The global markets suffered heavy losses today, with the Nasdaq dropping 2.15%. In Asia, Japan's Nikkei 225 fell 2.4%, South Korea's KOSPI plunged 3.78%, while Chinese A-shares and Hong Kong's Hang Seng Index both tumbled over 2.3%. What began as gradual declines has now turned into a full-blown selloff.
The trigger came from unexpectedly strong US September nonfarm payrolls data showing 119,000 new jobs—far exceeding the 50,000 consensus. While indicating economic resilience, this outdated report raised concerns about delayed Fed rate cuts, with Treasury Secretary Besant's confusing signals adding to uncertainty. Bitcoin, a key risk barometer, crashed 8% to $84,372 amid leveraged unwinding.
Tech stocks faced pressure after "Big Short" investor Michael Burry questioned Nvidia's chip longevity and AI demand sustainability. Despite strong earnings, Nvidia declined, dragging down related Asian tech stocks like FIT Hon Teng (06088) and SMIC (00981), which fell over 6%.
US consumer sectors—both discretionary and staples—have underperformed since October's government shutdown, signaling weakening demand in the world's largest consumption engine. Geopolitical tensions persist, with Japan's Taiwan remarks drawing China's rebuke, boosting defense plays like COMEC (00317).
Select pockets saw activity: hydrogen energy stocks like REFIRE (02570) rose 6% after regulatory approvals, while AI applications gained traction with Alibaba's "Qianwen" launch and Tencent's open-source video model. UNISOUND (09678) climbed 2% as its medical AI topped global benchmarks. XIAOMI-W (01810) stabilized after a $50.8 million buyback amid PR challenges.
Property stocks including Evergrande (06666) rose on potential stimulus rumors, as China's economic recovery remains property-dependent. Meanwhile, reports suggest the US is pushing Ukraine to accept a peace deal with Russia by Thanksgiving—a potential positive catalyst.
**Sector Spotlight:** China's NDRC convened emergency meetings to ensure winter natural gas supply, benefiting CHINA RES GAS (01193), KUNLUN ENERGY (00135), and ENN ENERGY (02688).
**Stock Pick - COMEC (00317):** The shipbuilder reported Q3 revenue up 13% YoY and net profit surging 250%, with order backlog exceeding $8.5 billion through 2028. As geopolitical risks boost defense demand, its military shipbuilding expertise and 60% order repeat rate from Maersk position it well. The company also leads in green ammonia/methanol vessels and deep-sea equipment, with secondhand ship price recovery likely to drive newbuild orders.