US stocks had their worst week in months as the midterms turned into a test of the AI build-out. Democrats won control of both the Senate and the House on Tuesday and stocks rallied on Wednesday, the Dow by 3.0%; on Thursday the S&P 500 fell 4.4% and the Nasdaq 5.5%, the worst day for both since April 2025, as investors weighed what the new Congress, and incoming Democratic governors in Texas and Georgia who have promised to pause data-centre approvals, could mean for AI spending. The Philadelphia Semiconductor index fell 12.2% that day. Over the week the S&P 500 lost 2.7%, the Nasdaq 3.4% and the Dow 0.9%. October payrolls rose by 165,000, against about 59,000 expected, lifting market-implied odds of a Fed rate increase in December; the 10-year Treasury yield ended the week at 4.86%. The Bank of England raised Bank Rate to 4.00%, its first increase since 2023, and Brent fell about 13% to $98.32 as US–Iran talks in Doha raised hopes of reopening the Strait of Hormuz. This week brings US October inflation on Tuesday, Veterans Day on Wednesday, when the US bond market is closed, and UK third-quarter GDP on Thursday.
Into that, Siemens Energy on Wednesday sets fiscal 2027 guidance and new 2030 targets after a 37% fall from its April record; its year ended in September, so any read on gas-turbine demand after the vote will come from the guidance and management’s comments rather than the quarter’s orders. Nebius reports before the US open on Thursday, two days after CoreWeave, with its shares about 55% below their June high, and Cerebras reports that evening; Brookfield, Enel and SMIC also report on Thursday. Nu is expected the same evening with its first results since Lula’s re-election, its shares about 21% below their pre-runoff close after a 17% fall on 26 October, and Richemont closes the week on Friday with a read on luxury demand into the holidays. With 88% of the S&P 500 reported, FactSet counts 84% beating earnings estimates and blended third-quarter earnings growth of 31.4%; only 13 S&P 500 companies report this week, so the season shifts to Europe and Asia.
🇨🇠Richemont
Richemont publishes results for the six months to September at 07:00 CET on Friday, with a webcast at 09:30. First-quarter sales rose 20% at constant exchange rates, and 17% as reported, to €6.33bn: the jewellery maisons, led by Cartier and Van Cleef & Arpels, grew 24%, the Americas 27% and Japan 36%, while the specialist watchmakers rose 8%. The second quarter is a harder comparison, after sales rose 14% at constant rates a year earlier. In last year’s first half the operating margin was 22.2% and the jewellery margin 32.8%; for the full year to March they were 20.0% and 30.5%, as currency moves and gold cut the gross margin. Gold averaged about $4,420 an ounce over the half, about 30% more than a year earlier, though it has since fallen to about $4,075. RBC, in a note on 21 October, expects first-half sales of about €12.2bn and an operating margin of about 23%, which it called broadly in line with the market, and Jefferies forecast last month that operating profit would rise about 20% to €2.84bn. Bloomberg and Reuters reported on 15 October that Richemont and Signet were in talks to join the consortium led by former De Beers chief executive Gareth Penny, the preferred bidder for Anglo American’s 85% stake, probably with relatively small stakes; Richemont did not comment. The shares closed Friday at CHF169.65, about 1% lower this year and about 16% below their August high.
Our readThe jewellery margin is the main test: first-quarter jewellery growth was strong, at 24%, but the second quarter faces a tougher comparison, and average gold prices over the half were about 30% higher than a year earlier, a potential margin headwind, though inventory timing and pricing mean it need not pass through one for one. A first-half jewellery margin near the prior-year 32.8% would ease the cost concern. Watch whether second-quarter growth stays in double digits; watches, where sales recovered in the first quarter but the margin was only 3.4% last year; and any comment on De Beers. The franc is more of a second-half question: it was only about 1% stronger against the euro on average over the half, but has gained about 3.5% since the end of September. The read-across is to the luxury sector into the holidays, where recent jewellery results have been more resilient than fashion and leather goods: in the third quarter LVMH’s watches and jewellery rose 6% while fashion and leather fell 5%, and Kering’s jewellery rose 11% while Gucci fell 6%.
