Market Summary
AI Optimism Lifts Technology Stocks: Optimism returned to the technology sector after SpaceX reported better-than-expected earnings, driven by strong growth in its AI business. Its shares rose 8.1% in extended trading, while South Korea’s KOSPI gained 2.7% as investors regained confidence that heavy AI investment can deliver sufficient returns. AI infrastructure firms also rallied sharply, with Elice Inc. surging 30% following one of South Korea’s weakest stock-market debuts on record yesterday. Tesla and Meta are due to report earnings later today.
Oil Edges Higher as Hormuz Risks Persist: Brent crude edged higher amid continued attacks on shipping in the Strait of Hormuz, with Iranian media reporting that a supertanker had struck a sea mine south of the waterway. US industry data pointed to a third consecutive weekly decline in crude stockpiles, despite a recovery in supplies from the Persian Gulf. Talks aimed at ending the conflict are continuing, although a diplomat indicated on Tuesday that the parties remain far from reaching an agreement.
UK Inflation Strengthens Rate-Hike Expectations: Gold held near $4,115 an ounce, while long-dated Treasuries gained marginally after US data showed a decline in housing starts and pending home sales. In the UK, stronger-than-expected CPI data reinforced the case for a November rate hike, with fuel prices remaining the biggest driver of inflation. Attention now turns to next week’s Budget as the Chancellor faces diminishing fiscal headroom and a growing cost-of-living squeeze.
Key Market Moves Today
- S&P 500 Futures: +0.19% (7,770)
- Crude Oil: +1.50% ($99.30)
- Spot Gold: -0.26% ($4,115)
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