1. Asia-Pacific markets traded higher Thursday.
The Hong Kong-listed shares of China’s CATL, the world’s largest battery maker, fell more than 8% Thursday as investors sought to lock in profits, following the expiry of a six-month sales restriction on about 77.5 million shares held by early stakeholders. Hong Kong’s Hang Seng Index rose 0.14%, while the mainland CSI 300 was up 0.32%. Other markets across the region also rose, boosted by a rally in chip shares after Nvidia’s stronger-than-expected earnings and bullish forecast appeared to reinforce confidence in the global AI trade. Japan’s benchmark Nikkei 225 index jumped 3.7% in early trading, while the Topix index added 1.67%.
2. Stocks close higher, snapping losing streak as Nvidia rebounds ahead of earnings report
The S&P 500 rose on Wednesday following a four-day slide centred around technology as investors looked ahead to Nvidia’s upcoming earnings. The broad market index gained 0.38% to close at 6,642.16, while the Nasdaq Composite advanced 0.59% to settle at 22,564.23. The Dow Jones Industrial Average climbed 47 points, or 0.1%, to finish at 46,138.77. Alphabet was among the winners of the day, rising about 3% and hitting a new all-time high. Shares were rallying around optimism about its new generation of AI, Gemini 3, which it rolled out Tuesday.
3. Gold eases as dollar gains, traders dial back U.S. rate cut bets
Gold prices edged lower on Thursday, weighed down by a stronger dollar and reduced expectations for a Federal Reserve rate cut in December, while investors braced for U.S. jobs report. Spot gold was down 0.1% at $4,077.13 per ounce, as of 0305 GMT. U.S. gold futures for December delivery fell 0.2% to $4,075.80 per ounce. The dollar index, opens new tab rose to a more than two-week high against its rivals, making gold more expensive for holders of other currencies. Minutes from the Fed’s October meeting released on Wednesday showed it cut interest rates even as policymakers cautioned that doing so could risk entrenched inflation and a loss of public trust in the central bank. Traders now see nearly a 33% chance for a rate cut at the Fed’s December 9-10 meeting, down from 49% on Wednesday, CME Group’s FedWatch tool showed.
4. Oil rebounds as deadline on U.S. sanctions waiver looms
Oil prices edged higher on Thursday, recovering from losses in the previous session, as markets assessed the latest U.S. proposals to end the war in Ukraine and prepared for a U.S. deadline to cease operations with two major Russian oil firms. Brent crude futures climbed 21 cents, or 0.33%, to $63.72 a barrel at 0142 GMT, while U.S. West Texas Intermediate crude futures rose 24 cents, or 0.40%, to $59.68. Both benchmarks rebounded after falling nearly 2% during Wednesday’s session. The gains followed a Reuters report that the U.S. had signalled to Ukraine to accept a U.S.-drafted framework to end the war with Russia by giving up territory and some weapons, citing two sources familiar with the matter. As part of U.S. efforts to end the protracted conflict, Washington has imposed sanctions on Rosneft and Lukoil, Russia’s two biggest oil producers and exporters, with a deadline to wind down operations expiring on November 21.
5.Trump says he’d love to fire Powell, urges Bessent to ‘work on’ him to lower rates
President Donald Trump on Wednesday said he would love to fire Federal Reserve Chair Jerome Powell, but suggested that Treasury Secretary Scott Bessent is holding him back. Trump urged Bessent to “work on” Powell to quickly lower interest rates — and quipped that the Cabinet secretary’s job depended on it. “The only thing Scott’s blowing it on is the Fed,” Trump said. It was unclear how seriously Trump was threatening to fire Bessent. White House spokesman Kush Desai said in a statement, “The White House maintains complete confidence in Secretary Bessent’s job running the Treasury Department and President Trump’s search for a new – and competent – chairman of the Federal Reserve.”
6. China leaves benchmark lending rates unchanged for the sixth straight month
U.S. President Donald Trump had agreed with President Xi Jinping last month to trim tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, resuming U.S. soybean purchases and keeping rare earths exports flowing. The central bank seems to have shifted to a less dovish stance after resurfacing “cross-cyclical” policy adjustments in its third-quarter monetary policy implementation report – its first mention since the first quarter of last year. The policy aims to smooth out the impact of economic cycles. A string of October economic data, including a contraction in exports and a further slowdown in retail sales, pointed to a tougher fourth quarter, analysts said. New loans by Chinese banks fell sharply in October from the previous month and missed market expectations, as households and businesses remained wary of taking on more debt due to economic uncertainties and trade tensions between Beijing and Washington.