- Quality78
- Growth60
- Value40
- Momentum74
- Relative Strength80
- P/E (TTM)
- 28.4
- YTD return
- −2%
🇩🇪 Siemens Energy
Siemens Energy reports results for the fourth quarter and the year to September at 07:00 CET on Wednesday, before the Frankfurt open, with the analyst call at 11:00 CET, and will give guidance for fiscal 2027 alongside new targets to 2030 and a capital-allocation framework. In the June quarter orders reached a record €17.9bn, comparable revenue rose 18.5% to €11.45bn and the margin before special items was 14.2%. The order backlog was €162bn, including €73bn at Gas Services, where the firm gas-turbine backlog stood at 69 GW, plus 26 GW of reservation agreements, and Siemens Gamesa made its first quarterly profit before special items since 2022. The company guides fiscal 2026 to comparable revenue growth of 14–16%, a margin before special items at the upper end of 10–12%, net income of about €4bn and free cash flow before tax of about €8bn, and in September it said fourth-quarter gas orders would be below the first three quarters. The company-compiled consensus of 17 analysts, dated 4 November, puts fourth-quarter revenue at €12.56bn and the profit margin before special items at 11.7%, then 14.7% in fiscal 2027 and 16.9% in fiscal 2028, above the 14–16% target the company set for 2028 last November. The shares closed Friday at €118.10, about 37% below their 24 April record close, after falling 8.0% last Wednesday and 4.7% on Thursday.
Our readThe 2030 targets are likely to matter most: with consensus already above the 2028 margin target, investors will look at how far management raises its ambitions, and at its view of gas-turbine demand, which it put in September at 110–120 GW a year globally, with possible upside of 10–20 GW from data centres. Watch fourth-quarter gas-turbine bookings and reservations; free cash flow and the buyback, with €6bn planned to 2028; and Gamesa, where offshore orders slipped into fiscal 2027. The read-across is to GE Vernova and the wider power trade: GE Vernova’s gas backlog and reservations rose to 122 GW in the third quarter and it raised its 2026 guidance, but its shares fell 9.3% last Wednesday and 7.5% on Thursday, which suggests that firm orders alone may not settle a political question about where data centres get built.
- Quality73
- Growth71
- Value56
- Momentum32
- Relative Strength94
- P/E (TTM)
- 37.3
- YTD return
- −4%
- Dividend yield (TTM)
- 0.6%
🇧🇷 Nu Holdings
Nu is expected to report third-quarter results after the US close on Thursday, though it has not yet published the date. In the second quarter managerial revenue rose 39% at constant currency, and about 56% in dollars, to $5.88bn, or $5.51bn under IFRS, and net income passed $1bn for the first time, at $1.06bn, a 33% return on equity. Customers reached 139m and the credit portfolio grew 37% at constant currency to $39.4bn; the 15–90 day non-performing loan ratio fell to 4.8%, while the 90-plus-day ratio rose to 6.9%, which management called seasonal. The analyst consensus on 8 November, from five analysts for revenue and eight for earnings, is about $5.96bn on the managerial basis and $0.23 a share; Zacks showed about $5.7bn on 5 November, which suggests providers do not all use the same revenue definition. Lula won the 25 October runoff with 51.8% of the vote, after Flávio Bolsonaro led the first round; the next day Nu fell 17% and the dollar had its biggest one-day gain against the real since January 1999. The shares closed Friday at $12.03, about 21% below their pre-runoff close and 28% lower this year, with the real at about R$5.51 to the dollar, roughly 10% weaker than before the vote. The central bank held its Selic rate at 13.75% on 4 November, ending a run of five cuts.
Our readThe outlook matters more than the quarter, which ended before the vote: investors will look for any change in management’s tone on credit growth and on Brazilian policy, after the government raised its CSLL profit tax on fintechs and payment institutions from April and with the finance minister due to present fiscal proposals after 15 November. Watch the 15–90 day ratio, the early sign of credit stress; the risk-adjusted margin, a record 12.4% in the second quarter, which management expected to hold; and Mexico, where Nu began operating as a bank in August. The currency effect lags the headlines: the real averaged about 6% stronger against the dollar in the third quarter than a year earlier, which flatters reported growth; for Brazilian earnings, Friday’s rate would imply a translation headwind of about 2% year on year if it were the fourth-quarter average. The read-across is to Brazilian financials more broadly, where Banco do Brasil fell 29% and Itaú 14% on 26 October.
