01·The Lead
Early returns favour Democrats.
Counting was still under way; figures are AP’s as of about 07:55 GST.
- Senate: Democrats flipped North Carolina, where Roy Cooper won, and South Carolina, where Annie Andrews ousted Republican Darline Graham, AP reported.
- Senate majority: Democrats need a net two more seats.
- House: Democrats had defeated six Republicans and need a net gain of three seats for a majority, AP reported.
- House control: AP calls it when a party reaches 218 seats, which took eight days in each of the last two elections.
- Georgia: Democrat Keisha Lance Bottoms won the governor’s race, the first Black woman elected governor of any state.
- The White House: President Trump told CBS he would be “Mr Veto” and block Democratic legislation, AFP reported.
02·Market Reactions
Tokyo drops, the dollar slips.
- Treasuries: the 10-year yield rose after September job openings jumped to 7.5 million, AP reported.
- Tokyo this morning: the Nikkei fell 3.6% as the yen rose, and memory-chip maker Kioxia dropped more than 13% at one point, AFP reported.
- Seoul this morning: the Kospi was down 3.4% at 07:30 GST, after falling 3.6% on Tuesday.
- Dollar: the euro rose above $1.12 as early results came in, AFP reported.
Tuesday 3 November closes; Brent is the January contract. Japan was shut on Tuesday.
20.83
VIX
−1.51%
+0.23%
Russell 2000
Tuesday
5.32%
US 30-Yr
+5.5bp
$49.59
Silver
−2.23%
Equities
| S&P 500 | +0.36% | |
| Nasdaq Composite | +0.83% | |
| Stoxx 600 | −0.58% | |
| FTSE 100 | −1.14% | |
| DAX | −0.45% | |
| Nikkei 225 | −3.56% | |
| TASI (Saudi) | −0.07% | |
| ADX (Abu Dhabi) | −0.29% | |
| DFM (Dubai) | +0.05% |
Commodities
| Brent (Jan) | $103.60 | −1.12% |
| WTI (Dec) | $96.09 | −0.38% |
| Gold | $3,940.40 | −0.74% |
Rates
| US 10-Yr | 4.95% | +5.8bp |
FX
| EUR/USD | 1.1241 | +0.43% |
Digital Assets
| Bitcoin | $76,129 | −0.87% |
03·Chart of the Day
A few big gains, Apple down.
US stocks · share prices · close Tue 3 Nov
Six stocks, one session.
Change in Tuesday’s regular session, %.
DuPont+8.61%
Broadcom+3.07%
Microsoft+2.74%
Nvidia+2.29%
Palantir−1.65%
Apple−1.9%
Source: Yahoo Finance closing prices; AP, Tuesday 3 Nov.
04·What Else Matters
Hormuz and results.
Iran
US strikes near Hormuz
- The strikes: a US official said Monday’s strikes targeted Iranians firing surface-to-air missiles at US forces in the strait, AP reported.
- Tehran: security chief Mohsen Rezaei said the strait will not reopen until the US meets Iran’s conditions.
- Washington: Trump played down speculation that he was preparing to resume bombing after the election, AFP reported.
AP · 3 Nov; AFP · 4 Nov
Earnings
Apple slips on memory costs
- Apple: beat profit forecasts but expects lower margins as AI demand drives up memory-chip prices, AP reported.
- Palantir: said US commercial revenue rose 148%, overtaking its US government business for the first time.
AP · 3 Nov
05·MENA Focus
Aramco’s profit jumps, Emaar eyes a deal.
- Aramco: third-quarter net profit rose 34.5% to $36.3bn, helped by higher prices and a joint-venture exit.
- Aramco dividend: it declared a $21.9bn base dividend.
- Emaar: shares rose 2.4% after Bloomberg reported it is considering buying Emaar Development for up to $3bn.
- Emaar Development: its shares jumped 10.7%.
- Saudi Arabia and Iran: Iran said talks with Riyadh were continuing, Reuters reported.
- Saudi budget: the third-quarter deficit was $22.4bn and oil revenue fell 23% from a year earlier, Arab News reported.
- Ukraine talks: Russia confirmed US-mediated talks with Ukraine in Abu Dhabi on 10 and 11 November, CNBC reported.
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