1. Japan stocks hit record highs as Asia markets mostly gain after Trump-Xi truce
Japan stocks led gains in Asia on Friday as investors assessed a truce between Washington and Beijing, following a meeting between President Donald Trump and his Chinese counterpart Xi Jinping. They reached a trade deal of sorts during a high-stakes meeting in South Korea on Thursday, de-escalating a dispute over rare earth elements that had threatened to push the world’s two largest economies into a full-blown trade war. Japan’s Nikkei 225 rose over 1% to hit a fresh record, while the Topix added 0.79%, also scaling a new peak. South Korea’s Kospi added 0.22% after hitting a fresh record high on Thursday. The small-cap Kosdaq rose 0.47%. Australia’s S&P/ASX 200 started the day 0.45% higher. Hong Kong’s Hang Seng Index slid 0.33%, while mainland China’s CSI 300 was flat.
2. Stocks close lower, with Nasdaq down 1.6% as Big Tech leaders Meta and Microsoft decline after earnings
U.S. stocks fell on Thursday as investors digested a batch of Big Tech earnings, while a meeting between President Donald Trump and Chinese President Xi Jinping concluded. The S&P 500 dipped 0.99% to finish the day at 6,822.34, while the Nasdaq Composite dropped 1.57% to close at 23,581.14. The Dow Jones Industrial Average traded down 109.88 points, or 0.23%, to 47,522.12. Megacap tech giants Alphabet, Meta and Microsoft each reported quarterly results after market close Wednesday. The drop in Meta and Microsoft, as well as artificial intelligence chip giant Nvidia, marked a rotation out of technology stocks in the session.
3. Gold slips as Fed rate caution boosts dollar, set for 3rd monthly rise
Gold prices fell on Friday, as the dollar firmed on uncertainty over further Federal Reserve rate cuts, although bullion was still on track for its third straight monthly gain. Spot gold was down 0.5% at $4,004 per ounce, as of 0240 GMT. Bullion has gained 3.9% so far this month. The dollar index (.DXY), held near its highest level in three months against its rivals, making bullion more expensive for other currency holders. On Wednesday, the U.S. central bank cut interest rates by a quarter of a percentage point for the second time this year, taking the benchmark overnight rate to a target range of 3.75%–4.00%. However, traders scaled back bets that the Fed will cut rates again at its next policy meeting in December after remarks from Fed Chair Jerome Powell.
4. Oil heads for third monthly decline as strong dollar, ample supply weigh
Oil prices eased on Friday, heading for a third straight monthly decline, as a stronger dollar and weak China data capped gains while rising supply from major producers globally offset the impact of Western sanctions on Russian exports. Brent crude futures slipped 36 cents, or 0.55%, to $64.64 a barrel by 0410 GMT, while U.S. West Texas Intermediate crude was at $60.14 a barrel, down 43 cents, or 0.71%. “A stronger USD weighed on investor appetite across the commodities complex,” ANZ analysts said in a note. The greenback was boosted after Federal Reserve Chair Jerome Powell said on Wednesday a rate cut in December was not guaranteed.
5. Russia on guard after Trump’s call to resume nuclear weapons testing
President Donald Trump’s call for the U.S. to resume nuclear testing after a more than 30-year pause has caught Russia’s attention, with the Kremlin warning on Thursday that it would “act accordingly” if a Cold War-era moratorium on nuclear weapons’ testing was broken. Ahead of his high-profile talks with China’s President Xi Jinping in Asia on Thursday, Trump said he had instructed the Pentagon — rebranded as the “Department of War” — to resume nuclear testing. “The United States has more nuclear weapons than any other country … Russia is second, and China is a distant third, but will be even within 5 years. Because of other countries testing programs, I have instructed the Department of War to start testing our nuclear weapons on an equal basis. That process will begin immediately,” Trump said in a post on his Truth Social platform.
6. European markets negative as ECB holds rates; euro zone growth beats expectations
European stocks were lower on Thursday, despite the latest figures showing the bloc’s economy grew more than expected and the European Central Bank’s decision to hold interest rates. The pan-European Stoxx 600 ended lower by 0.1%, with most major bourses and sectors in the red. The U.K.’s FTSE 100 index closed the session marginally higher; France’s CAC 40 was down 0.5% and Italy’s FTSE MIB traded around 0.1% lower. Germany’s DAX ended the day up nearly 0.1%. Elsewhere, the euro zone economy grew a better-than-expected 0.2% in the third quarter, which narrowly beat estimates of 0.1%, according to flash data from Eurostat on Thursday. The European Central Bank also held its key deposit facility rate at 2% for the third consecutive time, having last cut rates in June. Economists had branded it a “non-event” ahead of the announcement.
7. Shipping sector skeptical Trump’s latest trade truce with China will reverse import decline
American shippers were already unhappy about their business outlook after President Donald Trump imposed steep new tariffs on China in April. And they were not feeling much happier on Thursday, even after Trump announced a new trade truce with Chinese President Xi Jinping. The consensus among U.S. shippers and logistics managers is that the deal is largely rhetoric and that it does not change the substance of the disagreements on trade between the two nations. The note that tariffs on Chinese imports, even after the 10-percentage-point cut announced, remain high enough to put a serious dent on import volume. The effective rate on Chinese imports is still around a minimum of 47% because tariffs are layered on top of each other depending on the physical characteristics of individual imports.
