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Asian Stocks Slid Ahead of US Midterms as AI Worries Hit Tech; Oil Stabilized
At the start of Asian trading on November 3, MSCI’s Asia Pacific index excluding Japan fell 0.9% and South Korean shares dropped as much as 3.8%; later reports showed steeper losses. Investors were focused on concerns about AI spending and earnings, alongside the approaching US midterm vote and a Treasury refunding...
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Key takeaways
- At the start of Asian trading on November 3, MSCI’s Asia Pacific index excluding Japan fell 0.9% and South Korean shares dropped as much as 3.8%; later reports showed steeper losses.
- Investors were focused on concerns about AI spending and earnings, alongside the approaching US midterm vote and a Treasury refunding announcement.
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openai.comCreate a landscape editorial hero image for this Studio Global article: How did Asian stock markets and oil prices react ahead of the US midterm elections on Tuesday, November 3, including the 0.9% decline in MSC. Article summary: Asian equities weakened ahead of the November 3 US midterms as concerns about AI spending and earnings weighed on technology shares, while oil steadied after a sharp peace-talk-driven decline. [1] Reports of US strikes o. Topic tags: general, news, general web, user generated. Style: premium digital editorial illustration, source-backed research mood, clean composition, high detail, modern web publication hero. Use reference image context only for broad subject, composition, and topical grounding; do not copy the exact image. Avoid: logos, brand marks, copyrighted characters, real person likenesses, fake screenshots, UI text, readable text, watermarks, charts w
Asian shares opened lower on November 3 as investors weighed concerns about technology spending and earnings ahead of US midterm voting. Oil, by contrast, steadied after a steep fall the previous day, then edged higher as reports of a US strike on Iran renewed worries about supply disruption. 1
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Asian stocks: early losses deepened
In the initial trading snapshot, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.9%, while South Korean shares fell as much as 3.8%. 8 The Hang Seng was slightly higher, up 0.3%, and Japan’s market was closed for a holiday.
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Those early figures did not capture the full extent of the subsequent pressure. A later Reuters report put the regional index’s decline at 1.4% and South Korean shares’ fall at as much as 4.1%; Taiwanese shares were down 3.6%. 1 The different figures reflect distinct reporting snapshots as losses developed during the trading day.
Technology stocks were at the center of the weakness. Investors were concerned about AI spending and earnings, while Apple warned that higher memory costs would squeeze gross margins. Its shares fell about 4% in premarket trading. 1
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Oil steadied after a sharp drop, then ticked up
Brent crude settled at $104.77 a barrel on Monday, down 7.63%, after reports of peace-talk mediation between the US and Iran raised hopes of progress. 3
2 Prices stabilized in early Asian trading the next day. Reports of a US strike on Iran’s Qeshm Island then prompted a modest rebound: Brent was up 48 cents, or 0.5%, at $105.25 a barrel in early trading.
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The reversal reflected competing risks: optimism about diplomacy had helped drive the previous session’s sell-off, while renewed military escalation raised concerns about longer-lasting disruption to Middle Eastern oil supplies. 2
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Election uncertainty kept investors cautious
Markets were awaiting the US midterm results, and investors also had the US Treasury’s quarterly refunding announcement ahead. ING analysts described the day as a pause before investors gained more information about the election and the refunding plans. 8
The market picture was therefore mixed: the immediate pressure on Asian shares came from technology-sector worries, while election uncertainty and oil’s abrupt turn from a steep decline to a small rebound gave investors more developments to assess.
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At the start of Asian trading on November 3, MSCI’s Asia Pacific index excluding Japan fell 0.9% and South Korean shares dropped as much as 3.8%; later reports showed steeper losses.
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At the start of Asian trading on November 3, MSCI’s Asia Pacific index excluding Japan fell 0.9% and South Korean shares dropped as much as 3.8%; later reports showed steeper losses. Investors were focused on concerns about AI spending and earnings, alongside the approaching US midterm vote and a Treasury refunding announcement.