Macro News Highlights

• U.S. media: Mediators have proposed a five-day mutual concession agreement between the U.S. and Iran, under which the Strait would be reopened in exchange for lifting the maritime blockade.

According to a report by the U.S. newspaper The New York Times on the evening of the 26th, Beijing time, as concerns mount that the United States and Israel may soon launch another round of strikes against Iran, senior representatives from Saudi Arabia, Turkey, and Pakistan held talks with Iranian officials in Tehran on Monday. This visit marks the latest move in a recent flurry of diplomatic efforts by regional mediators. Officials in the Gulf region said Monday's talks were intended to bolster the mediation efforts of Qatar and Pakistan, with the aim of urging Iran to demonstrate sufficient flexibility to reach a diplomatic solution with the United States.

Two diplomats said Qatari mediators have been working to broker a deal between the United States and Iran, under which both sides would make a series of concessions within five days. Under one proposed arrangement, Iran would reopen the Strait of Hormuz to commercial shipping, while the United States would lift its maritime blockade of Iranian ports. The main obstacle to reaching an agreement lies in determining the timing of each side's concessions. They added that mediators have been urging Iran to make early concessions on its nuclear program as part of the deal's implementation phase.

• U.S. Strategic Petroleum Reserve crude oil inventories have continued to fall to their lowest level since 1982.

According to data from the U.S. Department of Energy, crude oil stocks in the Strategic Petroleum Reserve fell last week to 282.6 million barrels, the lowest level since October 1982. The recent decline is part of an agreement under which 172 million barrels of crude are to be released from the reserve. In addition, the Department of Energy announced last week that it had approved an emergency swap of up to 400,000 barrels of crude from the Strategic Petroleum Reserve to address supply disruptions affecting Phillips 66's Lake Charles refinery in Louisiana.

• U.S. investment-grade bond issuance is on track to hit an annual record, as surging AI spending prompts companies to ramp up borrowing.

U.S. investment-grade bond issuance this year is on track to set a new record on Monday, surpassing the $1.75 trillion mark reached during the pandemic‑driven borrowing boom of 2020, as surging spending on artificial intelligence (AI) prompts companies to ramp up their debt levels. Data show that, once Monday's transactions are priced, year‑to‑date issuance will total $1.76 trillion. Many analysts had already anticipated that, driven by expectations of sharply higher AI‑related spending, this year's issuance would hit an all‑time annual high.

Since 2026, AI-related financing in the global high-grade bond market has exceeded $300 billion, nearly three times the full-year total for 2025. This year, the U.S. has already seen nine single issuances each worth at least $25 billion; with the exception of Skydance Corp.'s acquisition‑related financing, the rest have all come from technology companies. "We are witnessing one of the most capital‑intensive corporate cycles in decades," said Lindsay Rosner, Head of Multi‑Asset Fixed Income at Goldman Sachs Asset Management.

• Goldman Sachs: Hedge funds are selling off tech stocks at the fastest pace in two years, putting AI trading convictions to the test.

Tony Pasquariello of Goldman Sachs said that as Wall Street endured its biggest sell-off since July, hedge funds sold tech stocks at the fastest pace in two years last Thursday, severely undermining market confidence in this trade. In a note to clients, Pasquariello, head of Goldman Sachs' hedge fund client business, wrote that although the S&P 500 has been trading in a narrow range for three months, with AI-driven trading unwinding, the apparent calm masks a "persistent underperformance" since late June.

He stated that, over the past several weeks, hedge funds have been reducing both their net and total equity exposure. "Have we already witnessed a capitulation‑style sell‑off? While it's difficult to say with certainty, based on the broader signals I'm gathering from my network and conversations with clients, the market does appear to have sustained significant damage," Pasquariello wrote, referring to trading last Thursday.

• South Korea's economy grew 3.4% year-on-year in the third quarter, faster than expected.

