London — Wall Street was set for a modestly firmer open on Wednesday and global stocks rose after significant US mid-term election gains for the opposition Democrats, but the outcome may rule out further tax cuts, sending the dollar and US treasury yields sharply lower. The Democrats look headed to gain more than 30 seats, well beyond the 23 they needed to claim their first majority in the House in eight years. With US President Donald Trump’s Republican party holding onto its Senate majority, the results from Tuesday’s elections were in line with expectations. Moreover, while gridlock in Washington could hamper Trump’s political and economic agenda, few expect a reversal of tax-cutting and financial-deregulation measures that have already been enacted. This view helped all three New York equity indices rise about 0.7% on Tuesday and they look set to build on those gains, with S&P 500 and Nasdaq futures up 0.7% and 1.25%, respectively. Market sentiment had been volatile in Asian tra...

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