Chip Sell-Off Deepens Ahead of US Midterms: Asian equities declined as the sell-off in US chipmakers deepened and investors grew cautious ahead of today’s US midterm elections. South Korea’s KOSPI fell more than 3%, with Samsung Electronics and SK Hynix both dropping over 4%. In the US, the PHLX Semiconductor Index has lost 12% across three sessions, while the Nasdaq 100 is now down 10% from its early-October peak. Apple narrowly remains the world’s most valuable listed company despite falling 2.8% in after-hours trading following disappointing earnings.
Oil Rebounds as Iran Diplomacy Remains in Focus: Brent crude rebounded 1.7% in Asian trading to $106.53 a barrel after falling around 8% yesterday on hopes of diplomatic progress with Iran. President Masoud Pezeshkian said Supreme Leader Mojtaba Khamenei had granted his government greater authority to pursue peace talks, while President Trump signalled a willingness to allow more time for diplomacy. Gold briefly climbed towards $3,970 yesterday before retreating to around $3,910.
Yuan’s 13-Day Rally Comes to an End: The yuan declined 0.4%, ending its longest winning streak in three decades. The move followed efforts by the People’s Bank of China to cool the rally by asking banks to hold more foreign currency in reserve.
US Midterm Elections in Focus: Several closely watched Senate contests could determine control of the chamber. Current probabilities of a Democratic victory include:
- Iowa: 53%
- Kansas: 62%
- Alaska, Ohio, Maine and Texas: 72%–75%
Key Market Moves Today
- S&P 500 Futures: -0.17% (7,562)
- Crude Oil: +1.41% ($97.84)
- Spot Gold: -1.03% ($3,906)
**For professional investors only** Any opinions, news, research, analyses, prices, or other information contained in this blog is provided as general market commentary and does not constitute (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. Some of this information may have been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is made or given by or on behalf of iSAM Securities or its directors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this blog, and no responsibility or liability is accepted for any such information. As a result, any person acting on any information does so entirely at their own risk. iSAM Securities will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
