Combination with Former President and Republican Presidential Candidate Donald Trump (L), and Vice President and Democratic Presidential Candidate Kamala Harris.
This was CNBC's live blog covering European markets.
LONDON — European stocks closed lower Wednesday, reversing earlier gains as investors digested Donald Trump's defeat of his Democrat rival Kamala Harris in the U.S. presidential election.
The pan-European Stoxx 600 ended 0.59% lower, with all regional bourses and the majority of sectors finishing in the red following a mixed session. Financial services stocks added 1.84% while utilities led losses, shedding 2.61%.
U.S. stocks climbed higher in morning deals as Wall Street rejoiced the speedy conclusion of the presidential election.
Trump will return to the White House for another four years with his running mate, Sen. JD Vance of Ohio. Global markets were tuned in to the results emerging from key battleground states Wednesday morning.
Republicans are expected to regain their majority control of the U.S. Senate in 2025, according to NBC News. They're set to have at least 51 seats out of 100 in the Senate in January, when members of Congress are sworn in.
Follow CNBC's 2024 election live blog here.
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Wall Street is also preparing for the Federal Reserve's upcoming rate decision on Thursday. According to CME Group's FedWatch Tool, traders anticipate a 96.1% chance of a quarter-point rate cut at the end of the central bank's policy meeting, following a half-percentage-point reduction in September.
Money Report
— CNBC.com staff contributed to this markets blog.
European markets close in the red
European stocks closed in the red Wednesday, following a mixed session as investors digested Donald Trump's defeat of his Democrat rival Kamala Harris in the U.S. presidential election.
The pan-European Stoxx 600 reversed earlier gains to end 0.59% lower, with all regional bourses and the majority of sectors closing lower.
The FTSE 100 was 0.07% lower at 8,166, Germany's DAX down 1.14% at 19,036, France's CAC 0.51% lower at 7,369 and Italy's FTSE MIB down 1.54% at 33,940.
— Karen Gilchrist
U.S. markets jump at the open on election outcome
U.S. markets opened higher Wednesday as Wall Street rejoiced the speedy conclusion of the presidential election, with Donald Trump securing a decisive victory.
The Dow Jones Industrial Average jumped 2.8% in opening trade while the S&P 500 gained 1.93%. The tech-heavy Nasdaq also rose 1.8%.
— Karen Gilchrist
Barclays warns of 'knee-jerk' market reactions in near term
Markets should brace for "knee-jerk" moves in the short term, as it remains unclear whether Trump's victory will also be accompanied by a "Red Sweep" — implying a Republican win in both the House and the Senate.
"In our view, the most positive outcome for US equities is a Red Sweep, the most negative outcome for EU equities, in relative terms, is Trump and a divided congress," they said, flagging that a contested election or any lingering electoral uncertainties had been a foremost concern for investors.
The analysts identified trade tariffs as a "key risk for Europe," with a higher likelihood of implementation under a Trump administration.
"We thus think that EU equities are likely to continue lagging US equities on a relative basis," Barclays said.
— Ruxandra Iordache
Oil prices lose ground after Trump victory
Oil prices retreated Wednesday, after Donald Trump defeated Kamala Harris to clinch the White House.
The Ice Brent contract with January delivery was trading at $74.52 per barrel at 12:10 p.m. London time, down 1.34%. The front-month December contract lost 1.38% to $71 per barrel.
Trump's election could impact the supply of the world's largest crude producer, as the Republican politician has previously endorsed policies pledging to fully unleash America's oil and gas production. The additional supply would exacerbate a picture of already weak demand.
— Ruxandra Iordache
Citi names European banks that might benefit from Trump victory
UBS, Julius Baer, BNP Paribas and Societe Generale are among the European banks that could benefit from Donald Trump's presidential win, according to analysts at Citigroup.
"We think first-order implications for European financials from U.S. elections are limited overall," the bank wrote in a research note published Wednesday.
However, Citi's analysts added there were a number of "second-order implications" for European banks from the Trump victory, such as the trajectory for interest rates, foreign exchange rates, the knock-on impact of tariffs, and potential de-regulation for U.S. financials.
The impact is "likely to be more mixed for others, and likely to be viewed as negative for BBVA, German and Swedish banks in our view," the analysts added.
- Ryan Browne
Trump victory could impact European chip stocks, Citi says
Donald Trump's presidential election win could have implications for the European semiconductor industry, Citi analyst Andrew Gardner wrote in a research note Wednesday.
