Global markets ended the week on a sour note as disappointing earnings from major technology companies weighed heavily on investor sentiment. Intel saw its shares plummet more than 20% before the New York market opened on Friday after its revenue forecast fell short of analysts' expectations. Amazon also contributed to the downturn, with its earnings raising fresh concerns about capital expenditure, causing Nasdaq futures to sink.
The crypto market faced its own turmoil as Binance, the world's largest crypto exchange, reported a massive hack affecting $6.3 billion worth of funds, with an additional $3 billion in crypto frozen. This incident sent crypto-linked shares tumbling.
Meanwhile, oil prices rose amid fears that the US might resume military strikes against Iran. Safe-haven assets like Treasuries and the Swiss franc gained ground as investors sought stability.
In contrast, China's biggest banks reported their best quarterly profit increases in recent years. ICBC, the nation's largest lender, saw a 10% jump in profit in the third quarter, while Agricultural Bank of China and Bank of Communications also reported double-digit gains. These results suggest that the worst of the profitability crunch may be over for the state banks, which have been absorbing the financial costs of supporting a slowing economy and a real estate downturn.