Apple’s fiscal fourth-quarter revenue and earnings per share for 2026 exceeded market consensus, but its guidance for next-quarter services growth and gross margin was weak. JPMorgan raised its hardware revenue forecasts while lowering its earnings forecasts and price target.
Reflexivity aims to shift investment research from passive searching to proactive discovery: the platform connects market data, asset relationships and user holdings to generate event alerts, thematic portfolios and risk analysis. The company says query costs have fallen by approximately 70% over the past three months.
Applications for the third swap facility exceeded 100 billion yuan, while the interest rate on relending for share buybacks was cut and the program was made a long-term arrangement. JPMorgan believes that, although no additional quotas were announced for either tool, policy signals and state-backed buying could support Chinese equities, with onshore technology stocks potentially benefiting more.
BofA believes crowded long positions in AUD/NZD make the exchange-rate impact of the election asymmetric: a Labour-led government could push the rate up to 1.26, while a National Party government remaining in power could drive it down toward 1.21.
CSI 300 revenue rose in the third quarter but earnings per share fell. JPMorgan expects full-year earnings growth to face downward revisions; policy provides downside support, while the AI infrastructure pullback creates new allocation opportunities.
BofA believes no single event is likely to resolve AI and macroeconomic uncertainty. Its US equity screening framework emphasizes cash-backed growth, diversification within equities, and distinguishing low-valuation opportunities from value traps.
US CPI inflation rose to 3.7% year over year in September. Real wage growth continues to support spending, but lower-income households face greater pressure from energy costs. Bernstein expects consumers to remain focused on value for money, with varying effects on retail, restaurants and home improvement.
North American heavy-duty truck production surged in September, but new orders shifted to a year-on-year decline; construction equipment demand was supported by data center and power projects, while farm equipment sales and farmer confidence remained under pressure.
Bernstein raised its forecast for demand for Advantest SoC testers in the fiscal year ending March 2029 by 82% and lifted its price target from 45,800 yen to 55,700 yen. The key drivers of the new model are longer ASIC test times, growing shipments and an expanding server CPU testing market.
Pfizer’s third-quarter revenue was broadly flat year over year, while profit exceeded market expectations; growth products still account for a small share, and long-term growth depends on progress in the obesity and oncology pipelines.
Guests invited to a Goldman Sachs discussion on China’s macroeconomy expect the 2027 growth target to be no significantly lower than 4.5%, with government investment potentially continuing to compensate for insufficient private demand. Meanwhile, public finances face sustained pressure, and export growth could slow from more than 20% in the first three quarters of 2026 to about 10%.
As of 2 November, prediction markets implied a probability above 70% of Democrats winning a Senate majority, up from about 60% two weeks earlier; the probability for the House exceeded 90%. Goldman Sachs believes the House outcome matters more for the policy outlook, but key Senate races remain within polling margins of error.
Condiment sales rose about 4% in the first three quarters of 2026, but a weak foodservice channel and higher soybean and PET costs have kept Goldman Sachs cautious on fourth-quarter gross margin. The company has no near-term price increase planned and will watch the buildup of inventory for the Lunar New Year.
Palantir’s third-quarter revenue and margin exceeded market expectations, but growth in US commercial contract metrics slowed. Goldman Sachs sees growth potential in sovereign AI, with the key being the conversion of short-term pilots into longer-term, larger-scale partnerships.
AMD’s third-quarter data center revenue exceeded Goldman Sachs and market expectations, supporting overall performance; the midpoint of fourth-quarter revenue guidance is above market consensus but below Goldman Sachs’ forecast.
Apple’s fiscal 2026 fourth-quarter revenue and gross margin both exceeded expectations, but Nomura believes price increases and a shift toward higher-end products supported revenue, while device production and supplier revenue will face greater pressure.
Growth in core product volumes and prices and lower expense ratios drove third-quarter results above Nomura Orient International’s expectations. The firm raised its earnings forecasts for the next three years but lowered its valuation multiple and expects operating cash flow to turn negative in 2026.
The average of Nomura’s four valuation measures shows the dollar is overvalued by 14.7% and Asian currencies are undervalued by 8.6% on average; meanwhile, emerging-market funds’ allocation to the Indian rupee has rebounded, and bond supply outlooks differ across Asian countries.
Nomura estimates that Lao Pu Gold’s third-quarter sales showed no clear improvement from the second quarter. A retreat in gold prices and a weaker wealth effect weighed on consumption; the bank cut its earnings forecasts for the next three years but remains positive on the brand’s long-term position.
In the third quarter of 2026, the company's revenue and gross margin both improved quarter on quarter, and profit exceeded Nomura Orient International's previous expectations. The firm raised its earnings forecasts while cutting its target price from 66 yuan to 51 yuan.
