US midterm elections roil global markets. European equities traded cautiously and US indices showed a volatile session, as early projections pointed to a Democratic victory. Investors focused on control of Congress and its implications for the Trump administration's room for manoeuvre on fiscal and regulatory policy. Against this backdrop, Treasury yields declined and the dollar weakened against most G10 currencies.
Central banks remain cautious amid persistent inflationary pressures. In the euro area, the ECB's Dimitar Radev warned that October's pause did not necessarily mark the end of the hiking cycle. Meanwhile, the Bank of France signalled a possible downgrade to its 2026 growth forecast following the contraction in French GDP in Q3.
Tentative geopolitical relief in the Middle East. Oil and European natural gas prices extended their declines as prospects ofa diplomatic resolution to the conflict with Iran improved, including the possibility of a swift reopening of the Strait of Hormuz. However, the IEA warned that tight global gas supply conditions could persist through much of 2027.
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