Global market overview as AI fears and US jobs data dominate
ITF Team3 min read
Global markets tumble on AI slowdown worries, while gold eyes weekly rise ahead of US jobs report; Bitcoin steadies near $75,200.
Key takeaways
- US non‑farm payrolls are due at 13:30 UTC, a high‑impact data point for the dollar.
- Gold is on track for a weekly gain as investors seek safe‑haven amid AI‑related equity sell‑off.
- Bitcoin hovered around $75,200 after a $1 billion liquidation wave triggered by AI‑sector fears.
Asian markets closed lower on Friday, 6 November 2026, as the fallout from a sharp sell‑off on Wall Street reverberated across the globe. The trigger was a combination of heightened concerns over a potential slowdown in artificial‑intelligence investment following the U.S. mid‑term election results and the anticipation of the U.S. jobs report later today. Risk assets were broadly sold, while safe‑haven gold continued to climb, and Bitcoin found a brief footing near $75,200.
Equities and AI‑related risk aversion
The Nasdaq 100 futures rallied briefly but the index still posted a loss of more than 6 % on Thursday, reflecting investor anxiety that tighter regulation and slower data‑centre construction could curb AI‑driven growth. The panic spread to Europe and Asia, where major chip makers such as SK Hynix, Samsung, SoftBank and TSMC all slipped as the Nasdaq correction deepened. The broader market sentiment was dominated by fears that AI‑related earnings may not meet the lofty expectations set earlier this year.
In the United States, the Democratic victories in both the House and the Senate added a political dimension to the market stress, as policymakers are expected to scrutinise AI development more closely. The resulting uncertainty pushed global equity indices lower, with the MSCI World down roughly 1 % at the close of Asian trading.
Gold and commodities amid safe‑haven demand
Gold prices continued their weekly ascent, positioning the precious metal for a gain of around 1 % for the week. The metal’s rise is linked to the flight to safety as investors hedge against the equity sell‑off and await the U.S. jobs data, which could influence expectations for Federal Reserve policy. Higher real yields typically weigh on gold, but the current risk‑off environment has outweighed that effect.
Oil prices, meanwhile, were pressured by a mixed backdrop. While concerns over a potential escalation in the Iran‑related conflict eased after the mid‑term elections, supply‑side worries persisted, including reports of tanker shortages for India’s HPCL and lingering tension in the Strait of Hormuz. The net result was a modest decline in crude, setting the stage for a volatile week ahead.
Read also: Fed's Williams says US economy resilient, warns inflation still high
Cryptocurrency reaction to AI fears
Bitcoin steadied after a dramatic sell‑off that erased more than $1 billion in liquidations on Thursday. The cryptocurrency hovered near $75,200 as traders shifted focus to the upcoming U.S. employment numbers. While the AI‑regulation narrative sparked a sharp drop in Asian markets, it did not translate into a sustained crypto decline, suggesting that digital assets are currently decoupling from short‑term equity shocks.
Other crypto news included a report that Binance suffered an eight‑week breach before a $6.3 billion exploit was uncovered, highlighting ongoing security challenges in the sector. In Europe, Greece approved a 10 % tax on crypto gains effective 2027, signalling a move toward clearer fiscal treatment of digital assets.
Key calendar events for the next 24 hours
- 13:30 UTC | CAD Employment Change – high impact
- 13:30 UTC | CAD Unemployment Rate – high impact
- 13:30 UTC | USD Average Hourly Earnings m/m – high impact
- 13:30 UTC | USD Non‑Farm Employment Change – high impact
- 13:30 UTC | USD Unemployment Rate – high impact
- 15:00 UTC | CAD Ivey PMI – medium impact
- 15:00 UTC | USD Prelim UoM Consumer Sentiment – medium impact
- 15:00 UTC | USD Prelim UoM Inflation Expectations – medium impact
- 16:00 UTC | JPY BOJ Gov Ueda Speaks – high impact
- 21:45 UTC | NZD Parliamentary Elections – high impact
Frequently asked questions
Why did global equities fall after the US mid‑term elections?
The Democratic wins in both chambers raised expectations of tighter oversight on AI development and data‑centre construction, prompting investors to reassess growth prospects for AI‑heavy companies, which drove a broad sell‑off across equity markets.
What is the significance of the upcoming US jobs report for gold?
The non‑farm payrolls and unemployment data will shape expectations for Federal Reserve policy. If the labour market remains strong, the Fed may keep rates higher longer, which could increase real yields and pressure gold, but the current risk‑off mood keeps gold in demand as a safe‑haven.
Official data sources
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This article is compiled from international market news for information only. It is not investment advice.