Newsquawk Daily Asia-Pac Opening News - 22nd October 2026

• US stocks gained with the Nasdaq outperforming, as NVIDIA announced a raft of AI partnerships at its GTC keynote and a US official said Russia accepted a US proposal for a trilateral meeting with Ukraine.
• Risk appetite was dented late in the session after the US State Department said it is preparing ordered departures of some personnel at US embassies across the Gulf, with Brent climbing and T-notes and ES falling on the headline.
• Brent was firmer, while WTI was flat, amid Middle East tensions, including drone attacks targeting Saudi Aramco's Shaybah oilfield, while EIA data showed a larger-than-expected crude draw.
• GBP firmed after hotter-than-expected UK CPI, while AUD outperformed after Goldman Sachs shifted to expecting an RBA hike in November.
• After-hours, Meta beat on revenue with EPS hit by a USD 9.89bln litigation charge (+3.5% after-hours), Tesla topped EPS forecasts (+2.0%), while Texas Instruments, IBM and Lam Research beat and SAP guided FY adj. operating profit above expectations.
• Looking ahead, highlights include New Zealand CPI (Q3), BoJ Senior Loan Officer Survey, BoK Rate Decision, Supply from Australia.

As of 21:15BST

LOOKING AHEAD

• Highlights include New Zealand CPI (Q3), BoJ Senior Loan Officer Survey, BoK Rate Decision, Supply from Australia.
• Click for the Newsquawk Week in Focus.

• US stocks gained with the Nasdaq outperforming, while NVIDIA's GTC keynote saw the Co. announce a raft of partnerships, including Google Cloud scaling NVIDIA Vera Rubin infrastructure to 960k GPUs, and outlined plans with supply chain partners to expand substrate and packaging capacity. Risk-on trade was seen after a US official said Russia accepted a US proposal for a trilateral meeting with Ukraine, although risk appetite was dented late in the session after US officials said the State Department is preparing ordered departures of some personnel at US embassies across the Gulf. On the earnings front, Elevance Health beat and raised its FY guidance, Danaher beat but cut its FY core sales growth outlook, Abbott announced plans to separate its Nutrition business, and Philip Morris guided FY EPS below expectations. After-hours, Meta beat on revenue with EPS hit by a litigation charge, Tesla topped EPS forecasts, and Texas Instruments and IBM beat.
• SPX +0.60% at 7,759, NDX +1.20% at 29,845, DJI +0.69% at 52,857, RUT +0.32% at 2,782.
• Click here for a detailed summary.

NOTABLE US HEADLINES

• US President Trump said he had a good meeting on cyber.
• US Treasury Secretary Bessent shrugs off ‘systemic’ AI risks at closed-door investor conference, FT reported.
• Canada and Ontario unveil joint CAD 9bln support package to help steel and auto sectors deal with US tariffs, and also boost critical minerals supply chain.
• US authorises offloading cargo involving some blocked vessels. Authorizing wind down activities, limited safety and environmental transactions, and the offloading of cargo involving certain persons or vessels blocked on October 21, 2026.
• US NSA Cyber said all organisations using PHP are advised to be prepared for an update addressing two critical vulnerabilities, effective immediately. If an immediate update is not feasible, it is recommended that organisations take the system offline until it can be fully mitigated.

TARIFFS/TRADE

• Canadian PM Carney said he spoke to US President Trump on Wednesday for quite some time; he discussed a wide range of issues with US President Trump, including Iran.
• Canadian PM Carney is expected to announce tariff support measures for the steel and automotive sectors, CTV reported.
• China and the EU promise deeper antitrust enforcement cooperation and to uphold fair competition across global markets.
• Japan and India to hold 2+2 meeting in mid-November, Kyodo reported citing officials; aims to strengthen cooperation in maritime security and economic subjects.

