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European markets open to close; investors digest U.S. midterm results

CNBC Pro: Exxon or Chevron? Goldman Sachs gives verdict on which stock is a better buy

Energy is the rare bright spot in a year when markets have been getting absolutely pummeled.

When looking at major oil stocks, ExxonMobil and Chevron are two names that may come to mind.

Both companies posted solid third-quarter earnings last month. The question is: which stock is a better buy?

Goldman Sachs sets out to determine the name that “deserves the premium.”

— Weizhen Tan

Biden says he wants to work with Republicans, but won’t compromise on abortion, Social Security and climate change

President Joe Biden said Wednesday he is eager to work with congressional Republicans after the midterm elections, but stressed he would not compromise on issues such as abortion rights and Social Security.

“I’m open to any good ideas. I want to be very clear: I’m not going to support any Republican proposal that’s going to make inflation worse,” Biden said, giving the example of removing the prescription drug price cap for Americans on Medicare passed by his party. “And I’m not going to walk away from the historic commitments we just made to take on the climate crisis. They’re not compromise-able issues to me and I won’t let it happen.”

— Emma Kinery

CNBC Pro: Think the dollar is about to peak? Here’s how to play it

The U.S. Dollar Index rose to a two-decade high in September. It’s also hit all-time highs against several major currencies in recent weeks, including the British Pound and Japanese Yen.

Now, several market participants now believe the dollar rally, driven by the Federal Reserve raising interest rates more aggressively than other central banks, is about fade over the next three to six months.

CNBC Pro canvassed opinions from investment banks and brokers on where they see the dollar heading. Subscribers can read more here.

— Ganesh Rao

Trump says GOP midterm disappointment doesn’t change his teased 2024 campaign launch

Former President Donald Trump is celebrating the wins of Republicans he endorsed for the 2022 midterm elections, despite losses for many of his preferred candidates in key races.

“I really think we had great candidates that performed very well,” Trump told Fox News. He offered examples in a range of GOP incumbents and newcomers who won Senate races: Sen. Chuck Grassley of Iowa, Sen. Marco Rubio of Florida, Eric Schmitt in Missouri, J.D. Vance in Ohio, Ted Budd in North Carolina and Sen. Ron Johnson of Wisconsin.

But Trump’s anticipated success for a bevy of candidates he endorsed has not come to pass. U.S. Senate candidate Mehmet Oz’s loss to Democrat Jon Fetterman in a hotly contested Pennsylvania race and 2020 election denier Kristina Karamo’s loss to Jocelyn Benson for Michigan secretary of state are two high-profile examples.

Trump told Fox claims that he was “furious” at the election outcomes are a “fake news narrative.” The results have not swayed his plans for a “major” announcement this month about a possible 2024 presidential run, he added.

“We had tremendous success,” Trump said. “Why would anything change?”

—Chelsey Cox

European markets: Here are the opening calls

European markets are set to open lower Thursday, with investors digesting the U.S. midterm election results.

The U.K.’s FTSE index is expected to open 25 points lower at 6,263, Germany’s DAX down 88 points at 13,590, France’s CAC down 40 points at 6,393 and Italy’s FTSE MIB down 122 points at 23,527, according to data from IG.

Earnings from Allianz, Continental, RWE, Merck, Credit Agricole, WHSmith, National Grid, Tate and Lyle, Generali and Poste Italiane are set to be released.

— Holly Ellyatt

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