{
  "id": 17898386,
  "title": "Asian stocks retreat ahead of US midterms, oil steadies",
  "url": "https://urgent.news/2026/11/03/asian-stocks-retreat-ahead-of-us-midterms-oil-steadies-17898386",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-03T02:28:10.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today-freemalays",
    "url": "https://www.freemalaysiatoday.com/category/business/2026/11/03/asian-stocks-retreat-ahead-of-us-midterms-oil-steadies"
  },
  "original_language": "en",
  "account": "Asian stocks experienced a slight retreat prior to the US midterms, while oil prices found stability in the wake of a recent decline. Investors remained wary of the upcoming voting process for the US midterm elections. MSCI's all-encompassing Asia-Pacific index outside Japan dropped 0.9%, primarily due to a decline of up to 3.8% in South Korean shares. The S&P 500 e-mini futures experienced a marginal increase of 0.1%. Japanese markets were closed for a holiday on the day. Analysts from ING indicated that Tuesday would merely serve as a brief prelude to the more significant events that lie ahead, including the US midterm implications and the US Treasury's quarterly refunding announcement. The yield on the US 10-year Treasury bond increased by 2.1 basis points to 4.913%. Overnight, Wall Street stocks saw a slight decline, with the S&P 500 falling by 0.5%. Factors such as tech sector earnings and US manufacturing activity data contributed to this downward trend. Apple shares continued to decline 2.8% in after-hours trading following the company's revelation of reduced gross margins for the crucial holiday quarter, as well as a services revenue growth projection that significantly lagged behind Wall Street expectations. The US midterm elections, featuring a Republican Party led by President Donald Trump, posed a threat to retaining control of Congress. Polling data favored the Democrats to win the House, although the Senate outcome remained uncertain. According to prediction market websites Polymarket and Kalshi, there was a 75% probability that the Democrats would secure a majority in the Senate. The possibility of a Democratic sweep was the most likely outcome, yet the margin of polling error remained comparable to the 2018 midterms when Democrats triumphed in the House but failed to maintain control of the Senate. Speculation arose that prediction markets could have inaccurately priced political risks, leading to a near 70% chance of a Democratic sweep in the midterms. Oil prices stabilized after a decline, with Brent crude fluctuating between gains and losses and closing 0.1% lower at $104.72. The Wall Street Journal reported that the US military conducted a military strike on Iran's Qeshm Island in the Strait of Hormuz, citing US officials. Crude prices experienced a drop of more than 7% on Monday, as talks between Iranian and Qatari officials heightened hopes for an end to the US-Israeli conflict with Iran and the stabilization of Middle East crude supply. In Asia-Pacific, Australian shares rose by 0.1%, while the Australian dollar remained stable at $0.70 ahead of the Reserve Bank of Australia's latest decision. The central bank was widely anticipated to raise its cash rate target by 25 basis points to a near two-decade high of 4.85% from its current 4.6%. Taiwanese shares declined by 1.3%, and Hong Kong's Hang Seng Index increased by 0.3%. The US dollar strengthened against the Chinese yuan by 0.3% to 6.6645 yuan as the People's Bank of China announced plans to raise the foreign exchange deposit reserve ratio for financial institutions from 4% to 6% on November 15. The US dollar index, which measures the greenback's strength against a basket of six currencies, edged up by 0.1% to 101.81, recovering from a one-month low after slipping 0.2% on Monday. Cryptocurrencies continued to display uncertainty following the Binance hack, with investors withdrawing a net $4.72 billion. Bitcoin experienced a 0.5% gain to $77,112.18, while ether decreased slightly by 0.1% to $2,253.59.",
  "summary": "Brent crude fluctuated between gains and losses, trading lower at US$104.72 as investors weighed the state of peace talks between the US and Iran.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 8,
    "also_reported_by": [
      {
        "outlet": "Straits Times Business",
        "title": "Asian stocks fall after US losses, oil holds drop",
        "url": "https://urgent.news/2026/11/03/asian-stocks-fall-after-us-losses-oil-holds-drop",
        "published": "2026-11-03T01:00:28.000Z"
      },
      {
        "outlet": "The Economic Times - Top News",
        "title": "Global Market Today: Asian stocks slide as US chip selloff deepens",
        "url": "https://urgent.news/2026/11/03/global-market-today-asian-stocks-slide-as-us-chip-selloff-deepens",
        "published": "2026-11-03T01:03:28.000Z"
      },
      {
        "outlet": "Investing.com",
        "title": "Asian stocks retreat ahead of US midterms, oil steadies",
        "url": "https://urgent.news/2026/11/03/asian-stocks-retreat-ahead-of-us-midterms-oil-steadies",
        "published": "2026-11-03T02:31:02.000Z"
      },
      {
        "outlet": "The Jakarta Post",
        "title": "Asian stocks retreat ahead of US midterms, oil steadies",
        "url": "https://urgent.news/2026/11/03/asian-stocks-retreat-ahead-of-us-midterms-oil-steadies-17897566",
        "published": "2026-11-03T02:48:05.000Z"
      },
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Asian stocks retreat ahead of US midterms, oil steadies",
        "url": "https://urgent.news/2026/11/03/asian-stocks-retreat-ahead-of-us-midterms-oil-steadies-17904198",
        "published": "2026-11-03T03:01:57.000Z"
      },
      {
        "outlet": "Business Recorder",
        "title": "Asian stocks retreat ahead of US midterms, oil steadies",
        "url": "https://urgent.news/2026/11/03/asian-stocks-retreat-ahead-of-us-midterms-oil-steadies-17901574",
        "published": "2026-11-03T03:08:19.000Z"
      },
      {
        "outlet": "Hindu BusinessLine",
        "title": "Asian stocks fall after US losses, oil holds drop: Markets Wrap",
        "url": "https://urgent.news/2026/11/03/asian-stocks-fall-after-us-losses-oil-holds-drop-markets-wrap",
        "published": "2026-11-03T03:59:32.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}