Global Markets Today, November 2, 2026: US, European Futures Rise, Asia Mixed; Oil Prices Ease Ahead Of Indian Market Opening

Mumbai, November 2: Asian markets traded mixed on Monday, November 2, as investors assessed the outlook for technology stocks amid concerns over heavy artificial intelligence (AI) spending, while easing crude oil prices offered some relief from inflationary pressures. Gains in US equity futures and modest advances in European futures, however, provided some support to global sentiment, pointing to a potentially flat-to-positive opening for Indian markets. 

Asia Mixed 

Japan’s Nikkei 225 was down 0.3%, recovering from deeper losses earlier in the session, while South Korea’s Kospi advanced 1.4%. The MSCI index of Asia-Pacific shares outside Japan slipped 0.2%, reflecting lingering caution following a difficult October for global equities. 

Investors remained watchful of the sustainability of the AI investment boom, particularly after concerns over the scale of capital expenditure by major technology companies and slowing earnings growth weighed on US technology stocks last week. The Nasdaq lost nearly 7% in October, marking its worst monthly performance since April 2025. 

Market participants are looking towards Apple’s quarterly earnings and its commentary on iPhone 18 sales for reassurance about the technology sector’s growth prospects. The company’s results assume added significance following Intel’s nearly 29% plunge on Friday, which raised concerns about valuations and the earnings outlook for semiconductor companies. 

US, European Futures 

US equity futures pointed to a recovery on Monday after the technology-heavy Nasdaq suffered its sharpest monthly decline in more than a year. S&P 500 futures rose 0.4%, while Nasdaq futures gained 0.8%, supported by expectations that Apple’s earnings could help restore confidence in the technology sector. 

However, concerns over the returns from massive AI investments continued to cloud the outlook. A global broker expects capital expenditure by major cloud computing companies to nearly double to $800 billion this year and increase further to $1.2 trillion in 2027. Meanwhile, earnings growth for S&P 500 companies is expected to moderate from nearly 30% in 2026 to 18% next year. 

Among European markets, EURO STOXX 50 gained 0.3% and DAX futures climbed 0.2%, while FTSE futures remained unchanged. 

Investors will also monitor the US manufacturing activity data due later on Monday and the non-farm payrolls report scheduled for Friday for further clues on the Federal Reserve’s interest rate trajectory. Markets currently see a 72% probability of a 25-basis-point rate hike in December. 

Crude Oil Prices 

Crude oil prices retreated on Monday as continued diplomatic engagement between Iranian and Qatari officials raised hopes of progress towards ending the US-Israeli war on Iran. Brent crude futures declined 2.7% to $110.4 per barrel, while US West Texas Intermediate (WTI) crude futures fell 2.9% to $101.1 per barrel. 

The decline offered some relief after Brent crude surged 13.6% in October. However, persistent attacks on oil tankers in the Gulf continued to highlight the risks to energy supplies, keeping prices elevated. 

For Indian equities, the moderation in crude prices could provide some support, given the country’s dependence on imported oil and the implications of elevated energy costs for inflation, the rupee and corporate margins. Taken together, mixed Asian equities, positive US futures, marginal gains in Europe and easing oil prices suggest that domestic benchmarks could see a cautiously positive opening, although global technology-sector concerns may limit the upside. 

Source

• Exchanges