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

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 .

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Premarket: U.S. futures dip as Micron drags down chip stocks ahead of economic dataEuropean stocks steady ahead of inflation data, yen near 38-year low
Source: globeandmail - 🏆 5. / 92 Read more »

Premarket: Global stocks mixed after Nvidia tumbles again as AI mania coolsU.S. futures muted ahead of Tuesday trading
Source: globeandmail - 🏆 5. / 92 Read more »

Premarket: Stocks firm, bitcoin loses some oomph as Biden steps downInvestors prepare for a packed week of corporate earnings
Source: globebusiness - 🏆 31. / 66 Read more »

Premarket: European stocks slip, global IT outage causes chaosUncertainty across major economies added to headwinds for investors
Source: globeandmail - 🏆 5. / 92 Read more »

Premarket: World stocks slip on report U.S. might tighten technology curbs on ChinaEuropean stocks were trading lower while Wall Street futures were in negative territory
Source: globeandmail - 🏆 5. / 92 Read more »

Premarket: Stocks shift focus to earnings, FX markets on Japan intervention watchU.S. earnings kick off with big banks JPMorgan Chase, Wells Fargo and Citigroup
Source: globeandmail - 🏆 5. / 92 Read more »