{
  "id": 17901574,
  "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",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-03T03:08:19.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40447168/asian-stocks-retreat-ahead-of-us-midterms-oil-steadies"
  },
  "original_language": "en",
  "account": "Asian stocks experienced a slight downturn as the trading session began on Tuesday, with investors remaining cautious due to the upcoming US midterm elections. The MSCI’s broadest index of Asia-Pacific shares outside Japan saw a decrease of 0.9%, with Korean shares leading the decline at 3.8%. The S&P 500 e-mini futures, on the other hand, increased by 0.1%. Japanese markets, however, were closed for a holiday.\n\nAnalysts from ING noted that Tuesday would merely serve as a prelude to the more significant events of the following day, including market reactions to the US midterm elections and the US Treasury's quarterly refunding announcement. The yield on the US 10-year Treasury bond climbed 2.1 basis points to 4.913%.\n\nWall Street stocks experienced a minor drop, with the S&P 500 falling 0.5%. This decline was primarily due to negative earnings from the tech sector, while data revealed a surge in US manufacturing activity in October, driven by robust domestic demand. Apple's stock continued its downward trend, losing 2.8% in after-hours trading after the company forecasted lower gross margins for the crucial holiday quarter, citing increased memory-chip costs. Additionally, Apple projected services revenue growth that fell short of Wall Street expectations.\n\nInvestors are also preparing for the US midterm elections, where President Donald Trump's Republican Party faces a challenge to maintain control of Congress. Recent opinion polls suggest that the Democrats have a higher probability of winning the House, although the Senate's outcome remains uncertain.\n\nAs for crude oil prices, they steadied after a previous decline. Brent crude fluctuated between gains and losses and closed 0.1% lower at $104.72 as trading resumed in Asia. The Wall Street Journal reported that the US military had carried out a strike on Iran's Qeshm Island in the Strait of Hormuz, citing US officials. This news had led to a drop in oil prices by more than 7% on Monday, as hopes for an end to the US-Iran conflict and stabilization of Middle East crude supply increased amid peace talks between Iranian and Qatari officials.\n\nIn Asia-Pacific, Australian shares gained 0.1%, with the Australian dollar remaining steady at $0.70 ahead of the Reserve Bank of Australia's decision. The central bank is widely expected to raise its cash rate target to a near two-decade high of 4.85% from the current 4.6%. Taiwanese shares declined 1.3%, while Hong Kong's Hang Seng Index rose 0.3%.\n\nAgainst the Chinese yuan, the US dollar strengthened by 0.3% to 6.6645 yuan. This came after the People's Bank of China announced that it would raise the foreign exchange deposit reserve ratio for financial institutions to 6% from 4% beginning November 15. The US dollar index, which measures the greenback's strength against a basket of six currencies, also edged up 0.1% to 101.81 following its one-month low, slipping by 0.2% on Monday. Cryptocurrencies, meanwhile, remained volatile in the wake of the Binance hack, with investors withdrawing a net $4.72 billion in funds. Bitcoin saw a 0.5% increase to $77,112.18, while ether dipped 0.1% to $2,253.59.",
  "summary": "SINGAPORE: Stocks edged lower at the start of Asian trade on Tuesday and oil prices stabilised after the previous session’s tumble, with investors on edge ahead of the start of voting for the US midterm elections. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.9%, led by a decline of as much as 3.8% in Korean shares. S&P 500 e-mini futures edged up 0.1%, while Japanese…",
  "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": "Free Malaysia Today",
        "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",
        "published": "2026-11-03T02:28:10.000Z"
      },
      {
        "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": "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."
}