Sunday 8 November 2026

Global wrap: the AI sell-off goes worldwide

It is Sunday, so markets are shut and the table shows Friday's closes. The main story of the week was a sharp sell-off in AI stocks after Tuesday's US midterms. Democrats won both chambers of Congress, and voters showed hostility to data centres. Investors now fear a policy stalemate, tougher data-centre rules and a broad data-centre moratorium in the US, all of which could slow the AI boom. The worst of it hit Asia on Friday:

• Japan: the Nikkei 225 lost more than 20% from its June peak, which puts it in a bear market. It also closed below the 60,000 level that traders watch closely. The broader Topix fell 5.9%, its biggest drop since April 2025.
• Korea and Taiwan: South Korea's Kospi fell more than 8%, which triggered a trading halt. Taiwan's benchmark also dropped more than 8% as chip stocks were heavily sold.
• US: Wall Street went the other way on Friday. The Nasdaq bounced back from its worst session in 18 months as buyers returned to tech.

Where things stand: Ark Invest's Cathie Wood says there is a "wall of worry" over markets but argues that worry is a good sign. Others warn that the S&P 500 has become far more dependent on AI than its diversified label suggests. Investors who sold AI moved into defensive stocks. Berkshire Hathaway beat the S&P 500 this week and is ahead of it for the year. It also more than doubled its share buybacks in the third quarter, even though both operating and overall profits fell. One sector looks exposed to the new Congress: analysts expect healthcare stocks to struggle for momentum once Democrats take over.

Biggest US movers (Friday)

Gainers: Karman Holdings and Firefly Aerospace, both space and defence suppliers, led the market alongside software group JFrog, laser maker nLIGHT and organ-transplant company TransMedics. Losers: heart-monitoring firm iRhythm, sports-betting operator DraftKings, Taser and body-camera maker Axon, cloud contact-centre provider Five9 and Brookdale Senior Living fell hardest. The available sources do not say what caused these individual moves. The sizes of the swings point to company-specific news, most likely results, rather than the broader market. Treat that as unconfirmed.

Key events and risks

• Today: it is Sunday, so there are no central-bank decisions, earnings or data releases. The economic calendar and earnings list for the coming week were not available.
• Iran: President Trump said the US carried out "minor strikes" on Iran. Separately, Iranian media reported that two missiles hit Qeshm Island, near the Strait of Hormuz. The risk of escalation is still high, which matters for oil prices when markets reopen on Monday.
• Anthropic IPO: Anthropic is set to become the first pure-play AI company to go public. The timing is awkward, coming just as voters turn against the AI industry. The listing will test appetite for AI after the sell-off.
• Trump–Xi: Trump is expected to meet Xi Jinping in Shenzhen soon. He arrives weakened after Republicans lost both chambers of Congress. AI is expected to be on the agenda.
• France: 146,000 people protested on Saturday over living costs and public services, the fourth weekend in a row. This is a background risk for the CAC 40.

Currencies

The Swiss franc strengthened against all three of the euro, dollar and pound on Friday, which fits with investors seeking a safe haven during the global sell-off. The sources show no SNB action this week. EUR/USD barely moved.

Chinese stocks fell with the rest of Asia on Friday. The blue-chip CSI 300 lost 1.44% to close at 4,054.28. Mainland stock markets are already in a bear market.

• Property: Beijing's latest property support package has not stopped home sales and prices from falling in smaller (third- and fourth-tier) cities. Regulators may have to offer stronger incentives.
• Trade: after the earlier Xi–Trump meeting, buyers from the US and EU at the autumn Canton Fair, China's largest trade fair, were up 22.2% and 38.2% respectively from the previous year. Exporters said weak Western economies are still holding back deals.
• Brokers: Beijing is cracking down on cross-border share trading that has not been approved. In response, Tiger Brokers is focusing on growth among local Hong Kong clients.
• Politics: the Communist Party has started choosing delegates for next year's 21st party congress, which is expected to bring a major leadership reshuffle. It has warned of "zero tolerance" for bribery in the selection.
• Autos: Beijing's safety crackdown on electric cars developed too quickly is giving foreign brands such as Tesla and GM an opening to win back Chinese buyers.

Market & sentiment

A quiet, slightly heavy weekend tape: the majors are drifting marginally lower, with BNB the only gainer among the large caps despite the latest Binance news. The moves are small, but the backdrop is not supportive. Spot Bitcoin ETFs have just had their worst week since June (see below), and risk appetite across tech is still fragile after last week's AI-chip selloff.

Fear & Greed is at 28 ("Fear"), up from 25 yesterday. Sentiment is improving slightly but remains defensive. Funding on Binance perpetuals is still positive but thin: 0.005% per 8h on BTC and 0.0069% on ETH. Longs are paying only a small premium, so leverage is not crowded on either side. That lowers the risk of a forced liquidation cascade, but it also means there is no sign yet of conviction buyers returning.

