This update was written automatically with AI from market data and news wire reports, and published without review by a person.
Key Takeaways
- Gold prices rebounded 0.7% to nearly $3,900 per ounce as easing oil prices and "dip-buying" activity followed the metal's worst October performance since 2008.
- Kioxia (285A) shares plummeted 14% after the memory chipmaker issued a disappointing Q3 profit forecast of ¥2.00 trillion, missing the ¥2.35 trillion analyst consensus.
- China’s central bank is convening a high-level meeting to discuss expanding support for the domestic stock market, specifically targeting relending programs for share buybacks.
- A federal judge dismissed a DOJ lawsuit aimed at blocking the certification of Alaska’s US Senate results, a critical ruling just 48 hours before the US midterm elections.
- Public opposition to AI data centers has reached 71%, according to Gallup, as American homeowners increasingly cite environmental and utility cost concerns.
Precious Metals and Commodities
Spot gold rose 0.6% to $3,899.39 on Monday, staging a recovery after a brutal 3.7% drop on Friday. The rebound was supported by a decline in crude oil prices, which eased immediate inflation fears and reduced the pressure on the Federal Reserve to maintain an aggressive hawkish stance. Silver also benefited from the shift in sentiment, gaining 1.3% to reach $49.76 per ounce.
Tech and Semiconductor Slump
The semiconductor sector faced renewed pressure as Kioxia (285A) warned that the rapid surge in NAND flash memory prices is beginning to stall. The company’s outlook suggests that average selling prices (ASPs) are plateauing after a year of AI-driven growth, a sentiment that dragged down partner SanDisk (SNDK) by over 13%. Analysts suggest the market is now reacting to a "second derivative" slowdown, where the rate of price increases is decelerating even if demand remains firm.
Asian and European Market Outlook
Asia-Pacific markets opened lower on Monday, with the Nikkei 225 falling 0.5% and the KOSPI dropping 1.4% as investors reacted to Friday’s tech sell-off on Wall Street. In contrast, European equity futures signaled a cautiously optimistic open, with the EURO STOXX 50 up 0.2%. Market participants remain largely sidelined as they brace for the US midterm elections on Tuesday, which will determine the balance of power in Congress.
Geopolitical and Regulatory Developments
In China, the People’s Bank of China (PBOC) is reportedly meeting with securities regulators and major banks to refine market support tools. This move follows a difficult October for Chinese equities, where the CSI 300 saw its worst monthly performance in over a decade. Meanwhile, in the US, the dismissal of the DOJ’s Alaska lawsuit removes a significant legal hurdle for the state's election certification, though the DOJ has already filed an appeal.
Infrastructure and Public Sentiment
A new Gallup report highlights a growing hurdle for Big Tech’s infrastructure ambitions, revealing that most Americans oppose the construction of data centers near their homes. The survey found that 71% of respondents are against these facilities, citing concerns over noise pollution, water consumption, and potential spikes in local electricity bills. This local resistance comes as companies like Google and Microsoft continue to invest billions in AI-capable infrastructure.
Automated market updates written with AI from market data and news wire reports, published without human review.