BREAKING: Futures Rise After Huge Earnings; Trump-Xi Ahead Small caps lagged in the stock market at Wednesday's close after Federal Reserve Chair Jerome Powell said cutting interest rates at its December meeting "is not a foregone conclusion." Policymakers cut the key rate by 25 basis points to a range of 3.75% to 4% at the Fed's meeting earlier Wednesday. Now, the stock market turns to a boatload of… Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD ...

Core Viewpoint - German Chancellor Frederick Matz advocates for greater stock market integration in Europe to address the fragmented market for companies seeking listings [1] Group 1: Market Integration and Liquidity - The underlying concern driving discussions about a pan-European stock exchange is the relative levels of liquidity and access to capital compared to the US market [2] - There is an opportunity for greater consolidation among European exchanges to enhance liquidity and capital access [2][3] - Euronext currently trades 25% of the equity in Europe, with an aggregate market capitalization exceeding €6.5 trillion, making it significantly larger than the London Stock Exchange (approximately €3 trillion) and Frankfurt (below €2 trillion) [5][6] Group 2: Historical Context and Future Aspirations - Euronext's historical focus on equity markets contrasts with other exchanges that have diversified into data and post-trade services, leading to a debate between the aspirations of European leaders and the strategies of market operators [6][7] - The London Stock Exchange has shifted its focus away from equity markets, which were once central to European capital markets, particularly after Brexit [9][10] - There is a potential for consolidation in the future, contingent on the willingness of market participants to engage in mergers and acquisitions [8][11]

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Global stock markets are experiencing a period of remarkable growth, with new record closes becoming increasingly common. The UK's FTSE 100 hit an all-time high of 9,645.62 on 24 October 2025, maintaining its upward trajectory alongside the New York Stock Exchange.The year-to-date performance of London's primary equities benchmark has surged by 18.02%, outperforming the broad S&P 500 Index (+15.5%) and the Dow Jones Industrial Average (+11%) in New York. Only the tech-heavy Nasdaq Composite has delivered a ...

Core Insights - Urbana Corporation's investee company, CNSX Global Markets Inc., has successfully acquired NSX Limited, the parent company of the National Stock Exchange of Australia, for an all-cash consideration of AUD$0.04 per fully paid ordinary share [1][2] Company Overview - Urbana Corporation is a diversified entity focusing on financial services, information services, and innovative technologies, aiming for income and capital appreciation through public and private investments [5] - The Canadian Securities Exchange (CSE) is a rapidly growing exchange that supports entrepreneurs and innovators in accessing public capital markets, characterized by an efficient operating model and competitive fee structure [6][7] Acquisition Details - The acquisition of NSX Limited was completed following the approval of NSX shareholders, with 94.78% voting in favor, and the fulfillment of regulatory and court approvals [2] - The CNSX Group and NSXA are taking immediate actions to enhance NSXA's competitive position in Australia, aiming to create a market platform that meets the needs of early-stage companies [3][4] Strategic Implications - The CEO of CSE, Richard Carleton, emphasized that this acquisition positions NSXA to replicate CSE's success in Canada, potentially leading to significant growth in corporate listings and benefiting emerging companies and the investment community in Australia [4]

Core Viewpoint - London Stock Exchange Group plc - Unsponsored ADR has been upgraded to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, indicating a positive earnings outlook that may lead to increased stock prices [1][4][6]. Earnings Estimates and Ratings - The Zacks rating system is primarily driven by changes in a company's earnings picture, with the Zacks Consensus Estimate tracking EPS estimates from sell-side analysts [2][3]. - The recent upgrade reflects an improvement in the company's underlying business, which is expected to push the stock higher as investors respond positively to this trend [6][9]. Impact of Institutional Investors - Changes in earnings estimates are strongly correlated with stock price movements, largely due to institutional investors who adjust their valuations based on these estimates [5]. - An increase in earnings estimates typically leads to higher fair value calculations for stocks, prompting institutional buying or selling that influences market prices [5]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [8]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions and potential for market-beating returns [10][11]. Recent Performance Metrics - For the fiscal year ending December 2025, London Stock Exchange Group plc is expected to earn $1.34 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 1.1% over the past three months [9].

