The Market ThesisDaily Summary
Asia & Pacific Edition
November 3, 2026 at 5:30 AM ET
By MacroGlide's Analysts
Markets Recap for November 2, 2026
Oil Prices Drop as US Tech Stocks Stabilize
What's in the markets today?
China’s RatingDog Manufacturing PMI was released at 52, signaling factory activity expanded but at a slightly slower pace than in the previous reading, which highlighted shifting supply chain patterns for Asian producers. Australia reported a 5.1% rise in September building permits, reversing last month’s decline and suggesting renewed momentum in the housing and construction sectors that could affect policy expectations. WTI crude oil fell sharply by 7.36% as hopes for renewed US-Iran talks reduced the geopolitical risk premium built into oil prices. The Hang Seng Index gained, supported by advances in technology and retail stocks such as Alibaba, showing that appetite for consumer-oriented names lifted parts of the Hong Kong and mainland markets. Meanwhile, Japan’s Nikkei 225 edged down following a drop in the country’s S&P Global Manufacturing PMI Final to 53.3 for October, further underscoring slowing factory growth and shifting investor focus toward the performance of key exporters.
Benchmark Moves
The Hang Seng Index rose 0.42% today, supported by a 3.53% increase in Alibaba amid solid retail activity. Meanwhile, WTI crude oil dropped 7.36% as hopes for renewed US-Iran talks reduced the geopolitical risk premium in oil prices. The falling oil prices helped consumer stocks gain traction, while Japan’s Nikkei 225 fell 0.33% as the S&P Global Manufacturing PMI suggested slowing growth for manufacturers, affecting investor confidence in export-driven sectors. These dynamics indicate a complex interplay between energy prices and equity performance in Asia.
Market data as of Nov 2, 2026 at 4:00 PM ET.
Market data as of Nov 2, 2026 at 4:00 PM ET.
Market data as of Nov 2, 2026 at 5:00 PM ET.
Key Financial Reports
POSCO Holdings Inc. (PKX) reported earnings of $0.556, indicating a solid performance amid challenging market conditions. Meanwhile, Mabuchi Motor Co., Ltd. (MBUMY) posted earnings of $0.155, reflecting ongoing operational stability. GD Culture Group Limited (GDC) had not published an earnings report as of this date. These results highlight resilience in certain sectors despite broader economic challenges.
EPS reported on November 2, 2026 ET. Figures use each company's reported basis.
Key Macroeconomic Reports
Australia's economy is facing pressures, highlighted by the TD-MI Inflation Gauge rising to 4.9%, signaling ongoing inflation. Meanwhile, building permits surged by 5.1% month-on-month, indicating potential recovery in the construction sector. However, this is contrasted by the S&P Global Manufacturing PMI falling to 49.6, suggesting contraction in manufacturing. Together, these indicators reflect a complex economic climate that could influence the Reserve Bank of Australia's policy decisions.
Macroeconomic data released on November 1, 2026 ET.
Top Stories
A quick look at the five stories that shaped today's market sentiment. Explained with brief context highlighting why each story mattered today.
Source: Australian Financial Review
Traders are betting the RBA’s race is run. Is it a mistake?
Traders expect the Reserve Bank of Australia (RBA) to raise the cash rate to 4.85 per cent, marking an 18-year high. The probability of this increase is over 80 per cent, driven by recent hawkish comments and a high inflation report. This anticipated move raises questions about whether traders are prematurely concluding that the worst is over for struggling ASX stocks. The RBA's decision is set to be announced on Tuesday.
Source: Australian Financial Review
Home borrowers face $6000 hit from interest rates as house prices tank
If the Reserve Bank of Australia raises interest rates for the fifth time this year, home borrowers could see their annual mortgage payments increase by over $6000. This comes amid a significant downturn in property prices, which is currently the fastest decline in 40 years. The expected rise in the cash rate to 4.85 per cent will push home loan payments to the highest percentage of household income since the late 1980s. The Albanese government faces mounting economic pressure as a result.
Source: Australian Financial Review
Sydney home values have shed 10pc since February
Sydney home values have decreased by 10 per cent since February, surpassing the decline in Melbourne over the previous 4½ years. This drop is attributed to rising borrowing costs, tax changes, and a cost-of-living crisis. The current trend indicates that Australia is on track for the most rapid decline in housing prices in 40 years. The analysis was conducted by data company Cotality.
Source: Australian Financial Review
UBS finds itself in the path of NextDC’s share price bloodbath
NextDC, an ASX-listed data center company, is facing a severe decline in its share price due to concerns about its financial stability following a delay at a key Melbourne project. UBS, which managed a $1.1 billion convertible notes issue for NextDC, is also feeling the impact. The conversion price for these notes was set at $16.695, representing a 32 per cent premium over the current trading price. This situation highlights the challenges facing both companies amid market volatility.
Source: Australian Financial Review
Westpac bets on business lending as mortgage market cools
Westpac is shifting its focus towards business lending as the mortgage market cools, according to CEO Anthony Miller. The bank reported a 1 per cent decline in net profit to $6.8 billion amid tough economic conditions. With a potential increase in the official cash rate expected to be announced soon, which would be the fifth hike this year, Westpac aims to mitigate risks associated with the softening property market. This strategy reflects the bank's response to changing economic dynamics.
Other Headlines
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Explore all past issues →The Market ThesisDaily Summary
Asia & Pacific Edition
November 3, 2026 at 5:30 AM ET
Markets Recap for November 2, 2026
Oil Prices Drop as US Tech Stocks Stabilize
What's in the markets today?
