With only days remaining until the US midterm elections on November 3, market expectations regarding control of Congress have shifted. The probability of Democrats regaining control of the House of Representatives is higher, while the Senate race is close, increasing the likelihood of Democrats winning both houses. The election results will reshape the Trump administration's policy environment for the next two years, including restrictions on military operations, defense budgets, tariffs, AI data center regulation, and debt ceiling negotiations. Different parties controlling Congress will trigger differentiated pricing in oil, gold, US Treasury bonds, the US dollar, and sectors such as technology, storage, defense, finance, and healthcare.
