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Daily Update — November 10, 2026

Democrats’ Wins May Reshape US Agriculture Policy; Early Adopters Key to Tech Growth; and China-US AI Race

Today is Tuesday, November 10, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Global Trade

Democratic sweep may lead to change in US tariff stances, reducing farm costs

 

Democratic gains in the 2026 US midterm elections, including at least 54 Senate seats and a substantial House majority, could push Congress to negotiate on various agriculture-related issues, policy experts said. Democrats have consistently opposed tariffs implemented by President Donald Trump, saying they have increased costs for consumers and farmers. Key Democratic senators-elect have called for repealing or reducing tariffs on farm machinery and other goods, citing their negative impact on farming costs and agricultural profits.

 

With their expanded majority, Democrats may also press Congress to address the Middle East war, which has contributed to rising energy and fuel costs.

Technology & Innovation

The key to success in digital entertainment is winning over early tech adopters

 

Early technology adopters drive the growth of digital entertainment, innovative devices and emerging services such as prediction markets and AI. These individuals lead more active lifestyles, spend more time on digital entertainment and social media, and are quick to own the latest tech devices.

 

Early adopters dominate sports betting, cryptocurrency trading, prediction markets and generative AI usage, making up nearly half of all GenAI users and 82% of those paying for access to the technology. The center majority and late adopters — who adopt technology only after it is proven or necessary — are generally older and less active.

Artificial Intelligence

AI Race Pits Chinese Model Against U.S. Hyperscalers As Capex Concerns Grow, Panelists Say

 

The global AI race is intensifying, with China's state-led model competing against the US' market-driven approach amid concerns over the massive spending plans of US hyperscalers, according to panelists at S&P Global Ratings' China Credit Spotlight conferences in Hong Kong and Shanghai. The panelists assessed five key layers of the AI tech stack — power, chips, infrastructure, models and applications — finding China ahead in two layers and behind in two, with both countries facing significant challenges in one. China's advantages in government support and national coordination contrasted with US hyperscalers' vast investment capacity and access to cutting-edge technology.

 

The discussions featured S&P Global Ratings' senior leads for US tech, China tech, China light industries and Chinese corporates, as well as S&P Global Market Intelligence's senior country risk analyst for Asia-Pacific.

In case you missed it

  • Private US exports of corn to Mexico slowed in the 2026-27 marketing year, reaching 1.135 million metric tons, according to the US Agriculture Department, as domestic Mexican production recovered.
  • European wheat prices fell as weak demand heightened competition among sellers, while Black Sea shipments stayed low amid ongoing disruptions.
  • Crude imports by Indian refiners reached a record 5.54 million barrels/day in October. Refiners took advantage of increased availability to build inventories ahead of festive demand and processed higher volumes of middle distillates for international markets, industry sources said.

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