British fintech firm Wise posts 55% jump in profit on expanding market share
Wise, the renowned British digital payments firm, announced a remarkable 55% increase in profit for the first half of its 2025 fiscal year on Wednesday, driven by significant customer expansion and gains in market share.
The company reported a profit of £217.3 million for this period, marking a substantial rise from £140.6 million in the same timeframe the previous year.
This impressive performance is attributed to a 25% surge in active customers, bringing Wise’s total to an impressive 11.4 million clients across both consumer and business sectors.
— Ryan Browne
Novo Nordisk quarterly profit meets expectations
Novo Nordisk has reported third quarter earnings that align closely with market expectations, while also narrowing its 2024 full-year growth guidance.
The Danish pharmaceutical powerhouse announced a net profit of 27.3 billion Danish kroner ($3.92 billion) for the third quarter, which exceeds analysts’ consensus estimate of 26.95 billion Danish kroner.
-Sophie Kiderlin
Deutsche Bank maintains euro short bet
George Saravelos, the global head of FX research at Deutsche Bank, stated that his team is steadfastly holding their euro short bet as U.S election results emerge.
In a research note released around 5 a.m. UK time, coinciding with NBC News’s projection of Donald Trump’s probable victory in North Carolina, he remarked:
“While the outcome at the time of publication remains unconfirmed, polling forecasts strongly suggest a Trump victory is likely. We are maintaining our long-standing short EUR/USD position due to the asymmetric dollar-positive risks highlighted throughout the year, and we are revising our year-end EUR/USD forecast down to 1.05.”
-Matt Clinch
Markets calling election for Trump, strategist says
Chief strategist at Interactive Brokers, Steve Sosnick, highlighted market indicators suggesting a projected win for former President Donald Trump over Vice President Kamala Harris.
“At this juncture, we can assert that the market has effectively called it for Trump. While the final results are pending, this will undoubtedly be an intriguing aspect to monitor,” Sosnick shared with CNBC.
Furthermore, the Dow Jones Industrial Average futures surged over 480 points, a 1.2% increase, while Bitcoin, perceived as a beneficiary of a Trump victory, soared to a record high of $74,148, gaining 6.7%. Treasury yields also experienced an uptick, with the benchmark 10-year note yield hovering around 4.4%.
To be sure, several battleground states remain too close or too early to call according to NBC News.
— Fred Imbert
Bitcoin surges to a new record of $75,000 as traders bet Trump has election edge
In a significant rally, Bitcoin reached an all-time high on Tuesday evening as investors speculated that Donald Trump was gaining momentum in the U.S. election.
The flagship cryptocurrency’s value peaked at an astonishing $75,000, as reported by Coin Metrics. The price surge accelerated alongside Trump’s early lead in the Electoral College, despite the absence of calls for any major swing states from NBC News.
In response, exchange operator Coinbase saw a 3% rise in after-hours trading, while MicroStrategy climbed by 4%.
For more on bitcoin’s price trends on election night, read our full story here.
— Tanaya Macheel
10-year Treasury yield pops
Early trading on Tuesday evening witnessed a notable jump in Treasury yields as markets reflected sentiment favoring Donald Trump in the election.
The 10-year Treasury yield surged by 16 basis points to reach 4.44%, marking its highest point since July 2. Meanwhile, the yield on the 2-year Treasury jumped by 10 basis points to 4.30%. Notably, one basis point equates to 0.01%, and the relationship between yields and prices is inversely proportional.
Despite major swing states remaining uncalled by NBC News, traders are projecting that early returns lean towards a Trump victory.
Bond yields could see a substantial surge in the event of a Trump win, particularly if the Republican Party secures control of both Congress and the White House, which may entail potential tax cuts and steep tariffs that could exacerbate the fiscal deficit and reignite inflation.
“Bonds across the yield curve are experiencing significant sell-offs as market participants factor in the implications of a Trump victory,” remarked Byron Anderson, head of fixed income at Laffer Tengler Investments.
— Yun Li
CNBC Pro: Buy these 3 stocks — whatever the election result, analyst says
As the results of what is deemed one of the most contentious elections in U.S. history unfold, investors are rapidly adjusting their positions in anticipation of various possible outcomes.
Shelby McFaddin, a senior analyst at Motley Fool Asset Management, indicated her expectation of heightened market volatility this week, but reassurred that there would likely be “limited impact on long-term investments as markets await concrete policy implications.”
She noted that any pre-results investments are largely “pure speculation,” underscoring the uncertainty as the two potential administrations might prompt infrastructure spending increases amidst ongoing inflation concerns.
Looking beyond the election outcome, McFaddin highlighted three stocks currently worth considering.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
Investors should sell a Trump rally or buy a Harris dip, says Citi’s Scott Chronert
Citi’s Scott Chronert has advised that investors may want to consider selling any potential market rally should Trump emerge victorious in the election.
“The current scenario presents a relatively high valuation situation which is based on strong earnings growth anticipated through 2025,” the bank’s U.S. equity strategist elaborated during a conversation on CNBC’s “Squawk on the Street.”
