Global Markets Today, November 3, 2026: Asia Weak, US Mixed, Oil Stable; Cautious Start Seen for Indian Markets

Mumbai, November 3: Asian markets traded largely lower on Tuesday as investors remained cautious ahead of the US midterm elections and the US Treasury’s quarterly refunding announcement, while a recovery in crude oil prices following a sharp overnight decline kept sentiment in check. The mixed global cues point to a cautious start for Indian equity benchmarks, with investors also tracking developments in the Middle East and movements in US bond yields. 

Asia Weak 

MSCI’s broadest index of Asia-Pacific shares outside Japan declined 1.13%, led by weakness in South Korean equities on Kospi, which fell 2.7%. Taiwanese shares on Taiex were down 1.9%, while Hong Kong’s Hang Seng Index edged 0.4% higher. Japanese markets are closed for a holiday. 

US Mixed 

Among US stock futures, S&P 500 E-mini futures flatlined in Asian trading following a mixed session on Wall Street overnight, where technology stocks came under pressure amid concerns over corporate earnings and elevated spending on artificial intelligence infrastructure. 

The S&P 500 declined 0.51% to close at 7,541.40, while the Nasdaq Composite dropped 1.07% to 25,164.32. The Dow Jones Industrial Average bucked the trend, advancing 0.41% to settle at 51,983.98. 

Apple shares extended their losses, falling 2.8% in after-hours trading after the iPhone maker projected lower gross margins for the crucial holiday quarter, citing rising memory-chip costs. Its forecast for services revenue growth also fell short of Wall Street expectations. 

Investors remained wary of the sustainability of the AI investment boom, particularly as companies ramp up capital expenditure and increasingly turn to debt financing. Oracle shares had tumbled nearly 9% after the company disclosed plans to raise $20 billion through debt and equity offerings, while AMD and Intel also faced selling pressure. 

Crude Oil Prices Stabilise After Sharp Decline 

Oil prices stabilised in Asian trading after plunging more than 7% on Monday, as renewed hopes of a diplomatic breakthrough between the US and Iran eased concerns over potential disruptions to Middle Eastern crude supplies. 

Brent crude futures were last trading 0.3% higher at $105.1 per barrel, after fluctuating between gains and losses. Prices had retreated sharply in the previous session following reports of discussions between Iranian and Qatari officials on a possible agreement to end the conflict. 

However, geopolitical uncertainty persisted after reports that the US military had struck Iran’s Qeshm Island in the Strait of Hormuz, keeping traders cautious about the possibility of further supply disruptions. 

For Indian markets, the sharp correction in crude prices offers some relief, given the country’s dependence on imported energy and the implications of elevated oil prices for inflation, the rupee and corporate margins. However, crude holding above the $100-a-barrel mark remains a concern. 

With Asian equities largely in the red, technology stocks facing pressure and crude prices still elevated, domestic benchmarks could see a cautious or mildly negative opening, although the easing of oil prices may limit downside pressure. Investors will also watch foreign fund flows, the rupee and sector-specific earnings for further direction. 

Source

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