Top stories

Bitcoin ETFs turn negative for the year

US spot Bitcoin ETFs lost $1.28 billion last week, their worst week since June, and net flows for 2026 are now negative. BlackRock's IBIT made up 98% of Friday's outflows, with $403 million leaving the fund. When the largest product sees steady redemptions, it signals institutions cutting exposure, not just short-term trading.

US Treasury moves against MEXC

The US Treasury is moving to cut the exchange MEXC off over $16 billion in alleged illicit flows. If the action is finalised, the offshore exchange would effectively lose access to the US financial system. It is a clear sign that Washington's enforcement against non-compliant venues is continuing.

Binance: CFO exit and European pullback

Binance's CFO is stepping down nine days after the exchange's record hack. Co-CEO Yi He says the departure was part of a transition planned over the past six months. Separately, users in some European countries have been told to withdraw their crypto before fees start, and their accounts will close by year end. The exchange is shrinking parts of its European business while dealing with the fallout from the hack.

Also noted: a data breach at Gnosis Pay exposed card numbers, home addresses and linked crypto wallets. A former FBI agent pleaded guilty to stealing $2.47 million in crypto from wallets tied to 35 investigations.

AI

• OpenAI reportedly valued at $1.25 trillion. Bloomberg reports that OpenAI has raised another $11 billion at that valuation. The round has not closed yet and is expected to in the coming weeks. In March, OpenAI raised $122 billion at an $852 billion valuation, so its value has risen sharply in about eight months. Rival Anthropic is reportedly close to an IPO.
• METR: Anthropic is using AI to build AI, and it is working. METR, an AI safety research group, published a report on Thursday after an 11-week investigation. It finds that Anthropic's models are improving roughly twice as quickly as a year ago, with little sign of slowing down. Researchers are alarmed because AI that speeds up its own development is a long-feared risk scenario.
• New concerns over Nvidia sales to China. According to The New York Times, New Matrix, one of the Chinese firms approved to handle Nvidia's H200 chips, has empty offices. This raises questions about how carefully the Commerce Department and Nvidia vet buyers. In a separate report, the Times says China's Ministry of State Security recruited Megaspeed executive Alice Huang to spy on Nvidia CEO Jensen Huang and possibly push for Nvidia's most advanced chips to be sold to China.

Tech

Tesla is ending the Cybertruck. In a tweet on Friday, Elon Musk said Tesla will be "winding down" Cybertruck production next year to make room for the Cybercab, its robotaxi. The decision ends a vehicle that was once heavily promoted but never lived up to expectations. It also shows Tesla shifting its focus to autonomous vehicles at a time when, according to post-midterm analysis, the political environment is getting more difficult for Musk.

Suisse

Genève

• A1 : la droite veut une troisième voie. Vendredi, la majorité de droite du Grand Conseil a voté une motion qui demande au Conseil d'Etat d'intervenir auprès de la Confédération. Le but : ouvrir au trafic la bande d'arrêt d'urgence entre Le Vengeron et Coppet (VD). La gauche et l'UDC s'y opposent, pour des raisons différentes.
• Ligne du Tonkin. Le Parlement soutient le retour des trains entre Evian et Saint-Gingolph. La décision appartient toutefois à la région française compétente, qu'il reste à convaincre.
• Incinérateur d'Aïre-Le Lignon. L'opposition des riverains s'organise. Une séance d'information a réuni 200 personnes vendredi soir, et une manifestation est prévue en décembre.
• Fiscalité automobile. Le Conseil d'Etat propose des mesures transitoires dans la révision de l'impôt sur les véhicules à moteur. Il prolongerait notamment le plafonnement de l'impôt au double du montant de 2024 pour les détenteurs de voitures de tourisme qui en bénéficient aujourd'hui.

Vaud et Romandie

• Loterie Romande. Temps Présent a obtenu les procès-verbaux de la conférence des conseillers d'Etat romands chargés des jeux d'argent (CRJA). Ces ministres s'y montrent surtout préoccupés par le niveau des bénéfices. La prévention, la santé publique et l'autorité de surveillance y sont traitées comme des gêneurs. Aucune autre actualité notable au Grand Conseil vaudois ces derniers jours.
• Fribourg aux urnes. Premier tour des élections cantonales aujourd'hui. Trois des sept conseillers d'Etat sortants ne se représentent pas.

