UKX FTSE 100 Index

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 0.5%, even as Finland's Nokia dropped 19% 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.

Over in the U.S., earning reports triggered large swings in some stocks ahead of the opening bell, though stock futures were mostly flat.

Tesla shares rose 17.5% in off-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. PayPal Holdings rose 7.9% after the payments company posted better-than-expected results in its latest quarter with a 19% rise in revenues.

Ebay dropped 6.6% in premarket trading after the online marketplace forecast its first quarterly revenue decline in four years. Ford fell 4.7% after the car maker lowered its full-year target, sparking worries that a broad restructuring at the company is not succeeding in driving earnings growth.

Elsewhere, Hong Kong's Hang Seng Index rose 0.9%.

The U.K.'s FTSE 100 index outpaced other major gauges in the region, rising almost 1%. 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 0.2% against the U.S. dollar.

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., 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 unchanged.

Write to Avantika Chilkoti at Avantika.Chilkoti@wsj.com

(END) Dow Jones Newswires

October 24, 2019 06:50 ET (10:50 GMT)

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