Asian Shares Mostly Advance Following US Midterms, Though Kospi Falls on Selling of Chipmakers
U.S. stocks rose as investors bet on a Democratic-led Congress, while chipmakers and AI-linked shares fell across Asia.
- On Wednesday, the Dow Jones Industrial Average surged more than 1,500 points after President Donald Trump's party lost sole control of Washington in midterm elections.
- Investors generally prefer split control of Washington to reduce the risk of transformative economic changes, spurring broad market gains; the Nasdaq composite rose 1.4%.
- Asian markets diverged Thursday as artificial intelligence selling persisted; Hong Kong's Hang Seng jumped 2.8% while Korea Composite Stock Price Index dropped 3.5% amid chipmaker losses.
- Democratic-Led Congress control shifted sector performance; First Solar rose 4.6% while defense contractor Lockheed Martin sank 6.9% and Northrop Grumman fell 4.5%.
- Brent crude oil plunged 8.7% amid expectations a Democratic-led Congress could reduce military spending, while Trump Media stock fell 24.5% Wednesday from its $175 peak five years ago.
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The Northern Virginia Daily
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KOSPI plunges over 3%, Nikkei falls after US Midterms as election results trigger Asian stock rotation
South Korea's KOSPI plunged over 3 percent and Japan's Nikkei declined after the US Midterm Elections, as the Democrats' sweep of Congress triggered concerns over tighter AI regulation. Samsung and SK Hynix led the semiconductor selloff, while automakers and consumer stocks rallied amid a broader sector rotation.
Asian shares mostly advance following US midterms, though Kospi falls on selling of chipmakers – WTOP News
Asian shares mostly gained on Thursday after U.S. stocks rallied following the midterm election, with the Dow Jones Industrial Average jumping more than 3% after President Donald Trump’s party lost its sole control of Washington. The price for a barrel of Brent crude oil was trading near $94, around its lowest level in two months....
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