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UBS details all the possible outcomes of the midterm elections

The midterm elections will be here before we know it.

On November 6, Americans are set to decide which senators and representatives will fill a combined 470 seats being contested in Congress.

Republicans, and President Donald Trump, are hoping to maintain their majority in both the House and the Senate. The strong economy – now in its second-longest expansion in history – helps them make a case for continuity to voters.

But history is not on their side, as a president’s party rarely holds on to congressional majorities in midterm elections. Democrats in turn are hoping that a progressive and anti-Trump agenda will flip 24 Republican seats in the House and two in the Senate – a so-called blue tsunami.

In a detailed note to clients, UBS laid out the market implications of four outcomes for both chambers of Congress: Republicans maintaining their majority, Republicans expanding their advantage, Democrats gaining more seats, and Democrats flipping both chambers.

Tesla’s chief accountant quits after one month on the job

Tesla sank more than 10% Friday, below $US260 per share, after the electric-car maker revealed that its chief accountant, Dave Morton, resigned on September 4.

“Since I joined Tesla on August 6th, the level of public attention placed on the company, as well as the pace within the company, have exceeded my expectations,” Morton said at the time in comments revealed in the regulatory filing Friday.

Jobs report beats as wage growth soars at its fastest pace since the Great Recession

US employers added more jobs than forecast in August, and wages increased at their fastest pace since the Great Recession, a government report showed on Friday.

The jobs report from the Bureau of Labour Statistics showed that nonfarm payrolls increased by 201,000 on net, while the unemployment rate was unchanged at 3.9%. Economists had forecast that 190,000 net jobs were added and that the unemployment rate fell to 3.8%, according to estimates compiled by Bloomberg.

Wage growth, which has been a major laggard of the ongoing economic recovery, was more impressive than forecast. Average hourly earnings increased by 0.4% month-on-month. And at 2.9% year-on-year growth, wages increased at their fastest pace since June 2009.

Oath CEO Tim Armstrong’s on his way out, and there are more exits to come

Oath’s executive leadership team is in flux as a result of the decision to integrate parts of Oath’s business into Verizon and the expected departure of CEO Tim Armstrong, according to people close to the matter.

Chief people officer and longtime Armstrong confidante Bob Toohey departed the company last week. Chief financial officer Vanessa Wittman and chief communications officer Natalie Ravitz are planning to leave the company in the coming weeks.

Following Toohey’s departure, Armstrong sent a note to staff touting his accomplishments with the company.

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