"The prospect of higher tariffs and a roll-back of elements of the Inflation Reduction and CHIPS Acts by a possible future-Trump administration are potential headwinds for the European semiconductor and related equipment industries," Gardner, head of European technology research for Citi, said in the note.
"Increased tariffs, whether on imports from China (e.g. electronics) or Europe (e.g. automobiles), could pose risks to semiconductor demand globally," he added. "Any roll-back of clean energy elements of the Inflation Reduction Act (IRA) could be a headwind for power [semiconductor] demand."
Questions over the direction of the CHIPS Act, which was passed with bipartisan backing from both Democrats and Republicans "could lead to delays in investment, further hindering the semiconductor equipment cycle in 2025," he added.
Citi's Gardner named the stocks most at risk of U.S. tariffs as Arm, Infineon and STMicroelectronics. Chip stocks that may face impact from a watering down of the IRA include Aixtron, Infineon and STMicro, he said.
Delays to front-end spending resulting from the possible rollback of subsidies granted under the CHIPS Act, meanwhile, could impact chip equipment makers ASML and ASM International, according to the tech analyst.
- Ryan Browne
Trump win is an 'economic nightmare' for Europe: ING
A potential trade war following Donald Trump's election win will push Europe's economy from "sluggish group into a full-blow recession," analysts at ING said in a Wednesday note in which they claimed "Europe's worst economic nightmare" has come true.
A 50-basis-point cut during the European Central Bank's December meeting has become more probable, following the results of the U.S. presidential election, the analysts said.
They highlighted the German economy, which relies heavily on trade with the U.S., as being particularly "hard hit" by tariffs on European automotives and noted Trump's views on NATO and Ukraine could undermine economic confidence indicators across the bloc.
"Even though tariffs might not impact Europe until late 2025, the renewed uncertainty and trade war fears could drive the eurozone economy into recession at the turn of the year," they said.
- April Roach
Commerzbank reports third-quarter drop in net profit
Commerzbank posted a 6.2% drop in net profit to 642 million euros in the third quarter amid a broader drop in net interest income and higher risk provisions.
The lender nevertheless said it has lifted its 2024 expectations for net interest and net commissions income, and confirmed its full-year forecast of achieving a net result of 2.4 billion euro, compared with 2.2 billion euros in 2023.
Speaking to CNBC's Annette Weisbach, Commerzbank CEO Bettina Orlopp said the bank experienced a "very good quarter," while acknowledging a clear impact on business from lower interest rates in Europe.
Shares of the German lender were last trading down 2.7%.
— Ruxandra Iordache
UniCredit posts third-quarter profit beat
UniCredit posting an 8% year-on-year hike in third-quarter net profit to 2.5 billion euros ($2.25 billion), compared with a Reuters-reported 2.27-billion euro forecast.
The bank raised its full-year net profit guidance to above 9 billion euros, from a previous outlook of 8.5 billion euros.
"We have almost completed a period of transformation that brought this bank to a completely new run rate," UniCredit CEO Andrea Orcel told CNBC's Charlotte Reed. "And we think we can sustain the 9 billion [euros] of net profit and grow from them in the future."
— Ruxandra Iordache
Stop & Shop owner Ahold Delhaize jumps 8% after third-quarter results
Ahold Delhaize shares jumped on Wednesday after the retailer's third-quarter results were boosted by an improved performance in Europe and the U.S.
The Stop & Shop owner said net sales were up 1% at constant exchange rates in the third quarter to 22 billion euros ($23.65 billion). The results came in "slightly ahead of market expectations," Citi analysts said in a Wednesday note.
The analysts flagged the growth in the U.S. and Europe and added that "moderate margin expansion" had been aided by cost savings.
Shares rose as much as 8% — reaching their highest intraday price ever according to Reuters — before trimming gains slightly to trade 6.6% higher as of 10:06 a.m. London time.
- April Roach
BMW shares fall after carmaker posts 83% drop in quarterly net profit
German carmaker BMW on Wednesday reported a 83% drop in net profit to 476 million euros ($512 million) in the third quarter compared to the same period a year earlier, sending shares lower.
Brake system issues and a "challenging market environment in China" were both impacting performance, BMW said, while noting it was "on track" to meet its 2024 targets. The carmaker in September cut its 2024 profit margin outlook.
