Hello and welcome to Morning Brief Market Sunrise. I'm Ramsan Karali live from Yahoo Finances studios in London. It's Thursday 6th of November.Coming up on the show, should you start worrying about your Thanksgiving travel. Well, from tomorrow, flights are set to be cut due to the shutdown. Tesla shareholders are voting on whether to approve Elon Musk's $1 trillion pay package and farmer giant Astroenica posts better than expected results.I'll be talking to its boss Pascal Sorio later in the show. So, grab ...

分组1 - Tesla shareholders are voting on a proposed $1 trillion pay package for CEO Elon Musk, with significant opposition from major shareholders like Norway's Sovereign Wealth Fund [3][4] - US companies announced over 153,000 job cuts in October, marking the highest number in over two decades, driven by cost-cutting measures and the impact of AI on industries [3][4] - The Federal Aviation Administration plans to cut flights by 10% at 40 major airports due to a government shutdown, affecting approximately 3,500 to 4,000 daily flights [4][5] 分组2 - AstraZeneca reported its largest quarterly revenue of $15.2 billion, driven by strong sales of cancer drugs, exceeding market expectations [13][14] - AstraZeneca's revenue grew by 11% year-to-date, with earnings per share increasing by 15%, although market reaction to the results has been muted [14][15] - The company aims for the US market to represent 50% of its global ambition of $80 billion by 2030, indicating significant investment plans in the US [16][17] 分组3 - AstraZeneca has paused investment plans in the UK due to declining government funding for pharmaceutical innovation, while committing to invest $50 billion in the US by 2030 [20][21] - The company is transitioning to a dual listing, allowing shares to be traded on the New York Stock Exchange, which is expected to enhance accessibility for American investors [22][24] 分组4 - Alphabet's shares rose by 2.41% as the company continues to push for dominance in AI, with potential earnings from a $1 billion deal with Apple to enhance Siri [27][28] - Snap's shares surged by around 20% after reporting stronger-than-expected earnings and a rebound in ad demand, forecasting a 15% revenue growth for the current quarter [30] - Qualcomm reported better-than-expected fourth-quarter earnings and issued optimistic guidance, despite facing a one-time non-cash tax charge of $5.7 billion [49][50]

Market Trends & Global Economy - Asian stocks rebounded, tracking Wall Street's gains, with dip buyers capitalizing on tech weakness [1][7] - Uncertainty surrounds potential limits on President Trump's global tariff agenda by the U S Supreme Court [1][18] - The U S government shutdown, now at 37 days, is impacting flights and raising concerns about economic consequences [22][23][24] Bank of England (BOE) Rate Decision - The Bank of England is likely to hold interest rates steady at 4%, ending a series of quarterly reductions [11] - Analysts anticipate a split decision on rates, possibly 6-3, hinging on Governor Andrew Bailey's stance [12] - Focus is on how long the hold will last and how the Governor characterizes the 3 8% inflation rate [15] Commerzbank Performance & Strategy - Commerzbank's third-quarter revenue slightly missed estimates at 2 5 billion euros, but net interest income reached 8 2 billion euros [2][3] - The bank raised its outlook for full-year net income to approximately 2 5 billion euros [3] - Commerzbank is initiating a 600 million euro share buyback program and is open to discussing potential combinations with UniCredit, provided a formal proposal is presented [74][76] Zurich Insurance Financials - Zurich Insurance's gross written premiums in its Property and Casualty (P&C) unit increased by 8% to a record 39 billion in the first nine months of the year, while Life and Health premiums rose by 11% [28][30] - The company is confident in achieving its financial targets, including an EPS compound growth above 9% over the three-year period and an ROE illustrating above 23% [35][36] - Zurich Insurance remains strategically interested in offloading a $20 billion book, despite a previous deal falling through due to regulatory issues [40][42] Technology & AI - Pony AI CEO discussed the company's global footprint in robotaxi services, with a focus on regulatory progress in the Middle East, particularly the UAE [43][45] - Pony AI has deprioritized commercialization in the U S due to geopolitical concerns and data-related issues, pausing plans for now [46] - A German AI language platform, seen as a rival to Google Translate, has unveiled new AI tools for office efficiency and is considering a potential IPO [57][58][64] Other Company Earnings - Continental's third-quarter adjusted earnings decreased by 15% year-on-year to 555 million euros, with a softer margin story [51][52] - Rheinmetall, a key player in the defense sector, reported operating profit up almost 20% year-on-year to 835 million euros for the first nine months, confirming its 2025 outlook [52][54]

