Newsquawk Daily Asia-Pac Opening News - 21st October 2026

US stocks were mixed as breadth outside of AI names was strong, with Healthcare setting fresh YTD highs, while Communications and Tech lagged on Alphabet and Meta weakness. Treasuries flattened on continued concerns over AI-exposed debt, while the Dollar was softer and GBP outperformed after an unexpected decline in the UK unemployment rate. Crude prices settled lower on reports that a Qatar-Pakistan compromise proposal has US approval and had previously been accepted by Iran, although later reports said claims a deal is close are wrong. After-hours, Netflix beat on Q3 EPS and revenue but guided Q4 below expectations; SpaceX topped Q3 forecasts. Looking ahead, highlights include Japanese Trade Balance (Sep). Speakers include ECB's Lane. Supply from Australia. SNAPSHOT STOCKS S&P 500 +0.3% Nasdaq Comp. -0.1% DJIA +1.0% Russell 2000 +1.7% ES Dec'26 +0.7% RTY Dec'26 +1.8% NQ Dec'26 +0.6% YM Dec'26 +1.3% FX DXY -0.3% (101.70) EUR/USD +0.2% USD/JPY -0.2% GBP/USD +0.5% BONDS US T-Note Dec'26 +3 ticks 10yr Bund Dec'26 +45 ticks US 10yr Yield 5.11% German 10yr Yield 3.42% ENERGY & METALS WTI Dec'26 -0.4% Brent Dec'26 -0.4% Spot Gold -0.4% CME Copper +0.6% CRYPTO Bitcoin +1.1% Ethereum +1.8% As of 22:15BST Click for the Newsquawk Week in Focus. US TRADE US stocks were mixed as breadth outside of AI-related names was strong, with Healthcare setting fresh YTD highs and gains also seen in Real Estate, Utilities, Financials and Consumer Discretionary. Meanwhile, Communications underperformed on Alphabet and Meta weakness, while Tech saw marginal losses, with the lacklustre performance in AI names reflecting continued concerns over AI-exposed debt. On the earnings front, defence names were in focus, with RTX and Northrop Grumman beating expectations and raising guidance, while GM fell on a FY profit outlook miss despite announcing a USD 20bln buyback. SPX +0.28% at 7,713, NDX -0.13% at 29,490, DJI +1.02% at 52,497, RUT +1.67% at 2,774. NOTABLE US HEADLINES US President Trump said will be very strong on budget this year; will have more growth this year. China's Commerce Ministry, on US order on DeepSeek, said China firmly opposes this and US move is discriminatory, politicises tech and trade issues under guise of national security. US actions disregards consensus reached between Chinese and US heads of state. TARIFFS/TRADE US President Trump speaking on India, said a trade deal is pretty close. No Canada-US trade deal expected before American midterm elections, CBC reported, citing sources. Canada and Turkey set to sign joint declaration during Carney's visit to deepen ties in four areas. Small businesses file a new lawsuit to block US President Trump's tariffs on Canada. US Secretary of State Rubio, on trade deal with India, said down to some technical details that have to be worked out and anticipate seeing in a matter of weeks, not months. Mexico's President Sheinbaum said "we are very close to reaching a trade agreement with the United States". Canadian Trade Minister said Canada continues to have trade talks with its US counterparts; are going to find a deal with the US at some point that is in the interest of the entire Canadian economy. China's Ministry of Commerce expressed firm opposition to US sanctions imposed on Oct 19 against five Chinese enterprises under the Protect American Intellectual Property Act over alleged trade secret theft. China warned that it will take necessary measures to respond and firmly safeguard Chinese enterprises' legitimate rights and interests if the US does not correct its erroneous practices. US Secretary of State Rubio said a trade agreement with India is close to completion, with only a few items yet to discuss. China's Foreign Minister, on US agencies removing AI tools with DeepSeek, said China will firmly safeguard interests of Chinese firms. DATA RECAP Atlanta Fed GDP