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European and Asian stocks were mostly down Thursday following a weak lead from Wall Street, as investors digested mixed company earnings and remained risk-adverse ahead of a coin-toss US election.Investors will also be eyeing US personal consumption expenditures data — the Federal Reserve’s prefered inflation measure — released later in the day for signals about the pace of future interest-rate cuts.The three main US stock indices lost ground on Wednesday, with shares in Microsoft and Facebook-parent Meta dropping in after-hours trading. Despite both tech giants delivering upbeat results, investors “baulked at the expectation of increased AI spending”, said Joshua Mahony, chief market analyst at Scope Markets.Analyst said that tech losses, including losses for the semiconductor industry, also led declines in European indices. Frankfurt retreated 0.5 percent and Paris lost 0.9, as official data showed the eurozone’s annual inflation rebounded more than expected in October due to rising food costs.Shares in French bank Societe General jumped over eight percent after it reported better-than-expected results. Meanwhile its rival BNP Paribas saw its shares slump around six percent after results fell short of expectations.London shed 0.8 percent after the new centre-left government unveiled major tax hikes, mainly targeted at businesses, in its maiden budget. “This was one of the largest increases in tax, spending and borrowing in the UK’s budget history”, said Kathleen Brooks, research director at traders XTB.”For a government that planned to boost growth, they have fallen spectacularly at the first hurdle,” she added.Tokyo fell by half a percent, weighed down by a stronger yen and a drop in stocks linked to the semiconductor industry, which also dipped on Wall Street.The Bank of Japan decided to leave its main interest rate unchanged, saying in an outlook report that there were “high uncertainties surrounding Japan’s economic activities and prices”.Stephen Innes of SPI Asset Management attributed Asian markets’ wobble to pre-vote “jitters”, saying traders were “wary of taking on new risk as the US election countdown begins”.Mainland Chinese markets, however, made healthy gains following a forecast-beating manufacturing report — in a piece of rare good news for leaders struggling to boost activity in the world’s second-largest economy.Uncertainty over the outcome of the upcoming US elections, meanwhile, buoyed safe haven gold, which touched a fresh high of $2,790.10 an ounce on Thursday. Oil prices continued their rebound, fuelled by good news on demand from the United States, as well as by press reports that OPEC countries are considering postponing an increase in crude supply.- Key figures around 1110 GMT -London – FTSE 100: DOWN 0.8 percent at 8,093.07 pointsParis – CAC 40: DOWN 0.9 percent at 7,359.92Frankfurt – DAX: DOWN 0.5 percent at 19,159.72Tokyo – Nikkei 225: DOWN 0.5 percent at 39,081.25 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 20,317.33 (close)Shanghai – Composite: UP 0.4 percent at 3,279.82 (close)New York – Dow: DOWN 0.2 percent at 42,141.54 points (close)Euro/dollar: UP at $1.0865 from $1.0861 on WednesdayPound/dollar: UP at $1.2986 from $1.2969Dollar/yen: DOWN at 152.69 yen from 153.35 yenEuro/pound: DOWN at 83.64 from 83.75 penceBrent North Sea Crude: UP 0.5 percent at $72.52 per barrelWest Texas Intermediate: UP 0.5 percent at $68.94 per barrel

Hong Kong’s economic growth in the third quarter missed analyst estimates as private consumption weakened, according to government figures released Thursday.Real gross domestic product (GDP) between July and September grew by 1.8 percent year-on-year, well down from a forecast of 3.1 percent growth from economists surveyed by Bloomberg.Hong Kong’s economic recovery after the pandemic has largely mirrored China’s trajectory, which has also saw slowing growth over the past year.For the first three quarters, Hong Kong’s real GDP increased by 2.6 percent on-year, according to advance estimates from the Census and Statistics Department.Hong Kong’s economy “continued to expand, though at a moderated pace, in the third quarter”, a government spokesperson said.The city’s economy should continue to grow in the remainder of the year, even though global economic uncertainties and trade conflicts may affect exports, the spokesperson said.”Monetary easing across major central banks and an improved outlook for the Mainland (Chinese) economy following the recent introduction of a wide range of stimulus measures would help support sentiment and activities in the domestic market.”Private consumption decreased by 1.4 percent in the third quarter, which authorities attributed to “the change in residents’ consumption patterns”.Total export of goods increased by 3.9 percent in the same period, which the government described as “decelerated year-on-year growth alongside softening economic growth in some major markets”.Increasing cross-border activities between Hong Kong and China contributed to a “mild increase” of 2.4 percent in export of services.Hong Kong leader John Lee announced a range of policies to bolster the city’s lacklustre economy this month, including a proposal to enhance international gold trading.Lee also slashed the import duty on strong liquor and laid out plans to attract foreign capital to Hong Kong.

