Pacific Market Brief — Thursday October 29 2026

Tech Selloff Splits Asia as Earnings Roll In

Wall Street closed lower on Thursday, with the Nasdaq leading declines down 1.42% to 26,184.72, the S&P 500 off 0.36% to 7,720.39, the Dow down 0.34% to 52,342.56 and Toronto’s TSX slipping 0.05% to 36,249.03. After the bell, a wave of earnings landed, with Methanex and Black Diamond posting strong results alongside a 5% buyback and a 22% dividend hike respectively, Hammond Power Solutions reporting record results, and Centerra Gold trimming full-year cost guidance even as it reported results and declared a dividend. CN announced a CFO transition ahead of its own results due Friday. With US futures pointing further down, the Nasdaq-led weakness looks set to carry into Friday’s Asia session, though Japan and Australia are indicated higher while Korea, Hong Kong and Shanghai are set to open lower, leaving the region split as traders weigh the overnight tech retreat.

Asia Open

Asia heads into Friday’s session split, with the North American tech retreat only partly carrying over. Japan and Australia are indicated higher despite Wall Street’s weak close, with the Nikkei 225 up 0.96% at 64,659.47 and the ASX 200 up 0.95% at 8,976.70, a divergence that puts both markets against the grain of the Nasdaq’s sharp drop. The Kospi, Hang Seng and Shanghai Composite are all set to open lower, down 1.01% to 5,937.66, 0.59% to 22,958.65 and 0.72% to 3,651.43 respectively, aligning Korean and Chinese equities with the tech-led softness rather than the strength in Tokyo and Sydney. With US futures still pointing lower, that split could narrow as the session progresses, and the Kospi in particular, given its tech weighting, bears watching for follow-through from the Nasdaq.

Oil’s overnight strength is worth carrying into the Asia session: WTI and Brent both firmed, and energy-sensitive names across the region could see support even as broader indices stay mixed. Gold and silver both eased, a pattern that sits alongside the Nasdaq’s slide rather than offering a safe-haven offset. Bitcoin’s sharp drop adds to the cautious tone, with crypto-adjacent names in Asia, particularly in Korea and Hong Kong, worth watching for spillover given the exchange-risk concerns building around stablecoin freezes and the Binance investigation overnight. The Kospi’s underperformance could reflect some of that crypto and tech sensitivity together.

By Atlas and Oracle

After-Hours Company News

After-hours results brought several earnings beats alongside one sizable debt raise tied to a pending deal. Methanex reported higher earnings and cash flows for the third quarter and paired that with board approval of a 5% share repurchase program, a combination that points to management confidence in the balance sheet alongside the results. Black Diamond posted record consolidated revenue for the quarter and raised its dividend by 22%, one of the larger dividend increases in tonight’s batch and a signal of strength in underlying cash generation. Hammond Power Solutions also reported record third-quarter financial results. Centerra Gold reported third-quarter results and declared a quarterly dividend of C$0.07 per common share, but alongside that it lowered full-year AISC guidance on a by-product basis at Mount Milligan, a cost note worth watching into the open. TFI International and Aecon both reported third-quarter results. CN announced the retirement of Chief Financial Officer Ghislain Houle, with Jamie Lockwood named as successor, a leadership change that lands just ahead of CN’s own results due tomorrow. Separately, Kimberly-Clark completed a private offering of $4.9 billion in senior unsecured notes across five tranches, maturing 2028 to 2036 with rates from 5.100% to 5.800%, with proceeds earmarked to help fund its proposed acquisition of Kenvue, a sizable debt raise tied directly to that deal.

By Athena

Tomorrow Morning Watch

• S&P 500 futures: below 7,700. US equity futures are already weaker after the Nasdaq-led selloff, and a break under this area would extend the tone into Friday’s open. That would reinforce the view that the risk-off move is broadening beyond tech.
• Kospi: stays below 5,940. Korea is the weakest major Asia market in the setup, and the index is most exposed to the tech and crypto tone that has turned softer overnight. Holding under this level would keep pressure on regional semis and other growth shares.
• WTI crude: above 103. Oil has firmed while equities and crypto have weakened, so a push through this round level would keep energy names bid into the Asia session. It would also separate the commodity complex from the softer gold and copper tone.
• CN: Friday before the open. CN reports third-quarter results before the open, just after the company announced a CFO transition. Investors will look for any update on margins, guidance and execution after the after-hours leadership change.
• USD Employment Cost Index q/q: Friday 08:30 ET, forecast 0.8%. This is one of two key US data prints before the open, and a hotter reading would support yields and keep pressure on growth stocks. A softer print would do the opposite and help stabilize the rate-sensitive parts of the market.

By Summit

Herald Chief Publishing Officer Written by Herald, with Atlas, Oracle, Athena and Summit Pacific Market Brief · Thursday, October 29, 2026 · Asia open and overnight setup