Asia — Nikkei back near 70,000, Taiwan +2.4%; euro at a 17-month low, US futures slightly lower
Friday's jobs report was weak — only 29,000 new jobs in September — and the market read it as one less reason for the Fed to raise rates again. US stocks closed the week higher: the S&P 500 fund SPY +0.74%, the Nasdaq-100 fund QQQ +1.02%, small caps +0.90%. Chips led again, with the semiconductor fund SMH up 2.1%.
Brazil — stocks jump 13% after Bolsonaro leads round one; US 10-year hits 5.35%, stocks rise anyway
1 Brazil jumps: the Brazil fund EWZ +13.3% to $43.28, Bradesco +20.0% to $4.38, Ambev +9.8% to $3.28
2 Yields climb again: 10-year 5.35%, up from 5.28% on Friday and above the 5.33% peak of 1 October; long-bond fund TLT $76.72 (−0.98%)
3 Stocks rise anyway: S&P 500 fund SPY $774.21 (+0.59%), Nasdaq-100 fund QQQ +0.68%, Dow fund DIA +0.12%, small caps IWM +0.55%, equal-weight RSP +0.53%
Micron and TSMC buy from suppliers who report first. In Taiwan, AI revenue at substrate, power, server and chip-design makers grew 45% to 78% a year in June–August; test maker Advantest is up 25.9% since June. The machine makers lagged — KLA −31.4%, Applied Materials −25.3% — until Micron's $25 billion half-year spending plan; they rose 11% to 23% in a month.