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Visa wins China payments approval as Apple’s Chinese shipments decline
Company-specific catalysts diverged, with payments market access and stronger energy trading offsetting weak consumer demand and financing pressures.• Visa/China: Beijing approved Visa to prepare a domestic card-clearing business. It must complete preparations within one year and obtain a clearing license before operating.• Apple/Demand: IDC said Apple’s third-quarter China shipments fell 4.3%, while the overall smartphone market contracted 15.4%. Huawei gained market share.• Data Centers: Blackstone-backed AirTrunk reportedly postponed its planned $1.5 billion Singapore IPO until next year because higher rates and volatility weakened demand. Timing remains under discussion.• BP/Trading: BP expects significantly stronger third-quarter gas marketing and trading results than in the previous quarter, with upstream production broadly steady.• Fertilizer/Costs: Mosaic said soaring sulphur costs forced production cuts because farmers’ limited affordability prevented it from passing through higher costs.
Energy stocks hit record as chipmakers slide
US equities finished mixed as energy strength offset technology weakness. AI competition pressured semiconductors, while supply disruptions supported oil; late trading brought broader risk aversion and an oil reversal.• Energy/Oil: The S&P 500 energy sector gained 1.5% to a record, and Brent settled up 1.84% at $106.65. Russian attacks on Ukrainian energy facilities and hurricane-related Gulf production shutdowns supported prices. Brent later fell 1.48% to $105.05 as traders assessed additional Russian diesel supplies.• AI/Chips: Chipmakers fell 2.7%, with Micron down 3.9% amid competition from China’s CXMT. Microsoft unveiled Maia 300 to reduce its reliance on Nvidia for inference, adding to competitive pressure. Weakness spread into Asian trading: South Korea’s Kospi fell nearly 7%, Nasdaq-100 futures lost 0.9%, and haven demand lowered the US 10-year yield about five basis points to 5.19%.• Takeover Talks: Bumble closed roughly 50% higher after reports of advanced talks with Ithaca for a $1 billion take-private deal. No agreement was final.• Biotech Trial: Syndax fell about 15% after hours after axatilimab failed a Phase 2 lung-fibrosis trial. The company will stop development for that indication.
Asian chip rout deepens as IMF raises global growth forecast
Technology weakness spread across Asian markets, lifting demand for Treasuries despite a modest improvement in the global growth outlook.• Chips/Rates: South Korea’s Kospi fell nearly 7%, triggering a temporary halt in program trading. Nasdaq-100 futures lost 0.9%, while the US 10-year yield fell about five basis points to 5.19% on haven demand.• Oil/Supply: Brent reversed Monday’s gains, falling 1.48% to $105.05 as traders assessed additional Russian diesel supplies.• IMF Outlook: The fund raised its 2026 global growth forecast to 3.1% from 3.0%, but warned that rising sovereign yields threaten financial stability.• Nvidia/China: IDC put Nvidia’s data-center AI-chip share at 34%, with shipments down 44%. Separately, the FT reported strong Chinese purchases of its gaming and workstation chips.• Six Flags: Shares plunged more than 10% after hours following reports of a fatal roller-coaster incident in Georgia.
Energy stocks close at record as chipmakers fall 2.7%
US stocks finished mixed, with energy strength offsetting technology weakness. Futures were little changed ahead of Tuesday’s bank earnings, while monetary-policy comments reinforced inflation concerns.• Energy/Oil: The S&P 500 energy sector gained 1.5% to a record; Brent settled up 1.84% at $106.65. Trump said he was considering joining Saudi Arabia’s fight against the Houthis.• Chips: US chipmakers fell 2.7%. Micron’s decline deepened to 3.9% by the close amid competition concerns surrounding China’s CXMT.• Fed Policy: Beth Hammack said rates need to rise but would approach October’s meeting with an open mind; investors expect no change.• Bumble/Deal: Shares closed roughly 50% higher after reports of advanced talks with Ithaca for a $1 billion take-private deal. No agreement is final.• Biotech: Syndax fell about 15% after hours after axatilimab failed a Phase 2 lung-fibrosis trial; development for that indication will stop.
Meta launches advanced AI models as LVMH’s fashion sales miss forecasts
AI competition intensified, while weaker luxury demand and housing activity highlighted pressure on consumers. Energy supply disruptions remained a risk to inflation.• Meta/AI: Meta released Muse Wonder and Muse Wonder Full, claiming performance comparable to leading rivals; independent testing remains pending. Shares gained over 3% amid speculation ahead of the release.• Luxury Earnings: LVMH’s fashion and leather goods sales fell 5%, versus a 1.8% decline expected. Its US-listed shares fell as much as 3.6%.• Housing Demand: Redfin reported September pending home sales fell 4%, the largest monthly decline in over three years. A record 14.5% of purchase agreements collapsed.• Gulf Supply: Hurricane Isaias shut roughly 30% of US Gulf oil production and 25% of natural gas output, federal officials reported.• Salesforce/Upgrade: Salesforce rose more than 1% after BofA upgraded it to Buy from Underperform, arguing AI displacement concerns were overdone.
Microsoft unveils new AI chip as oil reverses losses
Competition in AI hardware intensified, while renewed oil gains kept inflation risks in focus. Company-specific catalysts drove divergent premarket moves.• Microsoft/AI: Microsoft unveiled Maia 300 and plans multi-gigawatt deployments starting next year. It claims 40% more computing per megawatt than leading GPU systems, reducing reliance on Nvidia for inference while retaining training partnerships.• Oil/Supply: Crude reversed earlier losses to gain about 1% after further Russian attacks on Ukrainian energy facilities undermined ceasefire hopes.• Restaurants: Starbucks explicitly denied buying Chipotle, contradicting takeover speculation and the earlier report that it explored a proposal.• Biotech: Bristol Myers rose nearly 4% premarket after positive late-stage results for lung-fibrosis drug admilparant and cancer therapy RYZ101.• Memory Chips: Micron fell more than 2% premarket after China’s CXMT reported progress on a new memory design and targeted a server-memory product by year-end.
Chinese lithium futures slump 10% after EU deal curbs hybrid exports
Battery materials came under renewed pressure, while European automakers rallied despite weak deliveries. Chip executives flagged financing risks to longer-term AI expansion.• Lithium/Trade: Chinese lithium futures fell 10% after the EU-China hybrid agreement weakened battery-demand prospects. Beijing said the arrangement preserves export growth, contrasting with Brussels’ description of steep reductions; implementation details remain unclear.• Volkswagen Deliveries: Third-quarter global deliveries fell 14.3%, the steepest decline in more than four years, with China down 38.5%. Shares nevertheless rose 1.4% in early trading.• Stellantis Strategy: Shares gained 2.7% following the hybrid agreement. Stellantis plans to build small EVs in Italy using a platform developed with Leapmotor; CEO Antonio Filosa ruled out splitting the company.• AI Financing: Broadcom and Intel CEOs warned that capital costs could become a major constraint on AI expansion, while remaining positive on near-term demand.