8. US delays expansion of export restrictions on Chinese firms after Trump-Xi meeting, Bessent says
The U.S. will suspend for one year a new measure that vastly expanded the number of Chinese firms facing tough restrictions on access to U.S. technology, U.S. Treasury Secretary Scott Bessent said on Thursday. The move, agreed as part of President Donald Trump and Chinese leader Xi Jinping’s summit, came in exchange for China delaying by one year its restrictions on rare earth mineral exports, key ingredients for tech that are primarily controlled by China. When asked about the so-called affiliates rule, Bessent said “Yes, we are going to be suspending that for a year in return for the suspension …on the rare earth licensing regime.”
9. Global central banks converge towards rate cut caution
The U.S. Federal Reserve has moved back into line with other major rate setters after it cut rates by a quarter point on Wednesday but pushed back against market bets that it would keep going as the Washington shutdown fogs up its forecasting lens. The Bank of Japan and European Central Bank left rates unchanged on Thursday. The Swiss National Bank cut its key rate to 0% in June and is widely expected to hold steady with markets pricing a long pause. The Bank of Canada, battling an economic slowdown exacerbated by U.S. tariffs and the inflationary impact of the trade war, cut rates to a more than three-year low of 2.25% on Wednesday. The ECB on Thursday matched traders’ expectations and held the bloc’s main deposit rate at 2% for a third straight meeting. The Bank of England is another major rate setter that is signalling cautious moves from here as it kept rates unchanged at its last meeting and said inflation risks remained high.
10. Ford to make new engines in India with $370 million investment
Ford is planning to invest about 32.50 billion Indian rupees ($369.76 million) in India to make new engines, Bloomberg News reported on Thursday, citing a person familiar with the matter. The report said the Maraimalai Nagar manufacturing site in the southern Indian state of Tamil Nadu would be retooled to make high-end engines for export markets with an annual capacity of over 200,000 units. The new engines will not be exported to the U.S., Bloomberg reported, adding that an announcement is expected as early as this week. The move comes even as President Donald Trump pushes companies to manufacture more in the United States by imposing tariffs on imports. Last year, the automaker signalled interest in plans to restart manufacturing at its factory in Tamil Nadu, after it stopped making cars in India in 2021.
11. Apple CEO forecasts holiday quarter iPhone sales that top Wall Street estimates
Apple Chief Executive Tim Cook on Thursday gave a forecast for holiday quarter iPhone sales and overall revenue that beat Wall Street expectations, powered by orders for iPhone 17 models that the company is racing to fulfil amid continuing supply constraints. The constraints, as well as delays in shipping new phones to China, led Apple to miss iPhone sales forecasts in the fiscal fourth quarter, although the shortfall was made up for by strength in other areas such as new AirPods that use AI to translate languages, and profit topped Wall Street targets. Apple shares declined 1.5% after the results and forecast. The results showed that the biggest risks many investors saw to Apple’s business – its exposure to U.S.-China trade tensions and its lag in rolling out AI features – played a smaller role than the complexity of building and shipping hundreds of millions of devices.
12. Amazon shares soar as cloud growth beats expectations
Amazon.com forecast quarterly revenue largely above Wall Street estimates on Thursday on strong demand for its cloud services as businesses continue to spend relentlessly on artificial intelligence software development. The massive cloud demand is helping the tech company ease the pressure from softer growth at its e-commerce business, which is gearing up for the holiday season amid weakness in consumer confidence stemming from global trade uncertainty. Investors cheered the news, sending the company’s shares up nearly 10% in extended trading. Jassy’s comments echoed those from rival CEOs, indicating Big Tech has no plans to pump the brakes on AI spending despite Wall Street expressing concern about a possible investment bubble.
13. Netflix announces ten-for-one forward stock split
Netflix on Thursday announced a ten-for-one forward stock split plan of its common stock, making the company’s shares more affordable for retail investors. Netflix’s shares, which have gained more than 360% over the past three years, were up 3% at $1,123.49 in extended trading. Each shareholder of the company will receive nine additional shares for each share held, after close of trading on Nov 10. Trading is expected to begin on a split adjusted basis at market open on November 17, the company said. Netflix, the streaming leader whose shares have boomed over the last three years to above $1,000 apiece, said it was making the change to “reset the market price of the Company’s common stock to a range that will be more accessible to employees who participate in the Company’s stock option program.” Netflix shares added more than 2% after hours on the split announcement. The stock closed Thursday at $1,089 a share, up 42% for the year.
