Gold prices slip slightly from recent highs; tariff negotiations in focus
* Sterling falls; European stocks rise
* 2018 Tesla shares jump, Microsoft gains, too
(Updates to early U.S. markets activity, changes dateline,
previous LONDON)
By Caroline Valetkevitch
NEW YORK, Oct 24 (Reuters) - Stock markets edged higher on
Thursday amid upbeat earnings reports from a slew of companies
worldwide, while the British pound slipped.
Sterling lost ground as the possibility of a snap UK
election and uncertainty over the European Union's decision on
granting Britain an extension on its plan to leave the EU pulled
the currency further off recent 5-1/2 month highs. Upbeat earnings from Microsoft https://www.reuters.com/article/us-usa-stocks/wall-street-set-to-open-higher-on-microsoft-tesla-results-idUSKBN1X31IJ
MSFT.O and Mercedes maker Daimler https://www.reuters.com/article/us-daimler-results/daimler-third-quarter-operating-profit-up-8-boosted-by-mercedes-sales-idUSKBN1X30GS
DAIGn.DE , along with a ceasefire https://www.reuters.com/article/us-syria-security-trump/trump-says-turkeys-ceasefire-in-northern-syria-now-permanent-sanctions-lifted-idUSKBN1X223P
in northern Syria, helped to lift investors' mood.
The latest estimate for third-quarter earnings for companies
on the benchmark U.S. S&P 500 index improved slightly. Earnings
are now expected to have declined 2.3% year-over-year in the
quarter versus an estimated decline of 2.9% on Wednesday,
according to IBES data from Refinitiv.
The market is reacting to "micro volatility, which is driven
by individual company names, and macro calm around trade," said
Art Hogan, chief market strategist at National Securities in New
York.
Third-quarter earnings reports remained center stage on Wall
Street, with investors trying to gauge the fallout from a
prolonged U.S.-China trade war, which has already shown up in
the domestic economy.
Tesla https://www.reuters.com/article/us-tesla-stock/tesla-shares-bonds-jump-after-surprise-third-quarter-profit-idUSKBN1X31NG
TSLA.O shares were up more than 15%, a day after the company
reported an unexpected third-quarter profit. The Dow Jones Industrial Average .DJI fell 48.07 points,
or 0.18%, to 26,785.88, the S&P 500 .SPX gained 3.92 points,
or 0.13%, to 3,008.44 and the Nasdaq Composite .IXIC added
48.90 points, or 0.6%, to 8,168.70.
MSCI's gauge of stocks across the globe .MIWD00000PUS
gained 0.23%. The pan-European STOXX 600 index .STOXX rose
0.48%.
German companies, including Daimler, helped to boost
Europe's indexes.
The euro EUR= was down 0.27% at $1.1099.
Sterling GBP= was last trading at $1.2837, down 0.61% on
the day.
EU member states on Wednesday delayed a decision on whether
to grant Britain a three-month Brexit extension. Prime Minister
Boris Johnson said if the deadline is deferred to the end of
January, he would call an election.
In commodities, U.S. crude CLcv1 rose 0.16% to $56.06 per
barrel and Brent LCOcv1 was last at $61.35, up 0.29% on the
Asia stock markets https://tmsnrt.rs/2zpUAr4
Asia-Pacific valuations https://tmsnrt.rs/2Dr2BQA
Inflation, unemployment during the Draghi era https://tmsnrt.rs/2IXunV6
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