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Asian stocks edge higher despite Alphabet slump reviving AI spending concerns; US Fed holds rates - Published OnOct 29, 2026 | 06:55 IST - Last Updated OnOct 29, 2026 | 06:55 IST Japan’s Nikkei and South Korea’s Kospi advance as Alphabet tumbles 10% in extended trading, while investors assess tech earnings and the Federal Reserve’s decision to hold rates at 3.75%-4%. GIFT Nifty signals a muted start for Indian equities. Asian equities edged higher on Thursday October 29, even as a slump in Alphabet shares revived worries about the vast sums companies are spending on artificial intelligence. The MSCI Asia Pacific index gained 0.3%, with Japan and South Korea leading the advance. The Nikkei 225 climbed 0.80% and the Kospi added 0.57%, while the broader Topix slipped 0.21%. Hang Seng futures rose 0.1%. In India, the GIFT Nifty which indicates how the country's stock market could open for the day hinted towards a muted start in the red. On Wednesday, Jio Platforms made its stock market debut and pushed Reliance Group to the top of the country’s corporate market-capitalisation rankings. The shares listed at ₹1,358, a 21% premium to the ₹1,119 issue price, which gave the company a market value above ₹12.5 lakh crore. Jio Platforms now ranks second only to its parent, Reliance Industries, so the group owns India’s two most valuable listed companies. Its listed businesses carry a combined value of more than ₹30.5 lakh crore, which puts Reliance ahead of the Tata Group, the long-time leader. In currency markets in the region, the Japanese yen weakened 0.1% to 158.01 per dollar, and the offshore yuan barely moved at 6.6601. Wall Street’s outlook however, looked weaker as Nasdaq 100 futures dropped 0.9% and S&P 500 contracts slipped 0.4% after Alphabet tumbled 10% in extended trading. The Google parent reported sales that fell short of expectations, and investors sold the stock quickly. Other technology names offered some relief as Microsoft rose 2.8% in after-hours trading as its cloud sales came in solid. Oracle jumped 11% earlier after it set out a long-term outlook for free cash flow, and the gauge of its credit risk improved by the most in nearly nine months. The US Federal Reserve also shaped sentiment as the Federal Open Market Committee voted 10-2 to hold its benchmark rate at 3.75% to 4%. Policymakers said they expect incoming data in the coming weeks to guide their next decision. Fed Chairman Kevin Warsh told reporters the central bank had “made clear our readiness to act as circumstances require, and we have shown our willingness to act.” He added that officials will phase in a revised schedule, with rate-setting votes at seven of eight meetings next year according to a Bloomberg report. Yields on short-dated US Treasuries fell as traders reassessed their bets on the rate path. Investors now seemed to want to know whether tech earnings could sustain the AI rebound and whether US data will keep the Fed on hold until year-end. Renewed tensions with Iran could also lift oil prices and complicate the inflation outlook. Oil prices meanwhile fell as traders weighed fresh diplomatic efforts in West Asia to prevent a possible restart of US military strikes on Iran. Brent crude slipped towards $114 a barrel and traded at $114.71 in early Asian trade, after gaining more than 1% in the previous session. The US West Texas Intermediate (WTI) dropped 0.8% to $101.99 a barrel. With Agency Inputs Disclosure: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.
document fetched 2026-10-29 03:03 · canonical https://cnbctv18.com/market/asia-stocks-share-price-nikkei-kospi-alphabet-wall-street-ai-spending-concerns-fed-rate-decision-jio-platforms-20021933.htm