Alibaba Group Holding Ltd. launched its new Qwen app in China on Monday, marking its latest push into generative artificial intelligence and staking a more direct challenge to ChatGPT’s dominance in the consumer AI market.
In Asia’s macro backdrop, Japan’s economy contracted less than expected in the third quarter. GDP fell at an annualized pace of 1.8%, compared with economists’ forecasts for a 2.4% decline—adding a modest note of resilience after a sluggish summer.
Recent U.S. trading flows suggest investors have begun rotating out of AI-themed equities and into more traditional sectors, following months of heavy concentration in technology leaders. Still, anxiety is rising as credit-card and auto-loan delinquencies approach their highest levels in 14 years, renewing concerns about household balance sheets.
With the earnings season nearing its end, S&P 500 companies are on track to deliver 16.9% profit growth for the quarter—or 17.9% when excluding the energy sector—pointing to solid underlying corporate momentum despite macro headwinds.
Global equities started the week on the back foot. Benchmarks in Europe and Asia slipped less than 0.5%, while U.S. equity futures signaled moderate losses at the open.
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