On October 29, optical communication concept stocks generally fell, with Mawell Technology dropping over 12%, AXT down over 7%, Ciena nearly 4%, Astera Labs and Applied Optoelectronics down nearly 3%, and Broadcom and Tower Semiconductor falling over 2%. In news, Mawell Technology is in deep negotiations to acquire optical communication leader Lumentum, with both parties potentially announcing a deal as early as next week. If the two companies merge, Mawell is expected to further integrate high-speed signal processing chips with core optical devices, strengthening its layout in AI data center optical interconnect technology. Market analysis indicates that this heavyweight merger could change the industry landscape and drive a new round of reshuffling in the optical communication supply chain.

On October 29, Al Jazeera reported, citing Reuters, that Iran has established a vast global network of institutions to import military equipment worth at least $2 billion while circumventing U.S. Navy blockades and Western sanctions. It is reported that these over 5,000 institutions form a powerful financial and military operational system. Some of these institutions are linked to the Iranian Revolutionary Guard, while others belong to commercial conglomerates controlled by Iran's elite, known as 'bonyads' (various foundations/business groups). Miad Maleki, a former senior official at the U.S. Treasury who was involved in designing sanctions against Iran, stated, 'This is essentially Iran's military lifeline in the current conflict—and has been for many years prior.'

On October 29, the European Central Bank (ECB) kept its interest rates unchanged at 2.5%, in line with market expectations. Meanwhile, the news of President Lagarde's early departure has intensified market concerns over energy costs and the situation in France. In terms of interest rate policy, the ECB has chosen to adopt a wait-and-see approach. Since the impact of the Iran war on the energy market, the ECB has raised rates twice. Officials are worried that inflation could rise to twice the 2% target, but so far, there are no signs of rising oil and gas prices spreading to other sectors. At the same time, the previously unexpectedly resilient growth momentum of the European economy is weakening. The market widely expects that policymakers will raise rates again in December. At that time, the ECB will release its latest economic forecasts to assess the severity of inflation pressures. The situation in France has further tightened the financial environment, which is suppressing demand. Analysts expect that the year-end rate hike will be the last of this round of tightening by the ECB. However, investors are betting on two more rate hikes by 2027.

The yield on France's 10-year government bonds fell by 9.5 basis points during the day to 4.845%, down from 4.880%.

Market data shows that HYPE has surpassed $90, with a daily increase of over 10%. The market is experiencing significant volatility, so please ensure proper risk management. Previously reported, the Intercontinental Exchange (ICE) will operate the Trade.xyz regulated perpetual contract market in the United States.

On October 29, following the release of US PCE data, US Treasury yields declined further; the yield on the 10-year Treasury bond fell by 2.74 basis points to 5.02%.

On October 29, Huobi HTX announced that the legal lawsuit initiated by the UK's Financial Conduct Authority (FCA) against the exchange has been properly resolved following a period of constructive communication between both parties. Huobi HTX has consistently cooperated sincerely with the FCA, actively collaborating and responding to its concerns regarding the UK market. During this period, Huobi HTX has gradually strengthened restrictions related to the UK market and exit arrangements based on its commitment to ongoing compliance standards, implementing supporting operational measures. These measures were already in place before the resolution was reached. The settlement further solidifies these measures and does not constitute an admission of any legal liability, misconduct, or violations by Huobi HTX. The resolution eliminates related legal uncertainties and aligns with the exchange's commitment to continuously enhance its compliance levels. This allows Huobi HTX to focus on its most important task: providing high-value services to users and achieving long-term sustainable growth. Huobi HTX appreciates the professional cooperation from all parties involved in resolving this matter and will continue to focus on responsibly serving its users. Looking ahead, Huobi HTX is willing to engage in constructive collaboration with industry stakeholders, including working with regulatory bodies where appropriate, to jointly safeguard user interests and promote the healthy development of the digital asset ecosystem.

On October 29, Reuters cited an informed source on Thursday stating that European Central Bank President Christine Lagarde resigned because she could no longer maintain neutrality in French politics and wished to express her views more freely. France is preparing for next year's presidential election, with far-right candidate Marine Le Pen currently seen as the most promising contender for victory.

According to EPFR data, for the week ending in late October, net inflows into Japanese stock funds exceeded $6 billion, marking the fourth time this level has been surpassed on record and the first time since late April. Cumulative net inflows since 2026 have surpassed $33 billion, equivalent to 2.8% of the assets of related funds. However, the structure of this inflow is noteworthy: over half of the funds flowed into those tracking the Nikkei 225 index, with the inflow scale second only to the record set in 2019; leveraged Nikkei funds saw inflows rise to a 16-week high, ending three consecutive weeks of net outflows. In contrast, funds tracking the MSCI Japan index had previously shown more stable inflows. The data indicates that the recent inflow into the Japanese stock market reflects not only long-term allocation demand but also significant index trading and leveraged fund activities. If market volatility increases, leveraged funds may quickly reverse their flows, making it a key focus to see if this substantial weekly inflow can translate into sustained allocation.

Microsoft has launched 10 tranches of high-grade dollar bonds, marking the first issuance since 2017.