1. Asia-Pacific markets fall, tracking Wall Street losses, as AI stocks resume sell-off
Asia-Pacific markets fell Friday, tracking Wall Street declines on persistent concerns over lofty valuations in artificial intelligence stocks. Shares of major AI companies fell Thursday stateside, weighing down on the broader U.S. market. The biggest declines were from Nvidia. Microsoft, Palantir technologies, and Advanced Micro Devices. Japan’s benchmark Nikkei 225 index tumbled 2.03%. Shares of AI-related stocks were the key drag: SoftBank was down over 8%, semiconductor testing equipment maker Advantest lost more than 7%, chipmaker Renesas Electronics fell 4%, and Tokyo Electron, a chip production equipment maker, declined 2.17%. The Topix index retreated 1.18%. South Korea’s Kospi plunged 3.1% in volatile trading, while the small-cap Kosdaq lost 3.45%.
2. Dow stumbles and tech stocks slide as volatility picks up on Wall Street
US stocks closed lower Thursday as concerns mounted about expensive tech stocks, and a risk-off sentiment spread through markets after new data showed a bleak outlook for the job market. The Dow closed lower by 399 points, or 0.84%, after briefly falling as much 524 points earlier. The broader S&P 500 fell 1.12%. The tech-heavy Nasdaq Composite slid 1.9%. A wide range of tech and AI stocks fell, continuing a recent patch of volatility amid concerns about elevated valuations and nerves about a bubble. Chipmaker Advanced Micro Devices (AMD) slid 7.27%. Palantir (PLTR) fell 6.84%. Nvidia (NVDA) fell 3.65%. Wall Street’s fear gauge, the VIX, jumped 9%.
3. Gold gains as dollar weakens, U.S. rate-cut bets grow
Gold rose on Friday as the dollar slid after U.S. private-sector job reports signalled weakness in the country’s labour market and lifted expectations of another U.S. interest rate cut, while a prolonged government shutdown also boosted safe-haven demand. Spot gold was up 0.4% at $3,994.03 per ounce, as of 0341 GMT, but set for a weekly loss of 0.3%. Bullion has fallen nearly 8% since hitting a record high of $4,381.21 on October 20. U.S. gold futures for December delivery were up 0.3% at $4,004.40 per ounce. The U.S. economy shed jobs in October amid losses in the government and retail sectors, while cost-cutting measures and the adoption of artificial intelligence by businesses led to a surge in announced layoffs, data showed on Thursday.
4. Oil heads for second weekly loss as supply concerns weigh
Oil edged up Friday following three days of declines on worries about excess supply and slowing demand in the U.S., though prices appeared to be headed for a second week of losses. Brent crude futures rose 21 cents, or 0.33%, to $63.59 a barrel at 0149 GMT. U.S. West Texas Intermediate crude was at $59.65 a barrel, up 22 cents, or 0.37%. Brent and WTI are set to fall about 2% this week, down for a second straight week, as major global producers increase output. U.S. crude stocks rose more than expected on higher imports and reduced refining activity, while gasoline and distillate inventories declined, the Energy Information Administration said on Wednesday.
5. China’s exports unexpectedly contract in October as shipments to U.S. drop 25%
China’s exports in October declined for the first time in nearly two years due to a high base effect and as businesses’ front-loading momentum tapered off ahead of meeting between U.S. and Chinese leaders. Outbound shipments dropped 1.1% in October in U.S. dollar terms from a year earlier — their first contraction since March 2024, when exports shrank by a staggering 7.5%. Exports decline was unexpected as economists had anticipated a 3% growth, according to a Reuters survey, and compared with a six-month high growth of 8.3% in September. Imports rose 1% last month, missing the estimates for 3.2% growth, as a prolonged housing market downturn and weak job market conditions continued to weigh on consumer demand.
