AU Morning Wrap: ASX falls; Origin soars 40pc at the open; Xero CEO resigns

US stocks fell as early midterm election results showed the Republican Party making fewer gains than predicted. Buying interest was further dented by a disappointing treasury auction and heavy selling in cryptocurrencies.

The $S&P 500 Index(.SPX.US)$ dropped 79 points or 2.08 per cent. The $Dow Jones Industrial Average(.DJI.US)$ gave up 647 points or 1.95 per cent. The $Nasdaq Composite Index(.IXIC.US)$ shed 263 points or 2.48 per cent.

The Republican Party made headway in Tuesday's midterm elections, but an expected "red wave" failed to materialise as the Democrats performed better than pre-polling suggested. The GOP appeared on track to regain control of the House of Representatives, but the Senate was this morning too close to call.

The $S&P/ASX 200(.XJO.AU)$ opened down 0.6 per cent to 6,957, tracking a broad decline on Wall Street amid uncertainty about the US midterms and nervousness ahead of the October US CPI data.

$Origin Energy Ltd(ORG.AU)$: Four investment banks have secured front-row tickets to the biggest deal of the year, Origin Energy.

$Citigroup(C.US)$ and $UBS Group(UBS.US)$ are understood to be advising Brookfield and partner EIG, respectively, on their joint $18.4 billion bid, while Barrenjoey and Jarden are in Origin Energy's corner.

$Perpetual Ltd(PPT.AU)$: Perpetual has swiftly rejected a revised $33 per share bid from Regal, BEPA, as the hedge fund and private equity consortium attempts to divide and conquer the 136-year-old firm enters the next phase.

The bid for Perpetual was raised from $30 per share to $33 per share, which the company said, "continues to materially undervalue the company."

$Pendal Group Ltd(PDL.AU)$: Pendal intends to proceed to the first court hearing for the proposed acquisition of the company by Perpetual this week despite BPEA EQT and Regal Partners offer for Perpetual and Perpetual's request for delay.

$Xero Ltd(XRO.AU)$: Xero CEO Steve Vamos resigns, replaced by ex Google president

$The a2 Milk Co Ltd(A2M.AU)$: The a2 Milk Company has appointed Chopin Zhang to the new role of chief supply chain officer to lead the company's end-to-end supply chain in all categories and markets.

Ex-dividend: $Acorn Capital Investment Fund Ltd(ACQ.AU)$

Dividends paid: $McMillan Shakespeare Ltd(MMS.AU)$, $Dexus Industria REIT(DXI.AU)$, $Dexus Convenience Retail REIT(DXC.AU)$

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