This update was written automatically with AI from market data and news wire reports, and published without review by a person.
Key Takeaways
- Foxconn (FXCOF) reported a 34% jump in Q3 net profit to NT$77.5 billion ($2.4 billion), driven by surging demand for AI servers, while signaling that AI investment will now outpace its electric vehicle (EV) business.
- Germany's DAX 40 index hit a fresh record high of 26,835 points, lead by a 10.8% surge in Siemens Energy (ENR1n) and optimism surrounding a potential de-escalation in global conflicts.
- US envoys Jared Kushner and Steve Witkoff arrived in Moscow to meet with President Vladimir Putin following trilateral talks in Abu Dhabi aimed at mediating the Russia-Ukraine war.
- Turkey's Central Bank (CBRT) raised its end-2027 inflation forecast to 21% from 15%, citing persistent supply-side pressures and the economic fallout from regional conflicts.
- Russian overnight strikes targeted energy infrastructure across nine Ukrainian regions, causing widespread power outages and injuring four energy workers in the Poltava region.
Corporate & Market Developments
Foxconn (FXCOF) delivered a record-breaking third quarter, with revenue climbing 39% year-over-year to NT$7.7 trillion. The company emphasized that AI servers have become its primary growth engine, and while it will continue to invest in electric vehicles, the EV division's share of the business will remain relatively small compared to its AI operations. Management also noted that major cloud service providers are increasingly investing in custom ASIC chips to power next-generation AI models.
European equity markets showed broad strength on Thursday, with the FTSE 100 up 0.41% and the CAC 40 rising 0.4%. The DAX 40 led the region, surpassing its previous August record as Siemens Energy (ENR1n) soared after reporting record quarterly revenue and raising its growth ambitions. Investors are also closely watching a heavy schedule of central bank speakers today, including ECB President Christine Lagarde and several Federal Reserve officials.
Geopolitical & Macroeconomic Outlook
On the diplomatic front, US special envoys Jared Kushner and Steve Witkoff are holding high-stakes talks with Vladimir Putin in Moscow. This follows two days of negotiations in Abu Dhabi that resulted in a large-scale prisoner exchange agreement but no definitive peace breakthrough. The envoys are scheduled to fly to Dublin later today to meet with Ukrainian President Volodymyr Zelenskyy.
In Turkey, the CBRT revised its economic outlook, pushing its 2026 year-end inflation forecast up to 29.5% and its 2027 target to 21%. Governor Fatih Karahan attributed the revisions to rising energy costs and geopolitical tensions. Simultaneously, at the COP31 summit in Antalya, Turkish President Erdogan met with Iranian President Masoud Pezeshkian to discuss developing bilateral trade and regional security, even as both leaders used the forum to criticize recent environmental and humanitarian impacts of regional warfare.
The conflict in Ukraine remains volatile as Russian strikes hit energy facilities in regions including Rivne, Poltava, and Kharkiv. According to the Deputy Energy Minister, the attacks have forced critical infrastructure to switch to generator power and triggered hourly outage schedules for millions of residents. Despite the ongoing violence, market sentiment remains buoyed by the "cautious optimism" expressed by negotiators following the Abu Dhabi trilateral sessions.
Automated market updates written with AI from market data and news wire reports, published without human review.