South Korea’s Samsung Electronics said Thursday that its operating profits soared 277 percent on-year to $6.6 billion but missed expectations as it struggled to leverage demand for chips used in artificial intelligence servers.The world’s largest memory chip maker posted an operating profit of 9.18 trillion won ($6.6 billion) “largely due to one-off costs”.It also warned in a statement that “the strength of the Korean won against the US dollar resulted in a negative impact on company-wide operating profit”.Although operating profit nearly tripled compared with a year ago, it fell short of market expectations and was down 12 percent compared with the previous quarter. Revenue rose 17.35 percent to 79.1 trillion won ($57.2 billion), its highest quarterly record, Samsung said.The firm is the flagship subsidiary of South Korean giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in Asia’s fourth-largest economy.Semiconductors are the lifeblood of the global economy, used in everything from kitchen appliances and mobile phones to cars and weapons.The company’s semiconductor division reported 3.86 trillion won in operating profit, a 40 percent decrease from last quarter.Samsung said its performance had decreased due to “a reduced reversal of inventory valuation loss compared to the previous quarter, one-off expenses such as the provision of incentives, and currency effects due to a weak dollar”.Samsung’s third quarter results “were weak although the company has maintained a strong balance sheet,” Gloria Tsuen, Moody’s Ratings vice president and senior credit officer told AFP. “The key for its earnings in the next 12 to 18 months will be progress and growth in high value-added products for AI, including HBM3E and high-density server memory chip products,” she said.  – Rare apology -Samsung has been lagging behind South Korean giant SK hynix when it comes to high-bandwidth memory (HBM) chips used in AI chipsets, which experts have blamed for the lacklustre results.Earlier this month, Samsung management issued a rare apology, acknowledging the company was facing a “crisis”.”Due to results that fell short of market expectations, concerns have arisen about our fundamental technological competitiveness and the future of the company, said the statement, which was signed by Jun Young-hyun, vice chairman of the company’s device solutions division.”Our management will take the lead in overcoming the crisis… We will make the serious situation we are currently facing an opportunity for a resurgence.”The apology came about a week after the tech giant said it intended to reduce staff in some of its Asia operations, describing the move as “routine workforce adjustments”.Bloomberg reported the layoffs could affect about 10 percent of the workforce in those markets.Samsung shares have dropped by 33 percent since their peak in July, and the company has lost over $120 billion in market value during that time.The market capitalization gap between Samsung Electronics and SK hynix reached its narrowest level in 13 years last week.Samsung Electronics shares rose 0.17 percent on Thursday, outperforming the benchmark KOSPI index, which fell by 1.45 percent.- Robust AI demand -For the next quarter, Samsung expects current demand for the memory business to continue and aims to “strengthen its business fundamentals” by normalising inventory levels.”In the fourth quarter, while memory demand for mobile and PC may encounter softness, growth in AI will keep demand at robust levels,” it added.Experts said falling prices in the memory sector could affect Samsung. However, Samsung is expected to increase shipments of its most advanced chips next quarter, according to Avril Wu, senior research vice president at TrendForce. “The company’s fourth-quarter profits will be sustainable,” she said.But if Samsung does not get the certification of its high-capacity HBM3E chips in time, “it will pressure Samsung’s gross profit performance”, she added. 

