Squawk Box Europe Express

A sea of red on Wall Street - chipmakers plummet as AI takes a major hit, with the Nasdaq posting its worst day in 19 months. Elsewhere, the sell-off bleeds into Asia, battering Japanese and South Korean stocks and triggering a circuit breaker on the Kospi. And the Bank of England says it expects inflation to peak at 5 percent by the middle of next year, as it hikes rates for the first time in over 3 years.
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The Blue Wave turns Wall Street green - the Dow surges for its best day since April 2025, gaining 1 thousand 600 points, while policy uncertainty hits a slew of other sectors. Elsewhere, it's choppy waters for Maersk, as shares tumble around 10 percent after missing its Q3 EBITDA - but the shipping giant still raises its profit guidance for a third time this year. And shares in Rheinmetall slump to their lowest level since June as investors question the company's growth guidance - other European defence names are also under pressure after yesterday's post-midterms sell-off.
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The Blue Wave: The Democrats are projected to flip both the House and the Senate, after victories in the key battlegrounds of Texas, Maine, Kansas and the Carolinas. President Trump acknowledges the Iran war is partly to blame for Republican losses, while soon-to-be House Speaker Hakeem Jeffries hails the Democratic sweep. And US futures turn positive, yields dip, and the dollar pulls back as markets digest the results.
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Millions of Americans head to the polls today in the biggest referendum on President Trump's second term as Republicans fight to maintain control of both the House and Senate. Elsewhere, Iran says it's prepared to respond forcefully after reports of a US strike on Qeshm Island, pushing crude prices higher. And Apple shares slide in extended trade as "unprecedented" memory chip prices put a squeeze on margins.
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The AI sell-off eases - US futures try to claw back after a brutal week for tech stocks sees more than 2 trillion dollars wiped off the Nasdaq. Elsewhere, Ryanair reports a 6 percent drop in quarterly profit and CEO Michael O'Leary tells CNBC passengers face higher airfares next year. Meanwhile, oil prices extend declines as Iranian officials continue talks in Doha, but Goldman Sachs warns Brent could surge to 140 dollars a barrel by next year. And the countdown is on - Democrats make their final push ahead of the midterms, hoping to flip the House and Senate this week.
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