The Market ThesisDaily Summary
Asia & Pacific Edition
November 5, 2026 at 5:30 AM ET
By MacroGlide's Analysts
Markets Recap for November 4, 2026
Asian Stocks Volatile as US Midterms Shift Power
What's in the markets today?
New Zealand reported a 0.1% drop in employment change, which was a smaller decline than last quarter but still signaled ongoing softness in the labor market. The Hang Seng Index rose 1.67% after Chinese authorities directed significant inflows into exchange-traded funds to support market liquidity following the US midterm elections. Japan’s Nikkei 225 fell 1.42% as tech shares weighed on the index amid fears that the Democratic takeover of the US Congress could lead to stricter US AI regulation. China’s RatingDog Services PMI came in at 50.8, down from the previous reading, suggesting a slowing pace in the country’s business activity expansion. Toyota shares gained, while strong moves in gold and silver reflected renewed demand for safe-haven assets in Asia.
Benchmark Moves
The Nikkei 225 fell 1.42% as Japanese tech stocks declined on fears that the Democratic takeover of Congress in the US midterm elections could lead to stricter US AI regulation. WTI crude oil dropped 8.29% following the official release of the weekly EIA inventory report, which eased inflation pressures. Lower oil prices helped support a 1.67% gain in the Hang Seng Index, as Chinese authorities increased inflows to government-supported equity ETFs. This dynamic signals that shifts in global energy supply can reprices broad market expectations for Asian equities across assets.
Market data as of Nov 4, 2026 at 4:00 PM ET.
Market data as of Nov 4, 2026 at 4:00 PM ET.
Market data as of Nov 4, 2026 at 5:00 PM ET.
Key Financial Reports
Earnings reports from several companies showed a mixed performance. ITOCHU Corporation (ITOCY) reported an actual EPS of 0.259, while Nippon Telegraph and Telephone Corporation (NTTYY) posted 0.437, both indicating solid results. Mitsui & Co., Ltd. (MITSY) also performed well with an EPS of 12.516, reflecting strong operational performance. These results suggest resilience in certain sectors despite broader market volatility.
EPS reported on November 4, 2026 ET. Figures use each company's reported basis.
Key Macroeconomic Reports
New Zealand is experiencing pressure in its labor market. The unemployment rate rose to 5.7%, up from 5.6%, while employment change fell by 0.1%. Together, these indicators show a weaker job market. This could lead to more cautious monetary policy as economic growth prospects dim.
Macroeconomic data released on November 3, 2026 ET.
Top Stories
A quick look at the five stories that shaped today's market sentiment. Explained with brief context highlighting why each story mattered today.
Source: Australian Financial Review
David Jones prepares for collapse as landlord negotiations fail
David Jones is set to enter administration this week after a failed rescue plan that would have reduced the retailer to 12 stores. This comes four months after the company secured a new financier. The collapse of the 188-year-old department store chain, owned by Anchorage Capital Partners since 2023, may lead to a significant increase in available retail space in major shopping centers across Australia, potentially lowering rents and creating challenges for landlords like Scentre and Vicinity.
Source: CNBC — Asia Pacific
China expands overseas mining stakes, tightening grip on critical minerals
China is increasing its overseas mining stakes through state-linked companies to enhance control over critical minerals vital for electric vehicles and technology. This state-led strategy aims to streamline global mining investments and reduce competition among Chinese firms. In the first three quarters of this year, Chinese mineral acquisitions abroad reached $8.8 billion, the highest annual total since at least 2018. This push for centralization may face resistance from host countries demanding local processing.
Source: Australian Financial Review
High Court hits Uber with $81m payroll tax in blow to gig economy
The High Court has ruled that Uber must pay at least $81 million in payroll tax to New South Wales, a decision that could significantly impact the gig economy. The court determined that the fares Uber collects on behalf of its drivers qualify as 'wages' under NSW tax law. This ruling means Uber is liable for the full amount ordered by NSW authorities for fares collected between 2015 and 2020, which is nearly ten times its local profits last year.
Source: Australian Financial Review
‘Chickens coming home to roost’: 70pc of inflation surge homegrown
New analysis shows that over 70% of the current inflation surge in Australia is driven by domestic demand, prompting business leaders to call for a significant reduction in government spending growth. Following the Reserve Bank of Australia's fifth rate hike this year, the Business Council of Australia criticized the government for ignoring warnings about excessive spending. They stated that the consequences of this oversight are now evident, with inflationary pressures stemming largely from domestic factors.
Source: Nikkei Asia
Asian stocks face volatility as Democratic blue wave sweeps US
Asian stocks experienced mixed results amid volatile trading on November 4, as investors reacted to the implications of the Democratic Party gaining control of Congress in the U.S. midterm elections. Japanese tech stocks saw a notable decline, while South Korean markets reversed earlier gains. The Nikkei Stock Average reflected these fluctuations, indicating uncertainty among investors regarding future market conditions following the election outcomes.
Other Headlines
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Explore all past issues →The Market ThesisDaily Summary
Asia & Pacific Edition
November 5, 2026 at 5:30 AM ET
Markets Recap for November 4, 2026
Asian Stocks Volatile as US Midterms Shift Power
What's in the markets today?
