Good morning! Here’s what you need to know in markets on Wednesday.
1. Most of the US midterm election results are in: Democrats are projected to take control of the House of Representatives, and Republicans are projected to hold onto their majority control of the US Senate in the new year.
2. Former US Treasury secretary Hank Paulson told a forum in Singapore that if the US decouples from China, then it will likely isolate itself from the region and trigger a “full-blown” cold war. Paulson spoke of an “economic iron curtain” cleaving the world into estranged spheres should the US and China fail to resolve their burgeoning strategic differences.
3. Finnish mobile telecom network maker Nokia announced on Wednesday that it had signed frame deals with China Mobile,China Telecom and China Unicom worth more than 2 billion euros ($US2.3 billion).
4. China says it has new surveillance camera technology that can recognise you just from how you walk.“Gait recognition” technology has reportedly already been rolled out and is an improvement over facial recognition.
6. French police have reportedly arrested six over a plot to attack President Emmanuel Macron. This is just days after he likened Europe’s extreme right to Nazis.
7. Carmaker BMW on Wednesday reported a 27% drop in third-quarter operating profit to 1.75 billion euros ($US2 billion), missing analyst expectations amid currency headwinds and higher research and development expenses.
8. German sportswear firm Adidas hiked its 2018 profit guidance, citing a strong financial performance in the first nine months of the year, but trimmed revenue target due to weaker-than-expected growth in western Europe.
9. Some Saudis are calling for a boycott of Amazon to hit back at Jeff Bezos in response to The Washington Post’s coverage of Jamal Khashoggi’s murder.Bezos owns the Washington Post, where murdered Khashoggi was previously a columnist.
10. US President Donald Trump rushed more than 5,000 troops to the border to lay razor wire. The wire was laid in preparation for the arrival of migrant caravans consisting of potentially thousands of people from across Latin America.
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