Global Equities Roundup: Market Talk

The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

0920 GMT - U.S. stocks and dollar should be supported by relative U.S. strength and higher interest rate differentials following the midterm elections, Lombard Odier's Michael Strobaek says in commentary. "A Democratic sweep should reinforce Fed independence, as Senate approval of new board appointments would provide an institutional check, supporting the dollar," the global chief investment officer says. Strobaek adds that U.S. equities tend to rise after midterm elections. Valuations already price in many uncertainties, while earnings growth remains strongest among developed markets, he says. The bank remains overweight on U.S. stocks. (tracy.qu@wsj.com)

0915 GMT - The key takeaway of Democrats winning the Senate is a check to Trump's inability to nominate key members in institutions like the Supreme Court or the Fed, says Samy Chaar at Lombard Odier. "Fed independence is won, in a way. That's an uncertainty that you can remove," the chief economist says. "Checks and balances, the independence of agencies, the Fed, nominations at the Supreme Court matter a lot, right?" Fiscal policy is likely to stay on sort of autopilot. A lot of spending was brought forward, so Lombard sees fiscal policy from now on as being mildly contractionary. Chaar sees room for compromise on issues like government funding, increasing the debt ceiling and AI regulation. Trade policy and tariffs, meanwhile, remain in the hands of the president. (fabiana.negrinochoa@wsj.com)

0909 GMT - European utility stocks are unlikely to get a substantial boost in the near term from the Democrats gaining control of both the U.S. Senate and House, Baader analysts write. Much of the damage to renewables is already done, the analyst say. The One Big Beautiful Bill repealed 60% of the clean energy tax incentives introduced through the Inflation Reduction Act and they aren't set to return before 2029 at the earliest, they write. EDP shares rise 2%, RWE gains 1.2% while Iberdrola is nearly 1.4% higher. Orsted shares rise 7.2%. (adam.whittaker@wsj.com)

0908 GMT - Stock markets are expected to regain their footing before long, supported by a resilient U.S. economy, says Mitsubishi UFJ Morgan Stanley Securities strategist Kenta Inoue. Financial markets reacted sharply as disappointing results from tech companies coincided with high earnings expectations and uncertainty around the midterms, he says. "A sharp drop in stock prices could understandably spark worries about a slowdown in the U.S. economy, but recent GDP data showed accelerating growth underpinned by consumer spending and robust business investment, while job gains in the labor market are broadening across industries," he says. (megumi.fujikawa@wsj.com)

0904 GMT - BMW's decision to intensify and accelerate its restructuring program and portfolio changes is a welcome move, Citi says in a research note. "In fact, we struggle to see any strong auto EBIT recovery without it under current conditions," the analysts say. The company lowered its 2026 expectations again after issuing a sharp profit warning in June, but it attributed the revision solely to the portfolio and strategic measures. Still, investors are unlikely to return to BMW until negative surprises stop and it starts to show signs of profitability improvements, the analysts add. Shares rise 0.2%. (adria.calatayud@wsj.com)

0904 GMT - Holders of tokenized shares should receive the same votes, dividends and disclosures as any other shareholder, according to Adam Popat, CEO of SettleMint, a digital asset infrastructure firm. "Recording a share on a blockchain does not alter its legal nature," he says, adding that Congress should legislate on that basis in the future irrespective of its new Democrat-led composition. Institutional adoption at scale therefore depends on permanent legislation, he adds. Initial indications suggest investors can expect a much more hostile regulatory environment for cryptocurrencies under a Democratic Congress. Tokenized equities are real-world assets converted into digital tokens. (joseph.wilkins@wsj.com)

0904 GMT - The U.S. midterm elections is unlikely to materially alter its economic outlook, says T. Rowe Price's chief U.S. economist Blerina Uruci. The key growth drivers in 2027 are likely to be the energy shock, the Fed's response to inflation risks and investment in AI, which are all largely outside Congress's control, Uruci says. The election outcome is likely to have a greater impact on the composition and timing of fiscal policy rather than impacting the overall deficit size, Uruci adds. "While a divided government could lead to marginally greater fiscal restraint, the risk of political brinkmanship around funding deadlines and the debt ceiling increases substantially, as does policy uncertainty," Uruci says. (kimberley.kao@wsj.com)

0902 GMT - There may be a silver lining for Asia-Pacific markets despite the Democratic sweep of both chambers of Congress potentially taking some shine off the artificial-intelligence boom, Moody's Analytics economists say in a note. Democratic control of both the Senate and the House of Representatives could cool one of the hottest parts of the U.S. economy, but that might mean a modest boost to investments across Asia. "Tighter U.S. regulation of AI might push some investment toward other regions, and Asia sits first in line," they write. This comes as investors have grown more concerned about the financing structures supporting AI ventures, the viability of associated business models and equity valuations ahead of potential public offerings, the economists note.(amanda.lee@wsj.com)

0859 GMT - Novo Nordisk consensus earnings expectations are likely to rise by around 3% after the Danish drugmaker reported stronger than expected third-quarter results and upgraded 2026 guidance, J.P.Morgan analysts write. Novo's sales beat by 8% while operating profit beat by 12%, driven by outperformance across all franchises and a 2 billion Danish kroner positive U.S. pricing adjustment, JPM says. The midpoint of the new guidance implies adjusted sales of 306.42 billion Danish kroner and adjusted operating profit of 125.01 billion kroner, which are both 3% ahead of current consensus, the analysts say. Shares rise 3.4% to 279.20 kroner. (dominic.chopping@wsj.com)

0859 GMT - U.S. equities may see less of a traditional boost following the midterms, given that much of the political uncertainty has already been priced in, says Tim Murray, capital markets strategist at T. Rowe Price. More meaningful implications could emerge at the sector level. AI and data centers may face greater bipartisan scrutiny, potentially weighing on sentiment and delaying some projects, even without significant new legislation, he says. Financials, meanwhile, could see their deregulation tailwind fade as a divided government creates friction around further policy changes, he adds. Ultimately, the midterms may do little to alter the forces already shaping markets. For investors, persistent fiscal pressures, growing competition for capital, and sector-specific policy developments could matter more than the election result itself. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0854 GMT - Weir's order intake lags peers and isn't strong enough to get investors excited in the near term, Jefferies analysts write. The global mining technology company reported an 8% rise in group orders as customers look to boost production. "Weir is a good business, trading at a discount to peers, but lacks near-term catalysts," the analysts say. Jefferies has a buy rating on the stock and 37.35 pound target price. Shares are down 7.5% at 24.32 pounds, leading the FTSE 100 index fallers. They are currently 14% lower over the year to date. (ian.walker@wsj.com)

0850 GMT - London's miners open higher after gold prices rise on a softer dollar and falling Treasury yields. The rise follows the U.S. midterm election results, which boosted demand for safe-haven assets. In early European trading, gold futures in New York rise 2.6% to $4,041.50 a troy ounce after retreating below $4,000 last week. Silver futures gain 4.15% to $51.82 an ounce. Precious metal miner Hochschild Mining rises 4.2% while peers Fresnillo and Endeavour both gain around 3.5%. Anglo American is 2.7% higher while copper miner Antofagasta is up 2.6%. (adam.whittaker@wsj.com)

(END) Dow Jones Newswires

November 04, 2026 04:20 ET (09:20 GMT)