In terms of market performance, gold, photovoltaic, power equipment, heavy machinery, and battery sectors performed strongly, while pharmaceutical stocks showed divergent trends.
Across industries, 27 out of 33 sectors rose, with 6 declining. Top gainers included non-ferrous metals, mining, power and natural gas, banking, and oil & coal, while land transport and air transport lagged. Advantest was the most traded stock by turnover.
The Bank of Japan's inaction and lingering market concerns over the impact of U.S. tariff hikes confirm Capital Economics' view that "the next rate hike is only likely in January."
Marcel Thieliant, the firm's Head of Asia Pacific, noted that the central bank's latest outlook remains largely unchanged, not ruling out the possibility of restarting tightening before December.
The BOJ still expects underlying inflation to remain "weak," projecting it to fall below the 2% mark in the first half of next year.
According to market sources, leading global AI firm OpenAI is preparing for an Initial Public Offering (IPO) that could value the company at up to $1 trillion, potentially making it the largest IPO ever.
Industry insiders stated that OpenAI is considering filing a listing application with securities regulators as early as the second half of 2026, with a fundraising scale of at least $60 billion under initial discussions.
However, they also warned that negotiations are still in the early stages, and plans—including the fundraising amount and timeline—may change based on business growth and market conditions.
The World Gold Council released its Q3 Global Gold Trends Report on Thursday. Data shows that global gold demand rose 3% year-on-year to 1,313 tons in Q3 2025, a record high; the value of gold demand surged 44% year-on-year to a record $146 billion over the same period.
The sharp increase in total gold demand value reflects the rally in gold prices in Q3. Spot gold prices rose from $3,300 per ounce at the end of June to $3,858 per ounce at the end of the quarter, a jump of 16.8%.
Subsequently, gold hit an all-time high of $4,380 per ounce in early October, highlighting the current market frenzy for the asset.
Nomura: Withdraws Expectation of Fed Rate Cut in December
Nomura canceled its expectation of another Fed rate cut in December, a decision made after the U.S. central bank announced its October interest rate resolution and Jerome Powell's press conference.
Fed Chair Powell stated at the press conference that a December rate hike is "not a done deal."
Barclays: Stocks to See "Year-End Rally" as Market Conditions Support Further Gains
As reported by Jinshi Data on October 29, Barclays expects a year-end rally in stocks, citing cleaner market positions, positive seasonal factors, resilient corporate earnings, resumed share buybacks, and the potential early end of quantitative tightening (QT).
Emmanuel Cau, Barclays analyst, noted that stock positions have returned to neutral levels after the October pullback, laying a healthier foundation for the market.
Strong capital inflows into U.S. markets are expected to continue, while sentiment in EU and UK markets is improving. Performance-driven funds chasing corporate results may favor cyclical stocks at year-end, with the overall market environment supporting further upside.
HSBC: Risk Shifts to Timing of BOJ Rate Hike; Early Action Possible
Fred Neumann, Chief Asia Economist at HSBC, stated that the Bank of Japan is cautiously moving toward a rate hike. With persistent inflation, solid economic performance, and accelerating fiscal tailwinds, the question is no longer whether to hike rates, but when.
Although the market has delayed expectations for BOJ monetary policy tightening, officials may choose to act early rather than later.
Saxo Bank: BOJ Remains Cautious; December Rate Hike Odds Unchanged
Charu Chanana, Chief Investment Strategist at Saxo Bank, noted that given the meeting's consistency with last month—including two dissenting officials—and the modest upward revision to this year's economic growth forecast, the BOJ is clearly maintaining caution.
It remains difficult to support an increased likelihood of a December rate hike. Unless BOJ Governor Kazuo Ueda strikes a tougher tone at the press conference, yen bears may become bolder... especially as U.S. Treasury yields remain elevated following Powell's remarks.
