Global Stocks Tick Up Amid Central-Bank Decisions, Earnings
By Avantika Chilkoti
Global stocks edged up Thursday as a slew of central-bank
decisions and major corporate earnings provided mixed clues on the
state of the global economy.
The Stoxx Europe 600 index rose 0.3%, even as Finland's Nokia
dropped 21% after disappointing investors by slashing its full-year
forecast. The world's second-biggest telecom-equipment maker was
the worst performer in Europe as the growing costs of rolling out
gear for 5G mobile networks also forced it to halt its
The U.K.'s FTSE 100 index outpaced other major gauges in the
region, rising 0.6%. European Council President Donald Tusk is
asking leaders to give the U.K. until Jan. 31 to leave the European
Union. The pound ticked down 0.1% against the U.S. dollar.
Elsewhere, Hong Kong's Hang Seng Index rose 0.8%. U.S. stock
futures were mostly flat.
Meanwhile, Tesla shares rose 20% in after-hours trading after
the electric-car maker surprised investors by reporting a profit
for the third quarter, allaying investors' fears that it was
prioritizing growth and production over profit.
Later in the day, European Central Bank President Mario Draghi
is set to close his final policy meeting, with analysts expecting
little in terms of market-moving decisions following September's
stimulus package. Disagreements about quantitative-easing measures
within the decision-making committee and the need for fiscal
stimulus are likely to dominate the discussion.
Surveys of purchasing managers in the eurozone are also due out,
and are expected to show a stabilization of business activity in
October, albeit at a very weak level.
A number of blue-chip companies in the U.S., including 3M,
Southwest Airlines, Comcast, Twitter, American Airlines, Intel,
Amazon.com and Visa are set to report third-quarter earnings
through the day.
Investors will also be watching for fresh U.S. economic data.
The Commerce Department will post figures on orders for durable
goods in September, providing an indication of the health of the
manufacturing sector. Economists expect orders to have fallen 0.8%
in September from a month earlier.
Bank Indonesia cut interest rates by a further 25 basis points
Thursday, sending the rupiah down 0.5% on the dollar. Turkey's
central bank is expected to follow suit later in the day. The
Norwegian and Swedish central banks held their benchmark rates
Write to Avantika Chilkoti at Avantika.Chilkoti@wsj.com
(END) Dow Jones Newswires
October 24, 2019 05:21 ET (09:21 GMT)
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