At the end of a week on the roller coaster, investors have to deal on the one hand with the sirens who suggest sell the securities On the one hand, gold prices have reached excessively high levels, while on the other, the good practice of holding steady and waiting for the storm to calm down, taking advantage of falling prices to re-enter the market. Certainly, yesterday's performance on Wall Street and today's Asian markets have seen historic slides, with gold falling back to around $4.000 an ounce. But today's futures point to a positive opening and a rebound in the US as well.
Wall Street fell yesterday amid profit-taking and buying at the lows
Wall Street closed lower yesterday, as investors grappled with growing economic uncertainty and concerns about inflated stock prices, particularly those related to artificial intelligence (AI)—the very stocks that had led market rallies in recent months.
All three major US stock indexes lost ground: the Dow closed at -0,84%, the S&P 500 at -1,12%, the Nasdaq at -1,90%, with the Philadelphia SE Semiconductor index losing as much as 2,4%. The trend of the week, with roller coaster quotes, mostly make one think that investors want take profit and sell the peaks, then come back immediately Buying at the lows. Moreover, the third-quarter earnings season is nearing its end, with 83% of companies beating Wall Street estimates, according to the latest LSEG data. Analysts currently expect S&P 500 earnings to grow 16,8% year-over-year for the July-September period, more than double the 8,0% annual growth analysts had forecast at the start of the quarter, according to LSEG.
The focus is on the continuous financing needs OpenAI, the maker of ChatGPT, and other companies in the industry. Yesterday, Sarah Jane Friar, the CFO of OpenAi, He spoke at an event about the possibility of Treasury intervention, which could provide a last-resort guarantee on the mountain of loans disbursed and in the process of being disbursed. Meanwhile, some Wall Street guru They warned at the beginning of the week that the valuations were excessive: their indications fueled the nervousness, leading Tuesday The Nasdaq 100 index, heavily oriented toward the technology sector, fell 2,1%. After recovering part of its losses, Wednesday, the index slipped another 1,9% Thursday. It is now down nearly 4% from its last record on October 29, though it is still in up almost 20% since the beginning of the year.
However, some analysts are concerned about recent data published by private bodies on state of the US economy and in particular on job market, as it continues the longest shutdown government-led shutdown, which also prevents the publication of official reports. Yesterday, executive outplacement firm Challenger, Gray & Christmas reported that companies announced a 183,1% monthly increase in layoffs, the worst October in two decades. Cost-cutting and artificial intelligence efforts were among the main reasons given by companies. Workforce analytics firm Revelio Labs also showed that the U.S. economy lost 9.100 jobs last month, with the government accounting for the majority of this decline.
A weakness of the job market would be a thorn in the side of Fed Chairman Jerome Powell that could lower rates again in December, if he does not keep theinflationCleveland Fed President Beth Hammack said inflation is a greater risk than weak employment. Last week, Chairman Jerome Powell warned that a December rate cut is not a given. Investors still estimate a rate cut probability of about 70%.
Tesla, which had lost ground (-3,7%) during the regular market, rose 1,6% in after-hours trading after its shareholders approved a $1.000 trillion compensation package for CEO Elon Musk.
Novo Nordisk A/S has again raised its offer for Metsera Inc., as the battle for Pfizer Inc.'s acquisition of the obesity startup intensifies. Airbnb Inc. issued a better-than-expected forecast for the holiday quarter, citing strong demand as U.S. travelers use its recently launched “book now, pay later” feature to book travel in advance.
Asia-Pacific stocks headed for worst week since August
The same factors behind Wall Street's decline have weighed on Asia. The MSCI Asia Pacific index is down 1,3%, on track for its worst week since August: the provisional balance is -1,7%. The MSCI World, The world's super stock market index is on track to close its first week in the red after four in the green.
The index Tokyo Nikkei The US dollar is down 1,7% and is about to close the week with a 2,6% decline. The yen is trading at 153,1 to the dollar, down from 154 yesterday. Japanese household spending increased for the fifth consecutive month, but below expectations. Adjusted for inflation, the increase was 1,8% in September compared to a year ago, driven by transportation and entertainment. Consumption accounts for more than half of Japan's gross domestic product. The GDP report due on November 17 is expected to show a contraction in the three months to September, ending a five-quarter expansion. Exports declined, and construction starts declined due to regulatory changes.
