Gold Nears $4,400 as Safe-Haven Demand Rises; TSMC, Oracle and Micron in Focus

Markets navigated a volatile midweek session as gold surged toward $4,400 per ounce, supported by expectations of U.S. Federal Reserve rate cuts and mounting global credit risks. Meanwhile, TSMC’s record profits, Oracle’s AI momentum, and a series of mixed earnings across Europe defined investor sentiment. Despite trade tensions and signs of weakness in Asia’s financial sector, global equities remained broadly resilient.

Gold’s Relentless Rally on Fed Easing Bets

Gold continued its record-breaking run, rising nearly 1% to approach $4,400/oz, driven by investor hedging ahead of key U.S. economic data. With inflation moderating and policymakers signaling dovish intent, traders are rotating toward safe assets. Analysts note that demand from both institutional investors and central banks is reinforcing the rally, with silver and platinum following the same upward trend.

TSMC and Oracle Anchor Tech Optimism

Technology stocks drew focus again as TSMC’s Q3 earnings surged to an all-time high, powered by AI chip demand and robust global orders. While shares eased slightly after the report, sentiment across the semiconductor space remained positive. In the U.S., Oracle climbed 3% after Jefferies raised its price target, citing accelerating growth in AI and cloud infrastructure. Together, these moves highlight ongoing investor confidence in the digital-transformation theme despite market volatility.

Europe Mixed: Strong Corporate Beats vs. Economic Caution

Across Europe, earnings reports painted a mixed picture. Sartorius AG jumped 11% after beating Q3 forecasts and upgrading guidance, while Pearson rose 3% on higher virtual-learning demand. In contrast, Tomra tumbled more than 11% amid weaker recycling orders, and Volvo Group fell nearly 5% after warning of slowing truck demand in the Americas. Broader indices like the FCHI and DE40 slipped marginally as investors weighed political developments in France and modest U.K. GDP growth.

Asia Markets Under Pressure

Asian equities retreated, tracking Wall Street’s losses and renewed trade concerns. The Hang Seng and CSI 300 both declined more than 2% as China’s banking and chip sectors faced renewed scrutiny and profit-taking. Meanwhile, Micron announced its exit from China’s server-chip business following prior U.S. restrictions, underscoring ongoing supply-chain decoupling. Regional currencies traded cautiously, with the yen and won weakening slightly against a softer dollar.

Crypto Weakens Amid Risk-Off Tone

In digital assets, Bitcoin slipped below $108,000, losing nearly 4% as risk aversion and liquidity tightening weighed on sentiment. Ethereum and XRP followed with steeper declines, while regulatory uncertainty in the U.S. continued to pressure the broader crypto complex.

Corporate and Policy Highlights

Elsewhere, AXA appointed Mathieu Godart as CEO of AXA France, signaling a strategic leadership shift, while Vietnam announced plans to raise its tax-free income threshold to stimulate domestic consumption. Hermès confirmed the departure of long-time menswear director Veronique Nichanian after 37 years marking the end of an era for the luxury house.

Summary

At SGFX, we see the current market phase as a period of realignment. where safe-haven flows, AI-driven growth, and shifting credit dynamics are redefining opportunity zones. Gold remains a strategic outperformer, while the divergence between high-tech resilience and industrial softness highlights the need for tactical diversification. As rate-cut expectations build and geopolitical uncertainty persists, disciplined portfolio positioning and cross-asset agility remain critical for traders navigating Q4.