民主党在美国国会选举中大获全胜，震动了全球市场，拖累亚洲科技股和美元下跌，同时提振美国国债，投资者正准备迎接对总统唐纳德·特朗普政策的更严格审视。
ADemocratic sweep of the US Congress jolted global markets, pulling down Asian tech stocks and the dollar while boosting Treasuries as investors braced for tougher scrutiny of President Donald Trump’s policies.
华盛顿可能陷入分裂的前景正促使投资者重新思考围绕特朗普政策议程建立的交易，该议程倾向于放松监管和快速建设人工智能基础设施。民主党掌控国会预计将带来调查以及对特朗普支出计划的更严格监督，尽管特朗普行使否决权会限制议员们推动全面立法变革的能力。
The prospect of a divided Washington is spurring investors to rethink trades built around Trump’s policy agenda, which has favored deregulation and the rapid buildout of AI infrastructure. Democratic control of Congress is expected to bring investigations and greater oversight of his spending plans, even if an exercise of his veto powers limits lawmakers’ ability to push through sweeping legislative changes.
“民主党掌控国会以及民主党主政的州意味着对数据中心、电力使用和地方审批的更严格审视，”投资策略师、Floodlines Research创始人Anna Wu表示。“当前市场情绪脆弱且自我强化，所以投资者先削减人工智能头寸，之后再问为什么。”全球人工智能交易再度承压，纳斯达克100指数期货下跌，预示美国科技股将迎来又一个疲软交易日。英伟达在隔夜蓝海平台交易中下跌，延续了重创亚洲芯片制造商的抛售潮。
“A Democratic Congress and Democrat-run states mean more scrutiny on data centers, power use and local approvals,” said Anna Wu, an investment strategist and founder of Floodlines Research. “Sentiment right now is fragile and self-feeding, so investors cut AI first and ask questions later.”The global AI trade came under renewed pressure, with a slump in Nasdaq 100 futures pointing to another weak session for US tech stocks. Nvidia Corp. fell in overnight trading on the Blue Ocean platform, extending a selloff that hit Asian chipmakers hard.
韩国综合股价指数一度下跌4%，三星电子和SK海力士分别下跌超过5%，随后收窄跌幅。日本以科技股为主的日经225指数下跌近5%，台湾基准股指一度下跌3.4%。
South Korea’s Kospi fell as much as 4%, with Samsung Electronics Co. and SK Hynix Inc. down more than 5% each, before paring declines. Japan’s tech-heavy Nikkei 225 gauge sank close to 5%, while Taiwan’s benchmark slid as much as 3.4%.
投资者正在权衡科技行业面临更严格审视以及美国数据中心建设可能延迟的影响。两党候选人都将数据中心列为选举议题，这加剧了市场对人工智能支出规模和回报的现有担忧。
Investors are weighing greater scrutiny of the tech sector and potential delays to US data-center construction. Candidates from both parties have made data centers an election issue, adding to existing concerns over the scale and returns of AI spending.
“蓝色浪潮或许已被预期，但其规模迫使人们重新评估风险，”Pepperstone研究主管克里斯·韦斯顿表示。“目前，股票市场承担着政治不确定性的最大压力，科技和人工智能处于调整的中心。”太阳能股票飙升，因为投资者押注民主党可能大获全胜，从而减缓或逆转特朗普针对清洁能源项目的一些措施，这可能使具有美国业务的亚太太阳能、电池和电网供应商受益。
“The blue wave may have been anticipated, but its scale has forced a reassessment of risk,” said Chris Weston, head of research at Pepperstone. “For now, the equity market is carrying the greatest burden of political uncertainty, with technology and AI at the centre of the adjustment.”Solar stocks jumped as investors bet a Democratic sweep may slow or reverse some of Trump’s measures targeting clean-energy projects, potentially benefiting Asian solar, battery and grid suppliers with US exposure.
韩国汉华解决方案公司股价一度上涨17%，而现代能源解决方案公司和OCI控股公司股价也各自上涨至少8%。
South Korea’s Hanwha Solutions Corp. advanced as much as 17%, while HD Hyundai Energy Solutions Co. and OCI Holdings Co. also gained at least 8% each.
美国太阳能股票在蓝海另类交易系统上反弹。恩相能源公司和SolarEdge科技公司股价一度上涨12%，而First Solar公司和Sunrun公司股价分别上涨11%和8.7%。
US solar shares rallied on the Blue Ocean alternative trading system. Enphase Energy Inc. and SolarEdge Technologies Inc. rose as much as 12%, while First Solar Inc. and Sunrun Inc. climbed 11% and 8.7%, respectively.
