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The US market was driven by a sharp post-Fed rotation as the Federal Reserve held rates steady, while Microsoft surged on over $130 billion in data-center lease commitments tied to its AI expansion and Meta slumped on rising AI costs.

Microsoft delivered strong earnings, while Meta faced growing investor frustration over the cost of its AI spending.
Markets are reacting to a divided Federal Reserve, with investors trying to judge what the split means for future policy.
Stock futures moved higher after the post-Fed selloff, suggesting some stabilization in sentiment.
Microsoft announced more than $130 billion in data center leases, showing how aggressively it is expanding AI infrastructure.
Meta’s free cash flow declined, highlighting how expensive the AI race has become for the company.
Several major companies issued updates, including Starbucks, Qualcomm, Robinhood, P&G, and Lam Research, each shaping sector-specific trading.
Adobe received an early termination notice from the FTC for its Topaz acquisition, removing a regulatory hurdle.
Analysts noted that technology and AI themes are spreading into the broader economy, not just remaining confined to big tech.
Some market experts warned investors to be cautious about the overheated semiconductor and AI trade.
There is a growing rotation in the market, with investors watching chart setups in names like Novartis and other stocks for possible opportunity.

Hong Kong stocks ended higher as the Hang Seng Index rose 50 points to 25,858, with New Oriental surging over 18% after earnings while chip stocks such as SMIC and Zhizhu fell sharply.

Investors were watching upcoming Bank of England and Bank of Japan rate meetings as well as U.S. PCE inflation data, while U.S. stock futures rebounded and European markets were mixed.
Hong Kong stocks finished slightly higher, with the Hang Seng Index up 50 points, led by a sharp post-earnings jump in New Oriental and weakness in SMIC and Zhipu.
New Oriental’s shares surged after results, while several brokers said Budweiser APAC’s quarterly performance was broadly in line or better than expected, despite some weakness in China.
Citi cut Trip.com’s target price and lowered earnings forecasts, but remained positive on several other names such as NetEase and MGM China.
ASMPT drew upbeat comments from brokers, with both Huatai Securities and JPMorgan raising or maintaining constructive ratings and improving earnings estimates.
Some Chinese mainland market themes focused on share buybacks and insider buying, especially in chip companies, as a sign of management confidence and market support.
Local state-owned enterprises and regulators continued to support the market through new stabilization measures, including proposed fee cuts and broader reform guidance.
China’s policy tone remained supportive, with the Politburo meeting expected to emphasize property-market measures and capital-market reforms, according to asset managers.
The semiconductor and AI supply chain stayed in focus globally, with Samsung warning chip shortages may worsen and continue into 2028, while Asia chip stocks experienced heavy volatility.
Broader market sentiment was influenced by sector rotation, with financials and blue-chip mainland stocks acting as defensive havens, while technology and some growth names came under pressure.

Japan’s benchmark Nikkei surged, with the Tokyo Stock Exchange briefly rising more than 1,300 points as investors snapped up AI and semiconductor shares, pushing the index back above 62,000.

English translation: The provided sources cover Japan’s consumption tax debate, corporate takeover guidelines, economic policy and market moves, U.S. Federal Reserve decisions, a plan to reduce food tax burden, fee waivers for disaster donations, the yen’s weakness, and stock market rallies, along with earthquake-related business impacts and corporate reopening updates in Kumamoto.
Consumption tax cut: A tax reduction could ease the burden by about 60,000 yen for a four-person household, but its effect may be limited if high prices continue.
Takeover guidelines: A supplementary document to corporate acquisition rules aims to correct the misunderstanding that companies cannot reject high-priced offers and warns management against acting only to protect themselves.
Fiscal policy: The Cabinet approved budget request guidelines for fiscal 2027 that create a new investment framework for growth without setting an upper limit.
Stock market surge: The Tokyo Stock Exchange rebounded sharply, closing up 433 yen, with AI and semiconductor shares leading gains after an intraday rise of more than 1,400 yen.
Fed decision: The U.S. Federal Reserve left interest rates unchanged, though three officials opposed the decision in favor of a hike, and expectations grew for a rate increase in September because inflation remains elevated.
Food tax policy: Prime Minister Takaichi instructed that the food consumption tax should effectively become zero through taxes plus benefits, starting at 1% from April 2027, marking the first cut.
Disaster relief support: Japan Post will waive fees for donation transfers related to the Kumamoto earthquake, including at counters and via smartphone.
Exchange rate: The yen traded in the mid-163 range against the dollar as markets reacted to the Fed’s decision not to raise its policy rate.
Corporate and disaster updates: Businesses in Kumamoto are resuming or adjusting operations after the earthquake, including Hobas reopening its Aso plant, Duskin’s factory shutdown, Yamazaki Baking’s temporary halt, and other companies continuing store and factory operations.

Bitcoin held near $64,000 after the Fed kept rates unchanged, even as crypto markets remained volatile with leveraged bets and ETF flows shifting sentiment.

Bitcoin is trading close to $64,000 while broader markets react positively to Microsoft’s AI-driven earnings boost.
Crypto markets, especially Bitcoin and ether, are heavily influenced by perpetual futures trading, which can magnify price swings.
Recent volatility in Bitcoin and ether led to about $286 million in leveraged positions being liquidated.
Analysts broadly view the Federal Reserve’s decision to hold rates as hawkish, though they disagree on the market impact going forward.
Ether and XRP are relatively stable as chip stocks remain firm after Samsung reported a massive profit surge.
Bitcoin’s quantum-computing defense strategy assumes some algorithms may eventually fail, but AI recently weakened one of them in just 60 hours.
Senators are preparing stricter ethics rules targeting Trump’s crypto ventures, with the measures expected to move to the White House.
Robinhood shares fell despite beating earnings estimates, as its crypto revenue continued to slow.
The rapid growth of crypto perpetual futures is changing Ethereum’s role in the market structure.
Markets are closely watching the Fed’s continued pause, along with policy signals expected from Kevin Warsh’s roadmap.

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