Stocks droop as Big Tech gloom offsets upbeat economy

LONDON, Oct 31 - Global shares fell on Thursday, after Facebook owner Meta Platforms , opens new tab and Microsoft , opens new tab both warned of rising costs for artificial intelligence, while evidence of strong U.S. economic growth continued to underpin the dollar.

Investors were also treading warily ahead of U.S. non-farm payrolls data on Friday, the presidential election next Tuesday and a Federal Reserve policy decision on Thursday.Data on Wednesday showed the U.S economy grew by an annualised 2.8% in the third quarter, topping the 2% mark for the eighth quarter out of the last nine, according Pepperstone strategist Michael Brown.

"There are so many excuses for not increasing your exposure to the market right now and the tech earnings have put the cherry on the top," he said. Meanwhile, in the final stretch of the U.S. presidential election contest, opinion polls still put Republican Donald Trump and Democrat Kamala Harris neck-and-neck, although financial markets and some betting platforms have been leaning towards a Trump victory.

"It supports our forecast for the BoJ to raise rates sooner than current market expectations, although we have pushed back the timing of our forecast for the next rate hike from December to January in light of recent political instability in Japan," MUFG currency strategist Lee Hardman said.

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