Markets on edge ahead of US midterm elections; Asia mixed
Global markets are awaiting the US midterm elections, with Asian trading mixed and South Korea plunging 4% amid chip weakness. Wall Street futures signal a mixed open. Oil prices edge up after a report of a US strike in Iran, following a 7% drop yesterday.
Global markets are on edge ahead of the US midterm elections, with Asian trading showing a mixed trend. South Korea's stock exchange plunged 4% due to chip weakness, while Hong Kong rose 0.5%. Wall Street futures point to a mixed open. Oil prices edged up about 0.5% after a Wall Street Journal report of a US strike on Iran's Qeshm Island, described as "limited" and "defensive." Yesterday, oil prices fell 7% amid diplomatic signals. On Wall Street, tech stocks led declines on concerns over capital expenditures, with Intel falling over 37% in two days. Marvell Technology plunged after announcing its acquisition of Lumentum for $115 billion in stock. Apple reported record revenue of $114.5 billion in the third quarter, but its stock fell 3% in after-hours trading. Palantir crossed the $2 billion quarterly revenue threshold for the first time, but its stock also fell 3%.