Global Markets Today, November 9, 2026: Asia Rises, US Futures Higher; Oil Slips To $98 as Easing Iran Tensions Lift Sentiment

Mumbai, November 9: Asian markets traded higher on Monday, while US equity futures edged up, offering positive global cues for Indian equity benchmarks at the start of the trading week. Easing concerns over a further escalation of the Middle East conflict and a recovery in technology stocks helped stabilise investor sentiment after last week’s sharp sell-off. However, uncertainty surrounding the artificial intelligence (AI) trade and rising expectations of a US Federal Reserve rate hike could limit gains. 

Asia Higher 

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.8%, recovering some ground after falling 4.6% last week. Japan’s Nikkei advanced 3.4%, while Taiwan’s benchmark Taiex gained around 5.7%, rebounding after recording its steepest weekly decline in two decades. South Korean shares on Kospi also rose 1.7%. 

The recovery followed a turbulent week for technology stocks, as concerns over the profitability of massive AI investments, infrastructure spending and the prospect of tighter US regulation triggered heavy selling across chipmakers and other technology companies. Investors are now looking towards earnings from major technology and semiconductor companies, including CoreWeave, Applied Materials and Cisco Systems, for clues on whether the enormous investments in AI infrastructure can generate adequate returns. 

US equity futures were higher on Monday, following a recovery on Wall Street on Friday. US stocks had ended a volatile week on a firmer note after technology-led selling weighed heavily on sentiment earlier. However, the outlook remains uncertain, with investors assessing the implications of the US midterm election results and the possibility of increased regulatory scrutiny of the technology sector. 

Oil prices 

Crude oil prices eased, with Brent crude futures slipping to $98 per barrel, as hopes of progress in negotiations to end the conflict involving Iran reduced concerns over further disruptions to supplies from the Middle East. US President Donald Trump indicated that fresh attacks on Iran were highly unlikely as long as negotiations continued to make progress. 

The moderation in crude prices is a favourable development for India, which depends heavily on imported oil. Lower oil prices can help ease inflationary pressures, reduce the import bill and provide some relief to the country’s current account and currency. 

Fed rate outlook in focus 

Gains in global equities could nevertheless remain constrained by changing expectations around US monetary policy. Stronger-than-expected US employment data showed employers added 165,000 jobs last month, more than twice economists’ expectations. This strengthened expectations of a possible 25-basis-point rate hike by the Federal Reserve in December, with the probability of such a move rising to nearly 80%. 

The US dollar also recorded its biggest single-day gain in five months, while investors await US consumer inflation data on Tuesday for further clues on the Fed’s policy trajectory. 

For Indian markets, the combination of firmer Asian equities, positive US futures and softer crude prices provides a supportive backdrop. However, persistent concerns over technology valuations, a stronger dollar and the prospect of higher US interest rates could temper risk appetite. The domestic market could therefore see a cautiously positive start, with investors tracking global cues and movements in crude oil and the rupee. 

Source

• Exchanges