6. Trump says India has ‘largely stopped’ buying Russian oil, hints at visiting the country next year
In a sign of easing pressure on India, U.S. President Donald Trump said that trade talks with New Delhi were going well, and he could visit the country next year. Trump who was speaking to reporters at the White House on Thursday said India “has largely stopped buying oil from Russia,” and if Prime Minister Narendra Modi extended him an invite, he would visit the country in 2026. Evoking memories of his last visit to India, Trump called Modi “his friend” and a “great man.” In the last few months, India and U.S. relations have been under stress, with experts warning of missing chemistry between the two leaders, leading to a disconnect between India-US ties. Steep tariffs, $100,000 fee for H1B visas, and Trump’s repeated claims of having brokered a ceasefire between India and Pakistan and India’s purchases of Russian crude are among issues that have led to a deterioration of ties between New Delhi and Washington in recent months, according to experts.
7. Job cuts in October hit highest level for the month in 22 years, Challenger says
Layoff announcements soared in October as companies recalibrated staffing levels during the artificial intelligence boom, a sign of potential trouble ahead for the labour market, according to outplacement firm Challenger, Gray & Christmas. Job cuts for the month totalled 153,074, a 183% surge from September and 175% higher than the same month a year ago. It was the highest level for any October since 2003. This has been the worst year for announced layoffs since 2009. “Like in 2003, a disruptive technology is changing the landscape,” said Andy Challenger, workplace expert and chief revenue officer at the firm. “At a time when job creation is at its lowest point in years, the optics of announcing layoffs in the fourth quarter are particularly unfavourable.” The report provides a glimpse into the labour market at a time when the government has suspended data gathering and releases during the shutdown in Washington, D.C.
8. Nancy Pelosi announces retirement from Congress
Nancy Pelosi, the California Democrat who made history as the first female speaker of the House of Representatives, said Thursday she will not seek re-election to Congress next year. Pelosi, 85, has served in the House for nearly four decades, presiding over the passage of major legislation and serving as a leading opposition figure against President Donald Trump. “There has been no greater honour for me than to stand on the House floor and say, ‘I speak for the people of San Francisco,’” Pelosi said in a video posted on social media. “I have truly loved serving as your voice in Congress,” she said. “That is why I want you, my fellow San Franciscans, to be the first to know: I will not be seeking re-election to Congress.”
9. Retailers’ holiday hiring to hit lowest level since the Great Recession, says major industry trade group
Holiday hiring by retailers is expected to total between 265,000 and 365,000 roles this year, the lowest number of seasonal workers in at least 15 years, the National Retail Federation said Thursday. NRF CEO Matthew Shay said on the retail trade group’s conference call on that those hiring expectations “reflect the softening and slowing labour market.” It’s a significant drop from a year ago, when retailers hired 442,000 seasonal workers, the retail trade group said. Some companies may have hired seasonal workers early to support sales events in October, but retailers have largely tried to limit their spending as they manage higher costs from tariffs, NRF chief economist Mark Mathews said. The major industry group’s prediction offers the latest glimpse into the jobs market as the record government shutdown stretches on and leads to fewer government reports on economic data, such as unemployment and inflation.
10. SoftBank stares at over $50 billion in weekly losses after stock drops 8% as investors sour on AI plays
Shares of Japan’s SoftBank Group resumed their slide on Friday, following a broader slump in AI-related stocks as investors once again grew wary of the sector’s lofty valuations. The group, which holds a wide range of AI investments across infrastructure, semiconductor, and application companies, saw shares drop more than 8%. This comes after SoftBank gained nearly 3% in the previous session, having plunged 10% on Wednesday to clock its worst day since April. It stares at about $53 billion market cap wipeout this week and its worst weekly loss since March 2020, if Friday’s losses hold. The pullback reflects growing caution around the AI sector and a realization that many of OpenAI’s partnerships are still potential rather than confirmed, with funding prospects uncertain.
