Global markets fall on U.S. election jitters, tech losses; oil climbs on Hormuz strikes

Global markets fell Tuesday as investors awaited U.S. midterm election results, while oil prices rose following U.S. defensive strikes on Iranian targets in the Strait of Hormuz. The vote could reshape President Donald Trump's final two years in office. European indexes declined, with Germany's DAX down 0.9 percent, while U.S. futures also slipped. South Korea's Kospi dropped four percent on tech losses, and Taiwan's Taiex slid 3.8 percent. The Reserve Bank of Australia raised its benchmark rate to 4.85 percent, its fifth hike this year. Oil climbed to $106.58 per barrel for Brent crude amid war uncertainty. AI-related stocks remained volatile on concerns about excessive investment in data centers, while Alphabet reported slower search growth and higher cash burn.