14. First Solar falls as guidance disappoints despite record volume
First Solar, Inc. shares dropped 3.3% in after-hours trading Thursday after the solar module manufacturer issued disappointing full-year guidance despite reporting record quarterly volume and strong third-quarter results. The company reported third-quarter adjusted earnings of $4.24 per share, slightly missing analyst expectations of $4.27, on revenue of $1.59 billion, which narrowly beat the consensus estimate of $1.58 billion. The revenue figure represented a significant increase from the previous quarter, driven by record volume sold of 5.3 gigawatts (GW). First Solar lowered its full-year 2025 revenue guidance to $4.95-$5.20 billion, down from its previous forecast of $4.90-$5.70 billion and below analyst expectations of $5.3 billion. The company also trimmed its earnings guidance to $14.00-$15.00 per share, compared to its earlier projection of $13.50-$16.50 and below the consensus estimate of $15.13.
15. Eli Lilly says weight-loss pill a candidate for speedy approval under new US program
Eli Lilly said on Thursday its experimental weight-loss pill met most criteria for the U.S. Food and Drug Administration’s new national priority voucher, suggesting it is a strong candidate for a significantly accelerated approval review. Lilly said it will submit its review package for the pill, orforglipron, to the FDA this quarter, adding the agency will decide on the approval process. In June, the FDA unveiled a program under which its commissioner can award vouchers to national‑priority drugs, shortening reviews to one to two months from about 10 to 12. Priority criteria include innovative medicines, addressing health crises or unmet needs, and boosting domestic manufacturing. Lilly said it meets three of the four criteria.
16. Estee Lauder beats quarterly estimates on robust growth in fragrance business
Estee Lauder beat Wall Street estimates for first-quarter sales and profit on Thursday on strong demand for its Le Labo and Tom Ford fragrances and an uptick in China demand, in fresh signs the beauty company’s turnaround push is starting to work. In the midst of a turnaround under CEO Stephane de La Faverie, Estee Lauder has been ramping up luxury launches, streamlining its supply chain and boosting innovation and marketing efforts, which has helped the cosmetics maker revive sliding sales. The company, which warned of a $100 million tariff hit in August, has been shifting production closer to key markets as part of its plans to navigate the ever-shifting trade policies that have crippled the broader retail industry.
17. BYD profit falls as price war and weaker China demand weigh
BYD reported a decline in quarterly earnings as competition and regulatory scrutiny in China’s electric vehicle market weighed on performance. The Chinese automaker said third-quarter net profit fell 33% year on year to 7.82 billion yuan ($1.1 billion), below analyst expectations of 9.02 billion yuan. Revenue slipped 3% to 194.98 billion yuan, also missing forecasts of 215.30 billion yuan. The weaker results underscore the pressure BYD faces as it tries to shift from being known for affordable EVs to positioning itself as a premium global brand. Domestic demand has softened after Beijing urged automakers to curb price discounting, ending a protracted price war that had boosted sales volumes but eroded margins. BYD’s sales dropped 2.1% in the third quarter, marking its first decline since 2020. For the first nine months of 2025, the company’s net profit fell to 23.33 billion yuan from 25.24 billion yuan a year earlier, while revenue rose to 566.27 billion yuan.
18. Intel in talks to acquire AI chip startup SambaNova
Chipmaker Intel is in talks to acquire artificial intelligence processor maker SambaNova, Bloomberg News reported on Thursday. Any deal would likely value SambaNova at below the $5 billion it fetched in a 2021 funding round, and deliberations are in the early stages and there’s no certainty the companies will reach an agreement, the report said, citing people familiar with the matter. Intel’s chief executive, Lip-Bu Tan, was also appointed as SambaNova’s executive chairman and his investment firm Walden International was among the company’s early investors.
19. Reliance and Google partner to offer AI Pro plan to Jio users in India
Google has formed a strategic partnership with Reliance Intelligence to provide its AI Pro plan to Jio Unlimited 5G users at no additional cost for 18 months. The collaboration will make Google Gemini 2.5 Pro available first to Jio users aged 18 to 25, with plans to expand to all eligible Jio customers across India. The package includes higher access to Google’s Gemini 2.5 Pro model, increased limits for generating images and videos using Nano Banana and Veo 3.1 models, expanded access to NotebookLM for study purposes, and 2 TB of cloud storage across Google services including Photos, Gmail, Drive, and WhatsApp chat backups on Android devices. The combined value of these offerings is approximately ₹35,100, according to Google. Eligible Jio customers can activate the offer through the MyJio app. Google stated that this partnership aims to expand access to its most powerful AI models throughout India, bringing advanced AI capabilities to more users across the country.
20. DocuSign stock rises after announcing ChatGPT integration
Docusign stock rose 5% Thursday after the company announced it will integrate its Intelligent Agreement Management (IAM) platform with OpenAI’s ChatGPT, allowing users to create and analyse contracts directly within the AI chatbot. The integration will enable ChatGPT users to access DocuSign’s contract management capabilities without switching between applications. Users will be able to draft, sign, and manage agreements through conversational prompts in ChatGPT, leveraging DocuSign’s agreement AI technology. “AI is changing how people get work done, and the biggest impact will come when it connects directly to the tools we trust every day,” said Allan Thygesen, CEO of DocuSign.
