Stocks flop on feeble earnings reports, oil in the doldrums

LONDON, July 24 - Stocks sagged worldwide on Wednesday as earnings from Tesla, Alphabet and European luxury brands disappointed, while oil prices traded near-six week lows as summer demand failed to surge.

MSCI's broadest index of Asia-Pacific shares outside Japan , lost 0.32%, while Japan's Nikkei , fell 1%. Shares of Google-parent Alphabet , slipped in after-hours trade even as the firm beat revenue and profit targets. Brent crude futures for September rose 84 cents, or 1%, to $81.83 a barrel by 1147 GMT. U.S. West Texas Intermediate crude for September increased 93 cents, or 1.21%, to $77.89 per barrel.

A growing majority of economists in a Reuters poll said the Fed would likely cut rates twice this year, in September and December, as resilient U.S. consumer demand warrants a cautious approach despite easing inflation. 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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