New Zealand reported a 0.1% drop in employment change, which was a smaller decline than last quarter but still signaled ongoing softness in the labor market. The Hang Seng Index rose 1.67% after Chinese authorities directed significant inflows into exchange-traded funds to support market liquidity following the US midterm elections. Japan’s Nikkei 225 fell 1.42% as tech shares weighed on the index amid fears that the Democratic takeover of the US Congress could lead to stricter US AI regulation. China’s RatingDog Services PMI came in at 50.8, down from the previous reading, suggesting a slowing pace in the country’s business activity expansion. Toyota shares gained, while strong moves in gold and silver reflected renewed demand for safe-haven assets in Asia.
Benchmark Moves
The Nikkei 225 fell 1.42% as Japanese tech stocks declined on fears that the Democratic takeover of Congress in the US midterm elections could lead to stricter US AI regulation. WTI crude oil dropped 8.29% following the official release of the weekly EIA inventory report, which eased inflation pressures. Lower oil prices helped support a 1.67% gain in the Hang Seng Index, as Chinese authorities increased inflows to government-supported equity ETFs. This dynamic signals that shifts in global energy supply can reprices broad market expectations for Asian equities across assets.
Indexes
Detailed View →Market data as of Nov 4, 2026 at 4:00 PM ET.
Stocks
Detailed View →Market data as of Nov 4, 2026 at 4:00 PM ET.
Commodities & Crypto
Detailed View →Market data as of Nov 4, 2026 at 5:00 PM ET.
Key Financial Reports
Earnings reports from several companies showed a mixed performance. ITOCHU Corporation (ITOCY) reported an actual EPS of 0.259, while Nippon Telegraph and Telephone Corporation (NTTYY) posted 0.437, both indicating solid results. Mitsui & Co., Ltd. (MITSY) also performed well with an EPS of 12.516, reflecting strong operational performance. These results suggest resilience in certain sectors despite broader market volatility.
Earnings Per Share (EPS)
Detailed View →EPS reported on November 4, 2026 ET. Figures use each company's reported basis.
Key Macroeconomic Reports
New Zealand is experiencing pressure in its labor market. The unemployment rate rose to 5.7%, up from 5.6%, while employment change fell by 0.1%. Together, these indicators show a weaker job market. This could lead to more cautious monetary policy as economic growth prospects dim.
Macroeconomic Data
Detailed View →Macroeconomic data released on November 3, 2026 ET.
Top Stories
A quick look at the five stories that shaped today's market sentiment. Explained with brief context highlighting why each story mattered today.
David Jones prepares for collapse as landlord negotiations fail
David Jones is set to enter administration this week after a failed rescue plan that would have reduced the retailer to 12 stores. This comes four months after the company secured a new financier. The collapse of the 188-year-old department store chain, owned by Anchorage Capital Partners since 2023, may lead to a significant increase in available retail space in major shopping centers across Australia, potentially lowering rents and creating challenges for landlords like Scentre and Vicinity.
Source: Australian Financial Review
China expands overseas mining stakes, tightening grip on critical minerals
China is increasing its overseas mining stakes through state-linked companies to enhance control over critical minerals vital for electric vehicles and technology. This state-led strategy aims to streamline global mining investments and reduce competition among Chinese firms. In the first three quarters of this year, Chinese mineral acquisitions abroad reached $8.8 billion, the highest annual total since at least 2018. This push for centralization may face resistance from host countries demanding local processing.
Source: CNBC — Asia Pacific
High Court hits Uber with $81m payroll tax in blow to gig economy
The High Court has ruled that Uber must pay at least $81 million in payroll tax to New South Wales, a decision that could significantly impact the gig economy. The court determined that the fares Uber collects on behalf of its drivers qualify as 'wages' under NSW tax law. This ruling means Uber is liable for the full amount ordered by NSW authorities for fares collected between 2015 and 2020, which is nearly ten times its local profits last year.
Source: Australian Financial Review
‘Chickens coming home to roost’: 70pc of inflation surge homegrown
New analysis shows that over 70% of the current inflation surge in Australia is driven by domestic demand, prompting business leaders to call for a significant reduction in government spending growth. Following the Reserve Bank of Australia's fifth rate hike this year, the Business Council of Australia criticized the government for ignoring warnings about excessive spending. They stated that the consequences of this oversight are now evident, with inflationary pressures stemming largely from domestic factors.
Source: Australian Financial Review
Asian stocks face volatility as Democratic blue wave sweeps US
Asian stocks experienced mixed results amid volatile trading on November 4, as investors reacted to the implications of the Democratic Party gaining control of Congress in the U.S. midterm elections. Japanese tech stocks saw a notable decline, while South Korean markets reversed earlier gains. The Nikkei Stock Average reflected these fluctuations, indicating uncertainty among investors regarding future market conditions following the election outcomes.
Source: Nikkei Asia
Other Headlines
China steps up defence of stock market in bid to revive AI boom
Mitsui Chemicals to buy Japan chip material maker JSR for over $8.2bn
Copper and conflict trigger profit surge for Buffett-backed Japanese commodity traders
RBA rates have peaked but relief still a year away, say economists
Oracle cancels $7bn Tencent AI deal under Trump pressure
US tech giants' hidden AI debt swells 90% to $3.2tn in 6 months
Canva’s jobs shock is seismic. It will reverberate from tech to super
US, Russia and China discuss meeting between Trump, Putin and Xi
Google to invest $15bn in Malaysia's data center expansion
We’re not heading into a recession but RBA faces a new test
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