Now cuts Q3 GDP estimate to 3.5% (prev. 3.6%). US Pending Home Sales (Sep YY) -11.3% (Prev. -4.7%). US Pending Home Sales (Sep MM) -7.3% vs. Exp. -0.5% (Prev. 0.3%). US Redbook (Oct/17 YY) 9% (Prev. 10.4%). US Building Permits Prel (Sep) 1.400M vs. Exp. 1.39M (Prev. 1.403M). US Building Permits Prel (Sep MM) -0.2% (Prev. -2.1%). US ADP Employment Change Weekly 18.5K (Prev. 24.75K). Housing Starts (Sep) 1.221M vs. Exp. 1.30M (Prev. 1.288M). Housing Starts (Sep MM) -5.2% (Prev. -5.9%). NOTABLE US EQUITY HEADLINES [EARNINGS CALL] Netflix (NFLX) said there's no need for a fundamental shift in the strategy, but do need better execution in the US. US engagement remains solid, with room to improve content performance, while reaffirming FY26 guidance after Q3 engagement improved globally and in the US, exceeding management forecasts. The company expects ad revenue to roughly double Y/Y to USD 2.9bln in 2027, while international engagement is translating into business growth across APAC, LATAM and EMEA. [EARNINGS CALL] SpaceX CEO Musk said Starship's Flight 15 will take place next month; Starship will fly weekly in H1 2027 and twice weekly in H2 2027. Musk predicts Starlink will reach 100,000 satellites within three years, increasing network capacity 100-fold. Annual recurring revenue is expected to reach between USD 500bln and USD 1tln by the end of 2027. Aviation remains a major growth opportunity. As we're still early in the installation phase, with many of the largest carriers worldwide, and have line of sight into an accelerated activation path into 2027. Super Intelligence has been the primary growth driver. Super Micro Computer (SMCI) Q1 2027 Preliminary (USD): Net Sales 18.5bln-19.5bln (FactSet est. 14.99bln), Adj. Gross Margin 12%-12.5%. Revenue outlook above previous estimate of 14.5bln-15.5bln, driven by increased demand for AI platforms. SpaceX (SPCX) Q3 2026 (USD) EPS 0.35 (exp. 0.17), Revenue 14.6bln (exp. 12.98bln), Adj. EBITDA 8.8bln (exp. 6.72bln). Operating Income 2.791bln (prev. -273mln Y/Y). Net Income 4.404bln (prev. -1.054bln Y/Y). Adj. EBITDA 8.809bln (prev. 2.169bln Y/Y). Diluted EPS 0.35 (prev. -0.36 Y/Y). Space Revenue 1.767bln (prev. 1.666bln Y/Y). Connectivity Revenue 5.248bln (prev. 3.097bln Y/Y). SI Revenue 7.560bln (prev. 813mln Y/Y). Capex 19.593bln (prev. 6.880bln Y/Y). Operating margin 19.1% (prev. -4.9% Y/Y), Adj. EBITDA margin 60.4% (prev. 38.9% Y/Y). Netflix (NFLX) Q3 2026 (USD): EPS 0.87 (exp. 0.82), Revenue 14.6bln (exp. 12.9bln). Free cash flow 2.88bln (exp. 3.22bln). Outlook. Q4 EPS 0.67 (exp. 0.73). Q4 revenue 13.40bln (exp. 13.5bln). FY revenue 51.1bln (exp. 51.23bln, prev. 51.0-51.4bln). Q4 operating income 3.50bln (exp. 3.72bln). Q4 operating margin 26% (exp. 27.6%). FY operating margin 31.5% (exp. 31.7%). FY free cash flow ~12bln (exp. 12.64bln, prev. ~12.5bln). Anthropic saw revenue of USD 16.3bln in H1 '26 (prev. USD 1.1bln a year earlier), and posted an USD 80.7bln net loss driven largely by USD 72bln in accounting charges tied to convertible noted, according to a draft IPO prospectus viewed by WSJ. Signaled it could spend up to USD 750bln in coming years on computing capacity, including in excess of USD 600B in noncancelable cloud agreements with Google, Amazon, Microsoft, and chip-rental deals with Nscale and Lambda. FX USD was lower against all G10 peers, hit by broader risk sentiment as US equities marched higher despite flattish AI names and the downside in US yields, alongside more encouraging developments out of the Middle East, although these were later denied. On the data front, Pending Home Sales tumbled 7.3% M/M in September to the lowest level on record, highlighting the US housing market's struggles amid elevated mortgage rates. EUR was firmer against the buck but lagged G10 peers, with focus remaining on the civil unrest in France and the widening OAT-Bund spread, which hit 155bps, a level not seen