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On November 6, the selloff in tech and semiconductor stocks spread from Wall Street to Tokyo, Seoul and Shenzhen. Asian markets lost more than $1 trillion in value, and in South Korea trading had to be halted by the exchange's automation.
After the Democrats' victory in the US midterm elections, Nasdaq-100 futures (contracts on the index of the 100 largest technology companies) fell 2.4% overnight. By 16:11 Moscow time the decline had been fully recovered, and by 17:44 Moscow time the Nasdaq was recording growth of about 2%.
On the morning of November 4, the Japanese market moved lower across the entire technology sector. Reuters links the sell-off to fears that a Democratic victory in the US elections will lead to tighter regulation of artificial intelligence.
Alphabet (Google's parent company) shares plunged almost 10% in after-hours trading following its quarterly report. On the morning of October 29, this dragged Nasdaq 100 futures down to 29,620 points.
South Korean Mirae Asset has agreed to buy the proprietary trading division from Japan's Okasan Securities. The deal is worth about $32 million, and through it the Korean group is entering the Japanese market. Nikkei Asia reported the deal on October 28.
On Saturday, Bitcoin on most exchanges dropped to $79,100 - the lowest level in five weeks. By Sunday morning, the price had recovered from the drop and is holding just above $80,000, reaching a high of $80,900.
On Thursday Brent rose 2.6% to $111.66 per barrel - a five-month high, and in the evening Moscow time quotes went above $113. The rally was driven by Houthi attacks on Saudi infrastructure and expectations of a new military escalation around Iran.
On Thursday, October 22, Asian markets crashed: China's CSI 300 index lost 2% during the session and fell 20% from its June high. A 20% drop from the peak is the formal definition of a bear market.
Over the past 24 hours, leveraged positions worth $951.4 million were liquidated on the crypto market, with $876.3 million coming from longs. Bitcoin dropped to $80,764, while Ethereum lost more than 6%.
