Paul Gooden, head of natural resources at 91 Investment, said the U.S. midterms’ effect on an Iran war and oil prices is unclear. It is uncertain whether President Trump would treat a Democratic victory as a cue to end the conflict or seek to escalate. The one definite point, he said, is that from the new Congress taking office in January, Trump may find funding for the Iran war constrained, shortening his window to achieve his objectives.

Eurozone October services PMI (final) 51.4, forecast 51.7, prior 51.7.

The State Administration for Market Regulation issued rules on administrative-penalty discretion, effective Jan. 1, 2027. Discretion is split into five tiers: no penalty, reduced penalty, lenient penalty, ordinary penalty and severe penalty. Severe penalty means applying relatively heavier or more types of penalties, or higher penalty ranges, within legally available options; for fines the amount must fall in the upper 30% (inclusive) of the statutory minimum-to-maximum range.