Morning all!- Democrats are seeing a very strong midterm result, flipping key Senate races in Ohio, Texas, South Carolin | Hanami
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.(Historical earnings: For fiscal 2026Q3 (period ended 2026-06-28), Qualcomm reported basic EPS of 11.63, diluted EPS of 11.53, net income of USD 12.377 billion, and revenue of USD 32.798 billion.
Consensus expectations: For 2026Q4 (event date 2026-11-04), consensus EPS is 2.1561 with revenue estimate of USD 10.142 billion. For 2027Q1 (event date 2027-02-02), consensus EPS is 2.293 with revenue estimate of USD 10.582 billion.)