- Quality81
- Growth97
- Value16
- Momentum7
- Relative Strength95
- P/E (TTM)
- 18.3
- YTD return
- −29%
🇳🇱 Nebius
Nebius reports third-quarter results before the US open on Thursday, with the call at 8:00am Eastern. Second-quarter revenue rose 454% to $582m and adjusted EBITDA was $236m, a 41% margin, though the net loss from continuing operations was $190m; annualised run-rate revenue (ARR) reached $3.0bn at the end of June, up from $1.9bn three months earlier. Nebius reaffirmed 2026 guidance of $3.0–3.4bn of revenue, ARR of $7–9bn by the end of the year and capital spending of $20–25bn, against $8.1bn spent in the first half, and raised its contracted-power target to 5 GW. It expects more than $9bn of customer prepayments this year, has raised about $10.1bn gross from convertible notes since March and sold about $2.8bn of shares in the first half, and in October took a $3.5bn 364-day bridge facility from Citi; that month its chief executive said some capital sources were “temporarily closed”. The analyst consensus on 8 November is about $907m of revenue from 11 analysts and an adjusted loss of about $0.72 a share. The shares closed Friday at $129.49, about 55% below their June record close, after falling 14.9% last Thursday, when Bloomberg reported that Microsoft had tightened oversight of neocloud data-centre projects.
Our readThe year-end ARR target is the central question: getting from $3.0bn in June to $7–9bn in December depends on capacity coming online on time, so third-quarter ARR, and any 2027 guidance, which management said would come later this year, should show whether delivery or demand is the constraint. Watch how the rest of the capital spending is funded, between prepayments, convertibles and secured debt, and how the Citi bridge is to be refinanced; pricing, after management said short-term deals in the third quarter were priced at $40–50m of annual contract value per megawatt; and concentration, with the top three customers reportedly about 59% of second-quarter revenue. The read-across is to CoreWeave, which reports on Tuesday, and to the GPU-rental trade: so far Nebius has described demand as strong, saying it could sell its entire 2027 capacity on current terms, so funding and capacity delivery look like the immediate tests, while customer concentration and the durability of demand remain important risks; one quarter is unlikely to settle either.
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🇺🇸 Cerebras
Cerebras reports third-quarter results after the US close on Thursday, with the call at 5:00pm Eastern, its third report since it listed in May at $185 a share. Second-quarter revenue rose 74% to $180m under US accounting rules, or 103% to $210m on the company’s “core” measure, which adds back the amortisation of customer warrants and strips out pass-through revenue; the core gross margin was 41%, against about 14% under US accounting rules. Two related customers, MBZUAI and G42, provided 43% of revenue, and a significant part of its $25.4bn of remaining performance obligations is its OpenAI agreement. Cerebras guided third-quarter core revenue to $214–216m and raised its full-year core guide to $880–890m; the analyst consensus on 8 November, about $215m of core revenue from five analysts, sits on the guide. In late September SemiAnalysis reported that OpenAI would run a fast mode of one of its models on Nvidia GPUs rather than Cerebras, and OpenAI’s Sam Altman replied that Cerebras remained a close partner; on 28 October Culper Research disclosed a short position, alleging that its wafers wear out after about two years. The shares closed Friday at $89.68, about 71% below their first-day close.
Our readThe fourth-quarter guide and any change to the full-year range matter more than the quarter, since the third-quarter guide is already the consensus: they should show whether the OpenAI build-out, 750 MW to be delivered from 2026 to 2028, is on schedule, and how quickly revenue broadens beyond the Gulf. Watch the gap between core and reported revenue and margins; any response to Culper’s claims on wafer life; and supply of shares, with the final scheduled IPO lock-up expiring on Monday 9 November under the prospectus terms. The read-across is to Nebius the same morning and to other challengers to Nvidia, though Cerebras is small and concentrated enough that its results are a narrower read on AI-compute demand than Nebius’s.