DATA RECAP

• US EIA Weekly Crude Production (% Change) -3.00% (Prev. -2.14%).
• US EIA Weekly Crude Production Change bbl -410k (Prev. -300k).
• US EIA Weekly Crude Production 13.269M (Prev. 13.679M).
• US EIA Distillate Fuel Production Change (Oct/16) 0.043M (Prev. -0.101M).
• US EIA Crude Oil Imports Change (Oct/16) 0.837M (Prev. -0.596M).
• US EIA Distillate Stocks Change (Oct/16) 1.675M vs. Exp. -1.2M (Prev. -2.527M).
• US EIA Heating Oil Stocks Change (Oct/16) 0.652M (Prev. -0.448M).
• US EIA Gasoline Production Change (Oct/16) 0.518M (Prev. -0.117M).
• US EIA Refinery Crude Runs Change (Oct/16) 0.034M (Prev. 0.135M).
• US EIA Gasoline Stocks Change (Oct/16) -2.952M vs. Exp. -0.4M (Prev. 3.518M).
• US EIA Crude Oil Stocks Change (Oct/16) -3.061M vs. Exp. -0.8M (Prev. -8.557M); SPR falls to 282.7M (prev. 283M).
• US MBA 30-Year Mortgage Rate (Oct/16) 7.41% (Prev. 7.50%).
• US MBA Mortgage Refinance Index (Oct/16) 503.1 (Prev. 513.5).
• US MBA Mortgage Market Index (Oct/16) 188.6 (Prev. 199.2).
• US MBA Purchase Index (Oct/16) 129.2 (Prev. 139.3).
• US MBA Mortgage Applications (Oct/16) -5.3% (Prev. -2.7%).
• EIA Cushing Crude Oil Stocks Change (Oct/16) 0.987M (Prev. 1.862M).

NOTABLE US EQUITY HEADLINES

• Meta (META) CEO Zuckerberg weighs relocating from California if Prop 40 is enacted, Bloomberg reported.
• International Business Machines (IBM) Q3 2026 (USD): Operating EPS 2.95 (exp. 2.86), Revenue 17.1bln (exp. 16.81bln); reaffirms FY revenue guidance; Raises outlook for full-year free cash flow.
• Lam Research (LRCX) Q1 2027 (USD): Adj. EPS 2.20 (exp. 2.18), Revenue 8.22bln (exp. 8.13bln).
• CSX (CSX) Q3 2026 (USD): Adj. EPS 0.44 (exp. 0.53), Revenue 4.02bln (exp. 3.96bln).
• Tesla (TSLA) Q3 2026 (USD): Adj. EPS 0.48 (exp. 0.45), Revenue 28.0bln (exp. 28.1bln).
• Texas Instruments (TXN) Q3 2026 (USD): EPS 2.62 (exp. 2.42), Revenue 6.06bln (exp. 5.92bln), Next Qtr. Rev. 5.8-6.3bln (exp. 5.75bln).
• Meta Platforms Inc (META) Q3 2026 (USD): EPS 3.83 (exp. 6.67), Revenue 64.6bln (exp. 63.31bln).

• USD was little changed against major peers, with risk sentiment supported by progress towards trilateral Russia-US-Ukraine talks before souring late in the session on reports of US ordered departures across the Gulf. Middle East tensions remained elevated, with drone attacks targeting Saudi Arabia's Shaybah oilfield and the IRGC saying the Strait of Hormuz is completely closed.
• EUR was flat against the buck, with French unrest and the wider OAT-Bund spread still in focus ahead of Moody's review on Friday, while ECB's Kazaks said some more tightening might be necessary if inflation continues to reside above target.
• GBP was marginally firmer after UK CPI came in hotter than expected at 3.5% Y/Y (exp. 3.4%), with core rising to 2.8% (exp. 2.7%) and services to 3.7% (exp. 3.6%).
• AUD outperformed after Goldman Sachs shifted to expecting a 25bps RBA hike in November following hawkish remarks from RBA's Hauser.

• T-notes were slightly lower, with the 10yr yield marginally higher, after the US 20yr bond auction tailed by 0.9bps, while T-notes fell late in the session on reports of US ordered departures across the Gulf.
• US Treasury sold USD 13bln of 20-year bonds; tails 0.9bps.
• US sold 17-wk bills at high-rate 4.155%, B/C 2.76x.
• Bunds were lower, with the German 10yr yield marginally higher, while ECB's Kazaks said some more policy tightening might be necessary if inflation continues to reside above target.

