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BusinessQuiet 10d · day 11

Asian Tech Stocks Slide as Nasdaq Enters Correction on Eve of US Midterms

Korea and Taiwan lead a steep Asia-Pacific selloff on AI-spending worries and a weak Apple forecast as US midterm voting begins.

newest coverage 9d agosummary written 9d ago9 pieces NewswiresMastodonGoogle NewsYouTube

What to know

  • South Korean and Taiwanese shares led a broad Asia-Pacific selloff, with Taiwan on track to confirm a technical correction after a 13.1% drop from its October high.
  • The Nasdaq 100 entered a correction amid deepening doubts about the sustainability of AI spending, compounded by Anthropic's $895 billion spending commitment and Apple's weak margin forecast.
  • Markets are positioning for US midterm election results, with prediction markets Polymarket and Kalshi assigning roughly 76-77% odds to Democrats winning Senate control.
  • Cross-currents from central banks — Australia's split-vote rate hike and China's new FX reserve ratio — added to market uncertainty alongside ongoing US-Iran tensions.

Donald TrumpDonald Trump US PresidentGina HinojosaGina Hinojosa Democratic candidate for Texas governorSteve Englander Co-head of FX research, Standard CharteredBrent Donnelly President, Spectra MarketsApple Company reporting earningsReserve Bank of Australia Central bank

Asian Tech Stocks Slide as Nasdaq Enters Correction on Eve of US Midterms
Investing.com News

How it unfolded 3 developments, newest first · click a bar or a number to jump articlesvideosposts

Peak 4 pieces in 3h at Nov 2, 8 PM; 9 pieces over 11 days (6 articles · 1 video · 2 posts) Nov 2, 5 AM — 1 piece · 1 article — Google News 1Nov 2, 8 AM — quietNov 2, 11 AM — quietNov 2, 2 PM — quietNov 2, 5 PM — 2 pieces · 2 posts — Mastodon 2Nov 2, 8 PM — 4 pieces · 4 articles — Google News 3, Newswires 1Nov 2, 11 PM — 2 pieces · 1 article · 1 video — YouTube 1, Google News 1Nov 3, 2 AM — quietNov 3, 5 AM — quietNov 3, 8 AM — quietNov 3, 11 AM — quietNov 3, 2 PM — quietNov 3, 5 PM — quietNov 3, 8 PM — quietNov 3, 11 PM — quietNov 4, 2 AM — quietNov 4, 5 AM — quietNov 4, 8 AM — quietNov 4, 11 AM — quietNov 4, 2 PM — quietNov 4, 5 PM — quietNov 4, 8 PM — quietNov 4, 11 PM — quietNov 5, 2 AM — quietNov 5, 5 AM — quietNov 5, 8 AM — quietNov 5, 11 AM — quietNov 5, 2 PM — quietNov 5, 5 PM — quietNov 5, 8 PM — quietNov 5, 11 PM — quietNov 6, 2 AM — quietNov 6, 5 AM — quietNov 6, 8 AM — quietNov 6, 11 AM — quietNov 6, 2 PM — quietNov 6, 5 PM — quietNov 6, 8 PM — quietNov 6, 11 PM — quietNov 7, 2 AM — quietNov 7, 5 AM — quietNov 7, 8 AM — quietNov 7, 11 AM — quietNov 7, 2 PM — quietNov 7, 5 PM — quietNov 7, 8 PM — quietNov 7, 11 PM — quietNov 8, 2 AM — quietNov 8, 5 AM — quietNov 8, 8 AM — quietNov 8, 11 AM — quietNov 8, 2 PM — quietNov 8, 5 PM — quietNov 8, 8 PM — quietNov 8, 11 PM — quietNov 9, 2 AM — quietNov 9, 5 AM — quietNov 9, 8 AM — quietNov 9, 11 AM — quietNov 9, 2 PM — quietNov 9, 5 PM — quietNov 9, 8 PM — quietNov 9, 11 PM — quietNov 10, 2 AM — quietNov 10, 5 AM — quietNov 10, 8 AM — quietNov 10, 11 AM — quietNov 10, 2 PM — quietNov 10, 5 PM — quietNov 10, 8 PM — quietNov 10, 11 PM — quietYesterday, 2 AM — quietYesterday, 5 AM — quietYesterday, 8 AM — quietYesterday, 11 AM — quietYesterday, 2 PM — quietYesterday, 5 PM — quietYesterday, 8 PM — quietYesterday, 11 PM — quietToday, 2 AM — quietToday, 5 AM — quietToday, 8 AM — quietToday, 11 AM — quietToday, 2 PM — quietToday, 5 PM — quiet 12–3
Nov 3Nov 4Nov 5Nov 6Nov 7Nov 8Nov 9Nov 10yesterdaynow · 8:28 PM ET
  1. background

    RBA hikes cash rate with 6-3 split vote — The Reserve Bank of Australia lifted its cash rate target as expected but with a 6-3 split vote and hinted it might hold rates for a while; the Australian dollar slipped 0.3% to $0.6978.

  2. 3

    Investors brace for US midterm vote and Treasury refunding

    Voting began in US midterm elections with Republicans' congressional majority at stake; opinion polls favor Democrats for the House while the Senate remains close, with Polymarket and Kalshi assigning 77% and 76% probability to Democratic Senate control. Analysts flagged Wednesday's Treasury refunding announcement as the next major market catalyst.

    “Tuesday will be nothing more than the day ahead of a much bigger day…”
    — ING analysts
  3. background

    Asian tech stocks tumble as Nasdaq 100 enters correction — MSCI's Asia-Pacific index ex-Japan fell 1.4% to its lowest since October 23, with South Korean shares down as much as 4.1% and Taiwanese shares down 3.3%, putting Taiwan on track to confirm a technical correction after a 13.1% slide from its October record high. China shares fell 1.4% on disappointment with state market-support measures.

  4. background

    PBOC raises foreign exchange reserve requirement ratio — China's central bank said it would raise the foreign exchange reserve ratio by 2 percentage points, a move aimed at slowing a long rally in the yuan; the dollar strengthened 0.4% to 6.6720 yuan.

  5. 2

    Anthropic commits to $895B in spending ahead of mega-IPO

    Anthropic disclosed an $895 billion spending commitment as its anticipated mega-IPO nears, adding to investor scrutiny of AI-sector spending levels.

  6. background

    US confirms strikes on Iran's Qeshm Island — A US official told Reuters the US carried out strikes on Iran's Qeshm Island in the Strait of Hormuz, confirming an earlier Wall Street Journal report, as markets weighed the state of US-Iran peace talks.

  7. 1

    Apple forecasts weaker holiday-quarter margins, misses on services

    Apple projected lower gross margins for the crucial holiday quarter, citing rising memory-chip costs, and forecast services revenue growth well below Wall Street expectations; shares fell further in after-hours trading.

Also covered reported alongside — the timeline has no entry for these yet

  1. 5 outlets GLOBAL MARKETS-Asian stocks retreat ahead of US midterms, oil steadies

    first by bfsi.economictimes.indiatimes.com, 9d ago · also Yahoo Finance, Investing.com News, Reuters, Investing.com Canada

    2 more headlines