In China The CSI 300 of the Shanghai-Shenzhen stock exchanges fell 0,1%, with a weekly gain of 1%. Hong Kong's Hang Seng index fell 1%, with a weekly gain of 1,3%. In October, amid a creeping trade war with the United States, the Chinese exports have decreased, even as recent high-level talks between the world's two largest economies eased tensions. Outbound shipments fell 1,1% year-on-year to $305,35 billion last month, according to customs data released Friday. This is lower than the 8,3% increase seen in September and below the 2,84% growth forecast by Chinese financial data provider Wind. Imports in October totaled $215,28 billion, up 1% year-on-year from 7,4% in September and below Wind's forecast of 4,49%. China's trade surplus amounted to $90,07 billion.
Bag of Alone The Kospi index is down 1,9%, with the weekly reading down 3,9%. The Korean won is hitting a seven-month low against the dollar, trading at 1.455, its fifth consecutive session of appreciation.
The dollar index rose 0,1% after its biggest decline since mid-October, and oil edged higher on Friday but is set for a second weekly decline as supply increases. Euro down against the dollar. Exchange rate at 1,153m, down 0,2%.
European stocks opened slightly higher. At Piazza Afari, Unipol, BMPS, and Telecom Italia were all eyes on the stock market.
European stock markets are expected to open slightly higher: the Eurostoxx 50 future is up 0,25%.
Banca Mediolanum Mediobanca raised its target price to €20,50 from €17, confirming its Outperform rating.
Bpm bank – It closed the third quarter with a net profit above expectations, driven by higher commissions, while net interest income declined. Guidance for 2025 was confirmed. CEO Giuseppe Castagna stated that the bank has no M&A transactions underway. The board of directors is evaluating the possibility of submitting its own slate of candidates for the board renewal.
Monte dei Paschi Bank – As of September 30, 2025, the Group's total revenues amounted to €3.054 million, stable year-over-year. The growth in net commissions (+8,5%) and other financial income (+35,0%) fully offset the slowdown in net interest income (-7,4%), which had benefited from higher interest rates in 2024, and the decline in other operating income and expenses. Net interest income as of September 30, 2025, amounted to €1.638 million (-7,4%), impacted by the ECB's lower interest rates in customer relationships, despite the growth in average lending volumes. This effect was only partially offset by lower interest expense on outstanding securities. This is according to the company's press release.
Pirelli – The company closed the first nine months of 2025 with revenues of €5.195,2 million, with organic growth of 3,7% excluding exchange rate effects (-3,4%). Adjusted EBIT: +2,4% to €835,5 million (€815,9 million at September 30, 2024) thanks to the effectiveness of online levers. Net profit: +8,0% to €400,6 million (€371,1 million at September 30, 2024). Net financial position: -€2.537,9 million (-€2.816,2 million at September 30, 2024 and -€1.925,8 million at December 31, 2024). The 2025 targets were confirmed, despite challenges due to exchange rates, tariffs, and inflation.
Telecom Italy – Barclays raised its target price to 60 euros, from 55 previously.
Unipol – Results as of September 30, 2025: Reported consolidated net profit of €1.120 million1 (+54,7% compared to September 30, 2024), with the contribution of banking participations as of June 30, 2025. Consolidated net profit of €1.235 million (+48,0%) including the contribution of banking participations as of September 30, 2025. Insurance Group net profit of €961 million (+45,0%). Direct insurance premiums of €12,6 billion (+10,8%). Combined ratio improved to 93,5%. Solvency ratio of 220% (Insurance Group solvency ratio of 265%).
Brembo – Production is proceeding normally and is not affected by the potential chip shortage related to Nexperia, the company's president said. Oddo raised the price target to 10 euros, from 8 euros previously, confirming his Neutral rating.
believe – It closed the first nine months of 2025 with an increase in consolidated net profit, while the intermediation margin saw a contraction.
Juventus – Ordinary and extraordinary assembly (10,00) in Turin.
