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 dividend.

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, 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 unchanged Thursday.

Write to Avantika Chilkoti at


(END) Dow Jones Newswires

October 24, 2019 05:21 ET (09:21 GMT)

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