Yesterday, the U.S. Bitcoin Spot ETF saw a net outflow of $2.229 billion, while the Ethereum Spot ETF saw a net outflow of $1.673 billion.

The U.S. October non-farm payrolls data will be released at 21:30 Beijing time tonight. Institutional forecasts for the reading are as follows: 1. ABN AMRO: +35,000; Jefferies Group: +40,000; Mizuho Securities: +40,000; TD Securities: +40,000; Spartan Securities: +48,000 2. High Frequency Economics: +49,000; Barclays: +50,000; Julius Baer: +50,000; Moody's: +50,000; U.S. Bancorp: +50,000 3. Deutsche Bank: +55,000; Monex: +55,000; Bank of Montreal: +60,000; Commerzbank: +60,000; HSBC Holdings: +60,000 4. Morgan Stanley: +60,000; Stifel: +60,000; Sumitomo Mitsui Banking Corporation: +63,000; Citigroup: +65,000; DekaBank: +65,000 5. UBS Group: +65,000; Wells Fargo: +65,000; Australia and New Zealand Banking Group: +70,000; Berenberg Bank: +70,000; Capital Economics: +70,000 6. BNP Paribas: +70,000; Danske Bank: +70,000; Bank of America Merrill Lynch: +75,000; Fifth Third Bank: +75,000; JPMorgan Chase: +75,000 7. Goldman Sachs: +75,000; Société Générale: +75,000; ING Group: +75,000; Nomura Securities: +80,000; National Bank of Canada: +90,000 8. Standard Chartered: +90,000; DBS Bank: +100,000; Pantheon Macroeconomics: +100,000; Scotiabank: +100,000; Reuters consensus: +65,000

As the sell-off in AI stocks intensifies and spreads to credit markets, SoftBank Group led declines in Asian dollar bonds on Friday. Data shows SoftBank’s dollar bonds maturing in 2032 fell 0.9 cents on Friday, marking their largest single-day drop in 10 weeks. SoftBank’s bonds are among the worst-performing in Asia, while its stock price slumped as much as 16%. Earlier, credit default swap (CDS) prices tied to some U.S. firms hit by the AI sell-off surged sharply. Traders noted that spreads on Asian dollar bonds widened by at least 3 basis points. Friday’s declines extend the repricing already underway in global credit markets. The AI boom drove companies to borrow heavily, pushing up financing yields. The sell-off has also added fresh pressure to the global economy. On Thursday, the average spread on Asian investment-grade dollar bonds rose to 73 basis points, the highest level since July 2025. However, the sell-off in credit markets remains less severe than that in equities.

According to Bloomberg, despite U.S. Democrats sweeping control of Congress, the crypto industry did not suffer a comprehensive defeat in the midterm elections. Stand With Crypto, an advocacy group backed by Coinbase, said the pro-crypto camp has won 228 House seats and 19 Senate seats. Fairshake, the crypto industry’s largest super political action committee (super PAC), also announced it will continue supporting pro-crypto candidates in the 2028 elections. Notably, while Ripple remains one of Fairshake’s top donors, Ripple co-founder Chris Larsen donated $4 million to the campaign of former Senator Sherrod Brown—who has repeatedly criticized the crypto industry. Separately, data from U.S. consumer advocacy group Public Citizen shows that as of the first quarter of 2026, the crypto industry has allocated roughly $189 million to political action committees in this midterm election cycle, up from $119 million in the 2024 cycle. AI-focused super PACs have also contributed $72.3 million.

U.S. October unemployment rate and non-farm payroll data will be released at 21:30 UTC+8 tonight. The U.S. October unemployment rate is projected at 4.2%, and October’s seasonally adjusted non-farm payrolls are forecast to rise by 65,000.

Goldman Sachs analysts Lina Thomas and Daan Struyven, in their Nov. 5 precious metals analyst report titled "Precious Metals Analyst Report: Long-Term Bullish on Gold, But Not Now", revised their end-2026 gold price forecast downward from $4,650 per ounce to $4,150, and cut the end-2027 target price from $5,400 to $4,800.

Nomura Securities' analyst team led by Cindy Park says South Korea's KOSPI index appears to be in an oversold state currently. In a research report, the analysts noted that global stock markets are weighed down by rising interest rates, high oil prices and other risk factors, with South Korea's stock market falling more sharply than other major global markets. The index has dropped 18% since August and is now hovering around 5,400 points. Nomura set the three-month target range for South Korea's KOSPI index at 7,500 to 8,000 points, reflecting macroeconomic and artificial intelligence-related risks, while keeping its long-term target of 10,000 points unchanged. The analysts also stated that AI investment, expanded corporate share buybacks, and market reform measures aimed at boosting corporate value could act as catalysts to drive gains in South Korea's stock market.