Emergency Economic Powers Act, or IEEPA.
3. Gold trades tight on Thursday, moving near a four-week low
Gold trades tight at $3,980 per ounce on Thursday, moving near a four-week low as investors continued to scale back bets on US rate cuts. US private payrolls rose in October, exceeding forecasts, while the ISM Services PMI climbed to an eight-month high. The figures reinforced expectations that there is little room for additional rate cuts, with inflation still above target and the government shutdown delaying key labour data. This comes against the backdrop of a hawkish tone from several Fed officials, aligning with Chair Powell’s recent remarks suggesting that the latest rate cut could be the last for this year. Still, some policymakers reiterated that interest rates should move lower over time. Adding to the downward pressure, sentiment toward riskier assets improved, reducing the metal’s safe-haven appeal.
4. Oil flat as weak demand, oil glut weigh on market
Oil prices were largely flat early Thursday, after settling at two-week lows in the previous session as pressure from weaker demand and a global oil glut continued to weigh on the market. Brent crude futures were up 2 cents, or 0.03%, to $63.54 a barrel at 0127 GMT, while U.S. West Texas Intermediate futures were flat at $59.60. In the previous session, oil prices fell after the U.S. Energy Information Administration said U.S. crude stocks rose by 5.2 million barrels to 421.2 million barrels last week, compared with expectations for a 603,000-barrel rise.
5. Supreme Court justices appear skeptical that Trump tariffs are legal
Supreme Court justices on Wednesday expressed skepticism about the legality of aggressive tariffs imposed by President Donald Trump against most of the world’s nations. Conservative and liberal justices sharply questioned Solicitor General D. John Sauer on the Trump administration’s method for enacting the tariffs, which critics say infringes on the power of Congress to tax. Lower federal courts ruled that Trump lacked the legal authority he cited under the International Emergency Economic Powers Act to impose the so-called reciprocal tariffs on imports from many U.S. trading partners, and fentanyl tariffs on products from Canada, China and Mexico. Sauer, who is defending the tariff policy as grounded in the power to regulate foreign commerce, said “these are regulatory tariffs. They are not revenue-raising tariffs.”
6. Asia’s private equity funds turn bullish on China, betting on Beijing’s tech-focused economic plan
Asia-focused private equity managers are turning more bullish on the world’s second-largest economy, betting on Beijing’s drive for technological self-sufficiency and rapid adoption to deliver the next phase of growth. Jean Eric Salata, chairman of EQT Asia, said that the strategic priorities outlined in Beijing’s new five-year plan are poised to deepen China’s edge in advanced manufacturing, bolster investment in technology and artificial intelligence, and boost consumption. “I’m actually bullish on China — and very bullish on Hong Kong as a result,” Salata said at the Global Financial Leaders’ Investment Summit on Wednesday. He pointed to China’s rapid adoption of automated manufacturing as a sign of the country’s ability to scale its capabilities. “It’s mind-blowing,” he said, citing automation at Xiaomi’s electric vehicle: “it has very few people there — and a lot of robots.”
7. Trump bashes Mamdani after Democrats sweep key elections
President Donald Trump on Wednesday attacked New York City Mayor-Elect Zohran Mamdani in a boastful speech doubling down on his policy agenda after Democrats won a slew of key elections across the country. “If you want to see what congressional Democrats wish to do to America, just look at the result of yesterday’s election in New York, where their party installed a communist as the mayor of the largest city in the nation,” Trump said during the speech in Miami. Mamdani is a self-described democratic socialist who has rejected frequent accusations from Trump and other Republicans that he is a communist. Trump told the Miami crowd on Wednesday afternoon, “We lost a little bit of sovereignty last night in New York, but we’ll take care of it. Don’t worry about it.”
8. Private payrolls rose 42,000 in October, more than expected and countering labour market fears, ADP says
Payroll growth at private companies turned slightly stronger than expected in October, providing some hope that the labour market isn’t in danger of sinking, ADP reported Wednesday. Companies added 42,000 jobs for the month, following a decline of 29,000 in September and topping the Dow Jones consensus estimate for a gain of 22,000. A revision for September showed 3,000 fewer jobs lost, the payrolls processing firm said. A gain of 47,000 in the trade, transportation and utilities grouping helped offset losses in multiple other categories. Education and health services also showed growth of 26,000, while financial activities added 11,000. Despite the artificial intelligence-fuelled tech boom, information services saw a decline of 17,000 positions
9. Xpeng to let other carmakers use its partly-autonomous driving system
Chinese electric car company Xpeng announced Wednesday that by the first quarter of 2026, it will start rolling out a new driver-assist system for navigating narrow roads. Xpeng claimed the new system enables cars to drive themselves smoothly through tight streets — which it played up as better for the European market — and significantly reduces the need for human intervention. The Chinese company said that German automaker Volkswagen will be its first client as Xpeng opens the system to other car makers. Speaking at the company’s “AI Day,” Xpeng CEO Xiaopeng He claimed the new driver-assist system — which builds on Xpeng’s existing systems for assisting drivers with parking, driving on highways and navigating city roads — required less human intervention than Tesla’s Full Self-Driving (FSD) system, and completed a test route several minutes quicker.