Preliminary data released by the Bank of Korea on Tuesday showed that South Korea's gross domestic product (GDP) grew 1.0% in the July–September quarter compared with the previous quarter, following a 0.6% increase in April–June. The figures also indicated that the economy expanded 3.4% year-on-year, down from 3.7% in the second quarter. Third-quarter GDP growth exceeded market expectations; the median forecast among 19 economists surveyed by the media had been 0.7% quarter-on-quarter and 3.3% year-on-year.

Exports remain the key driver of overall growth, with global investment in AI infrastructure underpinning semiconductor demand. South Korea is home to memory‑chip manufacturers Samsung Electronics and SK Hynix. Capital spending, including expenditures on chip‑manufacturing equipment and other machinery, rose sharply from the previous quarter, while private consumption contracted. Construction investment resumed growth in the third quarter, and the pace of government spending accelerated compared with the prior quarter.

U.S. stock market行情

• All three major indices rose, with broad gains across optical communications and semiconductor stocks.

On Monday, Anthropic's IPO rekindled AI-related sentiment, sending all three major U.S. stock indexes higher. At the close, the Dow Jones Industrial Average rose 0.28% to 52,361.58; the Nasdaq Composite gained 0.82% to 26,169.38; and the S&P 500 advanced 0.70% to 7,676.77.

$Star Technology Stocks (LIST2518.US)$Market performance was mixed: Tesla rose more than 5%, Intel gained over 4%, Micron Technology and AMD climbed nearly 3%, NVIDIA advanced by more than 2%, Microsoft increased by over 1%, Amazon edged up slightly, Meta Platforms fell nearly 2%, Apple dropped by more than 1%, and SpaceX slipped marginally.

$Philadelphia Semiconductor Index (.SOX.US)$It rose 2.82%, marking the largest gain in a month, with all 30 constituent stocks advancing. Lam Research gained more than 3%, while Broadcom and Marvell Technology each climbed over 2%, and Taiwan Semiconductor and ASML Holding both rose by more than 1%.

$Storage Concept (LIST23925.US)$Stocks closed higher across the board, with SK Hynix up more than 4%, Western Digital up nearly 4%, Seagate Technology and Micron Technology each up more than 2%, and SanDisk up more than 1%.$Roundhill Memory ETF(DRAM.US)$Up 2.07%.

$Optical Communications (LIST23979.US)$Most stocks advanced, with Lumentum up over 8%, Applied Optoelectronics up over 6%, Coherent up nearly 6%, Ciena up nearly 5%, and Credo Technology up nearly 3%.

$Popular Chinese Stocks (LIST2517.US)$Most stocks rose, with ASE Technology up over 3%, Alibaba and Baidu gaining nearly 1%, PDD Holdings falling more than 1%, and JD.com edging lower.

$Cloud Computing Service Provider (LIST2540.US)$Stocks were mixed, with NEBIUS down more than 3%, IREN Ltd up more than 2%, and CoreWeave up nearly 2%. On the news front, Musk warned that as credit markets tighten, he expects over 200 specialized cloud-computing providers to face a wave of mass bankruptcies and consolidation.

Individual Stock Information

• Anthropic publicly filed its Nasdaq IPO application, with the stock code "ANT."

The artificial intelligence company Anthropic has publicly filed an IPO application with the Nasdaq, under the stock symbol "$Anthropic(ANT.US)$The document shows that for the six months ended June 30, 2026, the company reported revenue of $16.3 billion, compared with $1.2 billion in the same period last year; net loss amounted to $80.7 billion, versus $13.0 billion in the prior-year period.

Anthropic stated that revenue growth may be difficult to sustain and that the company may not be able to achieve or maintain profitability in the future. As of June 30, the company had raised a cumulative total of $141.1 billion in capital; as of September 30, its net retention rate was approximately 900%, and the number of customers with annual revenues exceeding $100,000 had increased from 950 to over 11,900. The filing disclosed that Anthropic has established a long-term benefit trust and plans to issue Class T preferred shares held by its Directors.

