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Premarket: Stocks fall on feeble earnings reports, yen at seven-week high

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The dour mood looked set to continue in the United States, where Wall Street futures pointed lower

Stocks sagged worldwide on Wednesday as earnings from Tesla, Alphabet as well as European luxury brands disappointed, while the yen surged to a seven-week high ahead of a central bank meeting next week.

MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.4 per cent, while Japan’s Nikkei fell 1 per cent. Shares of Google-parent Alphabet slipped in after-hours trade even as the firm beat revenue and profit targets. U.S. GDP data on Thursday and personal consumption expenditure data - the Fed’s favored measure of inflation - on Friday could help investors calibrate their expectations of when interest rates might be cut.

“The U.S. consumer has remained extremely strong ... but you’re starting to see a degree of fragility underlying some of the data,” said Luke Browne, head of asset allocation for Asia at Manulife Investment Management. Traders suspect Tokyo intervened in the currency market in early July to yank the yen higher, with estimates from BOJ data indicating authorities may have spent roughly 6 trillion yen .

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