According to Fidelity International, Democrats secured majorities in both chambers of the U.S. midterm elections on November 10, potentially reshaping fiscal policy implementation and affecting Asia-Pacific markets through three key channels: AI investment cycles, energy prices, and trade policy.

Fidelity noted that while the election results do not fundamentally alter U.S. policy direction, financial tightening in the U.S. remains a key risk requiring close monitoring. The firm highlighted that state-level decisions in Texas, Ohio, and Georgia—collectively accounting for over one-third of planned U.S. data center capacity—could influence future AI capital expenditure timelines through changes to building permits and infrastructure costs. Additionally, trade restrictions and supply chain diversification are expected to persist as executive authority retains broad discretion over tariffs, immigration, and foreign policy, with the U.S.-China trade truce set to expire January 10, 2027.

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