BUSINESS

Mesoblast shares surged in Australia and the US after Ryoncil revenue rose 44%, quarterly cash spending fell sharply and the company reported progress on adult trials and pipeline treatments.

Bausch Health shares rose 17% after the drugmaker reported strong third-quarter results, raised its 2026 guidance and reduced net debt, despite future Medicare pricing risks.

Glaukos shares surged after the eye-care company reported record third-quarter sales, raised its 2026 forecast and outlined a preliminary $1 billion revenue target for 2027.

South Korean shares fell after the KOSPI briefly exceeded 6,100, as Samsung Electronics' record profit failed to satisfy lofty expectations for its semiconductor division.

Japan's Nikkei climbed 1.1% for a third straight session, led by Advantest after its upgraded forecasts, while investors remained cautious ahead of the Bank of Japan's decision.

Indian equities rose after the US Federal Reserve held interest rates steady, with Adani Ports and consumer stocks leading gains despite pressure from oil prices, foreign outflows and a weaker rupee.

Zip shares rose 6.6% to A$1.86, extending their recovery after a fraud-related sell-off, as brokers backed the stock despite ongoing questions about US controls and bad debts.

Neuren Pharmaceuticals shares gained 6.3% as investors focused on potential milestone payments, DAYBUE sales growth, European expansion and upcoming Japanese trial results for trofinetide.

Mesoblast shares jumped 23.4% after quarterly Ryoncil revenue rose 44% to US$28 million and operational cash spending fell 86% to US$2.1 million.

GenusPlus shares rose 4.7% to A$8.41, extending a recovery from their October low despite no new company-specific announcement or clear trigger for the gain.

Lynas Rare Earths shares rose 4.2% after record prices lifted quarterly revenue 55%, despite the result missing expectations and sales volumes falling 17.7%.

Australian shares rose as Microsoft's strong Azure results eased concerns about AI spending, while investors assessed possible US and Australian interest rate increases and company news.

GameStop shares rose modestly after recent losses as investors weighed Ryan Cohen's proposed eBay takeover, shareholder support, Wall Street scepticism and weakness in the retailer's core business.

Micron shares rose nearly 5% after SK Hynix reported strong results and said demand for high-bandwidth memory used in AI processors could exceed supply through 2030.

Tesla shares fell after rising on speculation about a possible SpaceX merger. Investors are weighing the uncertain deal alongside weak earnings, high valuations and pressure on vehicle sales.

SK Hynix reported record quarterly results, buoyed by AI data-centre demand, and announced a planned 100 trillion won shareholder-return programme for 2026.

Toyota shares fell 1.58% in New York as investors assessed declining profits, weak Chinese sales, tariffs and currency risks ahead of the automaker's half-year results.