• Oil prices were mixed, with Brent firmer and WTI flat, amid elevated Middle East tensions, with drone attacks targeting Saudi Aramco's Shaybah oilfield, although Saudi's Energy Ministry said air defences intercepted the drone and there was no impact on operations. Prices were also supported by EIA data showing a larger-than-expected crude draw of 3.06mln bbls (exp. -0.8mln), while Brent climbed following reports of US ordered departures across the Gulf.
• Spot gold was marginally firmer, while CME copper was softer.
• US waives Russian diesel tax record requirements for buyers.
• China and Russia agree to support firms to expand oil cooperation, Xinhua reported.
• Gulf Keystone Petroleum CEO expects gross output in Iraqi Kurdistan's Shaikan oilfield to increase to over 90k BPD from about 45k BPD by 2030 if drilling commences next year.
• US posted license for Lukoil international GMBH sale talks.
• IRGC said Saudi and UAE pipelines cannot replace the Strait of Hormuz and Hormuz Strait has no alternative for oil transit, reported SNN.
• Exxon (XOM) shuts catalytic reformer at Joliet, Illinois refinery (275k BPD).
• French President Macron said Saudi Arabia has agreed to extend extra diesel supplies.
• EIA Expectations: Crude -1.24M, Distillate -1.33M, Gasoline -0.33M.
• Saudi Aramco facilities at Yanbu and at Shaybah are undamaged, Argus reported citing sources.
• Rio Tinto (RIO LN) reportedly agrees with China's State iron ore buyer on a new annual supply contract, according to sources.
• US exporters sell 134k T of Soybeans to China.
• Weatherford (WFRD) expects Middle East activity to remain near current levels, with no recovery factored into its near-term outlook.
• Russia's Deputy PM Novak said will export only those volumes of diesel fuel that are not in demand on the domestic market, RIA reported.
• UK Energy Secretary Fahnbulleh is edging towards rejecting the Rosebank oilfield, The Guardian reported citing sources.
• US President Trump posted "the U.K. has started drilling in the North Sea, one of the greatest and most prosperous areas of OIL in the World. They should go FULL BLAST!".
• Hungary considers replacing Rosatom as main contractor in Paks nuclear project, according to reports, citing sources; will make final decision following a review.
• Naftogaz said Russia struck Ukraine's gas production site in the Kharkiv region.
• US President Trump's administration is reportedly to evaluate whether additional loans from the heating oil reserve should occur, sources report; Energy Department to loan as much as one third of the 1mln barrel northeast heating oil reserve.
• French President Macron said "we secured 2 terawatt-hours per month of gas from Qatar during the winter period".
• Russian President Putin said that they could supply fertilizers in large quantities to the American market, Tass reported.
• Russian Deputy PM Novak said they could see a full restoration of diesel volumes by end-2026, Ifx/Tass. Could have a commercial deal with China regarding Power of Baikal by end-2026.
• UK Energy Secretary said that the government will decide shortly on the Rosebank oilfield project.

CENTRAL BANKS

• ECB's Kazaks said that some more policy tightening might be necessary if inflation continues to reside above target; recent rise in yields has already tightened financing conditions, Econostream reported. Monetary policy cannot cure the French situation.
• ECB's Nagel said Europe must deepen its banking and capital markets integration, Econostream reported.
• Bank of Israel keeps its interest rate steady at 3.25%, as expected.
• Indonesian Central Bank leaves the BI rate unchanged at 5.75%, raises the Deposit Facility rate to 5.00% (prev. 4.75%); BI rate decision vs. Exp. 6.00%. To cut its reserve ratio by one percentage point starting in November.

• Bitcoin gained and traded above USD 84,000, with Ethereum also firmer.

