Global Stocks Tick Up Amid Central-Bank Decisions, Earnings
24 Oktober 2019 - 02:18PM
Dow Jones News
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 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.
Over in the U.S., earning reports triggered large swings in some
stocks ahead of the opening bell, though stock futures tied to the
Dow Jones Industrial Average were up only 0.1%.
Twitter dropped over 18% in premarket trading after the social
media company's third-quarter earnings fell short of expectations.
Its fourth-quarter revenue forecast also disappointed the
market.
Tesla shares rose 18% 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 8.4% after the payments company posted better-than-expected
results in its latest quarter with a 19% rise in revenues.
Ebay dropped 7.9% in premarket trading after the online
marketplace forecast its first quarterly revenue decline in four
years. Ford fell 3.9% after the car maker lowered its full-year
target, sparking worries that a broad restructuring at the company
isn't 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 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 about 0.2% against the U.S. dollar.
A number of blue-chip companies in the U.S. including 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. Meanwhile,
Turkey's central bank surprised markets with a bigger-than-expected
cut to its key repo rate, sending the lira down 0.4%. 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 08:03 ET (12:03 GMT)
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