South Korea’s Kospi index hit a record high Thursday, after the International Monetary Fund raised the country’s 2025 growth forecast to 0.9% from 0.8% in its October outlook report. The IMF also raised its growth projection for the global economy, saying the impact of U.S. tariffs was “at the modest end of the range.” It cited several reasons for upgrading the forecast, including the agility of the private sector, which front-loaded imports in the first half of the year and quickly reorganized supply chains to redirect trade flows; trade deals between the U.S. and other countries; and the overall restraint from much of the world, which largely kept the global trading system open.
The S&P 500 broke back into the green Wednesday, buoyed by Bank of America and Morgan Stanley’s blockbuster earnings reports. Ongoing concerns about U.S.-China trade negotiations and a government shutdown weighed on investor sentiment but took a backseat to enthusiasm over a better-than-expected start to earnings season. The Dow Jones Industrial Average ended the day little changed, down just 17.15 points, or 0.04% at 46,253.31. At one point in the day, the 30-stock index rose as much as 422.88 points. The S&P 500 finished 0.4% higher at 6,671.06, while the Nasdaq Composite finished up 0.7% at 22,670.08.
Gold prices rose to fresh record highs in Asian trading on Thursday, marking a fourth straight session of all-time highs, as rising expectations for U.S. Federal Reserve rate cuts and renewed U.S.-China trade tensions lifted demand for the safe-haven metal. Spot gold rose 0.7% to $4,237.87 per ounce by 00:25 ET (04:25 GMT), after reaching as high as $4,241.99 earlier in the session. U.S. Gold Futures climbed 1.2% to $4,252.59. The metal has gained more than 5% so far this week, building on a strong rally since early October. Gold’s gains were also underpinned by escalating U.S.-China trade tensions, after Washington threatened new tariffs on Chinese-made goods and Beijing expanded export controls on rare earth materials.
Oil prices rose by around 1% in early trade on Thursday after U.S. President Donald Trump said Indian Prime Minister Narendra Modi had pledged his country would stop buying oil from Russia, which supplies about one-third of its imports. Brent crude futures rose 57 cents, or 0.9%, to $62.48 a barrel at 0046 GMT. U.S. West Texas Intermediate (WTI) futures also added 0.9%, or 54 cents, to trade at $58.81. Both contracts touched their lowest since early May in the previous session on U.S.-China trade tensions and after the International Energy Agency warned of a big surplus next year as OPEC+ producers and rivals lift output amid weak demand.
Treasury Secretary Scott Bessent insisted Wednesday that the U.S. won’t change its trade negotiating stance on China due to stock market volatility. “We won’t negotiate because the stock market is going down” or shy away from taking strong measures against Beijing for that reason, Bessent said in an interview. “We will negotiate because we are doing what is best economically for the U.S.,” he said. Bessent pushed back on a report in The Wall Street Journal overnight that China “expects that the prospect of another market meltdown ultimately will force [President Donald Trump] to negotiate.” Chinese President Xi Jinping is “betting that the U.S. economy can’t absorb a prolonged trade conflict” with China, the Journal reported.
Federal Reserve Governor Stephen Miran said Wednesday that the latest impasse in trade talks between the U.S. and China poses new dangers to the economic outlook and makes the case for rate cuts even more urgent. Speaking at the CNBC “Invest in America Forum” in Washington, D.C., the central bank policymaker noted the threat from China’s decision to restrict access to rare earths materials, which prompted a threat from President Donald Trump for 100% tariffs in Chinese imports. Miran said that the dispute raises the level of uncertainty during a year when it already had been running high.
U.K. Chancellor Rachel Reeves has admitted that tax rises and spending cuts are being considered in the forthcoming budget, signalling the government could be prepared to sacrifice a previous pledge not to hike levies on workers. “Of course, we’re looking at tax and spending as well,” the finance minister told Sky News, when asked how she would deal with the country’s economic challenges in her Nov. 26 Autumn Budget. She indicated that she will stick by her “iron clad” fiscal rules, the main one being that day-to-day spending is funded by tax receipts, rather than borrowing.
A federal judge on Wednesday blocked the Trump administration, for now, from firing federal workers during the ongoing government shutdown. The order came five days after the administration issued reduction-in-force notifications to more than 4,000 federal workers. “The activities that are being undertaken here are contrary to the laws,” San Francisco U.S. District Court Judge Susan Yvonne Illston told lawyers for the administration. “You can’t do this in a nation of laws,” Illston said, according to NBC News. Two unions representing tens of thousands of federal workers had asked Illston to block the RIFs.
Chinese President Xi Jinping and the country’s top leaders, known as the Central Committee, will meet next week from Monday to Thursday for a planning meeting called the “Fourth Plenum.” The gathering reminds the U.S. government, on the verge of possibly its longest shut down in history, that China is a big believer in planning. Beijing has held the strategy-setting meeting twice every decade since the 1950s to rally the country around specific social and economic goals. This year, China has promoted its achievements under the “14th five-year plan” despite U.S. pressure on tech and trade.
The government shutdown stretched into its third week on Wednesday as Republican and Democratic senators continued to dig in their heels on duelling stopgap funding proposals. The Senate on Wednesday for the ninth time rejected a GOP-led short-term funding resolution. In a 51-44 vote, the Senate once again did not approve a stopgap bill, in which Republicans insist on a “clean” continuing resolution that would provide funds to reopen the government until at least Nov. 21. Democrats want any funding bill to extend enhanced Affordable Care Act subsidies that are set to run out at the end of this year.
Dollar Tree on Wednesday forecast fiscal 2026 profit above Wall Street estimates and upheld its annual targets, signalling steady demand for affordable groceries and essentials. Shares of the company rose about 4% in early trading after it also maintained its current quarter forecast. With inflation and uncertainty squeezing budgets, more middle- and higher-income consumers have also been turning to discount stores to meet their needs. The discount store operator said it now expects earnings for fiscal 2026 to grow by a high-teen percentage, surpassing analyst expectations of a 14.04% rise.
Canada threatened legal action against automaker Stellantis NV on Wednesday over what Ottawa says is the company’s unacceptable plan to shift production of one model to a U.S. plant. Stellantis announced a $13 billion investment in the U.S. on Tuesday; a move it said would bring five new models to the market. As part of the plan, production of the Jeep Compass will move to Illinois from a facility in Brampton in the Canadian province of Ontario. Industry Minister Melanie Joly sent a letter to Stellantis CEO Antonio Filosa noting that the company had agreed to maintain its Canadian presence in exchange for financial support, calling anything short of that a default.
Salesforce shares rose as much as 5% in extended trading on Wednesday after the software vendor issued new financial targets for the next few years. The company said it now expects revenue of over $60 billion in 2030, above the $58.37 billion consensus among analysts polled by LSEG. The guidance excludes impact from the pending acquisition of data management company Informatica. “We have had some lower-stage growth for a while,” Robin Washington, Salesforce’s chief operating and financial officer, said during an investor briefing. “That is reaccelerating.”
Enphase Energy Inc. (ENPH) reported its Q2 2025 earnings, showcasing robust product innovation and solid financial performance. The company achieved a revenue of $363.2 million and a non-GAAP EPS of $0.69. While Enphase’s stock saw a 3.82% increase during regular trading hours, the stock has faced significant pressure, down over 65% in the past year. The company continues to lead in the microinverter market, with significant advancements in battery systems and solar solutions. Looking ahead, Enphase has provided revenue guidance for Q3 2025 in the range of $330 million to $370 million, with plans to ship between 190 and 210 megawatt hours of batteries.