MIDDLE EAST

• US President Trump said on embassy staff told to depart, said don't know that they are; we continue to beat Iran. On Russia-Ukraine, said I have the right to do sanctions any day.
• In the past few hours, there has apparently been a change in the American position in favour of a pre-emptive strike on Iran, according to a Haaretz correspondent, citing White House sources. White House sources explain the change mainly due to the great weight that President Trump gave to the assessments and intelligence that Defense Secretary Pete Hegseth presented to him upon his return from the meeting with Prime Minister Netanyahu.
• US State Department issued an ordered departure for non-emergency US Government employees and their family members in Saudi Arabia only.
• No impact on operations in Saudi Aramco's Shaybah oilfield following drone attack.
• Two people killed in drone attack on oil wells in Al-Shaybah, reported Fars.
• Saudi's Energy Ministry said air defences intercept drone attempting to target the facility at Aramco's Shaybah oil field.
• Oil tanker being targeted near Iraqi territorial waters, reported Sabereen News.
• US officials said the US State Department is preparing to issue an ordered departure of some personnel and family members at US embassies across the Gulf. The move was due to a possible resumption of hostilities, particularly with Iran-aligned Houthi militia in Yemen.
• A few minutes ago, several explosions were heard from Sirik, Iran; the origin and nature of these sounds are still unknown, Fars reported.
• Saudi-led coalition said it is intercepting a drone launched towards the eastern region, Al Arabiya reported.
• Iran's Foreign Minister said Iran is prepared to give diplomacy another chance if they see strong evidence of a sincere desire by US to build trust and reach solution, but if US chooses war over diplomacy, it'll result in an even greater strategic failure.
• Houthi official said all negotiations have reached a deadlock because Saudi Arabia seeks to impose its demands on the Yemeni people, and this is not something that Sanaa will accept, Fars reported. This war has been imposed on us, and we will not accept that Saudi Arabia will delay and play with Yemen.
• Yemeni sources say Houthis launched a drone attack near Al-Dhaba oil port in Al-Shihr, Hadramawt, Sky News Arabia reported.
• US issues new Iran-related sanctions on entities and vessels.
• Several explosions in southern Saudi Arabia, reported SNN citing Arabic sources.
• Israeli helicopters flying in the sky of southern Syria, and continued transfer of military forces, equipment and deployment of early warning systems, are being carried out within the framework of preparation for a possible war with Iran, reported Mizan.
• Iran's parliamentary speaker Ghalibaf met with the Supreme Leader, and discussed the latest developments of the US-Israel war against Iran.
• Egyptian President said Egypt’s military involvement is strictly for defence of Saudi Arabia and does not entail an offensive against Yemen.
• Houthis target Saudi-backed forces in Marib, Sabereen reported.
• Iranian President said threats and sanctions must be removed in practice to pave the way for dialogue; We cannot increase the intensity of sanctions and pressure every day, close the avenues of interaction, and at the same time talk about negotiations. Dialogue with the language of threats and pressure is meaningless.
• Iran's Secretary of Supreme National Security Council Rezaei informed Pakistan's Army Chief Munir of Iran's explicit rejection of the American demands, reported Al Hadath. Rezaei informed Munir that Tehran is aware of Trump and Netanyahu's plans to launch a new strike on Iran, and said Tehran's seven conditions must be accepted before negotiations on the nuclear issue can begin.
• Iran's Foreign Minister said "we have not reached a state of peace and are far from it. Therefore, all decisions must be made within the framework of the country's war conditions".
• UKMTO received a time late report of an incident 30NM southeast of Al Faw, Iraq; incident occurred on October 20.
• Iran's Foreign Minister Araghchi said they are ready for diplomacy, but will defend themselves, FT reported; US has shown no willingness to reach an understanding, little reason to expect progress now. Path forward can only be found once the US accepts that there are no military options. Obliged to work to diplomacy, even when "hope of success is scant".
• Iranian President said that the US cannot blockade and threaten Iran but expect to have dialogue. Are preparing for dialogue whenever the US recognises their rights and stops threatening them.
• Iranian FM Araghchi presented a report to the members of the Cabinet on the latest status of consultations and negotiations held with delegations that had traveled to the country with the aim of finalizing the conclusions of the talks.
• Houthi military spokesperson said "we did not launch any drones toward Medina, Saudi Arabia, on Wednesday".
• Iraqi Oil Ministry Spokesperson said "oil exports from the Kurdistan Region are unstable and constantly fluctuating".
• UKMTO receives report of an incident 11NM west of Bukha, Oman.
• "The Houthi missile targeted the runway at Aden airport", Al-Hadath reported; Yemeni spokesperson confirms the attack.
• Pakistan Army Chief Munir, in his meeting with Iranian officials, brought with him the "final warning" from the United States, which called on Iran to submit to the American demand for concessions on the nuclear issue before taking any other steps. Otherwise, a "widespread attack" will be launched against it, specifically targeting its nuclear facilities at Mount Makosh.
• Explosions heard in proximity to Aden airport, Yemen, Sabereen reported; subsequent reports suggest this was targeting a Saudi camp.
• IRGC spokesperson said that the Strait of Hormuz is completely closed and we will not allow passage.
• Saudi warplanes have launched airstrikes on the Houthis in Mocha, Al Araby reported.
• "Four missiles were launched towards ships near Iraqi waters in the Persian Gulf", Naya reported.
• Several explosions have been heard in the Strait of Hormuz, Sabereen reported.
• Iraqi official said "Iraq has launched a mediation project between the warring Gulf states to reduce tensions in the region".
• "Iraq closes the Al-Shaib border crossing with Iran to travelers, vehicles, and commercial trucks until further notice", sources say.
• Iranian FM Araghchi said "We have opened dedicated routes for ships carrying Iraqi oil to pass through the Strait of Hormuz in order to reduce Iraq’s losses".
• Iran's Interior Minister said "Iran will continue its active diplomatic efforts to prevent the imposition of a new war".