The Board also approved a framework for charitable shares, under which, whenever the stock price rises by 50%, up to 2% of the total share capital in Class N shares may be issued to the charitable fund. The company stated that it will allocate substantial resources to ensure the safety of cutting-edge artificial intelligence. In addition, it is expected that no dividends will be distributed in the foreseeable future, and that additional financing may need to be sought earlier than currently anticipated. The filing further disclosed that, pursuant to arrangements related to SpaceX AI, the company has agreed to incur cumulative expenditures of up to US$120.5 billion over the period ending in 2029.

• Tesla surged more than 5% in the previous trading session, with Barclays turning bullish, as expectations for a rally in the auto sector, robotaxis, energy storage, and a potential merger with SpaceX all converged.

Barclays will$Tesla (TSLA.US)$The rating has been upgraded from "Neutral" to "Overweight," with the price target raised from $370 to $450, implying roughly 21% upside from the current share price. The rationale for the upgrade includes: the core automotive business is expected to end two years of decline and return to growth; the Robotaxi business shows signs of a turning point (with a recent sharp increase in miles driven); the energy storage business has nearly sold out its 2027 order backlog; and the potential merger between Tesla and SpaceX could unlock a premium.

Expectations of a Tesla–SpaceX merger continue to gain traction. Earlier, during the earnings call, Musk confirmed that both Tesla and SpaceX have established special committees to assess the feasibility of such a merger. Barclays believes the market already has strong expectations for this merger, and the deal should include a premium on Tesla shares.

• Apple has acknowledged that a small number of iPhone Duos have an internal screen issue, stating that most devices are unaffected.

$Apple(AAPL.US)$It stated that it has observed internal screen malfunctions in a small number of iPhone Duo devices, adding that affected units typically exhibit issues within a relatively short period, though most devices remain unaffected. Earlier, multiple media outlets reported that users heard crackling sounds when opening their phones, noticed bulges or looseness near the hinge, and subsequently found cracks appearing on the inner display; some devices also developed white spots or unusual bright lines.

The repair platform iFixit believes the issue may stem from internal hinge components failing and cracking the screen. Currently, Apple has launched an investigation, with some engineers attempting to obtain faulty devices for analysis; some users have already received replacements, but others are waiting due to store stock shortages or difficulties scheduling appointments.

• SpaceX and Apollo have signed a $40 billion GPU financing agreement.

SEC filings show$SpaceX(SPCX.US)$and$Apollo Global Management (APO.US)$A binding master finance lease commitment has been entered into. Apollo will purchase a GPU cluster and related equipment and lease it to SpaceX. The total principal payments under the lease arrangement are expected to reach US$40 billion. The transaction is scheduled to close by the end of 2026, with the lease commencing upon delivery of the GPUs in the first half of 2027. Each tranche of the finance lease has a term of approximately 5 to 5.25 years.

• Meta plans to raise up to $95 billion through equity financing, with NVIDIA, AMD, and others intending to subscribe for up to $5 billion.

$Meta Platforms(META.US)$The plan calls for two concurrent underwritten public offerings, raising a total of approximately $35 billion—comprising an offering of about $22.5 billion in Class A common stock and an offering of roughly $12.5 billion in Series A mandatory convertible preferred stock. According to reports, Meta's common‑stock offering will be conducted through forward sale agreements, while the preferred‑stock offering will involve depositary shares representing the Series A mandatory convertible preferred stock.

According to available information, Meta plans to issue up to 250 million Class A depositary shares. In addition, Meta will raise as much as approximately $60 billion through a public offering under its at‑the‑market equity offering program, which permits the company to sell shares on the open market from time to time. This at‑the‑market offering will include the company's planned issuance of Class C non‑voting shares.$NVIDIA (NVDA.US)$、$Advanced Micro Devices (AMD.US)$and$Broadcom (AVGO.US)$All have expressed intent to purchase up to $5 billion worth of Meta shares.

