Markets were in an upbeat and celebratory mood on Wednesday following the sweeping victories secured by the Democrats in the US midterm elections, with the party taking control of both chambers of Congress: the House of Representatives and the Senate.
Stock markets in the United States and Europe surged, while the German stock market hit an all time-high. Oil prices began crashing, with Brent crude futures falling below $100 and by 8.7% to around $94.62 a barrel, their lowest level in two months. West Texas Intermediate crude also fell sharply.
The election results represented a major setback for the Republican Party, with Democrats making historic gains in traditionally Republican states. Texas was among the most significant victories, with Democrats winning the governorship and a Senate seat, ending decades of Republican dominance in statewide elections. Gina Hinojosa defeated Republican Governor Greg Abbott, becoming the first Latina governor of Texas, while James Talarico defeated Republican Ken Paxton in the Senate race.
Democrats also won Senate seats in South Carolina and Kansas, alongside other gains across the country. In Kansas, Adam Hamilton became the state’s first Democratic senator since 1932. In South Carolina, Democrat Annie Andrews defeated the Republican candidate backed by Trump.
Outgoing Florida Governor Ron DeSantis acknowledged the scale of the Republican losses, describing the Democratic victories in Texas as a huge loss for his party. He warned that losing Texas would remove one of the main foundations of the modern Republican Party and the party may take years to recover its devastating losses.
The election results are being widely considered as a referendum on Trump’s presidency, with voters expressing frustration over the cost of living caused by the war with Iran and concerns about corruption, abuse of power, the thuggery of ICE and the cover-ups of the Epstein files. Democrats are now preparing to use their control of both chambers to investigate the Trump administration, scrutinise its policies and block or amend legislation.
The new Congress will take office in January, leaving Trump with a Republican White House but a Democratic-controlled legislature for the final two years of his presidency.
Feature video below of Austin Texas. Feature image of Texas-Governor elect Gina Hinojosa.
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