Core Insights - Cboe Global Markets, Inc. is a major stock exchange operator in the U.S. with a market cap of $24.8 billion, involved in various segments including Options, Equities, Futures, and Digital [1] Financial Performance - Analysts anticipate Cboe to report an adjusted profit of $2.46 per share for Q3, reflecting a 10.8% increase from $2.22 in the same quarter last year [2] - For fiscal 2025, adjusted EPS is expected to reach $9.81, a 13.9% increase from $8.61 in fiscal 2024, with further growth projected to $10.29 in fiscal 2026, representing a 4.9% year-over-year increase [3] Stock Performance - Cboe's stock has increased by 11.1% over the past 52 weeks, which is slightly below the Financial Select Sector SPDR Fund's 11.5% and the S&P 500 Index's 16.2% gains during the same period [4] - Following the release of strong Q2 results, Cboe's stock rose by 2.8%, with net revenues growing 14.3% year-over-year to $587.3 million, surpassing expectations [5] Analyst Ratings - The consensus rating for Cboe is "Hold," with 18 analysts providing varied opinions: three "Strong Buys," one "Moderate Buy," 12 "Holds," and two "Strong Sells." The mean price target is $248.20, indicating a potential upside of 4.6% from current levels [6]

Core Insights - The Digital Asset Treasury (DAT) trend is gaining global traction, but major Asian financial hubs are beginning to impose restrictions on companies attempting to adopt this model [1][7] - Regulatory concerns have emerged regarding the volatility and potential manipulation associated with companies holding cryptocurrencies on their balance sheets [2][4] Group 1: Regulatory Actions - Hong Kong Exchanges & Clearing Ltd. (HKEX) has rejected at least five applications for listings under the DAT model, citing rules against "cash companies" that hold excessive liquid assets, including cryptocurrencies [3] - Australia and India's exchanges have similarly instructed their listing committees to reject or delay approvals for firms primarily deriving value from volatile crypto assets [4] - The caution from these exchanges follows the collapse of QMMM Holdings, which experienced a dramatic stock increase of over 1,400% after announcing a $100 million crypto treasury, only to vanish shortly thereafter [4] Group 2: Investor Impact - A report from Singapore's 10X Research indicates that retail investors have collectively lost $17 billion in DAT-related trades, contributing to skepticism in the region [5] Group 3: Japan's Unique Position - Japan stands out as the only Asian market that is openly embracing the DAT model, with 14 listed companies holding Bitcoin, including Metaplanet, which possesses over $3.3 billion in BTC [6][8] - Japanese regulators require full transparency but encourage innovation, contrasting with the stricter approaches of Hong Kong and India [8]

Core Insights - Hong Kong Exchanges and Clearing (HKEX) has emerged as the largest IPO market globally, with over 300 companies in the listing pipeline, indicating strong fundraising momentum in the city [1][2] - International investors, particularly from Europe, the US, the Middle East, and emerging markets, are actively participating in new listings, showing confidence in the mainland's technology sector [2][3] - Total funds raised from new share sales in Hong Kong surged by 220% year-on-year in the first nine months of 2025, amounting to US$23.27 billion raised by 66 companies on the main board [3][4] Fundraising and Market Performance - HKEX outperformed the New York Stock Exchange and Nasdaq, which raised US$16.53 billion and US$15.32 billion respectively, marking the first time HKEX ranked first in the first three quarters since 2018 [4] - The Hang Seng Index increased by 35% this year, making it one of the best-performing major indices globally [5] - Funds raised by existing Hong Kong-listed companies through share placements and other offerings reached HK$456.1 billion (US$58.47 billion) in the first nine months of this year, which is double the amount raised in IPOs during the same period [6]

Key Takeaways Nasdaq's Q3 adjusted EPS rose 18.9% to $0.88, topping estimates on broad-based revenue growth.Net revenues climbed 15% to $1.3B, led by Financial Technology and Index strength.2025 expense outlook slightly raised to $2.305 to $2.335B amid continued tech and talent investments.Nasdaq (NDAQ) reported third-quarter 2025 adjusted earnings per share of 88 cents, which beat the Zacks Consensus Estimate by 4.8%. The bottom line improved 18.9% year over year. The improvement was mainly driven by highe ...