• It is reported that SK Hynix plans to launch an additional shareholder return program worth 50–60 trillion won.

According to the Seoul Economic Daily,$SK Hynix (SKHY.US)$It is preparing to announce an additional shareholder‑return program worth KRW 50–60 trillion (approximately USD 35–42 billion). According to industry sources, combined with the company's recently completed share buyback and cancellation of KRW 40 trillion, SK Hynix will deliver total shareholder returns of KRW 100 trillion this year, setting a new all‑time record.

Industry insiders said on the 26th that SK Hynix will adopt a resolution at its Board of Directors meeting on the 28th to finalize this year's shareholder return plan, which will be announced alongside its third-quarter earnings report on the same day. Under the company's policy of allocating more than 50% of its free cash flow to share buybacks, repurchases and cancellations, as well as dividend payouts, it is currently considering implementing a shareholder return program totaling between 90 trillion and 100 trillion Korean won.

• Broadcom is partnering with multiple banks to secure $63 billion in AI financing.

$Bank of America (BAC.US)$、$Blackstone (BX.US)$、$Citigroup (C.US)$and$Morgan Stanley (MS.US)$Institutions are partnering with Broadcom to jointly establish an AI financing arrangement totaling US$63 billion, providing funding for AI computing power.$Broadcom (AVGO.US)$It will provide residual value support for the first-priority lien (senior security) debt portion of this special-purpose vehicle (SPV). Starting in 2027, Broadcom will supply XPU AI accelerators through this SPV, which will then be leased to Anthropic for use.

• Intel announced the acquisition of Israeli unicorn Classiq, aiming to build a full-stack quantum computing business.

$Intel (INTC.US)$It announced that it has reached a final agreement to acquire the Israeli startup Classiq, with the transaction expected to close in the first half of 2027, subject to regulatory approval. Intel did not disclose the acquisition price. CEO Lip-Bu Tan stated that this acquisition will integrate Classiq's quantum algorithm software platform with Intel's silicon-based qubit hardware capabilities, creating a full-stack quantum computing business spanning both hardware and software, thereby addressing Intel's shortcomings in the quantum software domain.

• Microsoft plans to offer a voluntary severance package to 60,000 employees.

According to Business Insider,$Microsoft (MSFT.US)$Chief People Officer Amy Coleman said in a memo to employees on Monday that the company is offering a voluntary severance package. This voluntary departure program is Microsoft's latest effort to streamline its workforce without resorting to another round of mandatory layoffs. This year, while making significant investments in artificial intelligence infrastructure, Microsoft has also reduced its headcount. A Microsoft spokesperson stated that approximately 60,000 employees are eligible for this program, and the terms will be similar to Microsoft's standard severance packages.

• U.S. food delivery company DoorDash is reportedly close to acquiring its rival Instacart for $17 billion.

According to sources familiar with the matter,$DoorDash(DASH.US)$Currently in talks to acquire the parent company of Instacart for approximately $17 billion.$Maplebear(CART.US)$Conducting in-depth negotiations. Sources said the deal to acquire this fresh-food shopping app could be announced as early as this week. As the details have not yet been made public, the sources requested anonymity. No final decision has been reached yet, and the talks could still fall apart. Representatives from DoorDash and Maplebear did not immediately respond to requests for comment.

• Merck & Co.'s ADC drug reduces the risk of death by 32% in patients with advanced endometrial cancer.

$Merck & Co. (MRK.US)$The results of the Phase III TroFuse-005 clinical trial were announced, showing that the investigational TROP2‑targeted antibody‑drug conjugate (ADC), sacituzumab tirumotecan (sac‑TMT), reduced the risk of death by 32% and the risk of disease progression or death by 41% in patients with advanced or recurrent endometrial cancer who had previously received platinum‑based chemotherapy and anti‑PD‑1/L1 immunotherapy, compared with chemotherapy.

• Cadence Design Systems reported third-quarter adjusted earnings per share of $2.11, exceeding expectations.