10.Tesla sales in Germany have cratered from last year, data shows
Tesla sold just 750 electric vehicles in Germany for October 2025, less than half of what it sold a year ago, according to data out Wednesday from the country’s federal transport authority, known as KBA. In October last year, Tesla sold 1,607 EVs in Germany. KBA data shows 434,627 new battery electric vehicles year to date, the KBA data said, up nearly 40% from the same period last year. Of those EVs, 15,595 were Teslas, a decline of 50% for Elon Musk’s automaker this year. Tesla operates a massive vehicle assembly plant in Brandenburg, Germany, which is outside of Berlin, but the company is not a hometown favorite. Musk’s incendiary political rhetoric and endorsement of AfD, Germany’s extremist, anti-immigrant party, have weighed on left-leaning consumers’ interest in the Tesla brand there.
11. FAA to cut flights by 10% at 40 major airports due to government shutdown
Transportation Secretary Sean Duffy announced Wednesday afternoon that he will be reducing flight capacity by 10% at 40 major airports starting on Friday morning, affecting roughly 3,500 to 4,000 flights daily. It was not immediately clear which airports would be affected. “This is proactive,” Duffy said in a news conference. Federal Aviation Administration Administrator Bryan Bedford said additional measures could be taken after the initial reduction. “As we slice the data more granularly, we are seeing pressures build in a way that we don’t feel, if we allow it to go unchecked, will allow us to continue to tell the public that we operate the safest airline system in the world,” Bedford said on Wednesday.
12. E.l.f. Beauty stock plunges 29% on weak guidance, tariff impact
Hailey Bieber’s cosmetics line Rhode is expected to increase E.l.f. Beauty’s annual sales by $200 million this fiscal year, but its new parent company’s full-year guidance still fell below expectations, leading its stock to plunge 29% Wednesday. E.l.f., which declined to release full-year guidance last quarter, is expecting full-year revenue to be between $1.55 billion and $1.57 billion, implying 18% to 20% sales growth. That’s far below the $1.65 billion analysts were expecting, according to LSEG. In an interview with CNBC, CEO Tarang Amin said Rhode, which the company acquired earlier this year in a blockbuster $1 billion deal, is expected to increase its annual sales by $200 million this fiscal year and by $300 million on an annual run rate basis. In addition to guidance, E.l.f. missed revenue estimates but beat on earnings in its fiscal second quarter results.
13. Qualcomm reports earnings, revenue beat and issues strong forecast
Qualcomm reported fiscal fourth-quarter results on Wednesday that beat analyst estimates on the top and bottom lines. Revenue rose 10% from $10.24 billion a year earlier, Qualcomm said in a statement. Due to an income tax expense, the company recorded a net loss of $3.12 billion, or $2.89 a share, after reporting net income a year earlier of $2.92 billion, or $2.59 per share. Adjusted EPS will be $3.30 to $3.50, the company said, while analysts expected earnings of $3.31 per share. Last week, Qualcomm announced that it will release new AI accelerator chips, a disclosure that boosted the stock 11%. Qualcomm said that both the AI200, which will go on sale in 2026, and the AI250, planned for 2027, can come in a system that fills up a full, liquid-cooled server rack.
14. Toyota, Honda turn India into car production hub in pivot away from China
Toyota, Honda and Suzuki are spending billions of dollars to build new cars and factories in India, a sign of the country’s growing importance as a manufacturing hub as Japanese automakers redraw global supply chains to reduce dependence on China. Toyota, the world’s largest carmaker, and Suzuki, the leader in the Indian market with almost a 40% share, have separately announced investments totalling $11 billion to beef up manufacturing and export capabilities in the world’s third-largest auto market. Honda said last week it will make India a production and export base for one of its planned electric cars. India’s low costs and vast labour pool have long been an attraction for manufacturers. Now, Japanese automakers are stepping up operations as they pivot away from China, both as a market and a manufacturing base, multiple industry executives said.
15. MetLife quarterly profit rises on investment gains
MetLife reported a rise in third-quarter profit on Wednesday, as the insurer raked in more income from investments. Risk-averse insurers typically hold bond-heavy investment portfolios, which offer better yields in a volatile and uncertain market environment. The company said returns on private equity assets were also higher. MetLife’s net investment income came in at $6.09 billion during the third quarter, up from $5.23 billion a year ago. Its adjusted premiums, fees and other revenues remained flat over the year earlier.. Adjusted earnings rose to $1.58 billion, or $2.37 per share, during the three months ended September 30. That compares with $1.38 billion, or $1.95 per share, a year earlier, on a constant currency basis.
16. Albemarle’s cost cuts, steady volumes fuel smaller loss amid weak lithium prices
Albemarle reported a smaller-than-expected loss for the third quarter on Wednesday, as the lithium producer’s tight leash on costs and resilient sales volumes softened the squeeze from persistently low prices for the metal. Shares of the Charlotte, North Carolina-based company rose 2.2% in extended trading. Albemarle has sharpened its focus on efficiency and cash preservation as the industry grapples with the pressure on prices from an oversupplied market as Chinese producers have increased output despite moderating demand from electric vehicle makers for the critical component. The company has implemented extensive cost-cutting measures to reduce debt and strengthen financial flexibility, including divestments and operational streamlining. The company on Wednesday lowered its annual capital spending forecast to around $600 million, down 65% from 2024, and expects to generate positive free cash flow of $300 million to $400 million this year.