RUSSIA-UKRAINE

• US President Trump said closest they've ever been to settling Ukraine/Russia war.
• Ukrainian President Zelensky said supports US proposal for trilateral talks at level of negotiators as soon as possible; Ukraine hopes for meeting not later than early November; Meeting could discuss peace and possible leaders’ summit.
• US envoy Witkoff said will continue with trilateral talks between the US, Russia, and Ukraine at the technical level.
• Chinese Premier said China is ready to work with Russia to deepen practical cooperation for more positive outcomes, reported Xinhua.
• US official said Russians accepted US proposal for a trilateral meeting with Ukraine.
• Russian Kremlin Aide Ushakov said the conflict in Ukraine is nearing an end, IFX reported.
• Russia's Kremlin said a new round of trilateral talks between Russia, the United States, and Ukraine may take place in Abu Dhabi.
• Russia's Kremlin said US envoy Witkoff briefed Russian President Putin on his talks in Oslo and new approaches, but nothing of real use in context of a peace settlement. Putin is ready in principle to resume trilateral peace talks in mid-November, with discussions also covering security guarantees for Russia and Ukraine after the conflict. Implementation of the Russia-US diesel deal was an important part of talks, while Russia and the US discussed major joint economic projects. The Chinese are working to prepare for a possible three-way meeting between the leaders of Russia, the US and China.
• Russia's Envoy Dmitriev said Russian President Putin's call with US Special Envoy Witkoff was productive, TASS reported.
• US President Trump posted "Numerous people, who requested that sanctions be immediately imposed on Russia, have called to apologize... they didn't know that he was negotiating the release of Stephen Hubbard".
• Ukrainian President Zelensky said trilateral meeting at minimum is necessary, according to Fox News; Important that Ukraine to be in any meeting and would also be better with Europeans; any deal would require a referendum. Need freeze, and then talks and US security guarantees.
• SpaceX (SPCX) must restore all services to Ukraine, the European Commission states.
• Russia's Kremlin said they will look at the US' proposal, but it is largely dependent on Ukraine. Conversation between Russian President Putin and US President Trump will be both long and serious; if Ukraine does not make the necessary decisions, the situation will deteriorate. Putin-Trump-Xi meeting possible, but no agenda.
• Russian President Putin has invited US Envoy Witkoff for discussions on the prospect of a meeting between Putin and US President Trump in China, IFX reported.
• US Special Envoy Witkoff said talks in Oslo were productive and that there is forward progress on the issue of Ukraine, IFX reported. A basic foundation exists for a ceasefire in Ukraine; hopes Russian President Putin will consider resuming US-Ukraine-Russia talks.
• Russia’s Foreign Ministry said it views Japan’s supply of drones to Ukraine as a hostile act; Russia will respond.
• Russia's President Putin tells US Special Envoy Witkoff that Russia is interested in restoring economic ties with the US, IFX reported.
• Russian President Putin has begun a meeting with US Envoy Witkoff, TASS reported.
• Russian strikes targeted energy facilities in Kyiv, Volyn, Odesa and Mykolaiv regions.
• Russia's Presidential Aide Ushakov said talks between Russian President Putin and Special Envoy Witkoff will be on Wednesday; said to be early on in the day; adds that Envoy Dmitriev also attending, TASS reported.

NOTABLE HEADLINES

• Micron Technology (MU) Taoyuan union in Taiwan said it will proceed with a planned strike on October 22nd.
• Japanese Finance Minister Katayama said they are to accelerate virtuous cycle of investment, wage gains.

DATA RECAP

• Indian Infrastructure Output (Sep YY) 7.9% (Prev. 4.8%).

NOTABLE APAC EQUITY HEADLINES

• Japan's Industry Ministry said it is to lower maximum subsidy for newly registered EVs by 40% to JPY 750,000 (prev. JPY 1.25mln) from January 1st, 2027.
• China's market regulator held a meeting urging e-commerce platforms to strengthen product quality controls and consumer protection, citing persistent problems with counterfeit goods, misleading advertising and products not matching descriptions.
• SK Hynix (000660 KS) is reportedly in discussions with its supply chain to prepare for the application and production of iHBM, ET News reported.
• Moody's ratings upgrades TSMC's (2330 TT/TSM) ratings to AA2; outlook stable.

