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Morning all! - US President Trump said it was "largely true" that Republicans lost the midterms because of the Iran war, while he said he is not replacing War Secretary Hegseth. - APAC stocks were mixed after the rally on Wall Street, with a rotation out of chip names; US equity futures are mixed, with the NQ lagging, while European equity futures point to a positive open. - DXY remained subdued post-Midterms alongside lower yields; USTs and Bunds extend gains as lower oil eases inflation concerns. - Crude remained pressured after Wednesday's slump, while spot gold returned to levels above USD 4,100/oz. - Looking ahead, highlights include Swedish CPIF Prelim. (Oct), German Factory Orders (Sep), EZ PPI (Sep), US Initial Jobless Claims (Oct/31), Norges Bank, BoE, CNB & Banxico Policy Announcements, Canadian Federal Budget. Speakers include BoE's Bailey, ECB's Cipollone, Schnabel, Lane & Lagarde, BoC's Macklem, Fed's Hammack & Barkin. Supply from Spain & France. Earnings from ConocoPhillips & Deutsche Telekom.

Asia-Pac stocks begin mostly higher following the rally on Wall St, where all major indices gained, while yields and oil declined in the aftermath of the blue tsunami: ASX 200 (+1.5%), Nikkei 225 (+0.5%), KOSPI (-1.9%)

🇺🇸US pre-market movers🇺🇸 ES +1.1% NQ +0.4% RTY +1.7% Following US midterms: Renewables gain $FSLR +7.5% $PLUG +7% $ENPH +4.5% w/ clean energy ETF $ICLN +4.8% Neoclouds pressured $CRWV -6.2% $IREN -5.4% $NBIS -3.2% w/ neocloud ETF $NCLD -7% Hyperscalers strengthen $AMZN +3.8% $MSFT +2.7% $GOOG +1.2% $NVDA -1.5% $VRT -6.5% $ORCL -3.5% weighed on by less buildout $SPCX -5.8% $TSLA -4.5% given where they operate AI supercomputer infra. from Elsewhere: $ORCL -5%: Cancelled $7bln 5yr AI chip leasing agreement w/ Tencent following pressure from Trump admin $AMD +0.4% $SMCI +0.6%: Reversed a lot of strength post-strong earnings $ANET +4.5%: EPS & rev. beat w/ strong next Q outlook $SWKS -11.5%: Poor next Q guidance $DOX -36%: Dismal outlook driven by significant T-Mobile headwinds incl. ongoing legal dispute $DDOG -11.5%: Q3 beat but flat sequential growth $BKNG +4.2%: Profit surpassed Wall St. exp. $AMGN +5.5%: Strong Q metrics alongside lifting FY view $XYZ +10%: Top, bottom surpassed Wall St. exp. & raised FY profit view

Morning all! - Democrats are seeing a very strong midterm result, flipping key Senate races in Ohio, Texas, South Carolina and Kansas, with DDHQ giving them a 99% chance of winning the House and a 100% chance of winning the Senate. - US President Trump said he will accept the election result and is prepared to work with Democrats, while stating that veto power is one of the strongest powers he has. - US equity futures were sold on prospects of a blue wave; APAC stocks were mixed, and European equity futures indicate a lower open. - DXY was pressured and 10yr UST futures were underpinned early before paring much of the move, while spot gold saw a haven bid. - Trump said the US has no immediate plan to strike Iran, although CENTCOM reportedly has a plan to strike as early as Wednesday. - Looking ahead, highlights include Global Services/Composite PMI Final (Oct), EU HICP (Oct), US ADP Employment Change (Oct), Trade Balance (Sep), ISM Services PMI (Oct), Atlanta Fed GDP (Q4), Riksbank Policy Announcement, US Treasury Quarterly Refunding Announcement, NBP Policy Announcement, BCB Policy Announcement, BoJ Minutes, South African Municipal Elections. Speakers include Riksbank's Bunge & ECB's Lane. Supply from Germany. Earnings from Qualcomm & Novo Nordisk.

Mixed start to Asia-Pac trade with early outperformance in the KOSPI after the tech stocks regained composure on Wall St, while participants await the Midterm Election results: ASX 200 (-0.4%), Nikkei 225 (-0.1%), KOSPI (+2.8%)

🇺🇸US pre-market movers🇺🇸 ES -0.1% NQ +0.3% RTY -0.1% Memory ETF $DRAM +3% Semiconductor ETF $SOXX +2.8% Neocloud ETF $NCLD +2.2% $AAPL -4%: Surging memory chip prices & rising AI-related costs weighed profit margin outlook $PLTR -6.5%: Elevated investor exp. & sharp slowdown in US commercial contract growth, offset strong results, robust AI demand & accelerating FCF generation $ON +3%: EPS & rev. topped Wall St. exp. $FN +8.5%: Headline metrics beat w/ stellar next Q view $LSCC +11%: Strong Q report & Q4 outlook $SHOP -16.5%: Growth disappointment sees pressure & results struggle to justify lofty valuation $KDP -5.5%: Rev. light as was FY top line outlook $FISV +7.8%: EPS & rev. topped as did midpoint of FY profit view $DD +2%: Lifts FY profit view amid strong healthcare & aerospace demand

Morning all! - US equity futures were varied ahead of the US midterm elections and with Apple (-2.7%) ultimately declining post-earnings. - AUD/USD ultimately weakened after the RBA hiked the Cash Rate by 25bps to 4.85% via a 6-3 vote but stopped short of signalling another hike in December. - Crude futures attempted to nurse losses after slumping by around 8% on Monday; 10yr UST futures slightly pulled back after gaining yesterday. - APAC stocks traded mixed following the continued tech rout stateside; European equity futures indicate a lower cash market open. - Looking ahead, highlights include Swiss CPI (Oct), US JOLTS (Sep), US Midterm Elections. Speakers include BoC's Macklem & Rogers. Supply from UK & Germany. Earnings from Pfizer, AMD & Super Micro.

Asia-Pac stocks begin mixed, with underperformance in the KOSPI following the continued tech rout stateside, which saw the Nasdaq 100 dip into a correction, while demand is contained amid the holiday in Japan and looming US midterm elections: ASX 200 (+0.3%), KOSPI (-3.3%)

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