In a statement on Wednesday BMW CEO Oliver Zipse said the company had faced "extraordinary challenges in the third quarter" and was now turning its attention to the future.
"In the fourth quarter, we are back on track for stronger earnings in order to achieve our annual targets, despite planned high upfront expenditures," he said.
At 9:08 a.m. London time, BMW shares were 3.77% lower.
— Sophie Kiderlin
Health care stocks rise, boosted by Siemens Healthineers, Novo Nordisk
Health care stocks on the Stoxx 600 index rose 2.8% on Wednesday as trading day got underway, boosted by Siemens Healthineers and Novo Nordisk shares jumping after the companies released their respective quarterly results.
Siemens Healthineers was up 8.8% at 8:25 a.m. London time, while Novo Nordisk rose 7.4%.
Novo Nordisk on Wednesday said its quarterly profit was in line with expectations and narrowed its 2024 full-year growth guidance.
Siemens Healthineers, meanwhile, said its comparable revenue growth for its full fiscal year, which ended Sept. 30, came in at 4.7%, which Reuters said was just short of a Research-compiled consensus by Vara. The company said its revenue growth came "despite current difficult market conditions in China."
— Sophie Kiderlin
European markets open higher on Wednesday
European markets were higher as trading got underway on Wednesday.
The pan-European Stoxx 600 was up 0.93% at 8:04 a.m. London time, with regional bourses and sectors widely rising. Health care stocks last led gains, adding 2.53%, while autos fell 1.95%.
— Sophie Kiderlin
British fintech firm Wise posts 55% jump in profit on expanding market share
Wise posted a 55% jump in profit in the first half of its 2025 fiscal year Wednesday, citing customer growth and expanding market share.
The British digital payments firm said that its first-half profit totalled £217.3 million, up from £140.6 million in the same period a year ago.
That came on the back of a 25% increase in active customers, with Wise reporting a total of 11.4 million consumer and business clients.
— Ryan Browne
Novo Nordisk quarterly profit meets expectations
Novo Nordisk on Wednesday reported third quarter earnings broadly in line with expectations and narrowed its 2024 full-year growth guidance.
The Danish pharmaceutical giant said that its net profit in the third quarter hit 27.3 billion Danish kroner ($3.92 billion), above an LSEG aggregate estimate of 26.95 billion Danish kroner.
Read the full story here.
-Sophie Kiderlin
Deutsche Bank maintains euro short bet
George Saravelos, global head of FX research at Deutsche Bank, explained that his team were holding into their euro short bet as the U.S. results came in.
In a research note at roughly 5 a.m. U.K. time, just around the time NBC News projected Donald Trump would win North Carolina,, he said:
"While at the time of publication the result is not yet confirmed, polling forecasts suggest a Trump victory is likely. We are holding on to our long-standing short EUR/USD view given the asymmetric dollar positive risks we have been highlighting throughout this year and we move our year-end EUR/USD forecast down to 1.05."
-Matt Clinch
Markets calling election for Trump, strategist says
Steve Sosnick, chief strategist at Interactive Brokers, noted markets indicating a victory for former President Donald Trump over Vice President Kamala Harris.
"At this point right now, the market's called it [for Trump]. Whether that turns out to be true is still not decided. That will be the interesting thing to keep an eye on," Sosnick told CNBC. "But again, the markets have been ahead of the pollsters, the pundits, for some time."
Dow Jones Industrial Average futures soared more than 480 points, or 1.2%. Bitcoin, which is seen as benefiting from a Trump win, hit a record and was last at $74,148, up 6.7%. Treasury yields also climbed, with the benchmark 10-year note yield trading around 4.4%.
To be sure, several battleground states remain too close to call or too early to call, per NBC News.
— Fred Imbert
Bitcoin surges to a new record of $75,000 as traders bet Trump has election edge
Bitcoin rallied Tuesday evening hitting an all-time high as investors bet former President Donald Trump was gaining an edge in the U.S. election.
The price of the flagship cryptocurrency touched a record $75,000 on the nose, according to Coin Metrics. Its gains increased as Trump took an early lead in the Electoral College, even though none of the major swing states were called yet by NBC News.
Exchange operator Coinbase rose 3% in after hours trading, while MicroStrategy, advanced 4%.
For more on bitcoin's price action on election night read our full story here.
— Tanaya Macheel
10-year Treasury yield pops
Treasury yields jumped in early trading Tuesday evening as traders saw former President Donald Trump having an edge in the election.
