Daily News
Kospi Surges 6.57% as Nikkei Adds 1.38%; S&P 500 Posts Back-to-Back Gains on Chip Rally; Gold Slips Below $4,050; Crude Climbs Above $101 on Iran Strike Fears
28 October 2026
Today in Brief
Asia-Pacific markets were broadly higher, with Japan’s Nikkei 225 adding 1.38% and the Topix rising 0.23%, South Korea’s Kospi surging 6.57%, the tech-focused Kosdaq rising 3.09%, Hong Kong’s Hang Seng up 0.43% and mainland China’s CSI 300 gaining 0.68%. U.S. stocks rose Tuesday as chipmakers rallied — the S&P 500 gained 0.6% to 7,722.60, the Nasdaq Composite rose 1.18% to 26,477.81, and the Dow added 15.99 points to 52,377.57 — as the Federal Reserve began its two-day policy meeting. Gold fell below $4,050 an ounce on Wednesday as investors awaited the Fed’s decision, while crude climbed above $101 per barrel, snapping a two-session decline, after reports that the US urged Persian Gulf nations to prepare for a possible new military campaign against Iran following the midterm elections.
In other news: President Trump said the Iran war will end whenever he wants it to, while insisting Tehran cannot have a nuclear weapon; Energy Secretary Chris Wright said the U.S. may allow more Russian diesel onto the global market; the Fed is expected to hold rates steady on Wednesday, with markets watching Chairman Kevin Warsh for clues on further hikes; Israel’s election appeared to have no clear winner, with both Netanyahu’s and Eisenkot’s blocs far short of a majority; Jio Platforms’ shares soared 21.4% on debut after India’s largest-ever IPO; SK Hynix jumped more than 10% on record profit and plans to return over $25 billion to investors; Indian trading apps are opening access to U.S. stocks; and Boeing said it won’t significantly ramp up 737 Max production until the second half of 2027, with its shares falling nearly 11%.
In Asia, Japan’s Nikkei 225 added 1.38% while the Topix rose 0.23%
In Asia, Japan’s Nikkei 225 added 1.38% while the Topix rose 0.23%. South Korea’s Kospi surged 6.57%, and the tech-focused, small-cap Kosdaq rose 3.09%. Australia’s benchmark S&P/ASX 200 was marginally higher. Hong Kong’s Hang Seng index was up 0.43%, while mainland China’s CSI 300 gained 0.68%.
S&P 500 posts back-to-back winning days as chips rally and oil prices slide
The S&P 500 rose on Tuesday as enthusiasm surrounding chipmakers led traders to move into the names for another day. Investors also monitored a slide in oil prices and parsed through a slew of corporate earnings as the Federal Reserve began its two-day policy meeting. The broad market index was up 0.6% to end at 7,722.60, while the Dow Jones Industrial Average added 15.99 points, or 0.03%, to close at 52,377.57. The Nasdaq Composite gained 1.18% to settle at 26,477.81. Shares of Broadcom climbed 4% on the heels of a coalition of banks — namely, Bank of America, Citi and Morgan Stanley — and Blackstone announcing $63 billion in financing for the purchase of Broadcom’s technology for Anthropic. Other chipmakers rose in sympathy.
Gold fell below $4,050 an ounce on Wednesday after rising for two straight sessions
Gold fell below $4,050 an ounce on Wednesday after rising for two straight sessions, as investors cautiously awaited the US Federal Reserve’s upcoming policy decision and assessed geopolitical developments in the Middle East. The Fed is widely expected to keep interest rates unchanged, although traders will look for clues regarding a possible rate hike in December. Meanwhile, the Reserve Bank of New Zealand kept its policy rate steady despite market expectations for another increase, signalling a cautious stance toward further monetary tightening. On the geopolitical front, oil prices remained volatile amid a closely contested Israeli election that could influence the course of the Middle East conflict, while markets grappled with the prospect of fresh US strikes on Iran.
Crude oil climbed above $101 per barrel on Wednesday, snapping a two-session decline
Crude oil climbed above $101 per barrel on Wednesday, snapping a two-session decline after reports emerged that the US had urged several Persian Gulf nations to prepare for a possible new military campaign against Iran following the midterm elections. Investors also closely watched Israel’s election results, which could influence the course of the Middle East conflict. Exit polls showed Prime Minister Benjamin Netanyahu running neck and neck with opposition leader Gadi Eisenkot, as vote counting remained ongoing. During the campaign, Eisenkot presented himself as a more moderate alternative to Netanyahu, emphasizing that Iran’s nuclear program must be contained, including through military action, if necessary, while describing regime change as “not an achievable goal.”
Trump says Iran war will end ‘when I want it to’ as costs reportedly balloon to $47 billion
U.S. President Donald Trump has reiterated his claim that the Iran war will end “whenever I want it to,” but insists that Tehran cannot have a nuclear weapon. Speaking at a rally in Lubbock, Texas, Trump said “Somebody asked me before, ‘When will the war in Iran end?’ I said, ‘Whenever I want it to end.’” Trump said it “would be very quick, but we have to have an end properly,” with a “total statement” that Iran would never have a nuclear weapon. His statement comes as the President grapples with poll numbers that are near a record low due to rising energy costs and affordability issues as the U.S. heads into the midterm elections on Nov. 3. Currently, Trump’s approval ratings stand at 32%, according to a Reuters/Ipsos poll on Monday.