🇨🇳 SMIC
SMIC reports third-quarter results after the Hong Kong close on Thursday, with the call at 08:30 Hong Kong time on Friday, a few hours after Applied Materials reports in New York. Second-quarter revenue rose 20% from the first quarter, and 36% from a year earlier, to $3.01bn, its first quarter above $3bn; the gross margin was 25.3% and utilisation 93.7%, with China 90% of revenue. Net income of $479m included a $194m share of associates’ profits. For the third quarter SMIC guided revenue up 2–4% and a gross margin of 26–28%, and management expected utilisation of about 95%; the analyst consensus on 8 November, about $3.11bn from 11 analysts, sits near the top of that range. The Hong Kong shares closed Friday at HK$45.58, down 36% this year and about 49% below their June high.
Our readThe fourth-quarter guide is the swing factor: China’s smartphone shipments fell 10–12% in the third quarter, according to Counterpoint and Omdia, as memory costs pushed up prices, though smartphones were only about 17% of SMIC’s wafer revenue in the second quarter and industrial, automotive and computing chips grew faster. Watch pricing, after management said in August that third-quarter wafers were already selling at new prices and that it had no plans to cut them; depreciation, which it expected to rise about 30% this year; and any comment on US export controls: the Commerce Department has issued a final rule extending, through 10 January 2027, its suspension of a rule that would apply export restrictions to the majority-owned affiliates of companies on the US Entity List and similar lists, a short reprieve. The read-across is to Hua Hong, which last week guided fourth-quarter revenue to $1.08–1.09bn, and to Applied Materials, where China was 28% of revenue last quarter.
- Quality52
- Growth71
- Value24
- Momentum39
- Relative Strength42
- P/E (TTM)
- 91.7
- YTD return
- −15%
🇨🇦 Brookfield Corporation
Brookfield Corporation reports third-quarter results at about 7:00am Eastern on Thursday, with the call at 10:00am. In the second quarter distributable earnings before realisations rose about 14% to $1.43bn, or 15% per share to $0.61; including realised carried interest they were $0.66 a share. Wealth solutions, its insurance business, contributed $480m, with insurance assets of $191bn after the Just Group acquisition closed in April. Published estimates are thin: MarketBeat and other estimate services show about $0.68 a share, and MarketBeat sets its figure against total distributable earnings, $0.66 in the second quarter, rather than the figure before realisations. Brookfield Asset Management, its listed asset manager, reported on Friday: fee-related earnings rose 15% to $864m, but it raised $25bn in the quarter, against $30bn a year earlier and a record $77bn in the second quarter. On 3 November Brookfield agreed a partnership with Drax for more than 1 GW of data-centre capacity at Drax Power Station in North Yorkshire, which Brookfield estimates could attract more than £20bn of total investment, including chips; it still needs planning approval, a tenant and final investment decisions. The shares closed Friday at $41.38, about 10% lower this year; at the first quarter Brookfield estimated its own value at about $66 a share.
Our readWealth solutions carries the most weight, since BAM’s results have already shown the asset-management side: insurance is the faster-growing part of distributable earnings, and investors will look for annuity sales and the spread, 2.2% in the second quarter, to hold as Just Group is folded in. Watch progress on the planned combination with Brookfield Wealth Solutions under a new parent, expected by the end of the year; buybacks, with the shares well below Brookfield’s own value estimate; and how management frames its AI-infrastructure commitments after the US vote, since projects such as Drax depend on power, permits and tenants. The read-across is to listed alternative managers with insurance arms, and to the financing side of the AI build-out.
- Quality56
- Growth28
- Value35
- Momentum71
- Relative Strength16
- P/E (TTM)
- 65.2
- YTD return
- −11%
- Dividend yield (TTM)
- 0.7%
🇮🇹 Enel
Enel’s board approves nine-month results on Thursday, with the presentation at 18:00 CET, after the Milan close. In the first half ordinary EBITDA rose 3.2% to €11.84bn, with grids up 10% offsetting lower thermal generation and trading, and net ordinary income rose 2.8% to €3.93bn; net debt rose to €61.0bn. Enel has confirmed 2026 guidance of €23.1–23.6bn of ordinary EBITDA and €7.1–7.3bn of net ordinary income, with earnings of about €0.74 a share, the top of its range. The operating volumes are already out, but margins, cash flow and net debt are not: operating data on 21 October showed electricity distributed up 7.3% in the third quarter, including 9.3% in Italy, and Endesa, its Spanish subsidiary, reported nine-month net profit up 14.7% on 28 October and confirmed its guidance. With no published nine-month consensus that we could find, the full-year guidance is the main benchmark. The shares closed Friday at €9.69, up about 9% this year.