Core Insights - WeRide has initiated trading on the Hong Kong Stock Exchange, complementing its existing Nasdaq listing, as part of a global strategy to fund research in autonomous driving technology [1][2][3] - The dual primary listing allows mainland Chinese investors to access WeRide's shares through the Southbound Stock Connect scheme, enhancing the company's market reach [2][3] - The funds raised from the Hong Kong IPO, amounting to $308 million, will support ongoing R&D and deployment efforts, although further fundraising will be necessary [3][7] Company Performance - WeRide's shares were priced at 27.10 Hong Kong dollars, slightly below its Nasdaq closing price, but fell nearly 12% on the first trading day in Hong Kong [7][8] - The company reported a revenue of $27.9 million for the first half of 2025, a 32% increase year-over-year, but also incurred a net loss of $110 million primarily due to $90 million spent on R&D [13] Market Context - The Hong Kong IPO market is thriving, with many Chinese firms seeking to attract international and mainland capital through secondary listings [4] - The Southbound Stock Connect scheme has seen record inflows, reaching $110 billion in the first seven months of the year, indicating strong demand from mainland investors [6] Industry Trends - The robotaxi sector is characterized by high costs and unprofitability, with predictions suggesting that it may take up to eight years for robotaxi operations to break even [14] - Chinese companies, including WeRide and Pony AI, are at the forefront of the global robotaxi movement, leveraging local manufacturing capabilities for essential components [15] Strategic Partnerships - WeRide is collaborating with global ride-share companies, including Uber and Grab, to expand its robotaxi services in international markets [16] - The company is also exploring partnerships for automated public transport solutions, indicating a broader application of its technology beyond just ride-hailing [12][16]

Pony AI and WeRide fall on their trading debuts in Hong Kong after the pair of Chinese robotaxi firms battled for investors for their public offerings, which raised more than $1.1 billion https://t.co/7BsTTaB0kP ...

Pony AI and WeRide may fall when they begin trading in Hong Kong after the pair of Chinese robotaxi firms battled for investors for their public offerings, which raised more than $1.1 billion https://t.co/MOo98IufJU ...

Core Insights - A smaller, China-backed firm, Pony AI, is emerging as a serious competitor to Tesla in the autonomous vehicle industry, with Tesla holding a 43.1% share of EV sales in 2025 [1] Company Developments - Pony AI secured the first-ever citywide permit to operate autonomous taxi services in Shenzhen on 31 October 2025, allowing phased deployment of its seventh-generation robotaxis [3] - The company has outperformed Tesla in the stock market in 2025, with shares up 30.17% year-to-date compared to Tesla's 13.05% [4] - Pony AI's initial public offering (IPO) in Hong Kong on 28 October is expected to raise approximately $863 million to fund further autonomous vehicle development [6] Strategic Partnerships - Pony AI has formed a strategic alliance with Stellantis to develop Level 4 autonomous vehicles for the European market, with a full rollout expected by 2026 [5] - The company has expanded into Singapore through a partnership with ComfortDelGro, aiming to deploy autonomous vehicles for daily commuting [7] Financial Performance - Revenue from robotaxi services surged 157.8% year-on-year to $1.5 million in the first half of 2025, marking a significant milestone for the company [10] - Mass production of Pony AI's Gen-7 robotaxi began two months ago, with over 200 vehicles produced and a target of reaching 1,000 units by the end of the year [11] Future Outlook - Pony AI is expected to hit a major profitability target by the end of 2025 or early 2026, according to CFO Leo Haojun Wang [12] - The company is well-positioned to challenge Tesla's leadership in autonomous taxis, supported by citywide permits, strategic alliances, and significant capital raised [12][13]

Group 1: FDA and Aurinia Pharmaceuticals - George Tidmarsh has resigned as director of the FDA's Center for Drug Evaluation and Research amid accusations of making false statements about Aurinia Pharmaceuticals and its lupus nephritis treatment [4][3] - Aurinia has filed a federal lawsuit against Tidmarsh, alleging false statements and solicitation of a bribe, which Tidmarsh claims is a result of a toxic environment at the FDA [4][3] - Tidmarsh criticized the FDA's new National Priority Review Voucher program, suggesting it could alter drug approval processes without adequate legal support [4] Group 2: Autonomous Driving - Baidu's Apollo Go unit has achieved a milestone of over 250,000 fully driverless rides per week as of October 31, matching the performance of Waymo [5] - The total number of robotaxi rides operated by Apollo Go during the quarter ended June 30 was 2.2 million, averaging around 169,000 rides per week [6] Group 3: Nvidia and U.S. Market - President Trump announced that Nvidia's most advanced Blackwell chips will be exclusively available to U.S. companies, restricting access to other countries [7]

Core Viewpoint - Chinese autonomous driving firm Pony AI is pricing its Hong Kong listing at HK$139 ($17.90) per share, indicating a significant step in its capital market strategy [1] Company Summary - Pony AI is preparing for its initial public offering (IPO) in Hong Kong, which reflects the company's growth ambitions in the autonomous driving sector [1] - The pricing of HK$139 per share suggests a strategic valuation aimed at attracting investors while positioning the company competitively in the market [1]

Chinese autonomous driving firm Pony AI is telling prospective investors it plans to price its Hong Kong listing at HK$139, according to sources https://t.co/PzVdwDs5gi ...