Pacific Market Brief — Wednesday October 28 2026

Kospi Surges as Wall Street Closes Higher, Futures Slip

Wall Street closed higher on Wednesday, with the S&P 500 up 0.27%, the Nasdaq up 0.28%, the Dow up 0.17% and Toronto’s TSX up 0.24%, before a wave of after-hours earnings from mining and energy names including Kinross, Alamos Gold, First Quantum Minerals, Eldorado Gold, Algoma Steel and Athabasca Oil. Kinross paired its results with a dividend declaration, while Eldorado Gold updated its 2026 guidance and flagged progress at its Skouries and McIlvenna Bay projects. That earnings-heavy handoff gives way to a mixed setup for Thursday’s Asia open: S&P 500 futures are down 0.14% and Nasdaq futures off 0.88%, yet the region is still indicated higher, led by a 6.33% jump in the Kospi, a 1.11% gain for the Nikkei, and smaller advances across Shanghai, the ASX 200 and the Hang Seng.

Asia Open

Asian markets open Thursday still carrying most of the region’s prior momentum, even though the North American handoff is mixed: Wall Street closed higher but US futures point lower, with S&P 500 futures down 0.14% and Nasdaq futures off a sharper 0.88%. That divergence means Asia starts the session on its own footing rather than simply extending the US close.

Korea is the market to watch. The Kospi is indicated up 6.33%, a move so large it stands apart from every other board in the region and will draw attention well beyond Seoul. The Nikkei is also firm, indicated up 1.11%, keeping Japan ahead of most neighbors. China’s Shanghai Composite is indicated up 0.85%, Australia’s ASX 200 up 0.42%, and Hong Kong’s Hang Seng a more modest 0.23%, a spread that puts Northeast Asia in the lead and Hong Kong trailing the pack.

Traders will also be watching commodities at the open: gold’s advance and firmer WTI crude sit against softer Brent and natural gas, a mixed signal rather than a clean risk-on or risk-off read. With the Kospi’s outsized indicated gain, the key question is whether Korean strength spreads into the rest of the region or stays isolated, especially with US futures leaning cautious ahead of the open.

By Atlas and Oracle

After-Hours Company News

The after-hours slate was dominated by mining and energy earnings, giving investors plenty to digest ahead of the Asia open. Kinross reported its third-quarter 2026 results and declared its quarterly dividend in the same release, pairing earnings with a shareholder return signal. Alamos Gold and First Quantum Minerals also reported third-quarter results, while Eldorado Gold reported Q3 2026 financial and operational results and updated its 2026 guidance, flagging that its Skouries and McIlvenna Bay projects are advancing toward commercial production, a detail worth tracking for production growth into next year. Algoma Steel Group reported financial results for the three months ended September 30, 2026, and Athabasca Oil reported its 2026 third-quarter results, rounding out a heavy night for Canadian resource names.

Elsewhere, Bunker Hill shareholders voted to approve its business combination with Silver47 Exploration Corp, clearing a deal milestone. Spackman Equities announced completion of a $1 million private placement of shares. Fort Technology disclosed receipt of a Nasdaq notification regarding the minimum bid price requirement, a listing compliance issue worth monitoring. Imperial reported drill results at its Porcher Island property, intersecting 5 metres of 5.51 grams per tonne gold.

By Athena

Tomorrow Morning Watch

• Kospi: If the index holds near 6,000 after the 6.33% jump. Korea is the clear outlier in the Asia open, and follow-through would confirm that the move is broadening rather than fading back into a single-name or short-covering rally.
• S&P 500 futures: If futures stay below 7,760. North American futures are softer even after a firmer US close, so this level will show whether the caution seen overnight sticks into the next US session.
• USD Advance GDP q/q: Thu 08:30 ET, forecast 3.2%. This is one of the day’s first high-impact US prints, and a miss would argue for lower yields and a softer growth trade, while a beat could keep rates elevated and pressure duration-sensitive stocks.
• USD Core PCE Price Index m/m: Thu 08:30 ET, forecast 0.3%. Inflation remains the main guide for Fed pricing. A hotter number would support higher yields and a tighter rates backdrop, while a cooler print would help stocks that need easier policy expectations.
• Kinross Gold: After the close results and dividend update already out at 17:00 ET; watch for any follow-through above the prior close area. The company paired third-quarter results with a dividend declaration, so the market will focus on whether cash return and earnings tone reinforce the strength in gold-related names.

By Summit

Herald Chief Publishing Officer Written by Herald, with Atlas, Oracle, Athena and Summit Pacific Market Brief · Wednesday, October 28, 2026 · Asia open and overnight setup