Fédéral

• Votation du 29 novembre, imposition des couples mariés. Fait nouveau : dans une note interne, les ministres cantonaux des Finances jugent que l'initiative du Centre ferait courir des « risques considérables » en cas de oui. Ils évoquent un « désastre ». Leur conférence ne prend pourtant pas position officiellement.
• Succession de Guy Parmelin. Le chef du groupe UDC Thomas Aeschi confirme sa candidature au Conseil fédéral. Il se dit prêt à reprendre l'asile et vise explicitement le département de Beat Jans. Le Fribourgeois Nicolas Kolly a, lui, renoncé.
• Tests Covid. L'OFSP cherche un prestataire pour passer au crible d'anciennes factures. Il soupçonne des erreurs et des fraudes portant sur 213 millions de francs.

France

Présidentielle 2027 : Mélenchon lance sa campagne

Samedi au Bourget, Jean-Luc Mélenchon a présenté le programme de LFI, « L'Avenir en commun », devant plus de 20 000 personnes selon Le Figaro. Le lieu est celui du grand meeting de François Hollande en 2012. Le candidat promet de relever le SMIC, de plafonner les prix des produits alimentaires essentiels et de ramener l'âge de la retraite à 60 ans. Il refuse de « mettre de l'eau dans son vin », mais le ton était moins conflictuel qu'à l'habitude, ce qui traduit sa volonté d'élargir son électorat. Les sondages en font le candidat le mieux placé à gauche face à Marine Le Pen. Celle-ci, comme Edouard Philippe, a attaqué le programme dès sa publication vendredi. A gauche, le PCF estime que les députés communistes ralliés à Mélenchon se placent « en dehors du parti », alors que Fabien Roussel est lui aussi candidat.

A droite, la perspective d'un second tour RN-LFI relance le débat sur une primaire. La ministre de l'Agriculture Annie Genevard, qui y était hostile, juge désormais qu'une primaire « ne doit pas être crainte ».

Rue et dialogue social

Pour ce quatrième samedi consécutif contre la vie chère, entre 146 000 personnes (ministère de l'Intérieur) et 250 000 (intersyndicale de la jeunesse) ont défilé, le plus souvent dans le calme. La mobilisation recule mais reste vivace. Les manifestants veulent « maintenir la pression » avant la conférence sociale prévue lundi à Matignon. Le contexte reste tendu : selon l'Insee, le chômage des moins de 25 ans a dépassé 21 % au deuxième trimestre. A Paris, les commerces du Marais se barricadent et la clientèle touristique fond.

Gouvernement et budget

• Mathieu Lefèvre, proche de Gérald Darmanin, assure l'intérim de porte-parole du gouvernement pendant environ cinq semaines, durant le congé maternité de Maud Bregeon. Arnaud Viala (Horizons, Aveyron) devient ministre de la Ruralité à la place de Michel Fournier.
• Le débat sur le budget 2027 alimente les critiques sur l'usure du pouvoir. François Villeroy de Galhau, ancien gouverneur de la Banque de France, met en garde : laisser filer la dette reviendrait à faire des « choix gérontocratiques ».
• Sécurité : le parquet cherche à savoir si des puissances étrangères sont derrière les fausses alertes à la bombe qui ont visé des vols commerciaux cette semaine. Dans le Gers, le domicile d'un policier a été incendié à Auch. Laurent Nuñez dénonce un « acte criminel intolérable ».

United States

Midterm fallout. Republicans lost both chambers of Congress on Tuesday, with Democrats winning deep into historically red states. The party is now openly blaming itself, and its loyalty to Trump looks shaky. On the Democratic side, attention is turning to 2028, and Ted Lieu is running for House Democratic Caucus chair.

White House reshuffle. Trump has made Stephen Miller his chief of staff, which points to clashes with the new Congress. He also publicly offered the press secretary job, vacant since 16 October, to UFC boss Dana White. US media report that White has turned it down, although he said he would travel to Washington to meet Trump.

Policy signals.

• Russian diesel deal: Trump's controversial arrangement with Putin is faltering. Three tankers carrying Russian diesel to the US have changed course and buyers are holding back.
• Iran: Washington is offering a $20m reward for information on Iran's nuclear programme. Trump keeps raising the prospect of new strikes.
• Immigration: Houston's mayor has told police to limit co-operation with ICE, after months of protests over a fatal shooting by an ICE officer.

China

• Party congress: the Communist Party has started selecting delegates for next year's 21st congress, where a major leadership reshuffle is expected. It warns of "zero tolerance" for bribery and other attempts to interfere in the selection.
• US ties: Xi is expected to host Trump in Shenzhen for a multilateral gathering, now with Trump weakened at home. A veteran China hand says Pete Hegseth and Admiral Samuel Paparo may visit China "soon".
• Law: lawmakers propose narrowing "residential surveillance at a designated location", a contested form of detention, as part of changes to the Criminal Procedure Law.
• South China Sea: according to a Philippine analyst, Manila is preparing papers for a possible second legal case against Beijing.

