Bearish news priced in? Global capital markets broadly recover after Republicans confirmed to have swept

November 4 — As the Democrats secured control of both chambers in the midterm elections, this development, previously anticipated by the market as a "bearish" signal, has largely materialized. The global mainstream capital markets, which had been languishing amid the earlier bearish sentiment, are now seeing improvement, including:

U.S. stock index futures for the three major indices moved higher. Nasdaq 100 futures narrowed losses to 0.4% (previously down over 2.2% at one point), S&P 500 futures are now down 0.43%, and Dow futures are down 0.24%.

Bitcoin rebounded above $78,000, currently at $78,006; Ethereum rebounded above $2,300, currently at $2,301.

Hong Kong's Hang Seng Tech Index strengthened in the afternoon session, turning positive. SMIC (00981.HK) led gains among constituent stocks, and the Hang Seng Index is now up 0.81%.

A-share STAR 50 Index extended its afternoon rally, rising over 5%, while the ChiNext Index gained over 4%. Multiple STAR semiconductor ETFs rose over 10%. The semiconductor sector surged significantly in the afternoon, with NAURA Technology and Piotech up over 10%. Multiple ETFs including Penghua STAR Semiconductor Equipment ETF and ChinaAMC STAR Semiconductor ETF rose over 10%, while GF Semiconductor Equipment ETF and others hit the daily limit-up.

South Korea's KOSPI Index turned positive, erasing earlier losses of as much as 4%.

Spot gold extended intraday gains to 1%, breaking above $3,970/oz. Spot silver continued to recover, up over 2% intraday, currently at $50.79/oz.