THE DAILY REPORT
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Major Bloomberg & Reuters News
A Market Guide to the Midterms
The U.S. midterm elections are upon us, and the results will have implications for everything from bond yields to equity volatility.
Republicans adding to their Senate majority would offer an extra layer of protection for Donald Trump’s tax cuts beyond the next presidential cycle in 2020, while a Democratic House and a 50-50 Senate may not, Evercore ISI strategist Terry Haines wrote in a note Tuesday.
If Democrats sweep, “they won’t be able to change fiscal policy before 2020, but it would change expectations about the trajectory beyond it,” Morgan Stanley strategists Michael Zezas and Meredith Pickett wrote in a note Monday. “This shifts the narrative away from rising rates and, in the near term, alleviates the pressure stocks have felt in recent weeks.”
Oil Prices Slide After API Reports Large Crude Build
The American Petroleum Institute (API) reported a crude oil inventory build this week, this time of 7.83 million barrels for the week ending November 2. The build was the fifth in as many weeks as reported by the API. The report was largely in line with analyst expectations that this week would see another substantial build in crude oil inventories of 2,050 million barrels.
Inventories in the Cushing, Oklahoma facility this week had climbed by 3.07 million barrels, adding to the inventory builds this week.
Prices were down significantly on Tuesday as the Iranian sanction waivers granted by the United States to eight countries—including oil-hungry India and China—took the sting out of what could have been market panic given the re-imposition of sanctions on Monday.
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