since 2012, while the EZ ZEW survey disappointed. GBP outperformed, supported by an unexpected decline in the UK unemployment rate to 4.7% (exp. 4.9%), metrics that play into the hands of MPC members pushing for a hike in November, while BoE's Greene said the risk of second-round inflation effects is greater than previously thought. Cable traded between 1.3295-1.3409. JPY was firmer against the buck, with sources saying the BoJ is likely to keep rates unchanged in October but may signal that a rate hike could come in December, and may also raise its FY27 inflation forecast slightly; money markets assign a 5% chance of a hike in October and c. 80% in December. CAD continued to benefit from this week's hawkish repricing at the BoC, with money markets assigning a c. 80% chance of a hike this month. FIXED INCOME T-notes settled 2 ticks higher at 105-10 as the Treasury curve flattened, with the lacklustre tech performance reflecting continued concerns over AI debt and giving investors reason to increase exposure to USTs, while some earlier strength was attributed to a strong 20yr JGB auction overnight. The short end was sold, leaving front-end yields modestly higher despite the decline in oil prices on optimism over a potential US-Iran deal, with markets still favouring a hold at next week's FOMC. At settlement, the 2yr yield rose 0.9bps to 4.787%, the 10yr fell 2.3bps to 5.119% and the 30yr fell 5.0bps to 5.426%. Bunds firmed on poor EZ ZEW metrics and some flight-to-quality amid the deterioration in French bonds, with the OAT-Bund spread widening to 155bps; French lawmakers' vote on the draft budget bill has been pushed back to 27th October. Bank of America (BAC) issues USD 8-bln, 4-parter. US sold 6-wk bills at high-rate 3.975%, B/C 2.74x. US to sell USD 75bln of 17-wk bills on October 21st, USD 105bln of 8-wk bills and USD 110bln of 4-wk bills on October 22nd; all to settle on October 27th. UK DMO is to sell GBP 4.5bln of 2032 Gilts on October 27. CoreWeave (CRWV) USD-denominated bonds are pressured; Oct 2031 maturity drops 2.3 cents on the USD. Treasury Block Trades [Rolling Headline, 20th October 2026]. Futures. 09:22ET/14:22BST: 11.7k 5-Year T-Note Futures (ZFZ6) at 104-015. 03:28ET/08:28BST: 2.9k 2-Year T-Note Futures (ZTZ6) at 101-295. Head of French Public Debt Management said that the agency has not seen selling by Japanese investors in French public debt. US options buyer again targets 5.3% 10-yr yield by month-end, Bloomberg reported; Familiar options flow seen again on Tuesday, via large buyer of 10-yr weekly options in a position that targets US 10-yr yields to rise ~20bps by the Oct. 30 expiry date. PNC (PNC) files to sell senior unsecured noted due 2029. Germany sold EUR 0.992bln vs Exp. EUR 1bln 2.10% 2029 Green Bobl and 1.80% 2053 Green Bund. The UK sold GBP 4.25bln 4.875% 2036 Gilt: 3.61x (prev. 3.34x), Average Yield 5.418% (prev. 5.383%), Tail 0.2bps (prev. 0.5bps). Marsh (MRSH) is to sell EUR-denominated 6-, 10-year noted. South Korea reportedly could cut treasury bond issuance if required. COMMODITIES Oil prices settled lower in choppy trade as constructive Middle East headlines dominated, with WTI and Brent hitting highs of USD 101.37/bbl and USD 111.99/bbl, respectively, before pulling back on an Al Araby Al Jadeed report that Qatar and Pakistan presented a proposal to Iranian officials that has US approval and had previously received Iranian approval. The downside extended as the report got wider airing, with WTI hitting a trough of USD 95.25/bbl, before crude pared some of the move on reports that talks continue and claims the deal is close are wrong. WTI Dec settled USD 0.72 lower at USD 97.82/bbl and Brent settled USD 0.76 lower at USD 108.78/bbl. Spot gold saw losses despite the lower yield environment, after a choppy session that saw the yellow metal trade between USD 4,111-4,147/oz, while silver gained. 