The MSCI Asia Pacific index ticked up 0.3% on October 29, shrugging off a bruising night in Wall Street. Alphabet shares crashed 10% in extended trading after the Google parent reported sales that fell short of broker expectations, reigniting fears about the ROI on massive AI capex. Yet, the damage was contained. The Nikkei 225 climbed 0.80% and South Korea’s Kospi added 0.57%, while the broader Topix slipped a marginal 0.21%.
India’s GIFT Nifty pointed to a muted, slightly negative open. The backdrop is dominated by the Jio Platforms IPO, which listed at ₹1,358—a 21% premium to the ₹1,119 issue price. This move pushed Reliance Industries to the top of India’s corporate market-cap rankings, with the group’s listed businesses now valued at over ₹30.5 lakh crore, surpassing the Tata Group. Jio Platforms itself now holds a market value above ₹12.5 lakh crore, sitting just below its parent company.
Currency markets showed little volatility. The Japanese yen weakened 0.1% to 158.01 per dollar, while the offshore yuan hovered at 6.6601. The real action was in US futures. Nasdaq 100 contracts dropped 0.9% and S&P 500 slips fell 0.4%, reflecting the sell-off in tech. Microsoft bucked the trend, rising 2.8% in after-hours on solid cloud sales, while Oracle jumped 11% after improving its long-term free cash flow outlook.
The Federal Reserve’s decision weighed on risk sentiment. The FOMC voted 10-2 to hold benchmark rates at 3.75% to 4%. Fed Chair Kevin Warsh told reporters the bank has “made clear our readiness to act as circumstances require.” According to Bloomberg, officials plan to phase in a revised schedule with rate-setting votes at seven of eight meetings next year. Short-dated US Treasury yields fell as traders recalibrated their bets on the rate path.
Oil markets eased as diplomatic efforts in West Asia gained traction. Brent crude slipped to $114.71 in early Asian trade, down from a 1% gain the previous session. WTI dropped 0.8% to $101.99. The key question for traders now: can tech earnings sustain the AI rebound, or will Fed caution and potential Iran tensions keep the market on edge?