NOTABLE HEADLINES

• UK PM Burnham is reportedly planning to cut standing charges from household gas bills, FT reported; Chancellor Healey has reportedly made plans to raise the Warm Home Discount for people on benefits from GBP 150 to GBP 250, sources say.
• UK PM Burnham said he is considering removing standing charges from gas bills.
• Bundesbank noted the economy likely stagnated in Q3; See a modest recovery in Q4 from infrastructure. Q3 stagnation was particularly impacted by low Rhine water levels.
• UK's MHRA said that the UK will not require additional approval route for devices already approved by the EU.
• European Commission President von der Leyen said they will be putting forward proposals for additional tools to protect the single market.
• Germany's Federal Finance Agency Director said that Germany's annual borrowing will likely need to stay beyond EUR 500bln over the medium term due to defence/infrastructure spending, Econostream reported.
• Germany's Federal Finance Agency Director said that unconditional European support measures to calm sovereign bond markets could trigger a more serious debt crisis later, Econostream reported.

DATA RECAP

• Belgian Consumer Confidence (Oct) -13 (Prev. -10).
• UK ONS House Price Index (Aug) 0.4% Y/Y (Prev. 1.4%).
• UK Public Sector Net Borrowing (PSNB) ex-Banks (Sep) 24.5B vs. Exp. 23.9B (Prev. 18.3B).
• UK Retail Price Index (Sep YY) 3.9% vs. Exp. 3.9% (Prev. 3.4%).
• UK CPI (Sep MM) 0.4% vs. Exp. 0.3% (Prev. 0.5%).
• UK Retail Price Index (Sep MM) 0.1% vs. Exp. 0.1% (Prev. 0.6%).
• UK Core CPI (Sep MM) 0.2% vs. Exp. 0.2% (Prev. 0.3%).
• UK Core CPI (Sep YY) 2.8% vs. Exp. 2.7% (Prev. 2.6%).
• UK CPI (Sep YY) 3.5% vs. Exp. 3.4% (Prev. 3.1%); Services Y/Y 3.7% (exp. 3.6%, prev. 3.4%).
• UK PPI Input (Sep YY) 8.3% vs. Exp. 7.2% (Prev. 6.7%).
• UK PPI Output (Sep YY) 4.6% vs. Exp. 4.3% (Prev. 3.8%).
• UK PPI Input (Sep MM) 1.5% vs. Exp. 1.6% (Prev. 0.5%).
• UK PPI Core Output (Sep YY) 2.9% (Prev. 2.8%).
• UK PPI Output (Sep MM) 0.8% vs. Exp. 0.7% (Prev. 0.7%).
• UK PPI Core Output (Sep MM) 0.2% (Prev. 0.2%).
• Greek Current Account (Aug) 1.743B (Prev. 0.218B).
• Polish Consumer Confidence (Oct) -14 (Prev. -10.8).

NOTABLE EUROPEAN EQUITY HEADLINES

• SAP (SAP GY) Q3 2026 (EUR): Revenue 10.3bln (exp. 10.1bln), Adj. Operating Profit 3.0bln (exp. 2.93bln), FY Adj. Operating Profit Guidance 11.8bln-12.2bln (exp. 11.7bln).
• Moncler (MONC IM) 9m (EUR): Revenue 1.9bln, +6% at cFX Y/Y, Moncler revenues 1.589bln, Stone Island revenue 306.2mln; Q3 revenue 605.5mln (exp. 600mln).
• European Closes: Euro Stoxx 50 +1.50% at 6,213, Dax 40 +1.35% at 25,647, FTSE 100 +0.19% at 10,753, CAC 40 +1.06% at 7,922, FTSE MIB +1.17% at 49,644, IBEX 35 +1.08% at 19,300, PSI +0.46% at 9,374, SMI +0.51% at 14,552, AEX +0.77% at 1,142.
• DoJ reportedly asks Federal Court to remand Iberdrola's (IBE SM) Avangrid New England wind project approval.
• Delivery Hero (DHER GY) does not receive approval from Taiwan for the sale of the Foodpanda business to A2G Holding.
• Carlsberg (CARLB DC) is reportedly nearing the filing of an IPO of its Indian business, which may raise as much as USD 700mln, Bloomberg reported citing sources.