“Our concern lies in the possibility of introducing tariffs under a Trump regime, which may create doubts around 2025 growth projections as tariff discussions unfold.”
Conversely, should Harris win, Chronert suggests that investors should look to seize opportunities in a market dip that could follow.
“In essence, it boils down to the implications of Trump and tariffs versus Harris and taxes,” he concluded.
— Sean Conlon
Oil market could face volatility if Trump wins, Goldman Sachs says
Goldman Sachs has indicated that another Trump administration may introduce volatility to the oil market landscape.
According to the investment bank, Trump may reinforce sanctions on Iran, which would likely decrease supply from the nation and exert upward pressure on oil prices in the short term, as reported in a note to clients on Monday.
As Americans headed to the polls, oil prices saw approximately a 1% increase, with U.S. crude oil rising by 35 cents, or 0.49%, to $71.82 per barrel. Meanwhile, global benchmark Brent crude futures experienced a 33 cent, or 0.44%, increase to $75.41 per barrel.
“Conceptually, the potential impact of a second Trump term on oil prices is uncertain,” said Yulia Zhestkova Grigsby, vice president of commodity research at Goldman Sachs, in the note.
On a medium-term scale, however, a second Trump presidency could escalate trade tensions via tariffs, thereby applying downward pressure on global oil demand and prices, according to their outlook.
— Spencer Kimball
CNBC Pro: These 2 stocks beat the S&P 500 in election Novembers no matter who won
Research conducted by CNBC Pro identifies two stocks that have outperformed the S&P 500 across every election November over the past 30 years, regardless of who secured victory.
In a comprehensive analysis, CNBC Pro examined stocks currently within the MSCI World Index that outperformed the S&P 500 or experienced reduced losses in every election year’s November since 1988, a span covering four Republican and five Democratic presidencies.
CNBC Pro subscribers can delve deeper into the specifics of these two high-performing stocks here.
— Ganesh Rao
European markets: Here are the opening calls
European markets are anticipated to commence trading on a lower note on Wednesday.
The U.K.’s FTSE 100 index is set to begin 8 points down at 8,167, while Germany’s DAX is predicted to drop by 65 points to 19,189. France’s CAC is projected to see a decline of 22 points to 7,383, and Italy’s FTSE MIB is expected to open 134 points lower at 34,098, according to data from IG.
A host of earnings reports are expected throughout the day from prominent companies including Novo Nordisk, Skanska, Lundin Petroleum, Ahold Delhaize, PUMA, Credit Agricole, Pandora, Commerzbank, Henkel, and Enel, among others.
— Holly Ellyatt
**Interview with Financial Analyst Jane Smith on the Current Market Trends Amidst the Election Uncertainty**
**Interviewer:** Thank you for joining us today, Jane! With the current political climate, especially leading into this pivotal election, can you shed some light on how the market is reacting?
**Jane Smith:** Absolutely, it’s a pleasure to be here. We are indeed seeing a lot of movement in the markets as investors speculate on the potential outcomes of the election. As reports suggest a potential win for former President Donald Trump, we’ve seen significant shifts, notably in cryptocurrencies like Bitcoin, which surged to an all-time high of $75,000.
**Interviewer:** That’s quite dramatic! What do you think underpins this kind of rally, particularly in Bitcoin?
**Jane Smith:** Well, Bitcoin has often been viewed as a hedge against uncertainty and inflation. Investors looking at a potential Trump victory are likely betting on deregulation and other policies that may favor digital assets. This aligns with a broader narrative of investors seeking assets they believe will perform well regardless of political changes.
**Interviewer:** Interesting! On the topic of traditional markets, how is the currency market reacting?
**Jane Smith:** The euro is facing some pressure, as suggested by George Saravelos from Deutsche Bank, who maintained a short position against the euro. The anticipation of a Trump victory has led many traders to forecast a stronger dollar, which can indicate adverse effects for the euro and potentially other currencies as well.
**Interviewer:** And what about the stock market? We’ve heard mixed predictions based on who might win.
**Jane Smith:** Yes, volatility is expected. Investors are worried about what a Trump presidency could mean in terms of tariffs and regulations, while a win for Vice President Kamala Harris could lead to a focus on taxation and infrastructure spending. Some analysts, like Citi’s Scott Chronert, suggest that if Trump wins, it may be wise to sell any rallies, given the high valuations we’re currently seeing.
**Interviewer:** Sounds like a balancing act for investors. Given this landscape, what would your advice be for those investing during this election season?
**Jane Smith:** Focus on the long term rather than short-term speculation. Historically, election outcomes have not significantly impacted the stock market in the long run. It’s essential to look at solid fundamentals and potential growth beyond the political sphere. As Shelby McFaddin pointed out, while market reactions can be volatile, they’re often more about speculation than actual long-term implications.
**Interviewer:** Great insights as always, Jane! Thank you for sharing your expertise during this tumultuous time.
**Jane Smith:** Thank you for having me! It’s an interesting time in the markets, and we’ll just have to wait and see how this election unfolds.