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European Morning Brief · Thursday 5 November 2026

The Trade Academy Team

Nov 5

1 min read

Oil slumps 9% as Vance turns against the Iran war — the Dow posts its best post-midterm day in 44 years and the Bank of England decides today
Brent fell 9.4% to $94.63 on Wednesday and WTI dropped below $90 after Vice President JD Vance blamed the Iran war for the Republicans' midterm defeat and urged an end to the conflict, although President Trump said he would wage it again and Tehran rejected the latest US draft. Wall Street rallied: the Dow gained 3.03%, its best day after a midterm election in 44 years, as investors rotated out of AI and into cyclical stocks, and the VIX fell 20%. Europe rose 1.82%, led by banks and Novo Nordisk. In Asia, Seoul fell 5.28% and triggered a circuit breaker on fears of tighter AI regulation, while Hong Kong jumped 3.63%. Gold is at $4,133, and the Bank of England is expected to raise rates today. — Microsoft soars, Alphabet sinks — and the ECB decides after the Fed holds in a split vote

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