NOTABLE GLOBAL EQUITY HEADLINES

• Micron (MU) CTO said won't pursue 4F-squared memory chips despite CXMT's (688825 CH) advance, Nikkei reported.
• Merck (MRK GY) is collaborating with Nvidia (NVDA), Microsoft (MSFT) and Dawn Health to develop novel support model for people living with rare tumours.
• [Rolling headline]: Nvidia (NVDA) CEO delivering a keynote speech and has announced a raft of partnerships.
• Akzo Nobel (AKZA NA) is in early talks with buyers to sell its European vehicle refinishing business, seeking to secure regulatory clearance for its proposed merger with Axalta Coating Systems (AXTA), reported WSJ.
• Supermicro (SMCI) brings Nvidia (NVDA) Aerial RAN Computer solutions to the network edge with Nokia (NOKIA FH) to enable low-latency AI services.
• Infineon (IFX GY) and Nvidia (NVDA) to partner on power conversion for data centres.
• Schneider Electric (SU FP) and Nvidia (NVDA) are to partner on modular data centres.
• Alphabet's (GOOGL) Google Cloud to scale Nvidia (NVDA) Vera Rubin infrastructure to 960k GPUs.
• Nokia (NOKIA FH), Nvidia (NVDA) and other telecom operators are turning networks into distributed intelligence platforms.

NOTABLE HEADLINES

• Brazil's Bolsonaro seen with 45% of votes vs Lula's 44% in the Presidential Election runoff, according to Quaest.

DATA RECAP

• Mexican Retail Sales (Aug YY) 3.3% vs. Exp. 2% (Prev. 1.8%).
• Mexican Retail Sales (Aug MM) 1.2% vs. Exp. 0.3% (Prev. -0.1%).

NOTABLE HEADLINES

• South Africa’s National Treasury said Inflation is expected to return to 3% target in 2029.
• OpenAI said the PHP flaw is potentially one of the most impactful vulnerabilities in recent memory.
• OpenAI expands ChatGPT ads to 26 additional countries, bringing total availability to 89 countries worldwide. Ads limited to Free and Go plans, while Plus, Pro and Enterprise remain ad-free.

DATA RECAP

• South African Core CPI (Sep MM) 0.2% (Prev. 0.0%).
• South African Core CPI (Sep YY) 4.0% (Prev. 4.1%).
• South African CPI (Sep MM) 0.4% (Prev. 0.0%).
• South African CPI (Sep YY) 4.5% vs. Exp. 4.7% (Prev. 4.4%).
• Russian PPI (Sep MM) 2.5% (Prev. 0.9%).
• Russian PPI (Sep YY) 8.6% (Prev. 6.5%).
• South African Retail Sales (Aug MM) -0.3% (Prev. 2.4%).
• South African Retail Sales (Aug YY) 3.3% vs. Exp. 3% (Prev. 3.4%).
• Turkish Capacity Utilization (Oct) 74.5% (Prev. 74.2%).
• Turkish Business Confidence (Oct) 99.8 (Prev. 102.0).

A session of this shape, risk-on through the equity close on AI partnership headlines and diplomatic progress, then a late fade on Gulf security headlines, follows a well-worn pattern in episodes of Gulf escalation: the first market expression tends to be in the crude complex rather than equities, with Brent outperforming WTI as the Middle East risk premium attaches to the seaborne benchmark and the spread between the two widens on freight, insurance and transit considerations. Ordered embassy departures have historically been among the more reliable escalation tells, since they reflect state-level contingency planning rather than rhetoric; the distinction worth drawing is between departures confined to one post, which have tended to fade, and departures spread across multiple Gulf missions, which have more often preceded sustained repricing of crude and havens. Claims that the Strait of Hormuz is closed are a recurring feature of Iran tensions and have rarely corresponded to actual interdiction; the operative checks have been tanker traffic data, war-risk insurance quotes and UKMTO incident reports rather than official statements. On the diplomatic side, trilateral Russia-Ukraine formats have been proposed and stalled repeatedly, and past rounds have tended to reprice European gas and the euro only when a date and venue are fixed rather than accepted in principle. The Brent-WTI divergence alongside a firmer crude draw fits the established pattern of geopolitical premium layering onto a fundamentally supportive inventory backdrop. The follow-ons that matter are whether departures extend beyond the initial post, any confirmed disruption to Gulf shipping or Saudi output infrastructure, and the BoK decision and New Zealand CPI on the Asian calendar.