China’s RatingDog Manufacturing PMI was released at 52, signaling factory activity expanded but at a slightly slower pace than in the previous reading, which highlighted shifting supply chain patterns for Asian producers. Australia reported a 5.1% rise in September building permits, reversing last month’s decline and suggesting renewed momentum in the housing and construction sectors that could affect policy expectations. WTI crude oil fell sharply by 7.36% as hopes for renewed US-Iran talks reduced the geopolitical risk premium built into oil prices. The Hang Seng Index gained, supported by advances in technology and retail stocks such as Alibaba, showing that appetite for consumer-oriented names lifted parts of the Hong Kong and mainland markets. Meanwhile, Japan’s Nikkei 225 edged down following a drop in the country’s S&P Global Manufacturing PMI Final to 53.3 for October, further underscoring slowing factory growth and shifting investor focus toward the performance of key exporters.
Benchmark Moves
The Hang Seng Index rose 0.42% today, supported by a 3.53% increase in Alibaba amid solid retail activity. Meanwhile, WTI crude oil dropped 7.36% as hopes for renewed US-Iran talks reduced the geopolitical risk premium in oil prices. The falling oil prices helped consumer stocks gain traction, while Japan’s Nikkei 225 fell 0.33% as the S&P Global Manufacturing PMI suggested slowing growth for manufacturers, affecting investor confidence in export-driven sectors. These dynamics indicate a complex interplay between energy prices and equity performance in Asia.
Indexes
Detailed View →Market data as of Nov 2, 2026 at 4:00 PM ET.
Stocks
Detailed View →Market data as of Nov 2, 2026 at 4:00 PM ET.
Commodities & Crypto
Detailed View →Market data as of Nov 2, 2026 at 5:00 PM ET.
Key Financial Reports
POSCO Holdings Inc. (PKX) reported earnings of $0.556, indicating a solid performance amid challenging market conditions. Meanwhile, Mabuchi Motor Co., Ltd. (MBUMY) posted earnings of $0.155, reflecting ongoing operational stability. GD Culture Group Limited (GDC) had not published an earnings report as of this date. These results highlight resilience in certain sectors despite broader economic challenges.
Earnings Per Share (EPS)
Detailed View →EPS reported on November 2, 2026 ET. Figures use each company's reported basis.
Key Macroeconomic Reports
Australia's economy is facing pressures, highlighted by the TD-MI Inflation Gauge rising to 4.9%, signaling ongoing inflation. Meanwhile, building permits surged by 5.1% month-on-month, indicating potential recovery in the construction sector. However, this is contrasted by the S&P Global Manufacturing PMI falling to 49.6, suggesting contraction in manufacturing. Together, these indicators reflect a complex economic climate that could influence the Reserve Bank of Australia's policy decisions.
Macroeconomic Data
Detailed View →Macroeconomic data released on November 1, 2026 ET.
Top Stories
A quick look at the five stories that shaped today's market sentiment. Explained with brief context highlighting why each story mattered today.
Traders are betting the RBA’s race is run. Is it a mistake?
Traders expect the Reserve Bank of Australia (RBA) to raise the cash rate to 4.85 per cent, marking an 18-year high. The probability of this increase is over 80 per cent, driven by recent hawkish comments and a high inflation report. This anticipated move raises questions about whether traders are prematurely concluding that the worst is over for struggling ASX stocks. The RBA's decision is set to be announced on Tuesday.
Source: Australian Financial Review
Home borrowers face $6000 hit from interest rates as house prices tank
If the Reserve Bank of Australia raises interest rates for the fifth time this year, home borrowers could see their annual mortgage payments increase by over $6000. This comes amid a significant downturn in property prices, which is currently the fastest decline in 40 years. The expected rise in the cash rate to 4.85 per cent will push home loan payments to the highest percentage of household income since the late 1980s. The Albanese government faces mounting economic pressure as a result.
Source: Australian Financial Review
Sydney home values have shed 10pc since February
Sydney home values have decreased by 10 per cent since February, surpassing the decline in Melbourne over the previous 4½ years. This drop is attributed to rising borrowing costs, tax changes, and a cost-of-living crisis. The current trend indicates that Australia is on track for the most rapid decline in housing prices in 40 years. The analysis was conducted by data company Cotality.
Source: Australian Financial Review
UBS finds itself in the path of NextDC’s share price bloodbath
NextDC, an ASX-listed data center company, is facing a severe decline in its share price due to concerns about its financial stability following a delay at a key Melbourne project. UBS, which managed a $1.1 billion convertible notes issue for NextDC, is also feeling the impact. The conversion price for these notes was set at $16.695, representing a 32 per cent premium over the current trading price. This situation highlights the challenges facing both companies amid market volatility.
Source: Australian Financial Review
Westpac bets on business lending as mortgage market cools
Westpac is shifting its focus towards business lending as the mortgage market cools, according to CEO Anthony Miller. The bank reported a 1 per cent decline in net profit to $6.8 billion amid tough economic conditions. With a potential increase in the official cash rate expected to be announced soon, which would be the fifth hike this year, Westpac aims to mitigate risks associated with the softening property market. This strategy reflects the bank's response to changing economic dynamics.
Source: Australian Financial Review
Other Headlines
KPMG to cut up to 400 more roles as government ban bites
Japanese groups stage $21bn deal spree to secure gas supplies
Samsung C&T buys Perth’s Powertech in $100m deal
Oil slides as US tech stocks steady after AI rout
Big banks will keep slashing costs and jobs. Westpac shows why
China’s soaring chemical exports threaten new trade war front
How high can interest rates go? Try much higher than 4.85pc
The midterms and the world
Treasury not buying $38b NDIS savings plan
Indonesian political maneuvers hinder market reforms amid downgrade threats
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