Democrats Win Congress, Stocks Plunge, Paraguay's President Resigns

Democrats won control of both chambers of Congress in Tuesday's US midterm elections. Their House count passed 250 seats as more races were called in Ohio, Arizona and North Carolina. Democrats are preparing investigations into the administration. President Trump keeps his veto power. Speaker Mike Johnson said he will not seek to lead his party in the new Congress.

US stocks fell hard on Thursday. The S&P 500 dropped 4.36%, its worst day since April 2025, and the Nasdaq lost 5.5%. Investors worry that Democrats may push limits on data centers and the AI industry. Tesla and SpaceX lost more than $420 billion in combined market value. Asian markets fell on Friday, and South Korea halted trading on its main index with a circuit breaker.

In Paraguay, President Santiago Peña resigned on Thursday. Lawmakers voted unanimously to impeach him minutes later. Ueno Bank had collapsed and froze savings for about 3 million customers. Prosecutors opened a criminal inquiry, and Peña says he will defend himself.

Fallout in Washington

Republicans began arguing over the cause of their losses. Vice President JD Vance said the Iran war cost the party Congress. Trump also pointed to the war and said Iran could take 25 years to rebuild. Defense Secretary Pete Hegseth said he will not back down. Israel's UN ambassador rejected Vance's claim. Secretary of State Marco Rubio denied reports that he plans to resign.

Trump also said the US will end its $3.8 billion in yearly military aid to Israel at the end of the year. Israel's president, Isaac Herzog, said the news hit him like a bolt. Herzog said he will announce on Sunday whom he will ask to form a government. Opposition leader Gadi Eisenkot has the backing of 67 lawmakers, including Arab parties. Netanyahu lost ultra-Orthodox support.

In Los Angeles, Nithya Raman defeated Mayor Karen Bass. Raman is a City Council member backed by the Democratic Socialists of America. She will be the city's first South Asian mayor.

War in Ukraine and the Gulf

A Russian strike on an aid center in Zaporizhzhia province has killed 43 people. Rescuers are still searching the rubble for about 30 missing.

Separately, Melania Trump hosted Russian and Ukrainian officials at the White House. She urged them to build on a six-day local truce in the town of Oleshky. Trump met Putin's envoy Kirill Dmitriev separately and did not meet the Ukrainians. He again said a deal is very close but gave no specifics. Ukraine's Zelensky said the truce shows fighting stops when Putin wants it to.

In the Gulf, Iranian forces said five oil tankers and a tugboat caught fire in several incidents in the Strait of Hormuz. Trump said the US may have to destroy the rest of Iran. Regional states are talking to try to stop the war from restarting. Iran reportedly sent a nuclear proposal to the US through Qatar.

In Gaza, Israeli strikes and gunfire killed five people, including a child. Settlers set fire to olive groves near Ramallah.

Courts and verdicts

Governor Gavin Newsom commuted the sentences of all 548 people on California's death row to life without parole. It is the largest such commutation in modern US history. California has not carried out an execution in 20 years.

A Hong Kong court sentenced Joshua Wong to 10 more years under the national security law for collusion with foreign forces. Wong, 30, has been in prison since 2020. He will now serve until 2036. Critics say the case shows the law can be used repeatedly against one person.

In London, a jury found Russell Brand guilty of one count of rape and three of sexual assault. The offenses involved four women between 2005 and 2009. Brand denied the charges.

In Nigeria, a court voided Atiku Abubakar's nomination as the ADC presidential candidate. It found the party's leadership was improperly constituted. The ruling can be appealed.

Unrest in Europe and Africa

Bomb threats hit at least 27 European flights, the second wave this week. Some planes diverted or landed with military escorts. Officials say nothing dangerous was found.

In France, unions held a fourth national strike day over wages and public services. The interior ministry counted 600,000 marchers, while unions claimed about 1.6 million. Police used tear gas in Paris and Lyon. The National Assembly unanimously rejected the 2027 budget.

In South Africa, the ANC was at about 32% with over 60% of votes counted in municipal elections. ActionSA and the DA showed growth.

Somalia's Supreme Court ruled the president's term extension unlawful. It said his term expired on May 15 and ordered new elections within 90 days. The president also dismissed the court's chief justice.

The economy

Stocks fell because investors fear a Democratic Congress could limit AI data centers. Japan's Nikkei fell 6.32% as chip companies including SK Hynix, Samsung and TSMC dropped. India's Sensex rose 3.11%.

Oil edged up to $99.26 a barrel after a sharp drop on Wednesday. Brent crude recovered as ships came under attack in the Gulf. Hopes of a US-Iran deal remain uncertain.

The Bank of England raised its key rate from 3.75% to 4%, its first rise in over three years. The bank warned inflation could near 5%. The pound hit its highest level since the Brexit vote. Borrowing costs will rise for British households.

What went right

Two new Ebola vaccine candidates will be added to a clinical trial in DR Congo, where a deadly outbreak is under way.

The IEA says India's clean energy growth has saved $100 billion in fuel imports. That is more than expected.

Hungary opened communist-era secret police files in a database of about 60,000 names. More documents will follow in February 2027.

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This report was written from One Turn's edition of November 5, 2026: 63 stories chosen from 892 headlines. Read every story of the day, each with its sources, or see the day on the globe.