Trump administration may let more Russian diesel onto market, energy secretary tells
The U.S. may allow more diesel fuel from Russia onto the global market depending on Moscow’s behaviour, Energy Secretary Chris Wright told CNBC in an interview Tuesday. Wright framed the Trump administration’s suspension of U.S. sanctions against Russian diesel exports earlier this month as “an incentive” for Moscow to end the war in Ukraine. It will help with fuel supplies on the margin, he said. The Russian-flagged tanker Talisman is expected to arrive on the U.S. East Coast on Nov. 9, according to the ship-tracking platform MarineTraffic. Another tanker, the Leruo, has departed Russia en route to the “Atlantic Coast” without explicitly declaring its destination as the U.S. More tankers with Russian diesel could “quite possibly” set sail under the U.S. sanctions waiver, Wright told CNBC’s “Power Lunch.”
Fed expected to hold rates steady, but Warsh may point way to more hikes
Federal Reserve officials enter this week’s policy meeting amid a critical debate over what the central bank can, should and will do to address an inflation problem that shows no immediate sign of going away. When the rate-setting Federal Open Market Committee does release its decision Wednesday, markets overwhelmingly expect no change in benchmark interest rates following September’s quarter percentage point rate increase. Investors will be looking closely, though, for clues about future moves from policymakers, and Chairman Kevin Warsh in particular. Brett Ryan, senior U.S. economist at Deutsche Bank, said he’ll be watching what Warsh will signal about future policy moves — something the Fed chairman has said he is highly reluctant to do as he seeks to move the central bank away from the “forward guidance” practice of most of the 21st century.
Israel election appears to have no clear winner with Netanyahu, opponent Eisenkot far short of majorities
The outcome of Israel’s election hung in the balance as of Wednesday, with both Prime Minister Benjamin Netanyahu and challenger Gadi Eisenkot appearing to be well off the numbers needed to form a governing coalition. An updated Channel 13 poll early Wednesday put both blocs at 51 seats in the 120-seat Knesset, the Times of Israel reported. A coalition needs 61 to be able to govern. Channel 12 and Kan 11 showed Eisenkot’s bloc slightly ahead at 52-50. Arab-led parties, which belong to neither camp, were projected at 17 to 18 seats, their strongest showing ever. Eisenkot, a former military chief of staff, declared victory and said the preliminary results should give him the first right to try to form a government. “The initial exit poll results indicate a complete lack of confidence in Netanyahu and his October 7 government,” he said in a statement on X.
Meta- and Google-backed Jio Platforms’ shares soar over 21% on trading debut after record IPO
Jio Platforms’ shares rose 21.4% on their trading debut Wednesday after a record initial public offering that was lapped up by retail as well as institutional investors. India’s largest telecom and digital services player had offered 270 million shares in the IPO priced at 1,119 rupees apiece, raising 302 billion rupees ($3.2 billion) in the country’s largest-ever IPO. The public issue was subscribed more than 22 times, with institutional investors leading the demand, according to data from the BSE. The qualified institutional portion was subscribed 70.55 times, while retail investors subscribed 2.72 times. The IPO was fully subscribed within 95 minutes of its opening on Oct. 21, Akash Ambani, managing director of Jio Platforms and heir of the Indian billionaire Mukesh Ambani, said ahead of the listing.
SK Hynix shares soar over 10 % as profit beats, chipmaker to return $25 billion to investors
South Korean chipmaker SK Hynix on Wednesday posted a record high quarterly profit, sharply beating estimates, and announced over $25 billion in dividends and buybacks, sending shares more than 10% higher. Compared with the previous quarter, revenue climbed 31.9%, while operating profit surged 37.6%. SK Hynix shares rose more than 10%, outperforming the Kospi’s 6.25% gain. The company posted record quarterly revenue and operating profit, with sales exceeding 100 trillion won for the first time, as it announced plans to return about 100 trillion won to shareholders — including at least 30 trillion won in cash dividends and 60 trillion won in share buybacks and cancellations.
Indian investors rush to Nvidia, SpaceX, Apple as local trading apps roll out access to U.S. stocks
Major Indian online investment platforms are unlocking access to U.S. stocks for millions of retail investors eager to diversify into global assets as the country’s markets continue to underperform. Earlier, access to U.S. markets and exchange-traded funds was limited to wealthier Indians, via global banks and wealth management firms. Groww, an Indian investment platform that accounts for more than 29% of the country’s 46 million active investors across stock brokerages, rolled out the U.S. equity trading feature earlier this month, Harsh Jain, chief operating officer and co-founder of the company, told CNBC.
Boeing says it won’t significantly ramp up 737 Max production until late 2027
Boeing doesn’t expect to significantly ramp up output of its best-selling 737 Max aircraft until the second half of 2027 as it grapples with a slower-than-expected pace of wing production. CEO Kelly Ortberg said Tuesday on the company’s quarterly earnings call that Boeing is targeting a production rate of 52 planes a month in the second half of 2027. It has been manufacturing about 47 of its 737 Max planes a month. Ortberg had told investors last month that the production stabilize was taking a “little bit longer” than expected because of the wings production pace. Boeing stock fell nearly 11% in trading Tuesday. “I know everybody wants us to go faster, but we’re going to do it right,” Ortberg told CNBC’s Phil LeBeau in an interview Tuesday. Ortberg reiterated the company’s priority in stabilizing production on Tuesday. Aircraft production and deliveries are key to Boeing’s recovery since the bulk of an aircraft’s price is paid when the customer receives it. The company also reported Tuesday that it narrowed its losses in the third quarter, thanks to a boost from its defense unit.