According to Fidelity International, Democrats secured majorities in both the U.S. House and Senate in midterm elections on November 10, though fiscal policy direction rather than fundamental U.S. policy stance is expected to shift. The election outcome will influence Asia-Pacific markets through three primary channels: AI investment cycles, energy prices, and trade policy.

Fidelity's macroeconomic strategist Ashray Ohri noted that state-level elections—particularly in Texas, Ohio, and Georgia, which account for over one-third of planned U.S. data center capacity—may affect AI capital expenditure timelines through regulatory changes on zoning, utilities, and investment incentives. Energy cost declines could benefit Asia's energy importers and support Chinese corporate profitability, while persistent trade restrictions remain a long-term variable. The firm highlighted financial environment tightening as a near-term risk, with tech sector volatility potentially cascading through Asia-Pacific equities, particularly in South Korea, Taiwan, and Japan.

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