3M LME copper oscillated in a narrow USD 14.33k-14.4k/t range after regaining the USD 14.3k handle, while Goldman Sachs raised its year-end copper forecast. US Weekly Private Inventory Data (bbls): Crude -4.9mln (exp. -1.1mln), Gasoline -2.0mln (exp. -0.7mln), Distillate -2.6mln (exp. -1.6mln), Cushing +0.9mln. IRGC Navy said super tanker struck sea mine, exploded off Hormuz; Fars reported; tanker carried 2mln barrels of oil. UK government is expected to approve the Jackdaw gas field on Wednesday, according to Politico. US Energy Secretary Wright said "more to do" on refining and defense production act funding. Meaningful diesel price relief is possible if Europeans agree to a coordinated release. Russian diesel likely to go to New England, and if it goes to the US. Also pushing shuttered domestic refineries to reopen. US Under-Secretary of Energy said diesel prices are higher than desired and is working with refiners to find ways to increase production. Goldman Sachs raises its year-end copper forecast to USD 14.7k/t (prev. USD 13.735k/t) and 2027 average of USD 15.4k/t (prev. USD 13.8k/t). US Secretary of State Rubio said they will discuss with Reliance (RIL IN) about producing oil in Venezuela. Codelco set European copper premium at USD 350/tonne. IEA Chief Birol said we will consider releasing more emergency stocks if needed. Russia's Kremlin said Russia has been a reliable supplier of energy resources and always will be. Saudi commits to provide 95k tons per month of diesel to France; UAE commits to provide 100k tons per month, with deliveries to begin in the coming weeks. CENTRAL BANKS ECB's Elderson interview to Die Presse on bank regulation. BoE's Greene said continue to believe should proactively lean against the risk of second-round inflation effects and risk of second-round effects greater than they thought. Wage disinflation appears to have stalled at levels above those consistent with inflation at 2%. Labour market slack might have hit its peak. Economy has shown surprising resilience. Forward-looking data point to pay growth closer to 3.5%. NBH said committed to achieving the inflation target in a sustainable manner. Maintaining the stability of financial markets, especially that of FX, and it supports the anchoring of inflation expectations and thus contributes to achieving price stability. High energy prices, rising yields and uncertainty surrounding the global economic and financial market outlook warrant a careful approach to monetary policy. Sees 2026 average inflation at 1.8% and 2027 at 3.1%, with inflation expected to decline to the 2.5% target by the end of the monetary policy horizon. Inflation is expected to increase through the remainder of 2026 and in 2027, primarily driven by higher fuel prices and changes to tobacco excise duties. Hungary's economic risk assessment will primarily be influenced by the fiscal path, expectations regarding euro adoption and the external market environment. Hungarian Interest Rate Decision 5.50% vs. Exp. 5.5% (Prev. 5.50%). CRYPTO Bitcoin was higher and traded above USD 82,500, while Ethereum outperformed. GEOPOLITICAL MIDDLE EAST Iranian Foreign Minister Araghchi posted his interview with Iraqi network, said indirect negotiations with the US are continuing through intermediary countries, including Pakistan and Qatar, despite Washington's public opposition to talks. Iran previously presented a seven-day initiative to the US, outlining its conditions and proposing to fully reopen the Strait of Hormuz on the sixth day. US agreed to Iran's seven-day proposal but sought to add several additional conditions, although he declined to disclose their details. Araghchi said the additional US conditions concern issues previously addressed during negotiations, while Iran is demanding that Washington first honour all commitments under the earlier Islamabad Memorandum of Understanding. Iran is prepared to negotiate other outstanding issues