The 10-year Treasury yield jumped 16 basis points at 4.44%, hitting its highest level since July 2. The yield on the 2-year Treasury was up by 10 basis points to 4.30%. One basis point is equivalent to 0.01%. Yields and prices have an inverted relationship.
Even though none of the major swing states were called yet by NBC News, traders speculated the early returns were favoring Trump.
Bond yields could see a big pop in the event of a Trump win, and they could surge in a Republican sweep, where the party captures control of Congress and the White House. That is because Republicans may introduce tax cuts and steep tariffs, moves that could widen the fiscal deficit and reignite inflation.
"Bonds are selling off across the yield curve massively as the Trump trade gets applied again," wrote Byron Anderson, head of fixed income at Laffer Tengler Investments. "We see markets expecting a Trump victory and a real possibility of a Republican sweep."
— Yun Li
CNBC Pro: Buy these 3 stocks — whatever the election result, analyst says
As the results of one of the most hotly contested elections in the U.S. come in, investors are scrambling to position for the most likely outcome.
Shelby McFaddin, senior analyst at Motley Fool Asset Management, said she expects volatility this week, but a "limited impact on long-term investments as markets await real policy implications."
Any bets made before the results are final are "pure speculation," she told CNBC's "Street Signs Asia" on Nov. 5. "Either potential administrations would bring an increase in infrastructure spending and inflation remains a concern."
Looking past the election result, McFaddin named three stocks she likes right now.
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
Investors should sell a potential rally in the market if Trump wins the election, according to Citi's Scott Chronert.
"Your starting point is a fairly extended valuation circumstance that's predicated on very strong earnings growth follow-through into 2025," the bank's U.S. equity strategist told CNBC's "Squawk on the Street" on Tuesday. "Our concern is that with that set up, you go into a Trump win and you introduce tariffs into the discussion … [and] 2025 growth expectations become a bit more suspect as we navigate tariff action."
On the other hand, if Harris is victorious, Chronert said investors should consider buying an anticipated market dip.
"It really comes down to Trump and tariffs, and Harris and taxes," he said.
— Sean Conlon
Oil market could face volatility if Trump wins, Goldman Sachs says
A second Trump administration is more likely to bring volatility to the oil market, according to Goldman Sachs.
Donald Trump could tighten sanctions on Iran, reducing supply from the Islamic Republic and putting upward pressure on prices in the short term, the investment bank told clients in a Monday note.
Oil prices rose about 1% as voters in the U.S. headed to the polls. U.S. crude oil had gained 35 cents, or 0.49%, to $71.82 per barrel by 8:56 a.m. ET. Global benchmark Brent crude futures added 33 cents, or 0.44%, to $75.41 per barrel.
"Conceptually, the impact of a potential second Trump term on oil prices is ambiguous," Yulia Zhestkova Grigsby, vice president of commodity research at Goldman Sachs, told clients in a note Monday.
Over the medium term, however, a second Trump administration could heighten trade tensions through tariffs, putting downward pressure on global oil demand and prices, according to Goldman.
— Spencer Kimball
CNBC Pro: These 2 stocks beat the S&P 500 in election Novembers no matter who won
Two stocks have outperformed the S&P 500 every November when elections have been held over the past three decades — regardless of the outcome, according to a CNBC Pro study.
CNBC Pro screened for stocks currently in the MSCI World Index that gained more than the S&P 500 — or lost less than the index — in November of every election year since 1988. The 36-year period has seen four Republicans and five Democrats elected to the White House.
CNBC Pro subscribers can read more about the two stocks here.
— Ganesh Rao
European markets: Here are the opening calls
European markets are expected to open in mixed territory Thursday.
The U.K.'s FTSE 100 index is expected to open 14 points higher at 8,159, Germany's DAX up 25 points at 19,063, France's CAC down 12 points at 7,341 and Italy's FTSE MIB up 23 points at 33,703, according to data from IG.
Earnings are set to come from Zurich Insurance, Daimler Truck, Lanxess, Veolia, Legrand, Novonesis, National Grid, Sainsbury's, ITV, BT, Telefonica, ArcelorMittal, Munich Re, Heidelberg materials, Rheinmetall, Tate & Lyle, EDP, Euronext and AF-KLM.
German trade balance data will be released and the Bank of England announces its latest monetary policy decision.
— Holly Ellyatt