EDA company$Cadence Design Systems (CDNS.US)$In the third quarter, adjusted earnings per share were $2.11, exceeding the market's expectation of $2.05; revenue reached $1.63 billion, surpassing the expected $1.61 billion. Cadence Design Systems forecasts that its fourth-quarter adjusted earnings per share will be between $2.19 and $2.25, higher than the market's estimate of $2.02.

• Lockheed Martin Completes $3.45 Billion Acquisition of Ultra Maritime

$Lockheed Martin (LMT.US)$It announced that it has completed the acquisition of Ultra Maritime, an underwater warfare technology company, for US$3.45 billion. Ultra Maritime specializes in underwater warfare and anti-submarine warfare technologies, with products including sonar systems, sonobuoys, torpedo defense systems, radar solutions, and autonomous maritime situational awareness platforms. Following the acquisition, Ultra Maritime will be integrated into Lockheed Martin's Rotary and Mission Systems business unit. The company stated that this acquisition will expand its anti-submarine warfare portfolio and strengthen its capability to deliver sonar solutions for next-generation maritime platforms.

• EQT Energy acquires MountainReserve for $13 billion, creating the largest natural gas producer in the United States.

U.S. natural gas producer$EQT Energy (EQT.US)$stated that it would acquire, through an all‑stock transaction valued at US$13 billion.$Mountain Resources (RRC.US)$Following the merger, it will become the largest natural gas producer in the United States. EQT is betting on market opportunities driven by growing liquefied natural gas (LNG) exports and rising electricity demand.

• OpenAI has launched GPT-6.1 Terra, boosting computer processing speeds by more than threefold while reducing API pricing by 50%.

OpenAI has launched GPT‑6.1 Terra, with a focus on enhancing computer operations, visual comprehension, and programming capabilities. It can assist users in drafting proposals, interpreting technical blueprints, completing forms, and editing videos. Compared to the previous generation, this model delivers more than three times faster performance on computer‑task execution, while API pricing has been reduced by 50%. The API charges are $1 per million input tokens, $0.05 per cached input token, and $5 per output token.

In terms of performance, internal testing shows that the error rate in the lowest inference tier has dropped from 53.6% to 16.7%, while the error rate in the highest inference tier has fallen to 4.3%, a decrease of 18 percentage points compared with the previous generation. In programming benchmarks, the score for the highest inference tier has improved from 21.5%—as reported for the prior generation—to 50.3%. The new model is now available to ChatGPT Work and Codex users on the Plus, Pro, Enterprise, and Edu plans, and is accessible via API.

Top 20 in Trading Volume

Hong Kong Stock Market Outlook

• Southbound capital reduced its holdings in Hong Kong stocks by nearly HK$2.1 billion, net buying Zhipu for over HK$400 million and net selling Alibaba for more than HK$600 million.

On Monday, October 26, southbound capital net sold HK$2.075 billion worth of Hong Kong stocks.

$Zhipu (02513.HK)$、$Baidu Group-W(09888.HK)$、$Ubtech Robotics (09880.HK)$They recorded net purchases of HK$431 million, HK$265 million, and HK$141 million, respectively.

$Alibaba-W(09988.HK)$、$China National Offshore Oil Corporation (00883.HK)$、$SMIC (00981.HK)$They were net sold off to the tune of HK$602 million, HK$504 million, and HK$315 million, respectively.

• Wuxi Apptec: In the first three quarters of 2026, the company reported revenue of RMB 45.54 billion, up 38.6% year over year.

$Wuxi Apptec (02359.HK)$The announcement stated that third-quarter operating revenue totaled RMB 16.64 billion, up 38.01% year over year, while net profit attributable to shareholders of the listed company reached RMB 8.32 billion, a year-on-year increase of 136.67%. For the first three quarters, operating revenue amounted to RMB 45.54 billion, up 38.59% year over year, and net profit attributable to shareholders of the listed company stood at RMB 19.40 billion, up 60.64% year over year.

