- Asia-Pacific markets showed mixed trends as investors weighed US cues and easing oil prices
- South Korea's Kospi fell over 3.5%, led by weakness in technology stocks
- South Korea's inflation eased to 2.8% in October, below expectations but above target
Asia-pacific indices (Asian markets) were trading on a mixed note on Tuesday, November 3, as investors assessed overnight cues from Wall Street and tracked easing crude oil prices amid signs of progress in US-Iran peace negotiations.
US Midterm elections outcome will also remain on investors' radar.
That said, South Korea's Kospi emerged as the major laggard among regional indices, falling a little over 3.5%, as weakness in technology stocks weighed on sentiment. Australia's ASX 200 edged up 0.14%, while New Zealand's NZX 50 declined 0.44%. Japan's financial markets remained closed for a public holiday.
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On the economic front, South Korea's annual inflation rate eased for a second consecutive month to 2.8% in October 2026, compared with 2.9% in September. The latest reading also came in below economists' expectations of 2.9%.
Despite the moderation, inflation remained above the Bank of Korea's 2% target. Elevated fuel prices, partly reflecting the prolonged conflict in the Middle East, continued to add to price pressures in the energy-import-dependent economy.
Wall Street Ends Mixed; Apple Shares Slide After Earnings
Overnight, US markets closed on a mixed note as investors digested Apple's quarterly earnings report and positioned themselves ahead of the US midterm elections.
The Dow Jones Industrial Average gained 0.41%, while the S&P 500 and Nasdaq Composite declined 0.51% and 1.07%, respectively.
Apple shares fell around 2% in extended trading after the company issued a disappointing margin outlook. Sales of iPads during the fiscal fourth quarter also missed Wall Street estimates, adding to concerns over the technology major's near-term performance.
US Midterm Elections Eyed
Investors are also keeping a close watch on the US midterm elections, with the potential shift in congressional control emerging as a key market trigger.
Prediction market traders were pricing in nearly a 75% probability of Democrats winning control of the Senate, according to reports. Meanwhile, JPMorgan reportedly has flagged the possibility of a sell-off in artificial intelligence stocks if Democrats secure control of both the House of Representatives and the Senate.
The election outcome could influence expectations around US policy, particularly in sectors that have benefited from the current administration's policy priorities.
READ | Trump Says He'll Become 'Mr Veto' If Democrats Win US Midterm Elections
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