World

• Poland: a 24-year-old gunman "fascinated by far-right ideologies" opened fire at random on Krakow's main square, killing six people and wounding around fifteen. Three more bodies, possibly his family's, were found at his home. Donald Tusk calls it terrorism, prosecutors have opened a terrorism investigation and two days of national mourning have been declared.
• Israel: neither bloc won a majority in last week's election. The president has asked opposition leader Gadi Eisenkot to form a government, the first time in years that Netanyahu has not been given the mandate. Arab-led parties back Eisenkot even though he rules out a coalition with them, and could end up holding the balance of power.
• Saudi Arabia–Yemen: two Houthi ballistic missiles aimed at Riyadh's financial district were intercepted, and falling debris damaged the Aramco Tower. The day before, the Houthis said Saudi strikes near Sanaa had killed at least 33 people.
• Ukraine: overnight Russian strikes on the power grid cut electricity to more than 600,000 people in Dnipropetrovsk region, with outages in Kharkiv region too. Trilateral talks are due in Abu Dhabi next week.
• New Zealand: Saturday's election is the tightest in years. The conservatives are slightly ahead of the centre-left opposition, but no one has a clear majority to govern.
• Paraguay: impeached president Santiago Peña has been charged and placed in pre-trial detention over the collapse of Ueno Bank, which locked millions of savers out of their money.
• Europe: Michel Barnier warns that the UK cannot "cherry pick" its access to the EU single market. In Italy, the foreign minister's personal data has been leaked, and Giorgia Meloni blames pro-Russian hackers.

Rien de nouveau ce dimanche : nos recherches (Léman Bleu, immobilier.ch, FAO, recherche ouverte) n'ont fait ressortir aucune nouvelle promotion, aucune autorisation de construire marquante ni aucune actualité de promoteur à Genève depuis la dernière édition.

Today: Brazilian GP, a grid shuffled by rain and penalties

Race day at Interlagos (round 20). The race starts this evening, Geneva time. Session times are in the table.

Norris on pole after a chaotic wet qualifying. Lando Norris took pole for McLaren with a 1m27.470s lap on intermediate tyres. Heavy rain and standing water had stopped the session under a red flag for more than an hour. George Russell was second fastest, but he already had a five-place grid penalty for an engine swap. He was still furious with Mercedes over an aborted lap that he felt cost him the chance to top the session. He called it a "misjudgement" and said "this season's just not meant to be".

Five penalties reshape the grid:

• Hamilton: starts from the back. He took his fifth combustion engine of the season, which brought a 10-place drop. A mechanical problem in final practice then forced further changes. He said he was "using the Qualifying session as a test".
• Leclerc: 10-place penalty for a planned new engine.
• Verstappen: starts from the back for engine component changes, even though he was fastest in final practice ahead of Antonelli.
• Russell: five-place drop, as above.

What it means: With Verstappen, Hamilton and Leclerc all near the back, championship leader Antonelli has a clear chance to add to his lead. Nico Hulkenberg starts fourth for Audi and says it is "all to play for". Rookie Rafael Camara crashed in his first qualifying session. The Race warns that F1 risks a "horrific incident" if conditions like Saturday's return. The cars did prove they can run on full wet tyres, but the series still struggles to manage rain.

Championship picture after Mexico

Mexico was a Verstappen win, but it changed little. Verstappen's victory, with Hamilton second and Antonelli third, moved the Red Bull driver narrowly into second in the drivers' standings. Second through fifth (Verstappen, Hamilton, Russell, Leclerc) are separated by only a handful of points. Antonelli remains far clear at the top. Autosport describes the title as "gone" for Russell. The real fight now is over the runner-up spot.

Constructors: Mercedes keep a solid lead over Ferrari. Red Bull and McLaren are close in the battle for third. At the back, Hirakawa scored a point for Haas and Bortoleto scored for Audi, both useful in a tight midfield.

Team and driver news

• Ferrari, Hamilton and Leclerc: Hamilton says the tension with Leclerc after their clash in Mexico has been "squashed". He says the two settled it between themselves, without Fred Vasseur stepping in. Leclerc was more guarded: "Of course there is tension."
• Hamilton milestone: Today is Hamilton's 400th Grand Prix start, and rivals have paid tribute.
• Haas, Ocon: Ayao Komatsu says "everybody was surprised" when Esteban Ocon was dropped for the Mexican GP. Ocon fell out with the team after Friday practice there. The exact cause is still unclear, apart from a disagreement with his race engineer.
• Calendar: The Brazilian GP has a five-year extension and will stay on the calendar until at least 2035.