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J.P. Morgan: China Merchants Bank’s third-quarter revenue beats expectations: Higher provisions mask operating improvement as retail asset quality comes under pressure

China Merchants Bank’s year-on-year growth in third-quarter revenue and pre-provision operating profit accelerated, with both exceeding JPMorgan’s expectations; higher impairment charges kept net profit growth at 3%. Meanwhile, wealth management fee income turned downward, and retail loan special-mention and overdue indicators weakened.

J.P. Morgan: Asia’s growth momentum broadens: Taiwan investment and South Korean industry rebound as central bank tightening paths diverge

Taiwan’s third-quarter economic growth and South Korea’s industrial production in September both exceeded expectations. JPMorgan believes technology exports, non-technology exports and domestic investment are jointly supporting growth, but inflation and policy pressures differ across economies.

Copper inventories are rising. Why is the spot market still tight?

Large volumes of copper inventories are being absorbed by the United States, while Chinese smelter maintenance, tighter scrap copper supplies and disruptions at mines are supporting the near-term spot market. Morgan Stanley expects the tightness to ease as US tariff policy and mine supply change in 2027.

Morgan Stanley: Technology stocks fall as Treasuries rise; oil prices and central-bank tightening expectations move global markets

Morgan Stanley says concerns about returns on AI investment triggered by technology earnings weighed on US stocks and supported Treasuries. Meanwhile, Middle East supply risks pushed up oil prices, and noteworthy changes also emerged in European bond markets, the Bank of Japan and China’s monetary policy framework.

Bernstein: Luxshare’s third-quarter revenue rises without matching profit growth as Apple assembly and exchange rates weigh, while AI server business takes over as growth driver

Third-quarter revenue slightly exceeded consensus, but net profit attributable to shareholders fell about 13% short. Bernstein expects rising volumes of copper interconnects and optical modules to accelerate earnings growth from 2027.

Bernstein: Can data center growth fill the gap as the smartphone market weakens?

Bernstein cuts its fiscal 2027 earnings forecast for Qualcomm: Apple-related revenue is expected to decline, the Android business also faces pressure, and the contribution from data center growth will take time to materialize.

Bernstein: Semiconductor valuations fall as earnings estimates rise: Why does Bernstein still see strong AI demand?

As of 30 October, the Philadelphia Semiconductor Index had fallen 27% from its June peak, while expected earnings per share for the next 12 months rose by about 40% over the same period. Bernstein believes cloud providers’ spending plans and Intel’s data center business continue to show strong AI demand, while the PC business is being held back by tight memory supplies.

Morgan Stanley: US growth remains strong, but funding costs are near the peak of the last tightening cycle

Morgan Stanley believes Treasury and AI-related corporate bond yields are jointly pushing up funding costs and broadening the correction in risk assets; the bank is holding off on adding interest rate risk ahead of the midterm elections and key economic data releases.

Bernstein: US midterms approach: How great is the political risk to data center construction?

Bernstein estimates that 244 gigawatts of data center projects are exposed to political risk, based on gubernatorial candidates’ probabilities of winning, little changed from last month. The firm believes local economic interests could shift the policy focus toward requiring developers to bear more of the cost of electricity infrastructure.

Morgan Stanley: Weaker Brazilian real weighs on agricultural prices as tightening sugar supply supports Morgan Stanley’s bullish view

Brazilian soybean planting is ahead of previous years, easing concerns about second-crop corn supplies; meanwhile, heavy rain is hampering sugarcane crushing in the Centre-South. Morgan Stanley believes declining Brazilian sugar supply and El Niño-related disruptions could further tighten the global supply-demand balance.

US data center construction: Most projects for 2027 are already under construction; 2028 depends on Texas permits

SemiAnalysis expects more than 50 GW of new data center capacity worldwide in 2027, but most projects underlying the forecast of 62.2 GW in net additions in the US in 2028 have yet to begin construction. The duration of the Texas permitting freeze is the largest single risk to the pace of delivery.

Nomura: AMEC orders hit a record high as component shortages slow revenue conversion

New orders reached a record in the first three quarters of 2026, with memory customers contributing around sixty percent; but revenue fell quarter on quarter in the third quarter amid component shortages, and Nomura cut its full-year revenue forecast.

Nomura: Multinational drug and medical device companies’ China businesses rebound: New products and a low base drive growth, while procurement pressure persists

Third-quarter 2026 results compiled by Nomura show that pharmaceutical companies including Lilly and Novartis recorded rapid sales growth in China, while some medical device companies also returned to growth. However, currency movements, a low base and centralized procurement have made the extent of the recovery uneven.

Nomura: Yuanjie's third-quarter revenue rises 20% quarter on quarter; Nomura raises earnings forecasts but cuts target price

Demand for optical chips and capacity expansion prompted Nomura to sharply raise its earnings forecasts, but geopolitical risks depressed its valuation assumptions; the company's third-quarter profit also failed to grow quarter on quarter alongside revenue.

Nomura: China’s October PMIs both fall: demand remains weaker than supply amid seasonal swings

Manufacturing and non-manufacturing PMIs both came in below market expectations. Nomura believes the manufacturing decline mainly reflected seasonal factors, but the divergence between production and orders and weakness in construction show that underlying growth momentum remains soft.

J.P. Morgan: Financing costs reshape the AI trade as cash flow determines market divergence

Major central banks have paused rate hikes, but JPMorgan expects tightening is not over. Financing-sensitive AI assets and lower-rated credit are under pressure. The bank remains positive on quality growth stocks and sees hedging value in developed-market government bonds when demand weakens.

J.P. Morgan: Maintaining bearish euro view as energy shock and growth divergence reshape FX trading

Euro cross shorts have continued to profit recently. JPMorgan is tightening profit-taking levels while retaining positions in currencies including the US dollar, British pound and Norwegian krone. The bank believes high energy prices and interest-rate differentials still favor some higher-yielding currencies, but weakness in US technology stocks and central bank meetings are important variables.

J.P. Morgan: How does JPMorgan view US, European and Japanese rates after the global bond rally?

Intermediate rates in developed markets have retreated from early-October highs, with growth concerns replacing some fears of rate hikes. JPMorgan believes valuations have become less cheap, favors German bonds over US Treasuries, and maintains its US yield curve steepening view.

J.P. Morgan: Global Banks Weekly: US margins poised to recover as Brazilian credit and Australian costs face pressure

JPMorgan expects the average net interest margin of its US bank sample to rise slightly in 2027, but remains cautious on regional banks; in Australia, competition and costs are in focus, while Brazil faces slowing loan growth.

J.P. Morgan: Huatai Securities’ third-quarter profit falls 35% as investment income plunges and impairment reversals support part of profit

JPMorgan considers Huatai Securities’ third-quarter earnings quality weak: investment income fell sharply, brokerage performance lagged peers quarter on quarter, and growth in investment banking and asset management fees failed to offset weakness elsewhere.