Global Markets:
● Asian Stock Markets : Nikkei down 6.19%, Shanghai Composite down 1.14% Hang Seng down 1.17% ASX down 0.87%
● Commodities : Gold at $4,049.47 (-1.56%) Silver at $51.415 (-1.83%), Brent Oil at 100.06 (1.81%), WTI Oil at 91.77 (1.38%)
● Rates : US 10-year yield at 4.837, UK 10-year yield at 5.1363, Germany 10-year yield at 3.2466
News & Data:
● (GBP) Official Bank Rate 4.00% to 4.00% expected
● (USD) Unemployment Claims 189K to 197K expected
Markets Update:
U.S. stock futures declined Thursday evening following a sharp sell-off in artificial intelligence stocks that pushed the Nasdaq Composite into correction territory. Investors also turned their attention to Friday’s closely watched October employment report.
S&P 500 futures fell 0.6%, while Nasdaq-100 futures dropped 0.8%. Dow Jones Industrial Average futures lost 291 points, or 0.6%.
Asian markets also tumbled, led by South Korea’s Kospi, which plunged more than 6%. Japan’s Nikkei 225 declined 5.9%, entering bear market territory. Australia’s S&P/ASX 200 slipped 0.9%, while Hong Kong’s Hang Seng fell 1% and China’s CSI 300 dropped 1.47%.
Thursday’s Wall Street session saw all three major indexes record their steepest daily declines since April 2025. The Nasdaq plunged 5.5%, closing more than 10% below its recent peak. The S&P 500 declined 4.4%, while the Dow dropped over 1,800 points, or 3.4%.
AI-related shares suffered significant losses amid concerns about potential delays in data center construction. Micron Technology and Advanced Micro Devices each plunged 17%, while Nvidia fell 9%.
Despite the sell-off, some investors see opportunities in discounted technology shares. Meanwhile, economists expect Friday’s payrolls report to show 59,000 jobs added in October, with unemployment remaining at 4.2%.
Upcoming Events:
● 1:30 PM GMT – CAD Average Hourly Earnings m/m
● 3:00 PM GMT – USD Prelim UoM Consumer Sentiment
