In Brief
- Stock markets mostly rose after SpaceX reported a first quarterly profit of $4.4 billion as a public company, easing concerns over the AI boom.
- Elon Musk said he would back a merger of SpaceX with Tesla.
- Investors now await earnings from Meta and Tesla.
- Carrefour shares plunged 14 per cent after it warned that protests in France would hit profits, while French 10-year bond yields rose above 5 per cent for the first time since 2002.
- The pound strengthened as higher UK inflation raised bets on a Bank of England rate rise.
Caption: Robotic arms are seen at a final assembly workshop of the FAW-Volkswagen East China Base in Qingdao, in China’s eastern Shandong province on October 19, 2026
LONDON, England (AFP) – Stock markets mostly rose on Wednesday, with sentiment boosted by news that Elon Musk’s SpaceX had reported its first quarterly profit as a public company.
The announcement, which followed the close of Tuesday’s trading on Wall Street, helped push up technology stocks in particular.
With share prices rising across much of Europe after advances in Asia, “US futures point to a positive start on Wall Street after strong numbers from SpaceX,” noted AJ Bell investment director Russ Mould.
SpaceX’s net profit of $4.4 billion for July-September was more than double what had been expected, and compared with a loss of $1.1 billion a year earlier. Revenue at the firm – which listed after a world-record initial public offering in June – soared 161 per cent to $14.6 billion.
Alongside the results, Musk said he would back a merger of his rocket and AI company with electric car giant Tesla, which he also runs.
“The next test of market sentiment will come tonight with earnings from (Facebook parent) Meta and Tesla,” Mould added.
Server-maker Super Micro Computer also provided a fillip to sentiment when it said preliminary quarterly earnings had come in better than forecast.
The developments soothed worries on trading floors about the outlook for the AI boom, which has seen companies pump hundreds of billions into research and development of software, data centres and other hardware.
“Clear earnings beats and constructive corporate updates are helping to ease some of the AI anxiety that has surfaced in recent sessions,” said KCM Trade analyst Tim Waterer.
“If (Meta’s and Tesla’s) reports deliver similarly strong results and guidance, it could go some way toward reigniting broader AI enthusiasm and giving the sector more sustained momentum.”
In Seoul, the share price of infrastructure firm Elice soared nearly 30 per cent, having slumped on its trading debut on Tuesday.
Paris was higher overall in midday deals, but individual stocks saw sharp swings.
EssilorLuxottica soared 14 per cent after the world’s top maker of eyeglasses announced late on Tuesday a 24 per cent jump in sales of lenses that help slow short-sightedness in children.
But supermarket giant Carrefour plunged 14 per cent after it warned that the recent violent protests across France would dent profits.
Chief executive Alexandre Bompard said around 50 Carrefour stores were looted over the weekend, and that the company expected operating profit to be cut this year by between 80 million and 200 million euros ($90 million to $225 million) as a result.
Meanwhile, the yield on France’s benchmark 10-year government bond surpassed 5 per cent, its highest level since 2002, as investors demanded a higher return for holding the country’s debt amid a budget standoff and the protests.
In foreign exchange, the British pound firmed against the dollar and euro as analysts said a bigger-than-expected jump in UK inflation last month had increased the likelihood of the Bank of England raising its benchmark interest rate next month.
– Key figures at around 1045 GMT –
London – FTSE 100: UP 0.1 per cent at 10,743.52 points
Paris – CAC 40: UP 0.6 per cent at 7,884.30
Frankfurt – DAX: UP 0.7 per cent at 25,487.93
Tokyo – Nikkei 225: UP 0.9 per cent at 64,621.24 (close)
Seoul – Kospi: UP 3.3 per cent at 5,735.66 (close)
Hong Kong – Hang Seng Index: DOWN 0.9 per cent at 23,651.87 (close)
Shanghai – Composite: DOWN 0.6 per cent at 3,713.03 (close)
New York – Dow: UP 1.0 per cent at 52,495.88 (close)
Brent North Sea crude: UP 1.7 per cent at $110.70 per barrel
West Texas Intermediate: UP 2.0 per cent at $99.79 per barrel
Euro/dollar: DOWN at $1.1227 from $1.1235 on Tuesday
Pound/dollar: UP at $1.3393 from $1.3378
Dollar/yen: DOWN at 158.07 yen from 158.23 yen
Euro/pound: DOWN at 83.86 pence from 83.98 pence
