- Asian markets broadly declined, with Japan's Nikkei 225 leading losses (-1.7%) and TOPIX down 1.1%. South Korea's KOSPI lost over 1%, while Australia's ASX 200 fell 1%. Chinese markets bucked the trend with CHN and CH50 rising 0.7%, and Hong Kong's Hang Seng up 0.6%.
- Chinese stocks found support after the People's Bank of China cut its benchmark loan prime rate. Youth unemployment (excluding students) improved to 17.6% in September from 18.8% in August.
- U.S. stock index futures pointed slightly lower in Asian trade, following Wall Street's retreat from record highs as Treasury yields rose.
- HSBC announced major restructuring, consolidating operations into four business units effective January 2025. The bank named Pam Kaur as its first female CFO, replacing Georges Elhedery.
- Hyundai Motor India's shares fell 2% in their market debut after the country's largest-ever IPO of $3.3 billion, listing at 1,934 rupees versus issue price of 1,960 rupees.
- Oil prices eased as U.S. diplomatic efforts for Middle East ceasefire resumed. Brent crude fell 0.3% to $73.93 per barrel, while WTI dropped 0.2% to $69.72.
- Gold prices rose 0.6% to $2,734.38 an ounce, steadying near record highs as election uncertainty and geopolitical tensions supported safe-haven demand. Silver gained 1.2% near 12-year highs.
- The U.S. dollar held near two-and-half-month highs as markets priced in a more measured approach to Fed rate cuts. Japanese yen weakened to nearly 151 against the dollar, its lowest since late July.
- Tesla faces scrutiny after its robotaxi reveal "fell flat," with Jefferies raising price target to $195 but citing concerns over core auto business pressure and governance.
- South Korean Q3 GDP expected to show 0.5% growth, rebounding from previous quarter's 0.2% contraction, supported by exports despite weak domestic demand.
- Focus remains on U.S. presidential election (two weeks away) with recent polls showing a tight race between Donald Trump and Kamala Harris. Markets expect increased volatility as election approaches.
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