Global Markets Today, October 29, 2026: Asia Mixed as Alphabet Earnings Disappoint; Oil Near $115 Keeps Indian Markets on Edge

Mumbai, October 29: Asian markets traded mixed on Thursday, October 29, as disappointing reactions to technology earnings on Wall Street overshadowed optimism over strong demand for artificial intelligence chips, while elevated crude oil prices continued to pose a risk to sentiment. Indian equity benchmarks are likely to face a cautious start, with weakness in Asian equities and Nasdaq futures weighing on risk appetite, although the overnight gains on Wall Street could offer some support. 

Asian Markets Today 

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.88%, while Japan’s Nikkei 225 edged 0.3% higher. South Korea’s Kospi dropped 2.8%, despite Samsung Electronics reporting a nearly ninefold increase in third-quarter operating profit on robust demand for AI chips. Samsung shares fell more than 4%, highlighting investors’ growing scrutiny of technology valuations and the returns expected from heavy investments in artificial intelligence. 

China’s CSI 300 declined 0.98%, while Hong Kong’s Hang Seng rose 0.27%. Shares of SK Hynix gained 1.3% after surging 11% in the previous session on strong earnings, offering some support to the semiconductor sector. 

The mixed performance underscores the market’s shifting focus from headline earnings growth to the sustainability of AI-related spending and profitability. Investors are also awaiting results from Amazon and Intel for further clues about demand across the technology sector. 

Wall Street Ends Higher After Fed Decision 

US stocks ended higher on Wednesday after the Federal Reserve kept interest rates unchanged, as widely expected. The S&P 500 gained 0.3% to 7,743.98, the Nasdaq Composite rose 0.3% to 26,549.85, and the Dow Jones Industrial Average advanced 0.2% to 52,475.10. 

However, the positive close offered little reassurance for technology shares in Asia. Alphabet fell sharply in after-hours trading after its results highlighted concerns over substantial AI-related capital expenditure, while Microsoft gained on stronger-than-expected cash flow. The contrasting reactions pushed Nasdaq futures lower, with the technology-heavy contract down 1.4% in early Asian trade. 

The Fed’s decision also contained a hawkish signal, with two policymakers favouring a rate increase. Markets continue to price in a strong possibility of another hike in December, keeping monetary policy and inflation firmly in focus. 

Crude Oil Prices Remain Elevated 

Brent crude futures slipped 0.6% to $114.6 a barrel on Thursday, following reports of efforts to revive US-Iran peace negotiations. However, prices remained close to elevated levels amid persistent concerns over supply disruptions and geopolitical tensions. 

For India, sustained high oil prices threaten to raise imported inflation, pressure corporate margins and widen the import bill, potentially limiting foreign investor appetite for domestic equities. 

Indian Markets: Cautious Opening Likely 

Indian markets may open under pressure as weakness across Asian technology shares and falling Nasdaq futures offset Wall Street’s modest gains. Elevated crude prices remain an additional headwind for sentiment. Investors will track oil prices, foreign fund flows and domestic earnings for direction, with any improvement in geopolitical developments potentially offering relief. 

Source

• Exchanges