Asian stocks were mostly down on Thursday following a weak lead from Wall Street, though better-than-expected manufacturing data from China provided a glimmer of good news for local markets.The three main US stock indices lost ground on Wednesday, and Asian investors appeared to be in a risk-averse mood ahead of a coin-toss US election and after a widely expected decision by the Bank of Japan to leave its main interest rate unchanged.Tokyo fell by half a percent, weighed down by a stronger yen and a drop in stocks linked to the semiconductor industry, which also dipped on Wall Street.The Bank of Japan said in an outlook report accompanying its rate announcement that there were “high uncertainties surrounding Japan’s economic activities and prices”.Its decision to stand pat came after an election that saw the ruling coalition lose its majority in the lower house for the first time since 2009.Businesses and economists worry that Prime Minister Shigeru Ishiba will offer tax cuts and higher spending, and go slow on reforms needed to improve Japan’s competitiveness as he courts support from other parties.There are also concerns that the government may pressure the BoJ to take a break from its gradual normalisation of its ultra-loose monetary policy, even if it leads to a weaker yen.The bank raised borrowing costs in March for the first time since 2007, and did so again in July.It signalled Thursday that it would raise rates yet again if inflation developed as it expected, and noted it was paying “due attention” to other economies, particularly the United States, where the presidential election takes place on November 5.Seoul was well down on Thursday, with Hong Kong, Sydney, Wellington, Mumbai and Manila in the red as well.Stephen Innes of SPI Asset Management attributed Asian markets’ wobble to pre-vote “jitters”, saying traders were “wary of taking on new risk as the US election countdown begins”.”The fear? A Trump win could trigger fresh tariffs on Asian exports, sending ripples across the region,” he wrote.Paris, London and Frankfurt also began the day with losses.Mainland Chinese markets, however, bucked the trend, with healthy gains in Shanghai and Shenzhen following a forecast-beating manufacturing report from China.Factory output expanded this month for the first time since April, official data showed Thursday, rare good news for leaders struggling to boost activity in the world’s second-largest economy.The country is battling sluggish domestic consumption, a persistent crisis in the property sector and soaring government debt — all of which threaten Beijing’s official growth target of five percent for this year.”The PMIs have overstated the weakness in China’s economy during the past year,” Julian Evans-Pritchard of Capital Economics said in a note.”The good news is that, after turning a corner in September, the official surveys point to a further improvement in October, with an acceleration in manufacturing and services activity more than offsetting a further slowdown in construction.”Jakarta and Bangkok were also up, while Taipei was closed due to a typhoon.Uncertainty over the outcome of the upcoming US elections, meanwhile, buoyed safe haven gold, which touched a fresh high just shy of $2,790 an ounce on Thursday. And oil prices continued their rebound in Asian trade, fuelled by good news on demand from the United States, as well as by press reports that OPEC countries are considering postponing an increase in crude supply.- Key figures around 0820 GMT -Tokyo – Nikkei 225: DOWN 0.5 percent at 39,081.25 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 20,317.33 (close)Shanghai – Composite: UP 0.4 percent at 3,279.82 (close)London – FTSE 100: DOWN 0.6 percent at 8,109.11Euro/dollar: DOWN at $1.0859 from $1.0861 on WednesdayPound/dollar: UP at $1.2988 from $1.2969Dollar/yen: DOWN at 152.05 yen from 153.35 yenEuro/pound: DOWN at 83.61 from 83.75 penceBrent North Sea Crude: UP 0.1 percent at $72.63 per barrelWest Texas Intermediate: UP 0.1 percent at $68.66 per barrelNew York – Dow: DOWN 0.2 percent at 42,141.54 points (close)