由于担忧民主党大获全胜可能削弱美国例外论的叙事，尤其是如果对人工智能投资的更严格审查拖累增长，美元对所有十国集团同业货币下跌。
The dollar slid against all Group-of-10 peers on concern that a Democratic sweep could chip away at the US exceptionalism story, particularly if greater scrutiny of AI investment weighs on growth.
彭博社的美元指数一度下跌0.4%，为一个月来最大跌幅，而瑞士法郎和日元上涨，因为投资者寻求避险资产。
A Bloomberg gauge of greenback fell as much as 0.4%, the most in a month, while the Swiss franc and Japanese yen rallied as investors sought haven-like assets.
国债也大幅上涨，收益率曲线全线下跌，因为投资者押注民主党控制的国会可能限制特朗普的减税和支出议程，降低财政刺激和额外借贷的前景。
Treasuries also surged, with yields falling across the curve as investors bet a Democratic Congress could constrain Trump’s tax and spending agenda, reducing the prospect of fiscal stimulus and additional borrowing.
五年期国债收益率一度下跌最多九个基点至4.68%，而十年期国债收益率下跌七个基点至4.89%，随后收窄了部分跌幅。
Five-year yields dropped as much as nine basis points to 4.68%, while the 10-year yield fell seven basis points to 4.89% before paring the decline.
随着美国中期选举结果对行业支持的立法前景产生疑虑，加密货币与其他风险资产一同下跌。
Cryptocurrencies fell alongside other risk assets as the US midterms results cast doubt over the path for industry-backed legislation.
特朗普一直是该行业的积极支持者，承诺将美国打造为“世界加密货币之都”，建立战略比特币储备并减轻监管压力，为数字资产营造更友好的环境。
Trump has been a vocal supporter of the sector, pledging to make the US the “crypto capital of the world,” establish a strategic Bitcoin reserve and ease regulatory pressure — fostering a friendlier environment for digital assets.
随着选举结果陆续出炉，比特币一度下跌2.8%，跌破7.6万美元，以太币和索拉纳也同步走低。加密货币此前已因比特币现货交易所交易基金资金外流以及上周币安创纪录黑客攻击的余波而承压。随着投资者权衡美伊重启和平努力，油价延续跌势。
Bitcoin fell as much as 2.8% to below $76,000 as election results cam in, while Ether and Solana also declined. Crypto was already under pressure from outflows from Bitcoin spot exchange-traded funds and the fallout from last week’s record Binance hack. Oil extended its decline as investors weighed renewed US-Iran peace efforts.
布伦特原油在每桶103美元附近交易，在经历数周高价后，这为能源进口型亚洲经济体带来一定缓解。华盛顿与德黑兰之间重启的外交接触推动了最新一轮下跌，但中期选举后美国可能再次发动打击的威胁仍笼罩市场。
Brent traded near $103 a barrel, offering some relief to energy-importing Asian economies after weeks of elevated prices. Fresh diplomacy between Washington and Tehran drove the latest decline, though the threat of renewed US strikes after the midterms continued to hang over the market.
民主党控制的国会可能在战争问题上加大对特朗普政府的压力，但不会主导美国的军事或外交政策。这使得石油成为亚洲市场的一大不确定因素，尤其是像印度这样依赖进口的经济体。
A Democratic-controlled Congress could increase pressure on the Trump administration over the war, but would not dictate US military or foreign policy. That leaves oil a major wildcard for Asian markets, particularly import-dependent economies such as India.
铜价延续近期跌势，选举结果加剧了避险情绪，并令今年涨势的两大支柱受到质疑：人工智能投资热潮和特朗普的关税计划。
Copper extended its recent decline as the results fueled risk aversion and raised questions over two pillars of this year’s rally: the AI investment boom and Trump’s tariff plans.
周三，这种金属价格一度下跌1.5%，投资者正在重新评估数据中心和电网方面的支出热潮。交易员们还在权衡特朗普拟对精炼铜征收关税的前景，这一预期已将大量铜运入美国，并帮助推动铜价今年创下纪录。
The metal fell as much as 1.5% on Wednesday as investors reassess the spending boom on data centers and power grids. Traders are also weighing the outlook for Trump’s proposed tariffs on refined copper, which have pulled huge volumes of metal into the US and helped drive prices to records this year.
与此同时，黄金交易员正在评估民主党强劲的表现是否会制约特朗普的财政议程，并抑制对进一步支出的预期。对赤字扩大和美国政府财政状况的担忧一直是金价上涨的主要推动力。金价一度上涨0.9%，突破每盎司3960美元，抹去了上一交易日的温和回落。
Gold traders, meanwhile, are assessing whether a strong Democratic showing could constrain Trump’s fiscal agenda and curb expectations for further spending. Worries over widening deficits and US government finances have been a major force behind bullion’s rally. Prices rose as much as 0.9% to above $3,960 an ounce, erasing a modest retreat in the previous session.