Economy news · 5 November 2026
Wall Street Surges 3% and Gold Tops $4,000 as Democrats Sweep US Midterms
US stocks posted their biggest single-day gain in 19 months and gold surged past $4,000 an ounce after the Democratic Party won control of both chambers of Congress in Tuesday's midterm elections.
Samsung and SK Hynix Lose $118 Billion as South Korea's KOSPI Slides 4%
South Korea's two biggest chipmakers shed a combined $118 billion in market value on November 5 as investors feared that a Democrat-controlled US Congress would tighten AI data-centre regulations, hitting chip demand.
188-Year-Old Australian Retailer David Jones Enters Administration
Iconic Australian department store David Jones has collapsed into voluntary administration after months of financial pressure and a breakdown in rent negotiations with its major landlord, Scentre Group, leaving the brand's future deeply uncertain.
Dow Climbs 3% and Gold Tops US$4,000 as Fear Drains From Markets
Wall Street staged a broad rally on 4 November 2026, with the Dow Jones Industrial Average rising 3.03% to 53,356, while gold jumped to US$4,066 an ounce as Treasury yields and the dollar retreated.
Woodside Energy to Cut More Than 500 Jobs in $550 Million Cost Drive
Australian gas giant Woodside Energy announced it will eliminate over 500 positions — roughly 10% of its global workforce — as part of a cost-reduction plan targeting $550 million in annual savings by 2028.