Premarket: Global stocks wobble as disappointing earnings compound interest-rate headache

Stocks wobbled on Wednesday after the latest round of earnings prompted concern among investors over the economic outlook, as even Google parent Alphabet disappointed, adding to the angst over painfully high

In a heavy day for bank earnings, Deutsche Bank was an outlier, with a 7% rise in its shares in an otherwise weak financial sector. Mega cap tech companies have been a huge success story for equity investors in 2023. Yet shares in Alphabet fell 6.9% in pre-market trading after reporting another slowdown in its cloud business, while Microsoft shares rose more than 3%. Nasdaq 100 futures fell 0.5%, while S&P e-mini futures dropped 0.3%.

China’s top parliament approved a 1 trillion yuan bond issue, state media reported, adding the funds would be spent rebuilding disaster zones and improving infrastructure.

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