U.S. stocks edged higher on Wednesday as investors shrugged off lackluster quarterly reports from industrial bellwethers Boeing Co (BA.N) and Caterpillar Inc (CAT.N), though a lower-than-expected revenue outlook from Texas Instruments Inc (TXN.O) sent chipmakers’ shares lower.
· European stocks traded largely flat Wednesday after Prime Minister Boris Johnson pressed pause on the progression of his Brexit deal.
The pan-European Stoxx 600 pared early losses to trade just above the flat line by the close of play, up provisionally by 0.12%. Financial service firms led losses with a 0.6% average fall while the basket of basic resources added just below 1.1%.
Tech stocks dropped over 0.5% on the back of a bleak Texas Instruments revenue forecast, which cited persistent headwinds from the U.S.-China trade war.
British Parliament returned to business as usual after lawmakers on Tuesday night voted in principle for Johnson’s Withdrawal Agreement Bill to proceed through Parliament, but rejected the prime minister’s plans to get it approved within three days, which offered a limited time frame for MPs to review the legislation.
Focus is now attuned to the EU with European leaders due to deliver a verdict on whether to grant an extension to the October 31 deadline, a move recommended by EU Council President Donald Tusk, and for how long.
Should the deadline be extended to January 31, Johnson could call a general election in a bid to consolidate his mandate, with his ruling Conservative Party leading in the polls.
· Asia Pacific shares jumped in early trade, as latest figures showed that South Korea’s economy continued to slow. Investors, meanwhile, look ahead to the European Central Bank meeting on Thursday.
Australia’s S&P/ASX 200 jumped 0.45%, while Japan’s Nikkei 225 rose 0.46%.
In South Korea, the Kospi climbed 0.25%, with a slew of earning reports expected in the day.
Reference: CNBC, Reuters
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