7. Fed minutes show divide over October rate cut and cast doubt about December
Federal Reserve officials were at odds during their October meeting over cutting interest rates, divided over whether a stalling labour market or stubborn inflation were bigger economic threats, minutes released Wednesday showed. While the Federal Open Market Committee approved a cut at the meeting, the path forward looks less certain. Disagreements stretched into the outlook for December, with officials expressing scepticism about the need for an additional reduction that markets had been widely anticipating, with “many” saying that no more cuts are needed at least in 2025. “Several participants assessed that a further lowering of the target range for the federal funds rate could well be appropriate in December if the economy evolved about as they expected over the coming intermeeting period,” the minutes said.
8.Trump to meet with New York Mayor-elect Zohran Mamdani at White House on Friday
President Donald Trump said on Wednesday night that he will meet with New York City Mayor-elect Zohran Mamdani at the White House on Friday. The meeting comes at the request of Mamdani, a democratic socialist who stunned the U.S. political world in June by beating former New York Gov. Andrew Cuomo in the Democratic mayoral primary, and then cruising to victory over Cuomo again in the general election this month. Trump at the last-minute endorsed Cuomo in the general election and threatened to withhold federal funds from New York if the 34-year-old Mamdani won. “Communist Mayor of New York City, Zohran ‘Kwame’ Mamdani, has asked for a meeting,” Trump said in a Truth Social post on Wednesday in which he again falsely claimed that Mamdani is a communist. “We have agreed that this meeting will take place at the Oval Office on Friday, November 21st. Further details to follow!” the Republican president wrote.
9. Onsemi authorizes $6 billion share repurchase program over three years
Onsemi (ON) announced its board of directors has authorized a new $6 billion share repurchase program spanning three years, doubling the size of its previous authorization. The new program will begin January 1, 2026, after the current $3 billion authorization expires December 31, 2025. Under the existing program, onsemi has repurchased $2.1 billion of its common stock over three years, with approximately 100% of the company’s free cash flow in 2025 allocated to share repurchases. The semiconductor company may repurchase shares through open market purchases, privately negotiated transactions, or other methods including trading plans under Rule 10b5-1. The authorization expires December 31, 2028, and may be suspended or discontinued at any time without obligation to acquire any specific amount of stock.
10. US authorizes export of advanced American semiconductors to companies in Saudi, UAE
The U.S. Commerce Department said on Wednesday it has authorized the export of advanced artificial intelligence chips, the equivalent of up to 35,000 Nvidia Blackwell chips, to two companies in Saudi Arabia and the United Arab Emirates. The companies, G42, which is a state-run AI company based in Abu Dhabi, and Humain, which is a Saudi government-backed AI venture, have big data centre projects planned in their respective countries. The announcement coincided with the first visit to the U.S. by Saudi Arabian Crown Prince Mohammed bin Salman since 2018, and represents a big show of support by the U.S. in the two countries AI aspirations. “Both companies are receiving approvals to purchase the equivalent of up to 35,000 Nvidia Blackwell chips (GB300s),” the Commerce Department said in a statement. A total of 35,000 Blackwell’s are worth an estimated $1 billion, but prices vary.
11. Nvidia’s strong forecast calms AI bubble jitters, for now
Nvidia CEO Jensen Huang on Wednesday shrugged off concerns about an AI bubble as the company surprised Wall Street with accelerating growth after several quarters of slowing sales. The chipmaker’s stellar third-quarter earnings and fourth-quarter forecast calmed, at least temporarily, investor nerves over concerns an AI boom has outrun fundamentals. Global markets have looked to the chip designer to determine whether investing billions of dollars in AI infrastructure expansion has resulted in an AI bubble. “There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” CEO Jensen Huang said on a call with analysts, where he touted how much cloud companies wanted Nvidia chips. He reiterated a forecast from last month that the company had $500 billion in bookings for its advanced chips through 2026.
12. MP Materials to build Saudi rare earths refinery with Pentagon
MP Materials said on Wednesday it would build a rare earths refinery in Saudi Arabia with the U.S. Department of Defence and state-owned Saudi Arabian mining company Maaden to expand Middle Eastern processing of the critical minerals. The news comes as Saudi Crown Prince Mohammed bin Salman is visiting Washington this week for the first time since 2018 as part of a push to underscore economic and security relationships between the countries. Reuters reported in April that Maaden was considering a rare earth processing partnership with MP, operates the only U.S. rare earths mine. Shares of MP, which in July agreed to a Pentagon investment that will make Washington its biggest shareholder and financial backer, rose 10% in afternoon trading.