The Bank of Japan warned Thursday of “high uncertainties” following the ruling party’s worst election result in 15 years, as it kept interest rates unchanged.Prime Minister Shigeru Ishiba’s coalition lost its majority in Sunday’s snap vote, likely forcing him to head a minority government with support from other parties to pass legislation.Businesses and economists worry that as concessions to other parties, Ishiba, 67, will offer tax cuts and higher spending, and go slow on reforms needed to improve Japan’s competitiveness.There are also concerns that the government may pressure the BoJ to take a break from the gradual normalisation begun this year of its ultra-loose monetary policy, even if it leads to a weaker yen.Yuichiro Tamaki, head of the opposition Democratic Party for the People (DPP) — which Ishiba has been courting for support — on Tuesday urged the BoJ “to avoid making big policy changes now”.For a long time, the BoJ was an outlier among major central banks, sticking to its ultra-loose policy to spur inflation after the “lost decades” of stagnant or falling prices.The BoJ ditched negative rates in March, lifting borrowing costs for the first time since 2007 and then again in July — signalling more was to come.The BoJ on Thursday kept its main short-term policy rate at 0.25 percent, as widely expected, warning of “high uncertainties surrounding Japan’s economic activity and prices”.The bank also said it was paying “due attention” to other economies, particularly the United States ahead of presidential elections on November 5.The BoJ again signalled that it would raise borrowing costs if inflation develops as it expects, saying the Japanese economy “is likely to keep growing at a pace above its potential growth rate”.The central bank said it expected inflation of 2.5 percent for the current fiscal year to March 2025 before moderating to 2.0 percent in the following two years.- Outlier -Before becoming leader of the Liberal Democratic Party (LDP) in September, Ishiba openly backed the BoJ continuing to normalise its policy.But after the yen surged and stocks tumbled once he took office he rowed back, saying he did not believe Japan was “in the environment for further rate hikes”.The head of the LDP’s junior coalition partner Komeito, meanwhile, announced his resignation from the post on Thursday after his party lost eight seats in the election, including his own.The election left Komeito and the LDP, which has governed Japan almost non-stop since 1955, with a combined 215 seats, 18 short of a majority in the 465-lawmaker lower house.The centrist DPP, which won 28 seats, officially told the LDP on Thursday it would not join a coalition, but agreed to “cooperate on a case-by-case basis”.A special legislative session will convene on November 11 for a vote to name the next prime minister, with Ishiba lacking enough support to maintain his position in the first round.Whoever wins the most votes in a second round will become premier, even without a majority.The DPP said it will symbolically back its leader Yuichiro Tamaki, effectively blocking the main opposition leader Yoshihiko Noda from gathering enough support for his own bid.Former premier Noda is head of the Constitutional Democratic Party (CDP), which reinforced its position as the second-biggest with 148 seats, up from 96 at the last election.”As far as the vote for the premiership, we communicated (to the LDP) that for the first and second rounds, we will vote Yuichiro Tamaki,” DPP secretary general Kazuya Shimba said after meeting with LDP executives.Stefan Angrick, an economist at Moody’s Analytics, said that “abrupt policy shifts” were possible and that the longevity of Ishiba’s government was in doubt.”With the yen weakening, we expect another rate hike before the end of the year,” Angrick said.”Although some members of the LDP and opposition currently oppose rate hikes, we expect those voices to fade if the yen tumbles further.”

