Global stocks rise despite lacklustre result, pound up as EU delays Brexit


by   |  VIEW 124
Global stocks rise despite lacklustre result, pound up as EU delays Brexit

On Wednesday, the 23rd of October 2019, a gauge of global stock indices climbed higher as investors seemed to have brushed aside concerns related to a raft of earnings’ disappointments, while the Pound Sterling edged up after EU leaders had delayed a decision on whether Britain should be granted a three-month extension to October 31st Brexit deadline.

In the Wall St. shares of Boeing Co. alongside Caterpillar Inc. added 1 per cent each despite earnings’ estimate miss, while referring to a mixed bag of earnings’ reports, a chief market economist at Spartan Capital Securities in New York, Peter Cardillo said on Wednesday’s (October 23rd) Wall St.

closure, “It’s all about earnings at this time, and today we had mixed earnings reports. But the market still ended higher because, for the most part, investors were already braced for that. ” Besides, sterling winded down the day 0.33 per cent higher to $1.2915 against its American counterpart after the members of EU Commission had delayed a decision on whether to grant Britain a Brexit deadline extension of three months, while UK PM Johnson was quoted saying that he would call for an election, if the deadline was extended to the end of January.

Quoting statistics, on Wednesday’s (October 23rd) market wrap-up, MSCI’s gauge of global index that keeps track of stock exchanges of 49 countries, added 0.13 per cent, while the regional pan-European STOXX 600 rose 0.11 per cent.

Meanwhile, in the Wall St., on Wednesday’s (October 23rd) market wind down, Dow gained 0.17 per cent to 26,833.95, S&P 500 rose 0.28 per cent to 3,004.52, while Nasdaq added 0.19 per cent to 8,119.79.