once the US fulfils its existing commitments, with both sides able to raise additional matters during final negotiations towards a comprehensive agreement. said three previous rounds of negotiations with the US ended in war against Iran, demonstrating that Washington cannot be trusted to honour agreements. Iran reached an understanding with US President Trump during the third round of negotiations, but Trump violated the agreement after adhering to its terms for only two weeks. Iran proposed the seven-day initiative to preserve diplomatic engagement, stressing that the door to negotiations remains open provided the US honours previous understandings. Araghchi said the US, rather than Iran, is obstructing diplomatic progress, and Washington must demonstrate its seriousness by implementing the conditions to which it previously committed. said the Strait of Hormuz will be fully reopened if the US fulfils its commitments, after which further rounds of negotiations can take place towards a final agreement. The Al-Shaib border crossing between Iraq and Iran has reportedly been completely closed, Al Arabiya reported, citing sources. Iranian Foreign Minister Araghchi said Tehran has yet to receive a response from Saudi Arabia or Yemen's Houthis regarding its mediation initiative, while warning against trusting the US in negotiations. All possibilities are on the table, including a new war launched by the United States and Israel against Iran. Sanctions and the blockade have imposed major burdens on Iran. Reopening the Strait of Hormuz depends on reaching an understanding with the US,. No delegation from Qatar has traveled to Iran, Tasnim reported, citing an informed source. US President Trump said doing very well with Iran; have to make final decision on which way to win. US Secretary of State Rubio said it's difficult to reach an agreement with the Iranian regime and Iran is controlled by hardliners and it's difficult to reach an agreement with them. Operations against Iran will eventually resume, but likely not before Israeli and US midterm elections, reported Kan News citing security sources. Iranian President Pezizkian said for any negotiation, first the pressures, threats, and sanctions must be lifted, Tasnim reported. Qatar, Russia and Pakistan trying to mediate between US and Iran, reported The Guardian; A source close to Iran's chief negotiator Ghalibaf said reported about an imminent US-Iran deal are incorrect. Iran has now assumed a state of war as certainty and has prepared for it. Israeli PM Netanyahu said there are signs that the Iranians will initiate various actions against us in the coming days - they can also do this through their proxies, i24 reported. Iran Security Council Sectretary said under no circumstances will a particle of enriched nuclear material leave Iran, reported Tasnim. Political and security sources estimate that the chance of direct escalation with Iran before the elections is low, but Tehran may try to influence their results by raising oil prices and other disruptions, reported Israel's Hayom. Iran's Parliamentary Speaker Ghalibaf said we have nothing new to say and the US cannot gain Iran's trust unless it implements the seven conditions, Mehr reported. In a meeting with Asim Munir, Commander of the Pakistani Army, Ghalibaf, referring to Iran's deep distrust of the US and the Trump administration's violation of the Islamabad MoU, emphasized that the US can only gain Iran's trust by implementing Iran's seven conditions presented in New York. He also stated that Iran is not war-mongering, but is fully prepared to defend its homeland and national dignity, and emphasized that threats and military movements cannot change the strategic decisions of the Islamic Republic, and it is America that must take action to get out of the quagmire of war. The Commander of the Pakistani Army met with Iranian President Pezhakian and discussed