韦恩·科尔展望欧洲和全球市场未来一天的走势。那么，民主党已以决定性的优势拿下众议院和参议院，亚洲市场由此认为，这对数据中心、人工智能、加密货币、医疗保健和金融板块可能不是好消息。
A look at the day ahead in European and global markets from Wayne Cole. So Democrats have taken the House and Senate in decisive fashion and markets in Asia have assumed this might not be good news for data centres, AI, crypto, healthcare and financials.
华尔街股指期货领跌，日本、台湾和韩国的科技股紧随其后。欧洲股指期货也下跌，或许只是受此拖累。美元同样受挫，而美国国债上涨。
Wall Street futures led the losses, followed by tech in Japan, Taiwan and South Korea. European share futures are also down, maybe just in sympathy. The US dollar also suffered, while Treasuries rallied.
其逻辑是，民主党将倾向于对人工智能和数据中心施加更多监管，而近几个月来，这一议题在许多选战中已在政治上变得极具争议。分析师指出，鉴于总统特朗普已誓言否决任何法案，且民主党在参议院并未拥有足以推翻否决的多数席位，监管实际上很难通过。
The reasoning goes that Democrats will favour more regulation of AI and data centres, which had become politically toxic in many races in recent months. Analysts note actually passing regulation will be tough given President Trump has vowed to veto any bills and the Democrats do not have a veto-proof majority in the Senate.
然而，民主党还出人意料地赢得了大量州长职位，这将使他们在地方层面拥有更多权力，可以为数据中心的建设设置障碍，并对用水和用电要求施加更多规定。
However, Democrats have also taken a surprisingly large number of governorship, which will give them more power at the local level to put hurdles in the way of data centre builds, along with more rules on water and power requirements.
分析师尤其担心，得克萨斯州州长职位的易手可能真的会打击该州数据中心的庞大扩张。
In particular, analysts were concerned the flip of the Texas governorship could really hit the massive expansion of data centres in the state.
当民主党多数派于1月初接管后，分析师认为他们将启动一轮针对特朗普政府、伊朗战争、关税、移民政策以及许多其他政策的调查。正如摩根大通谨慎指出的那样，与特朗普捐款有关联的商界领袖将面临“调查风险”，其中包括大型科技公司。
When the Democratic majority takes over in early January, analysts assume they will launch a round of investigations into the Trump administration, the Iran war, tariffs, immigration policy and plenty of other policies. As JPMorgan carefully noted, there would be 'investigation risk' for business leaders tied to Trump donations including MegaCap Tech.
对于债券市场，早期的假设是，选举结果可能会限制政府进一步的赤字支出，包括国防支出。
For bond markets, the early assumption was that the election result might limit further government deficit spending, including on defence.
民主党确实主张恢复医疗和食品券方面的支出，不过这同样可能被特朗普否决。恰巧，美国财政部的再融资公告将于周三晚些时候发布，而市场一直预期长端借款规模会减少。
Democrats do favour restoring spending on health and food stamps, though again that could be vetoed by Trump. It just so happens, the Treasury refunding announcement is due later Wednesday and the market has been looking for less borrowing at the longer-end.
更多针对数据中心的障碍也将给美国当前经济增长的主要引擎制造麻烦，这可能会减轻通胀压力。
More hurdles to data centres would also throw a spanner in the major engine of U.S. economic growth right now, which might lessen inflationary pressure.
这帮助提振了联邦基金期货，使其剔除了明年约6个基点的加息预期。两年期国债收益率下跌近8个基点，至两个月低点5.5458%。
That helped lift Fed fund futures, which took about 6 basis points of hikes out from next year. Two-year yields were down almost 8 basis points at a two-month trough of 5.5458%.
在其他市场，收益率下降加上加息预期减弱，推动美元普遍走低，主要令日元、欧元和瑞士法郎受益。
In other markets, the drop in yields combined with the paring of rate hikes to push the dollar broadly lower, mainly to the benefit of the yen, euro and Swiss franc.
油价也下跌，可能是因为市场担心，中期选举结束后，特朗普将重启对伊朗的打击，而他的国内政策选项将受到民主党控制的众议院的限制。周三可能影响市场的关键进展：
Oil prices are also down, perhaps on concerns Trump will renew strikes on Iran now the midterms are over and his domestic policy options will be limited by a Democratic House. Key developments that could influence markets on Wednesday: