Live: European stocks plunge after US midterm election results shock markets
European shares tumbled on Friday as global investors grappled with uncertainty over AI stocks, following the Democrats’ sweeping victory in the US midterm elections. The drop is partly due to fears that Democrats could curb the development of AI data centres, which are widely unpopular among US voters. Follow our liveblog for all the latest updates.
Welcome to the FTSE 100 liveblog on City AM. It's Friday morning and the blue-chip index is set to record another significant loss following a deepening tech rout on global markets overnight. South Korea's Kospi index suffered a more than five percent drop, leading to an exchange halt, while Japan's Nikkei 225 index declined by around six percent.
Taiwan's benchmark Taiex index also saw a drop of just over six percent. These drastic declines follow the Nasdaq's five percent drop, triggered by major sell-offs in AI-related stocks and chipmakers. Meanwhile, oil prices slipped below the $100 per barrel mark, on track for a weekly loss of over 11 percent. This decline is attributed to optimism over a possible quicker resolution to the Middle East conflict following a Democratic victory in the US midterm elections. Stay tuned for the latest economic and business news and updates.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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