Global equities were mixed on Thursday, as Wall Street tumbled amid renewed pressure on technology stocks and weak US labour data, while European markets fell following a raft of earnings reports and steady central bank decisions. In contrast, Asian markets advanced earlier in the day on the back of Wednesday’s upbeat US data and easing political uncertainty.
US markets fall as tech stocks slide and layoff data spook investors
US equities declined sharply on Thursday as renewed concerns over stretched technology valuations and weak labour market data unsettled investors. The NASDAQ fell -1.7%, the S&P 500 dropped -1.1% and the DOW lost -0.8%. Sentiment was hit by figures from Challenger, Gray & Christmas showing that October recorded the most layoffs since 2003, up sharply from September, making 2025 the worst year for job cuts since 2020. On the corporate front, AI-related and semiconductor shares led losses, with Qualcomm down -4.4% after strong results were overshadowed by warnings it may lose Apple (+0.7%) as a customer, while AMD and Nvidia fell -6.9% and -4.0% respectively. Tesla slid -4.0% ahead of its shareholder vote on Elon Musk’s trillion-dollar pay package. Eli Lilly rose +1.2% and Novo Nordisk fell -3.9% after the Trump administration announced it had negotiated deals to lower the pricing of the companies’ obesity drugs in the US in exchange for wider Medicare access and tariff relief. The US two-year yield and 10-year yield both fell -7bp to 3.559% and 4.087% respectively.
European stocks decline as earnings disappoint and central banks hold rates steady
European equities closed lower on Thursday as investors digested a wave of earnings reports and the Bank of England’s latest rate decision. The STOXX 600 fell -0.7%, with the FTSE 100 slipping -0.4%, while Germany’s DAX and France’s CAC 40 lost -1.3% and -1.4% respectively. Diageo dropped -6.5% after cutting its full-year guidance due to weakness in the US and China, while confirming a US$200 million hit from US tariffs. AstraZeneca gained +3.1% on stronger-than-expected third-quarter results and maintained its guidance. DHL rose +8.6% after beating estimates, though its CEO warned of softer US trading volumes. On the policy front, the Bank of England kept interest rates unchanged, signalling that cuts could follow if disinflation persists.
Asia–Pacific stocks rebound as easing political uncertainty lifts sentiment
Asian equities advanced on Thursday, snapping a two-day losing streak as easing political uncertainty lifted sentiment. Japan’s Nikkei 225 rose +1.3%, China’s Shanghai Composite added +1.0% after the country raised US$4 billion in its return to the international bond market, and Hong Kong’s Hang Seng rallied +2.1% as technology shares rebounded. South Korea’s Kospi climbed +0.6%, recovering from a sharp sell-off in AI stocks the previous day, with financial and utility stocks leading gains. Australia’s ASX 200 edged up +0.3%, supported by higher gold prices, though gains were capped by a -3.3% drop in National Australia Bank after disappointing earnings and a -12.7% plunge in James Hardie Industries after US peer Louisiana-Pacific posted stronger siding sales growth of 5% in the September quarter. Across the Tasman, New Zealand’s NZX 50 slipped -0.3%.
Oil falls, gold and iron ore rise
WTI crude dipped -0.8% to US$59.13/bbl, gold inched up +0.1% to US$3,985.84/oz, and iron ore rose +0.2% to US$104.73/MT.
Today's Events
- BOE Bank Rate Decision
- CMO AGM
- SKP AGM
- TAH HY26 Result