Ongoing

  1. ElectionsHot
  2. AIHot
  3. US mid-termsHeating up
NewsbriefSouth Africa, briefly.
JoburgJHB29°80%CTCT19°100%PretoriaPTA31°100%DurbanDBN26°90%

Asian stocks plunge as US election results shake AI trade

Published

Ongoing: US mid-terms Hot

South Korea's Kospi fell 8.5% and Japanese stocks dropped more than 3% in the first five minutes of trading. US equities lost more than $3tn on the previous day, on worries about the AI boom.

Shares of South Korean chipmakers tumbled, which triggered circuit breakers in that market. Trading was chaotic across Asia as markets followed the sell-off in the US.

Investors fear that victories by the Democrats in US midterm races will slow the AI boom. This is a market worry, not an established outcome.

US stock futures pointed to easing selling pressure during Asian trading. S&P 500 futures gained 0.1% and Nasdaq 100 futures gained 0.8%. The yield on 10-year US Treasuries was flat at 4.84%, and the dollar rose 0.3% against a basket of key trading partners.

Key facts

Who
Democrats (US political party whose midterm race victories are cited as the source of…)
What
US equities shed more than $3tn on the previous day, with Asian markets following suit; Japanese stocks plunged more than 3 per cent in the first five minutes and South Korean chipmakers' shares tumbled, triggering circuit breakers as the Kospi fell 8.5 per cent. US stock futures pointed to easing selling pressure.
When
6 November 2026
Where
US, Asia, Japan
Status
Reported

Related stories

Elections Hot

What you need to know

Counting in the 2026 local government elections continues, and the Electoral Commission of South Africa will declare final results on Sunday. With 56% of voting districts counted, the ANC leads nationally with 31%, the DA has 25% and the MK Party is third.

The DA appears to have won majority control in Cape Town, and leader Geordin Hill-Lewis plans a significant announcement in Midrand on Friday. Early results point to a more fragmented vote, and ActionSA, the DA, the ANC and the EFF said they are open to coalition talks.

Earlier, police said they recorded 85 incidents and registered 57 case dockets on voting day, and the Independent Electoral Commission said a party tore up at least 100 ballots in the Northern Cape.

  1. Former EFF MP Ndlozi says he did not vote
  2. DA prepares coalition talks as 16 Western Cape councils hang
  3. Woman hit by car in voting queue returns to vote

See every update

AI Hot

What you need to know

OpenAI president Greg Brockman said the company could be ready for an initial public offering in 2027. Earlier, reports based on unnamed sources said OpenAI had lowered the target for its latest funding round, and OpenAI has not been quoted on that claim.

Anthropic published its S-1 filing for a Nasdaq listing under the symbol ANT, showing revenue of $4.6bn in 2025 and a net loss of $80.7bn in the first half of 2026. Anthropic also said it is committing close to $900bn to AI infrastructure, with spending on computing power rising faster than revenues.

Elsewhere, an AI chip investment scheme that recruited South Africans on social media went offline on 30 October, leaving members unable to withdraw money.

  1. OpenAI could be ready for a share listing in 2027
  2. Only 4 people booked Uber rides through an AI agent
  3. Nothing plans to launch AI-first device next month

See every update

US mid-terms Heating up

What you need to know

Democrats won control of both chambers of Congress in the US midterm elections on 3 November, with at least a 54-44 Senate majority and at least 30 House seats gained. Exit polls showed voters angry about high prices and the direction of the country, and the result was a rebuke of President Donald Trump.

Trump said the Iran war was needed to stop Tehran getting a nuclear weapon, but admitted it contributed to Republican losses, while Vice-President JD Vance said the war was the reason. Markets reacted, with the JSE All Share Index rising almost 5% on 5 November and Brent crude falling below $100 a barrel as investors hoped for an end to the war.

Earlier, President Cyril Ramaphosa said the result would introduce a new era in world relations, while some leaders warned of political gridlock in Washington.

  1. US planning commission approves Trump's 76m triumphal arch
  2. Asian stocks plunge as US election results shake AI trade
  3. Trump blames Democrats' election win for US stock market fall

See every update