bilateral relations, regional developments, and mediation initiatives, Nour News reported. IRGC Navy's observation and monitoring of traffic in the Strait of Hormuz and the southern coastline of the country is being carried out vigorously from four sources, and the scope of the monitoring field has also increased, Fars reported, citing sources. Iran and US talks continue, and reported that the deal is close are wrong. "At least once, the US Trump administration was "very close" to approving an attack on Iran" i24 Stein's reported citing sources. "Iran's claims about oil tankers colliding with sea mines in the Strait of Hormuz are false", a US CENTCOM spokesman said. "We have cleared the international waterways in the Strait of Hormuz of mines". Oil tanker violating regulations catches fire in the southern corridor of the Strait of Hormuz, Tasnim News reported. "Earlier this afternoon, the Iranian Navy's surveillance teams, which continuously monitor and control the eastern part of the Strait of Hormuz, discovered and identified a violating tanker that was on fire in the restricted area". Despite previous warnings, this violating tanker turned off its tracking systems and attempted to pass through the restricted area in the southern corridor of the Strait of Hormuz. Israel's Prime Minister Netanyahu said he "spoke with Trump on Sunday about the importance of eliminating the Iranian regime". Saudi-led coalition said it intercepted and destroyed a drone over Riyadh. Mediation efforts said that "Qatar and Pakistan presented a 'compromise proposal' that meets the demands of both the American and Iranian sides", Al Araby Al Jadeed reported citing sources. The proposal seeks to prevent a return to escalation and paves the way for both sides to return to the negotiating table. The proposal that the Pakistani army chief presented to Iranian officials today has American approval and has also received prior Iranian approval. The mediation presented a proposal that was met with a positive response from both parties, involving the payment of USD 6bln in interest, which represents Iranian funds frozen in Qatari banks. The proposal includes a "partial response" to the Iranian demand to return frozen Iranian funds. The proposal responds to an American demand regarding Iran's nuclear program, as it agreed to a secret visit by the IAEA to its nuclear sites. UKMTO has received a report of an incident involving a tanker and military forces approximately 121NM east of Duqm, Oman. Iran's Chief of Staff of the Armed Forces said that if a new war against Iran is started, it will engulf everyone, Ilna reported. Senior Iranian Officials say that Iran is prolonging talks with the US to try and weaken US President Trump politically ahead of the midterms, Reuters reported citing sources. UK is reportedly to fly missions to Saudi Arabia to assist it in defending against Houthi attacks, Bloomberg reported. Iran's Parliament Spokesman said Pakistan military delegation's visit to Tehran is not linked to Strait of Hormuz mediation efforts. Pakistan's Army Chief Munir arrives in Tehran, Mehr news reported. IRGC said "if these provocative actions by the American regime continue, oil companies will have to pay a bigger price". "Two oil tankers that were set on fire were stopped", Tasnim reported; "The IRGC Navy once again warns that crossing the mined route is illegal and will result in nothing but the burning of the violators' assets". "Pakistan Army Chief Munir's visit to Tehran was almost certainly uncertain until Sunday evening, but was later confirmed on Monday", Naya reported citing sources; "coinciding with oil prices rising to" USD 110/bbl. Iranian Foreign Ministry said that at the current time, they do not believe the Pakistani Army Chief is in Tehran. Iranian Foreign Ministry said the US' response to the proposal from Iran was incomplete and insufficient. Saudi Civil Defence said