One interpretation: the market thinks the Democrats are poised for a victory. Gun stocks typically rally when debates around the Second Amendment [the right to bear arms] arise, as would-be gun owners may hurry to purchase firearms amid concern availability may suffer.

Widen the lens, however, and the picture muddles. Gun stocks are just one of a dozen supposed political proxies that have been moving on Wall Street -- in every direction.

Read the full piece here.

The economists, who in June predicted Sydney and Melbourne dwelling prices to fall 10 per cent from peak to trough with a decline nationally of between 4 per cent and 6 per cent, cut their outlook on Tuesday.

"We now expect national dwelling prices to fall for at least another 12 months, with a peak-to-trough correction of around 10 per cent," they wrote in a market note. "We expect prices in Sydney and Melbourne to fall by 15-20 per cent."

Michael Bleby has the full story here.

They related specifically to its strong financial performance, the conversion of its cash flows and the carrying value of its North American assets. Corporate Travel appeared to be comfortable with EY's findings, which support its position that its assets are not at risk of impairment.

The $2.2 billion Brisbane-based travel firm, which is the subject of a campaign instigated by the hedge fund, called for a trading halt on Tuesday, after VGI Partners distributed a 50-page document to its investors that derided Corporate Travel's response to the issues it previously raised as "weak".

Vesna Poljak and Jonathan Shapiro have the full story here.

The four major banks are the only stocks adding more than a point to the index. NAB is up 0.9 per cent, ANZ is up 0.8 per cent, Commonwealth Bank and Westpac have both risen 0.7 per cent.

Syrah Resources has risen 5.1 per cent, Shopping Centres Australia has the next biggest gain, up just 1.4 per cent.

BHP Billiton, Rio Tinto, South32, Aristocrat Leisure and QBE Insurance are the only stocks weighing more than 0.5 points from the index.

CYBG is down 3.4 per cent, Emeco Holdings has fallen 3.3 per cent and Mineral Resources is down 2.7 per cent.

Most of Indiana and the eastern half of Kentucky have just closed their polls.

Here's what The New York Times has the say about those seats:

"Keep an eye on the most watched race in Kentucky: the Sixth Congressional District, where Amy McGrath, a former Marine, is trying to unseat a male Republican incumbent. This race is likely to provide an early glimpse into whether the so-called blue wave is on.

"The big prize in Indiana is the Senate race, where Joe Donnelly, a Democrat, is trying to hold on to his seat."

Now we play the waiting game, it seems. The US electorate have set off to the polls to vote in their mid-term elections, and the world now awaits their decision. Financial markets aren't exempt from the interlude, trading on very thin volumes, as traders opt to stick to the sidelines until a result is revealed. There appears a very general unwillingness to jump-in to markets ahead of the crowd on this event, presumably owing to the incredible surprises public votes have thrown-up in the past.

Read the full 8@eight here.

The bank didn't quantify the amount of the NIM contraction but said it was lower due to "basis risk" from higher spreads on benchmark bank borrowing rates in international markets. CBA increased its standard variable mortgage rate by 0.15 percentage points last month in response to the higher borrowing costs.

In a five page update with the ASX on Wednesday, CBA said credit quality remained "sound" - but it did report a tick-up in "troublesome and impaired assets", including some home loans.

CBA said that there was a "moderate improvement" in home loan arrears but that "some households continued to experience difficulties with rising essential costs and limited income growth".

James Eyers has the full story here.

AUD +0.1% to 72.14 US cents

On Wall St at 3.04pm: Dow +0.4% S&P 500 +0.2% Nasdaq +0.2%

In New York, BHP -0.5% Rio -0.2% Atlassian -3.4%

In Europe: Stoxx 50 -0.3% FTSE -0.9% CAC -0.5% DAX -0.1%

Spot gold -0.5% to $US1225.95 at 12.57pm New York time

Brent crude -2.2% to $US71.60 a barrel

US oil -2.3% to $US61.66 a barrel

Iron ore n/a

Dalian iron ore -1.2% to 508 yuan

LME aluminium -1.2% to $US1951 a tonne

LME copper -0.5% to $US6158 a tonne

2-year yield: US 2.92% Australia 2.04%

5-year yield: US 3.05% Australia 2.26%

10-year yield: US 3.22% Australia 2.72% Germany 0.43% Italy 3.39%

US-Australia 10-year yield gap at 4.53am: 50 basis points

Americans are passing judgment on Mr Trump's first tumultuous two years in the White House, with the first polls closing across eastern states from 10am on Wednesday (AEDT), followed by the midwest from 1pm onwards and the west coast at 3pm.

Jacob Greber has the full story here.