11. Tesla says shareholders approve Musk’s $1 trillion pay plan with over 75% voting in favor
Tesla said shareholders voted in favour of CEO Elon Musk’s almost $1 trillion pay plan, with 75% support among voting shares. Board members recommended shareholders approve the pay plan, which they introduced in September. Top proxy advisors Glass Lewis and ISS recommended voting against it. Results of the vote were announced on Thursday at the company’s annual shareholders meeting in Austin, Texas. The pay package for Musk, already the world’s richest person, consists of 12 tranches of shares to be granted if Tesla hits certain milestones over the next decade. It would also give Musk increased voting power over the company, acceding to demands that he’s made publicly since early 2024. His ownership would increase from about 13% to 25%, adding more than 423 million shares to his holdings.
12. Peloton posts bullish holiday forecast, betting that shoppers will spend big on new product lineup
Peloton on Thursday posted its second profitable quarter in a row as it released strong guidance for the crucial holiday shopping season, banking on its relaunched product assortment to drive growth. The connected fitness company posted a surprise net income of $13.9 million in the three months ended Sept. 30, compared with a loss of $900,000 a year earlier. For the current quarter, Peloton’s strongest for hardware sales, the company is expecting revenue to be between $665 million and $685 million, a slight increase from the year-ago period and largely better than Wall Street expectations of $665 million, according to LSEG. Peloton also raised its full-year adjusted EBITDA outlook.
13. XPeng shares jump after unveiling humanoid robot and robotaxi plans
Shares of Chinese electric-vehicle maker Xpeng (HK:9868) jumped on Friday after the company showcased its latest humanoid robot and unveiled plans to expand into autonomous mobility services at its annual AI Day event. Xpeng’s Hong Kong-listed stock rose as much as 5.6% to HK$94.45 on Friday, while U.S.-listed shares closed nearly 10% higher on Thursday. XPeng on Wednesday introduced its next-generation “IRON” humanoid robot, equipped with a biomimetic spine, soft-skin exterior, and highly flexible hands capable of 22 degrees of motion. The robot is powered by XPeng’s in-house “Turing” AI chips, the company said, adding that it aims to begin mass production by end-2026, signalling ambitions beyond electric vehicles. XPeng’s strategy highlights its intent to rival Tesla Inc in blending AI, robotics, and mobility technology.
14. Musk plans Tesla mega AI chip fab, mulls potential Intel partnership
CEO Elon Musk on Thursday said Tesla probably will have to build “a gigantic chip fab” to make artificial intelligence chips and publicly mused the EV maker could work with Intel. Tesla is designing its fifth-generation AI chip to power its autonomous ambitions, and Musk at the company’s annual meeting laid out potential manufacturing plans. “You know, maybe we’ll, we’ll do something with Intel,” Musk said to a cheering crowd of Tesla shareholders. “We haven’t signed any deal, but it’s probably worth having discussions with Intel.” Struggling U.S. chipmaker Intel has its own chipmaking factories, but has lagged far behind Nvidia in the AI chip race. The U.S. government recently took a 10% stake in Intel, which needs to find an external customer for its newest manufacturing technology. Intel shares popped 4% in after-hours trading on Musk’s remarks.
15. The Trade Desk earnings beat by $0.25, revenue topped estimates
The Trade Desk (TTD) reported strong financial results for the third quarter of 2025, significantly outperforming analysts’ expectations. The company posted an earnings per share (EPS) of $0.45, surpassing the forecast of $0.20, marking a 125% surprise. Revenue reached $739 million, exceeding the expected $719.55 million. Despite these positive results, The Trade Desk’s stock fell by 3.77% in aftermarket trading, closing at $47.71. This decline contrasts with the company’s robust performance and guidance for future growth. This strong performance reflects the company’s effective strategies and growth in key areas like CTV and video. CEO Jeff Green emphasized the company’s long-term vision, stating, “We are building our business for the long term.” He highlighted the value of the open internet, noting, “The open internet offers compelling value in contrast to walled gardens.”
