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Daily Pulse · · 13:45 CET · 4 min read · market

Midterms — Slower Data Centres, Softer Tariffs: classical columns and a golden sphere

Midterms — Slower Data Centres, Softer Tariffs

Thomas Look, Managing Director of Closelook Venture GmbH

By Thomas Look

AI-assisted, human-reviewed

In this edition

ASML ING

Pattern alerts

  • PRY.MI down-3-8-percent-data-centre-cable-maker-after-midterms BEARISH
  • ENR.DE down-2-6-percent-grid-supplier-after-midterms BEARISH
  • ORSTED.CO up-6-6-percent-wind-power-after-midterms BULLISH
  • DBK.DE up-5-7-percent-leads-european-banks-after-midterms BULLISH

Democrats won the House and the Senate on Tuesday. The overnight drop in US technology futures has mostly reversed, but markets are not pricing the result the same way everywhere. The companies that equip data centres are lower; Europe, Hong Kong, smaller US companies and the euro are higher.

Change from Tuesday's close to about 12:20 UTC on 4 November: US futures Nasdaq-100 +0.4%, S&P 500 +0.9%, Russell 2000 +1.3%, Dow +1.6%; European data-centre suppliers ASML −1.9%, Schneider Electric −1.8%, Siemens Energy −2.6%, Prysmian −3.8%; Euro Stoxx 50 +1.6%, Deutsche Bank +5.7%, Ørsted +6.6%; Asia at the close Hang Seng +1.7%, Kospi +0.6%, Taiwan −0.8%, Nikkei −1.4% against 2 November

The night — futures fell 2.4%, then recovered

The Associated Press called the House for Democrats early on Wednesday, and CBS, NBC and CNN report that the party also took the Senate. Races are still being counted, and the new Congress takes its seats in January. Republican President Donald Trump keeps his veto for the rest of his term, so new laws now need both sides.

Nasdaq-100 futures fell as much as 2.4% to 27,615.75 at around 03:00 UTC, as our Morning 10 reported. By 12:19 UTC they stood 0.4% above Tuesday's close. Dow futures were up 1.6% and Russell 2000 futures, the index of smaller US companies, 1.3%: the market bought the rest of the US more readily than its technology.

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The signals behind this Each line links to the tool it comes from
Morning 10 AI Trade — Kospi swings 7% on AMD and the midterms, closes green; Nasdaq futures recover 3 November AI Trade — Builders Sink, Users Rise 30 October AI Trade — The Rocky Period May Have Begun Index Euro-AI 50 — Europe's AI suppliers, including grid and cable makers Index Rubin 100 — the companies that build AI hardware
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