ConocoPhillips (COP.N) expects Q4 US Lower 48 production to rise QoQ.

US midterms signalled voter opposition to data-center construction: 40 of 41 local measures to restrict builds are expected to pass. Microsoft (MSFT.O) and Amazon (AMZN.O), despite heavy data-center investment, fell about 2.5% and 1.5% respectively—markedly less than AI cloud peers, data-center equipment makers and power suppliers, indicating relative resilience among large tech names. Market participants say a slowdown in data-center construction would reduce capex pressure and could improve free cash flow given large upfront investment and elevated chip and supply-chain costs that compress returns. Monitor the AI and data-center regulatory agenda under potential Democratic congressional control and how newly elected Democratic governors in Texas and Ohio execute campaign pledges to curb data-center builds.

德國總理默茨：歐盟貿易工具不得削弱競爭優勢。