Our readWith guidance confirmed and the operating data out, the fourth-quarter setup matters more than the nine months: whether Enel stays at the top of its earnings range, which it set in its April plan, after February’s energy decree, so it already allows for the 2-point rise in Italy’s regional business tax for 2026–27; and how close net debt runs to the €64–65bn it guided for the end of the year. Watch Italian grid volumes; the interim dividend, which Enel announced with its nine-month results last year; and any update on data-centre demand in Italy and Spain. The read-across is to European utilities and grid operators: Enel rose 3.9% last Wednesday, the day US renewable stocks rallied after the vote, while US power producers tied to data centres fell.
- Quality64
- Growth35
- Value47
- Momentum84
- Relative Strength69
- P/E (TTM)
- 21.2
- YTD return
- +8%
- Dividend yield (TTM)
- 5.1%
Weekly Calendar
Some notable names reporting this week. Outside our table, CoreWeave, SoftBank Group, Infineon and Sea report on Tuesday, and RWE and E.ON on Wednesday. Timing refers to each company’s home-market session: Honda and Recruit publish at the 15:30 JST Tokyo close, and the three Japanese banks are expected after the Tokyo close on Friday, Friday morning in London; SMIC publishes after the Hong Kong close on Thursday and holds its call on Friday morning, and Hon Hai is expected after the Taipei close. Munich Re already published its main third-quarter figures on 23 October and Hon Hai its quarterly revenue, so Thursday brings their full results. Times marked “(exp.)” are inferred from past releases, the scheduled call or the home market’s convention rather than stated by the company. Nu, marked “(est.)”, has not confirmed its date, so both its day and its timing are estimates from calendar services. Share prices in the previews above are as of the Friday 6 November close; consensus estimates were retrieved on 8 November, and other estimates carry their dates in the text.
| Company | Country | Sector | Timing |
|---|---|---|---|
| Tuesday 10-Nov | |||
| Honda Motor | 🇯🇵 | Automobiles | At Tokyo close · 15:30 JST |
| Wednesday 11-Nov | |||
| Recruit Holdings | 🇯🇵 | HR technology & staffing | At Tokyo close · 15:30 JST |
| Siemens Energy | 🇩🇪 | Power & grid equipment | BMO · 07:00 CET |
| Franco-Nevada | 🇨🇦 | Gold royalties & streams | AMC |
| Thursday 12-Nov | |||
| Cisco Systems | 🇺🇸 | Networking equipment | AMC |
| Applied Materials | 🇺🇸 | Chip equipment | AMC (exp.) |
| Siemens | 🇩🇪 | Industrial technology | BMO |
| Allianz | 🇩🇪 | Insurance | BMO |
| Enel | 🇮🇹 | Electric utilities | AMC (exp.) |
| Hon Hai Precision (Foxconn) | 🇹🇼 | Electronics manufacturing | AMC (exp.) |
| Brookfield Corporation | 🇨🇦 | Alternative assets & insurance | BMO |
| Munich Re | 🇩🇪 | Reinsurance | BMO |
| SMIC | 🇨🇳 | Chip foundry | AMC |
| Merck KGaA | 🇩🇪 | Pharma, life science & electronics | BMO |
| Nu Holdings | 🇧🇷 | Digital banking | AMC (est.) |
| Nebius Group | 🇳🇱 | AI cloud infrastructure | BMO |
| Cerebras Systems | 🇺🇸 | AI chips & systems | AMC |
| Friday 13-Nov | |||
| Mitsubishi UFJ Financial Group | 🇯🇵 | Banking | After Tokyo close (exp.) |
| Sumitomo Mitsui Financial Group | 🇯🇵 | Banking | After Tokyo close (exp.) |
| Richemont | 🇨🇠| Jewellery & watches | BMO |
| Mizuho Financial Group | 🇯🇵 | Banking | After Tokyo close (exp.) |
| Generali | 🇮🇹 | Insurance | BMO |