U.S.-China AI race: Who is actually bringing more compute online?

U.S. consumer confidence has taken a sharp turn as the holiday season approaches, with expectations of increased spending on gifts during the weeks between Thanksgiving and Christmas. After a slow start to the year, the U.S. GDP has shown recovery, posting nearly 4% growth in two consecutive quarters following a contraction earlier in the year.

FedEx has announced significant layoffs ahead of the holiday season, reflecting a broader trend of job insecurity in the U.S. labor market, as evidenced by the issuance of WARN notices affecting 39,006 workers in October, according to the Federal Reserve Bank of Cleveland.

Investors are closely monitoring developments in artificial intelligence (AI) and economic updates as US stocks show signs of stabilization following recent market fluctuations. This cautious approach reflects the ongoing uncertainties in the economic landscape.

Saudi Arabia's stock market closed lower, with the Tadawul All Share index declining by 0.47%. This downturn reflects a negative sentiment among investors, highlighting ongoing economic challenges in the region.

UK Chancellor Rachel Reeves has asserted that she did not mislead the public regarding the budget, amidst criticism from the Conservatives who claim her outlook was overly pessimistic. This statement comes in the wake of her recent budget announcement, which included significant tax increases aimed at stabilizing the economy.

Coupang, a leading e-commerce firm in South Korea, has issued an apology following a significant data breach that has raised concerns about the security of customer information. The breach has prompted scrutiny over the company's data protection measures and its response to the incident.

Uxin's shares have plummeted by 45%, aligning with predictions made by InvestingPro's Fair Value model, indicating a significant downturn in investor confidence. This sharp decline reflects broader market concerns regarding the company's valuation and future performance.

Deutsche Bank has indicated that 2026 is expected to be a dynamic year for markets, driven by various economic factors and anticipated shifts in investor sentiment. This forecast aligns with broader market trends suggesting significant changes ahead.