the danger has passed following earlier air sirens. Saudi Civil Defence issues an early warning threat in Riyadh. Iranian Foreign Ministry said the US' excessive demands are hindering negotiations. "Targeting a violating vessel in the Strait of Hormuz", Sabereen News. Israeli PM Netanyahu said there are indications that Iran and its proxies want to challenge Israel before the elections. Pakistan Army Chief Munir has left for Tehran to meet with senior officials of Iran, IRNA reported. Qatari Foreign Ministry spokesperson said "We are working with Washington and Tehran in partnership with other mediating countries to end the war in the region". Iran's Foreign Minister Spokesman said "During Russian [Foreign Minister] Lavrov's visit to Tehran, there was no discussion about nuclear negotiations with the United States, and we are not negotiating with the United States in this regard". Iranian Foreign Ministry Spokesperson Baghaei said they have held several contacts and consultations. If Iran drags its feet in advancing diplomacy, Tehran's people and public opinion will certainly say that you chose war. If there is even the slightest chance that may be able to prevent the escalation of tensions through diplomacy, must definitely go this route. The US Special Envoy to Syria and Iraq said "Washington wants to reach a peaceful agreement with Tehran", Al Jazeera reported. RUSSIA-UKRAINE Elon Musk reportedly ordered a slowdown of Ukraine's military-grade Starlink service, while Musk and Trump discussed the decision in a subsequent call, WSJ reported. US President Trump said Ukraine has to want to settle this war; want Zelensky to make a deal; given a lot to Ukraine, but gotten absolutely nothing back. US to offer Russian President Putin face-to-face talks with Ukrainian President Zelenskyy and US President Trump, Politico reported. The Trump administration is closing in on a deal with Russia that would see multiple Americans released from detention in Russia, according to ABC, citing sources. Ukraine's Kyiv Mayor said that an energy facility was hit in Kyiv. US Secretary of State Rubio said Ukraine wants to purchase interceptor missiles, but any other country in the world would want to buy them as well. US President Trump is disappointed in the lack of progress in Russia-Ukraine talks. Russia's Kremlin said Russia highly values the efforts of US negotiators, negotiators can inform Russian President Putin of the positions of Ukraine and European countries. Hopes a meeting between US envoy Steve Witkoff and Russian President Putin can be arranged in Russia in the near future. Ukrainian President Zelensky said Ukraine supports a mutual energy ceasefire. Ukraine's DTEK said a Russian attack struck three of its energy facilities in the Odesa region. Ukrainian President Zelensky said he talked with US Secretary of State Rubio on the topics of ballistic interceptors and Starlinks. US Envoy's Kushner and Witkoff to partake in Ukraine related talks in Norway; Witkoff will be there in person. OTHERS US War Secretary Hegseth said we haven't changed our posture in any way with the Ukrainians. ASIA-PAC NOTABLE HEADLINES Dalian Commodity Exchange said hog futures have seen large price swings; urges members to strengthen investor education and risk controls; said investors must participate rationally and in compliance. DATA RECAP South Korean PPI (Sep MM) 0.2% (Prev. 0.1%). South Korean PPI (Sep YY) 7.7% (Prev. 7.9%). New Zealand GDT Price Index (Oct/20) 2.5% (Prev. 1.2%). Taiwanese Export Orders (Sep YY) 62.4% (Prev. 71.4%). NOTABLE APAC EQUITY HEADLINES CATL (3750 HK) Q3 (CNY): Net income 21.25bln (exp. 26.03bln), Revenue 165.2bln (exp. 175.1bln). Samsung (005930 KS) has reportedly started looking for new customers for its 5nm process, Chosun reported; negotiations have begun on 2nm process, though are reportedly taking longer than initially expected. Terafab is reportedly