China’s manufacturing output expanded this month for the first time since April, official data showed Thursday, rare good news for leaders struggling to boost activity in the world’s second-largest economy.The country is battling sluggish domestic consumption, a persistent crisis in the property sector and soaring government debt — all of which threaten Beijing’s official growth target for this year.In October, China’s Purchasing Managers’ Index (PMI) — a key measure of industrial output — was 50.1, the National Bureau of Statistics (NBS) announced, up from 49.8 in September.A figure above 50 indicates an expansion in manufacturing activity, while a reading below that indicates a contraction.The key indicator had slid for six months, with the last positive PMI recorded in April, when it stood at 50.4.The October data also outperformed a forecast of 49.9 by analysts surveyed by Bloomberg.The NBS said Thursday’s data release showed the “business climate of the manufacturing industry has rebounded”.”The 50.1 level is the smallest possible expansion for the PMI but nonetheless bucks expectations for continued contraction,” wrote Lynn Song, chief economist for Greater China at ING.The latest data “is a positive sign that the small bounce back of industrial production that we saw in September could continue,” Song added.Beijing has in recent weeks unveiled a slew of measures to funnel cash into the economy, including several key rate cuts and looser restrictions on home-buying.Zhang Zhiwei, president and chief economist of Pinpoint Asset Management, said in a note Thursday that he expected “economic momentum to improve moderately… as monetary and fiscal policies loosened”.But many investors say they are still waiting to see official confirmation of a major fiscal stimulus plan, expected to come at a meeting of top officials next week.- ‘Further improvement’ -The standing committee of the National People’s Congress — China’s rubber-stamp parliament — will gather in Beijing from November 4 to 8 for deliberations that state media say will involve economic planning.”The PMIs have overstated the weakness in China’s economy during the past year,” wrote Julian Evans-Pritchard of Capital Economics in a note.”Official surveys point to a further improvement in October, with an acceleration in manufacturing and services more than offsetting a further slowdown in construction,” he added.Beijing is targeting annual growth this year of around five percent — a goal that officials have recently insisted is within reach.The International Monetary Fund revised its forecast for China’s growth this year down slightly to 4.8 percent in a report published last week.Zhang, of Pinpoint Asset Management, wrote that he thought Beijing’s growth goal has been “transmitted into actions”, adding that he expects “more hints” on China’s upcoming economic policy after next week’s election in the United States.

Asian stocks got off to an uneven start on Thursday following a weak lead from Wall Street, though better-than-expected manufacturing data from China provided a glimmer of good news for Beijing.Investors appeared to be in a wait-and-see mood ahead of a coin-toss US election, and after a widely expected decision by the Bank of Japan to leave its main interest rate unchanged.The three main US stock indices lost ground on Wednesday, while major European markets closed sharply lower as well.Tokyo followed that lead on Thursday, dragged down around one percent by a drop in stocks linked to the semiconductor industry, which also saw a dip on Wall Street.The Bank of Japan said in an outlook report accompanying its rate decision that there were “high uncertainties surrounding Japan’s economic activities and prices”.Its decision to stand pat came after an election that saw the ruling coalition lose its majority in the lower house for the first time since 2009.Businesses and economists worry that Prime Minister Shigeru Ishiba will offer tax cuts and higher spending, and go slow on reforms needed to improve Japan’s competitiveness as he seeks to court support from other parties.There are also concerns that the government may pressure the BoJ to take a break from its gradual normalisation of its ultra-loose monetary policy, even if it leads to a weaker yen.The bank raised borrowing costs in March for the first time since 2007, and did so again in July.It signalled Thursday that it would raise rates yet again if inflation developed as it expected, and noted it was paying “due attention” to other economies, particularly the United States, where presidential elections take place on November 5.Seoul was well down on Thursday, with Sydney, Wellington and Manila in the red as well.”Asian equities are inheriting a wobbly baton today as earnings from US tech giants failed