FRE Fresenius SE & Co KGaA

By Anna Isaac 

Stocks ticked lower as investors look ahead to corporate earnings and fresh U.S. data for cues on the health of the global economy.

U.S. stock futures linked to the S&P 500 index drifted down 0.1% a day after the gauge hit a record. Shares in Pfizer rose 3% in premarket trading after the drugmaker raised its financial targets for 2019. Rival Merck gained 2.9% after it, too, boosted its full-year outlook.

Shares in Google's parent company, Alphabet, dropped 1.4% in off-hours trading after the technology giant reported mixed third-quarter progress. Climbing online advertising sales were juxtaposed with rising costs and poor performance in its investment portfolio.

The Stoxx Europe 600 index declined 0.4%, led by losses in financial services and the oil and gas sectors.

The British pound pared back earlier losses and traded at about $1.29 after the main opposition party in the U.K. said it would support efforts to hold an early general election. That makes a national ballot that might help break the parliamentary deadlock over Prime Minister Boris Johnson's divorce deal with the European Union more likely. The FTSE 250 index declined 0.5%.

In European equity markets, Fresenius Medical Care and its parent, Fresenius SE, led gains. Shares in the Fresenius Medical rose 5.4% after the maker of products for treating kidney disease posted higher third-quarter profit and revenue. It's German parent climbed 4.9% after the health care company also reporter stronger figures.

Across Asian markets, the picture was more mixed, with the Nikkei 225 index up 0.5% while the Shanghai Composite gauge was down 0.9%.

Brent crude, the global oil benchmark, fell 1.2% to $60.51 a barrel following data showing rising U.S. inventories Monday. Investors will look at American Petroleum Institute data due out later Tuesday. Remarks by the Russian energy minister to local media on Monday that it was too early to consider production cuts in December are weighing on investor sentiment, according to Commerzbank analysts.

Write to Anna Isaac at anna.isaac@wsj.com

(END) Dow Jones Newswires

October 29, 2019 08:06 ET (12:06 GMT)

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