Nvidia Stock Swings From 14% Plunge to 4.3% Loss After Huang Resignation
The chipmaker's market value briefly shed about $600 billion, by Capital Times' estimate, before buyers returned. AMD and Broadcom rose while AI cloud stocks sank.
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Markets
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Samsung Drags Kospi Down 3% as Alphabet's Cash Burn Cools Asia's AI Stock Rally
Japanese chip stocks rallied ahead of the BOJ and Hong Kong held flat in morning trade, while Samsung's profit miss and a battery stake sale sank Seoul.
Treasury Yields Slip Back Below 5% as Fed Decision Looms After September Rout
The 10-year yield has fallen for three weeks after touching its highest since 2007, but oil and supply worries still hang over the market.
Asia's Currencies Close October Mixed as Rupee Gains About 1% and Yuan Hits 4-Year High
With the Fed and the Bank of Japan both on hold, central bank defenses, export dollars and oil decided which currencies won the month.
Indonesian Stocks
Indonesian Stocks Lose 16.7% in October, Their Worst Month Since the March 2020 Crash
A recovery from Friday's morning low left the slide a shade short of March 2020's, while Korea's Kospi fell almost as far in Asia's AI selloff.
Kospi Jumps 2.2% and Sensex Gains 1.7% at Monday's Close as Tokyo, Sydney Slip
Seoul and Mumbai led a mixed Asian session on Nov. 2, Shanghai rose as the central bank stepped up support, and Tokyo and Sydney slipped after Friday's Wall Street tech rout.
Dow Jumps 3% After U.S. Midterms, but a 3.1% Chip Slide Hits Korea and Taiwan Funds
Microsoft and Apple rallied as Nvidia, Micron and TSMC's U.S.-listed shares fell, and Qualcomm and Arm slid after the bell on their quarterly results.
Hang Seng Rises 1.7%, Shenzhen 4.2% as PBOC Buyback Loan Requests Top 200 Billion Yuan
Chip and AI stocks led the rebound in Hong Kong, Shanghai and Shenzhen, but mainland investors still sold a net HK$3.3 billion of Hong Kong shares through Stock Connect.
U.S. Treasuries
U.S. Treasury Opens Door to Bigger Note Sales in 2027 as 10-Year Yield Slips to 4.90%
The department kept next week's sale at $125 billion but softened its pledge on auction sizes, and its advisers backed larger 2- to 10-year note sales.
Australia's 10-Year Bond Yield Slips to 5.1% Even as an RBA Hike to 4.85% Looks Likely
Hot September inflation lifted the odds of a fifth rate increase this year, but haven buying pushed long-dated Australian yields to an eight-week low.
Australian Bond Yields Slide as Split RBA Lifts Rate to 4.85%, an 18-Year High
Three of nine board members voted to hold and the bank dropped a line about further hikes, pulling the 3-year yield below the new cash rate.
India's 10-Year Bond Yield Drops to 7.17%, Lowest Since Sept. 29, as RBI Drains Surplus Cash
Yields fell 13 basis points in two sessions as Brent crude tumbled, while the Reserve Bank of India kept soaking up excess bank cash ahead of a 360 billion rupee bond sale.
Currencies
Australian Dollar Holds Near 70 U.S. Cents as Markets Bet on Fifth RBA Hike to 4.85%
September inflation of 4.3% pushed hike odds to 88%, but a softer jobs report and a hike already largely priced in have kept the Aussie from breaking higher.
Asia's Currencies Split Into Chip Winners and Oil Losers as the Fed Meets
Export booms have lifted the won and yuan to multi-year highs, while costly oil keeps the rupiah near a record low and the rupee under pressure.
How the Yen Carry Trade Works, and Why a 2.5-Point BOJ-Fed Gap Keeps It Alive
The Bank of Japan held at 1.25% and the Fed at 3.75% to 4% last week. That spread pays investors to borrow yen, until the yen jumps.
Japan Spent Zero on Yen Intervention for a Second Month as Currency Hovers Near 158
Tokyo has stayed out of the market since its record summer operation, leaving 27 trillion yen of yen buying this year and reserves of US$1.18 trillion.
Oil
Brent Eases From Near Six-Month High as Saudi-Iran Talks Temper Houthi Supply Scare
Diplomacy in Tehran trimmed oil prices, but attacks on Saudi energy sites and on Hormuz shipping keep a heavy risk premium in place.
Gold Sinks Below $3,900 to One-Year Low as Fed Hike Bets and AI Sell-Off Spur Selling
Bullion was down about 3.7% late Friday after a week of hawkish central bank holds, while silver headed for its worst weekly drop since early June.
Gold Jumps 3% Back Above $4,000 as Dollar Slides After U.S. Midterm Elections
Silver and palladium rallied harder, while World Gold Council data showed India's demand heading for a six-year low and Chinese bar buying still rising.
Brent Sinks 8% to Below $95, a Two-Month Low, as Iran Talks and Gulf Supply Weigh
Crude has lost more than 15% this week as traders bet on Iran diplomacy and the Dubai curve flips into contango, signaling ample supply for Asian buyers.
IPOs
Jio Platforms Heads for Market Debut After INR 302 Billion IPO Draws 22 Times Demand
Reliance's digital arm sold only new shares, will use most of the money to cut debt and starts trading in Mumbai on Wednesday.
Jio Platforms Jumps 27% in Debut, Passing Bharti Airtel to Become India's No. 2 Stock
India's largest IPO broke a run of weak debuts for record deals, though the shares quickly passed the targets set by two of the first brokerages to cover them.
Chinese GPU Maker Denglin Seeks Up to HK$1.76 Billion as Seven Hong Kong IPOs Open Books
The Qualcomm-backed chip designer is selling shares at HK$231 to HK$288 under the Chapter 18C tech regime, with trading set for Nov. 10.
Hemay Pharma Postpones HK$1.04 Billion Hong Kong IPO Days Before Debut
The drugmaker had US$29 million of cornerstone orders but halted after retail books closed, as Beijing reportedly slows listings and Kunlunxin's deal may slip.
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