to deliver the expected boost,” said Stephen Innes of SPI Asset Management. “Wednesday’s session was a clear nod to pre-election de-risking.” Shanghai and Hong Kong, however, saw gains following a forecast-beating manufacturing report from China.Factory output expanded this month for the first time since April, official data showed Thursday, rare good news for leaders struggling to boost activity in the world’s second-largest economy.The country is battling sluggish domestic consumption, a persistent crisis in the property sector and soaring government debt — all of which threaten Beijing’s official growth target of five percent for this year.”The PMIs have overstated the weakness in China’s economy during the past year,” Julian Evans-Pritchard of Capital Economics said in a note.”The good news is that, after turning a corner in September, the official surveys point to a further improvement in October, with an acceleration in manufacturing and services activity more than offsetting a further slowdown in construction.”Jakarta and Bangkok were also up, while Taipei was closed due to a typhoon.Uncertainty over the outcome of the upcoming US elections, meanwhile, drove safe haven gold to a fresh high just shy of $2,790 an ounce on Thursday. And oil prices continued their rebound in Asian trade, fuelled by good news on demand from the United States, as well as by press reports that OPEC countries are considering postponing an increase in crude supply.- Key figures around 0500 GMT -Tokyo – Nikkei 225: DOWN 1 percent at 38,875.01Hong Kong – Hang Seng Index: UP 0.5 percent at 20,476.42Shanghai – Composite: UP 0.4 percent at 3,278.04Euro/dollar: DOWN at $1.0849 from $1.0861 on WednesdayPound/dollar: DOWN at $1.2951 from $1.2969Dollar/yen: DOWN at 152.90 yen from 153.35 yenEuro/pound: UP at 83.77 from 83.75 penceBrent North Sea Crude: UP 0.7 percent at $73.02 per barrelWest Texas Intermediate: UP 0.6 percent at $69.03 per barrelNew York – Dow: DOWN 0.2 percent at 42,141.54 points (close)London – FTSE 100: DOWN 0.7 percent at 8,159.63 (close)

The Bank of Japan kept its main interest rate unchanged on Thursday, as widely expected, warning of “high uncertainties surrounding Japan’s economic activity and prices”.The decision comes amid market uncertainty ahead of US presidential elections on November 5 and following Japanese polls on Sunday that was the worst outcome for the ruling party since 2009.The BoJ, which hiked interest rates in March for the first time in 17 years, said on Thursday it will maintain the key lending cost at 0.25 percent.In an outlook report, the bank said there “high uncertainties surrounding Japan’s economic activities and prices”. “Japan’s economy is likely to keep growing at a pace above its potential growth rate, with overseas economies continuing to grow moderately and as virtuous cycle from income to spending gradually intensifies against the background of factors such as accommodative financial conditions,” it said.The BoJ said it expected inflation of 2.5 percent for the current fiscal year to March 2025 before moderating to 2.0 percent in the following two years.The Japanese vote on Sunday saw the ruling coalition of Prime Minister Shigeru Ishiba lose its majority in the lower house for the first time since 2009.This will likely force Ishiba into a minority government that would need support from other parties to pass legislation.Businesses and economists worry that as concessions to other parties, Ishiba, 67, will offer tax cuts and higher spending, and go slow on reforms needed to improve Japan’s competitiveness.The BoJ was for a long time an outlier among major central banks, sticking to an ultra-loose monetary policy in an attempt to see demand-driven inflation of two percent fuelled by wage increases.The BoJ raised borrowing costs in March for the first time since 2007 and again in July, signalling that more were on the cards.Before being appointed leader of the Liberal Democratic Party, Ishiba openly backed this continuing. But after the yen surged and stocks tumbled following his appointment he rowed back.Many in the opposition though want a pause in order to avoid higher interest rates for consumers and businesses, even if this means a weaker yen and with it higher import prices.Higher interest rates will also make servicing Japan’s colossal debt pile — which accounts for around 250 percent of gross domestic product (GDP) — more expensive.The US Federal Reserve kicked off its rate-cutting cycle in September with a large cut of half a percentage-point, noting the progress made in bringing inflation down toward its long-run target of two percent. But the data published in the three weeks since the rate decision was announced have been “uneven,” Fed governor Christopher Waller said in mid-October.

