Midterms reset the market narrative
Democrats took Congress, so policy risk is lower. Hopes of US–Iran diplomacy sent oil sharply lower, and the dollar and yields slid.
Wall Street (Nov 4 close)
Dow: 53,356 (+3.03%)
S&P 500: 7,688.6 (+1.58%)
Nasdaq: 25,736.5 (+1.44%)
Asian markets
Hang Seng: 24,734 (+3.4%)
ASX 200: 9,065 (+2.6%)
Shanghai Composite: 3,666 (–0.5%)
Nikkei 225: 61,202 (–1.6%)
Taiex: –3.3%
Kospi: 5,339 (–6.1%), hit by a chip selloff
Hong Kong and Australia rallied. The AI and chip rout hit Seoul, Taipei and Tokyo.
Currencies
EUR/USD: 1.1262
USD/JPY: 157.92
DXY: 101.26, near one-month lows
Oil
Brent: $93.99
WTI: $86.96
Both are down after Wednesday’s drop of about 8%.
Gold: $4,129 (+1.7%)
Bitcoin: $80,476 (+3.2%)
Today’s calendar (GMT)
09:00 – Norges Bank (hold at 4.50% expected)
12:00 – Bank of England. A hike from 3.75% to 4.00% is expected, the first in over three years.
13:30 – Jobless claims (forecast ~196K) and Q3 productivity
Fed speakers: Hammack and Barkin
Ahead: US Nonfarm Payrolls tomorrow, CPI on November 10.
Comments
Log in or sign up to join the conversation.