• ZTE: Q3 net profit reached RMB 1.307 billion, up 394.46% year over year but down 9% quarter over quarter.

$ZTE Corporation (00763.HK)$The announcement stated that in the first three quarters, the company reported operating revenue of RMB 116.838 billion, up 16.23% year over year, while net profit attributable to shareholders of the listed company totaled RMB 4.060 billion, down 23.71% year over year. In the third quarter, operating revenue reached RMB 38.813 billion, a year-on-year increase of 33.99%, and net profit attributable to shareholders of the listed company stood at RMB 1.307 billion, up 394.46% year over year. The company's Q3 net profit was RMB 1.307 billion, compared with RMB 1.442 billion in Q2; based on these figures, Q3 net profit declined by 9% quarter over quarter.

• Hong Kong Exchanges and Clearing: The price‑limit threshold for all securities orders is being tightened from the current nine times to five times.

$Hong Kong Exchange (00388.HK)$Announcement: The Hong Kong Securities and Futures Commission has approved amendments to the exchange rules that tighten the price‑limit threshold for all securities (excluding structured products) from the current nine times to five times. The amendments will take effect on Monday, 2 November 2026.

• Green Bubble short-form videos posted a 44% month-over-month growth, with monthly active users exceeding 100 million.

According to data from QuestMobile,$Tencent (00700.HK)$The Green Bubble short‑video mini‑program has experienced rapid growth: as of August this year, its monthly active users reached 143 million; in the first week of October, weekly active users stood at 89.68 million, up 44.1% from the first week of September. Within three months of its rebranding in July, weekly active users have neared 90 million.

The mini program was previously known as WeChat's "Short Drama" mini program; it was rebranded on July 2 and entered a phased rollout in August, with its original entry point now fully integrated into the new platform. Growth is primarily driven by WeChat's ecosystem traffic, with video accounts serving as anchors and WeChat Search creating a closed-loop distribution system. Meanwhile, the platform has expanded its offerings to include live-action, AI-generated, and anime‑style short dramas, while ramping up ad spend: from October 1 to 7, it deployed a total of 43,000 ad creatives, with daily average spend up 57% compared to the week preceding the holiday.

Today's Focus

• Keywords: Medium-term Lending Facility maturity; U.S. durable goods orders; SK Hynix and Corning earnings

On the economic data front, at 8:15 p.m. the U.S. ADP employment change for the week ending October 10 will be released; at 8:30 p.m., the U.S. September durable goods orders month-on-month rate will be published; at 9:00 p.m., the unadjusted year-over-year S&P/CS 20-City Home Price Index for August and the FHFA Home Price Index month-on-month rate for August will be announced; and at 10:00 p.m., the U.S. September new home sales total, the October Conference Board Consumer Confidence Index, and the October Richmond Fed Manufacturing Index will be released.

On the economic and financial front, at 09:20 China's 1-year Medium-term Lending Facility (MLF) totaling RMB 900 billion is set to mature; Israel is holding general elections.

In terms of performance,$HSBC Holdings (00005.HK)$、$Hengrui Pharma (01276.HK)$、$Shandong Molong (00568.HK)$、$Guanghe Technology (01989.HK)$Earnings are being released today; in pre-market trading on U.S. stocks,$Boeing (BA.US)$、$Corning(GLW.US)$、$Coca-Cola (KO.US)$and$Novartis AG (NVS.US)$Announce financial results;$SK Hynix (SKHY.US)$、$Seagate Technology (STX.US)$、$Robinhood(HOOD.US)$、$Visa(V.US)$and$NXP Semiconductors (NXPI.US)$It will release its earnings after the U.S. stock market closes.

Regarding new shares,$Dongshan Precision (02384.HK)$The grey market opens today.

Want to pick stocks or analyze them? Curious about your portfolio's opportunities and risks? For all your investment questions,Just ask Futubull AI!

Edited by melody