Stock markets largely fell Wednesday as investors digested a mixed bag of economic data and corporate reports, while bitcoin traded close to its record high ahead of the US presidential election.The three main US stock indices lost ground while major European markets closed sharply lower as well.Google-parent Alphabet was up almost three percent in New York after reporting positive results Tuesday, but that was outweighed by disappointing results and guidance from tech company AMD, down more than 10 percent, and drugmaker Eli Lilly, down more than six percent.  Microsoft shares gained 0.4 percent and Facebook-parent Meta lost 1.2 percent in after-hours trading, following earnings report after the closing bell.On the economic front, the US economy grew at a healthy 2.8 percent annual rate in the third quarter, even if it undershot analyst expectations and slowed slightly from the previous three months.”While the initial Q3 GDP report missed economists’ expectations, the miss was minor and reaffirms that the US economy remains on solid footing,” according to eToro analyst Bret Kenwell. On Thursday, the Federal Reserve’s favored inflation measure will be released, while the monthly labor market report comes Friday.In the eurozone, Paris and Frankfurt closed down more than one percent. “Investors are in no mood to increase their exposure to equity markets, given the lack of a clear lead from the US where consolidation seems to be the order of the day,” said David Morrison, analyst at Trade Nation.The eurozone economy grew a better-than-expected 0.4 percent in the third quarter, the bloc reported Wednesday. But the spurt was largely due to one-off factors such as the Olympics, and next quarter’s report may not be so rosy, said Fawad Razaqzada, analyst at City Index. “Recent forward-looking surveys have been far from great, suggesting that the eurozone economy remained sluggish at the start of Q4,” he said. Outside the eurozone, London’s stock market dropped, though less than Paris and Frankfurt, as the UK’s new Labour government said it would raise taxes by 40 billion pounds and that the deficit will shrink next year.UBS shares slumped more than four percent after the Swiss bank highlighted a gloomy economic outlook despite making healthy profits in the third quarter.Asia’s top indices closed mostly down, while in foreign exchange the dollar was mixed against main rivals.Bitcoin steadied, a day after striking just shy of its all-time peak of $73,797.98 achieved in March.A recent surge in the price of bitcoin is seen as a bet on a Republican victory in next week’s US vote, as Donald Trump has emerged as the pro-crypto candidate.The outcome at the polls remains uncertain for many analysts, however, helping haven investment gold to a fresh record high of $2,789.86 an ounce Wednesday. The economic programmes of both candidates are expected to add greatly to the US debt load.Oil prices rebounded after a surprise decline in US petroleum reserves, even though concerns persist about whether there will be enough takers for an expected increase in global crude production next year.”It seems as if oil prices are ignoring improving economic data in the US and stimulus efforts from China to revive its struggling economy,” said Daniela Sabin Hathorn, senior market analyst at Capital.com.- Key figures around  2035 GMT -New York – Dow: DOWN 0.2 percent at 42,141.54 points (close)New York – S&P 500: DOWN 0.3 percent at 5,813.67 (close) New York – Nasdaq Composite: DOWN 0.6 percent at 18,607.93 (close) London – FTSE 100: DOWN 0.7 percent at 8,159.63 (close)Paris – CAC 40: DOWN 1.1 percent at 7,428.36 (close)Frankfurt – DAX: DOWN 1.1 at 19,257.34 (close)Tokyo – Nikkei 225: UP 1.0 percent at 39,277.39 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 20,380.64 (close)Shanghai – Composite: DOWN 0.6 percent at 3,266.24 (close)Euro/dollar: UP at $1.0861 from $1.0816 on TuesdayPound/dollar: DOWN at $1.0861 from $1.3010Dollar/yen: DOWN at 153.35 yen from 153.57 yenEuro/pound: UP at 83.75 pence from 83.13 penceBrent North Sea Crude: UP 2.0 percent at $72.55 per barrelWest Texas Intermediate: UP 2.1 percent at $68.61 per barrel

