On Monday (2 November, 9:33 AM, GMT+7, Bangkok time), major indices in the Asia-Pacific traded mixed as investors assessed the recent pullback in U.S. technology shares and prepared for a week packed with key economic and political developments, including the U.S. midterm elections, upcoming employment figures and ongoing tensions in the Middle East.
Technology stocks faced renewed selling pressure last week, reversing an initial rally sparked by Anthropic’s public IPO filing. Sentiment subsequently weakened as Alphabet and Microsoft issued capital expenditure projections below market expectations, while Amazon maintained its existing full-year investment guidance, raising questions about the pace of spending on AI infrastructure.
The shift in investor sentiment also reflected growing interest in opportunities beyond the tech sector. Analysts noted that traders were increasingly looking at potential returns from other industries, while mentioning that U.S. stocks have historically remained relatively stable regardless of which political party controls Congress.
The U.S. midterm elections are scheduled for Tuesday stateside, with Democrats expected to secure a majority in the House of Representatives. The outcome of the Senate race, however, remains uncertain.
Economic data will provide another important market reference this week, particularly the October nonfarm payrolls report due on Friday. Economists surveyed by Dow Jones anticipate an increase of 55,000 jobs during the month.
In the energy market, oil prices declined this morning following reports that U.S. President Donald Trump intended to allow diplomatic efforts with Iran more time before considering a resumption of military strikes, with a decision expected after the midterm elections.
Meanwhile, China is set to hold a meeting with representatives from banks and securities firms to discuss initiatives to support its capital market—signaling another effort by authorities to address persistent weakness in Chinese equities.
Japan’s NIKKEI fell by 0.33% to 63,082.93. South Korea’s KOSPI surged 1.50% to 5,816.74, and Australia’s ASX 200 contracted by 0.55% to 8,859.30.
Shanghai’s SSEC rose by 0.36% to 3,611.80. Shenzhen’s SZI advanced by 1.09% to 10,952.26, and Hong Kong’s HSI increased by 0.38% to 23,383.59.
The U.S. stock markets edged down on Friday as the Dow Jones Industrial Average (DJIA) declined by 1.09% to 51,770.31. NASDAQ lost 2.86% to 25,436.99, and the S&P 500 dropped by 1.82% to 7,580.07. VIX jumped by 12.91% to 19.42.
As for commodities, oil prices settled higher last Friday as concerns over a possible intensification of the conflict in the Middle East prompted traders to reassess risks to global crude supplies. Brent crude futures for December delivery, which reached expiration on the day, climbed $2.76, or 2.4%, to close at $117.64 per barrel. U.S. West Texas Intermediate (WTI) crude futures advanced $2.12, or 2.08%, to settle at $104.12 per barrel.
This morning, Brent futures for January decreased $2.75, or 2.42%, to $110.68 per barrel, and WTI futures plunged $2.89, or 2.78%, to $101.23 per barrel.
Meanwhile, gold futures added 0.56% to $3,920.90 per troy ounce.