excluding Chinese suppliers entirely, and is looking to work with Korean suppliers, The Elec reported ; Musk aims to build 1mln semiconductor fabs per month. EU/UK NOTABLE HEADLINES UK's PM Burnham plans to introduce legislation as soon as April to cut benefits bill, Telegraph reported. Google Security (GOOGL) said that "the issue with Google SecOps (SIEM and SOAR) in europe-west2 has been mitigated for all affected customers". "Due to a power event we had suffered an outage within europe-west2. The power event is mitigated and Engineering teams completed mitigation steps to restore full availability.". Hungarian Finance Minister said it's in their nation's interest to join the Euro as soon as possible. Google Security (GOOGL) said "We are investigating an ongoing incident affecting Google Security Operations SIEM and SOAR services in the europe-west2 region". Google Cloud (GOOGL) said that "Multiple services are experiencing issues in the europe-west2 region". Incident affecting AlloyDB for PostgreSQL, Apigee, BigQuery Data Transfer Service, Cloud Data Fusion, Cloud Filestore, Cloud Firestore, Cloud Memorystore, Cloud Run, Cloud Spanner, Datastream, Google App Engine, Google BigQuery, Google Cloud Bigtable, Google Cloud Dataflow, Google Cloud Dataproc, Google Cloud NetApp Volumes, Google Cloud Pub/Sub, Google Cloud SQL, Google Cloud Storage, Google Compute Engine, Google Kubernetes Engine, Looker (Google Cloud core), Managed Airflow, Managed Service for Apache Kafka, Memorystore for Redis, Memorystore for Redis Cluster, Memorystore for Valkey, Persistent Disk, Storage Transfer Service, VMWare engine, Virtual Private Cloud (VPC). German Chancellor Merz said they aim to quadruple AI compute capacity by 2030 with its data centre strategy. DATA RECAP European ZEW Economic Sentiment Index (Oct) 18.5 vs. Exp. 23.6 (Prev. 25.8). European Construction Output (Aug YY) 1.4% (Prev. -1.7%). European Current Account (Aug) 7.7B (Prev. 35.9B). European Current Account s.a (Aug) 8.71B vs. Exp. 25.2B (Prev. 27.17B). German ZEW Current Conditions (Oct) -35.9 vs. Exp. -45 (Prev. -47.1). German ZEW Economic Sentiment Index (Oct) 28.1 vs. Exp. 30 (Prev. 34.7). "The German economy is slowly emerging from stagnation, but at this point the recovery, that's not a self-sustaining one.". German PPI (Sep YY) 6.7% (Prev. 4.6%). German PPI (Sep MM) 1.9% vs. Exp. 0.8% (Prev. 1.1%). Spanish Trade Balance (Aug) -5.98B (Prev. -5.22B). Spanish Trade Balance (Aug) -7.81B (Prev. -5.22B). Italian Construction Output (Aug YY) -2.2% (Prev. -1.2%). Italian Current Account (Aug) 2766M (Prev. 7384M). Polish Corporate Sector Wages (Sep YY) 5.9% vs. Exp. 6.1% (Prev. 5.6%). Polish Employment Growth (Sep YY) -0.8% vs. Exp. -0.8% (Prev. -0.8%). Polish PPI (Sep YY) 6.1% vs. Exp. 5.8% (Prev. 4.2%). Polish Industrial Production (Sep YY) 4.6% vs. Exp. 3.1% (Prev. 4.3%). Swiss Trade Balance (Sep) 1.4B (Prev. 5.4B). UK HMRC Payrolls Change (Sep) 13K (Prev. 1K). UK Claimant Count Change (Sep) 30.3K vs. Exp. 19.4K (Prev. 7.0K). UK Average Earnings excl. Bonus (Aug 3MYr) 3.7% vs. Exp. 3.6% (Prev. 3.6%). UK Unemployment Rate (Aug) 4.7% vs. Exp. 4.9% (Prev. 4.9%). ONS. While the labour market remains broadly flat in 2026, data from the latest quarter shows the employment rate edging up and a small drop in unemployment. The number of workers on payroll remains slightly down over the same period, though data for the most recent month suggests that might be starting to level off. The number of vacancies has seen its largest fall since the start of the year, concentrated mainly within smaller businesses, which cite increased labour costs as a key factor. Regular wage growth remained relatively stable, though total pay – including bonuses – has eased to its lowest rate in nearly six years. UK Average Earnings incl. Bonus (Aug 3MYr) 3.7% vs. Exp. 3.8% (Prev. 3.9%). UK Employment Change (Aug) 102K vs. Exp. 20K (Prev. 67K).