Stock markets diverged Wednesday as they digested a mixed bag of economic data and corporate reports, while bitcoin traded close to its record high with eyes on the upcoming US presidential election.The three main US stock indexes vacillated throughout the morning, but were all slightly higher in midday trading. Major European markets all closed sharply lower. Google-parent Alphabet was up almost six percent in New York after reporting positive results after Tuesday’s close, but that was outweighed by disappointing results and guidance from tech company AMD, down more than nine percent, and drugmaker Eli Lilly, down more than seven percent.  Microsoft and Facebook-parent Meta report later Wednesday. On the economic front, the US economy grew at a healthy 2.8 percent annual rate in the third quarter, even if it undershot analyst expectations and slowed slightly from the previous quarter.  “While the initial Q3 GDP report missed economists’ expectations, the miss was minor and reaffirms that the US economy remains on solid footing,” according to eToro analyst Bret Kenwell. On Thursday, the Federal Reserve’s favourite inflation measure will be released, while the monthly labour jobs report comes Friday.In the eurozone, Paris and Frankfurt closed down more than one percent. “Investors are in no mood to increase their exposure to equity markets, given the lack of a clear lead from the US where consolidation seems to be the order of the day,” said David Morrison, analyst at Trade Nation.The eurozone economy grew a better-than-expected 0.4 percent in the third quarter, the bloc reported Wednesday. But the spurt was largely due to one-off factors such as the Olympics, and next quarter’s report may not be so rosy, said Fawad Razaqzada, analyst at City Index. “Recent forward-looking surveys have been far from great, suggesting that the eurozone economy remained sluggish at the start of Q4,” he said. Outside the eurozone, London’s stock market dropped, though less than Paris and Frankfurt, as the UK’s new Labour government said it would raise taxes by 40 billion pounds and that the deficit will shrink next year.UBS shares slumped more than 4 percent after the Swiss bank highlighted a gloomy economic outlook despite making healthy profits in the third quarter.Asia’s top indices closed mostly down, while in foreign exchange the dollar was mixed against main rivals.Bitcoin steadied, a day after striking just shy of its all-time peak of $73,797.98 achieved in March.A recent surge in the price of bitcoin is seen as a bet on a Republican victory in next week’s US vote, as Donald Trump has emerged as the pro-crypto candidate.The outcome at the polls remains uncertain for many analysts, however, helping haven investment gold to a fresh record high of $2,789.86 an ounce Wednesday. The economic programmes of both candidates are expected to add greatly to the US debt load.Oil prices rebounded after a surprise decline in US petroleum reserves, even though concerns persist about whether there will be enough takers for an expected increase in global crude production next year.”It seems as if oil prices are ignoring improving economic data in the US and stimulus efforts from China to revive its struggling economy,” said Daniela Sabin Hathorn, senior market analyst at Capital.com.- Key figures around  1640 GMT -New York – Dow: UP 0.3 percent at 42,387.77 pointsNew York – S&P 500: UP 0.2 percent at 5,842.54 New York – Nasdaq Composite: UP 0.1 percent at 18,734.64 London – FTSE 100: DOWN 0.7 percent at 8,159.63 (close)Paris – CAC 40: DOWN 1.1 percent at 7,428.36 (close)Frankfurt – DAX: DOWN 1.1 at 19,257.34 (close)Tokyo – Nikkei 225: UP 1.0 percent at 39,277.39 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 20,380.64 (close)Shanghai – Composite: DOWN 0.6 percent at 3,266.24 (close)Euro/dollar: UP at $1.0863 from $1.0816 on TuesdayPound/dollar: DOWN at $1.3006 from $1.3010Dollar/yen: DOWN at 153.08 yen from 153.57 yenEuro/pound: UP at 83.53 pence from 83.13 penceBrent North Sea Crude: UP 2.3 percent at $72.77 per barrelWest Texas Intermediate: UP 2.5 percent at $68.90 per barrel