Dubai Telegraph - Global stocks slide on US election, tech worries

Data showing the US Federal Reserve's preferred inflation measure cooled further last month and now sits just above its long-term target -- a positive sign for future interest-rate cuts -- failed to boost sentiment.

Microsoft and Facebook-parent Meta reported expectations-beating results Wednesday following the closing bell, but saw their share prices fall.

"Both Microsoft and Meta topped earnings expectations, yet the stocks are being victimized by high expectations, valuation angst, and festering concerns about the timing and scope of returns on their massive AI investment activity," said Briefing.com analyst Patrick O'Hare.

Microsoft shares fell five percent after the opening bell. Meta shares slid 1.6 percent.

"The response to their reports has tempered investor enthusiasm for the reports from Apple and Amazon.com after today's close," he added.

Wall Street's three main indices slid at the start of trading, with O'Hare also pointing to an increase in US government bond yields as also weighing upon equities.

Stephen Innes of SPI Asset Management said traders were "wary of taking on new risk as the US election countdown begins".

Uncertainty over the outcome of the upcoming US elections, meanwhile, buoyed safe haven gold, which touched a fresh high of $2,790.10 an ounce on Thursday.

In Europe, both Frankfurt and Paris were lower after official data showed the eurozone's annual inflation rebounded more than expected in October due to rising food costs.

Shares in French bank Societe Generale jumped over 10 percent after it reported better-than-expected results.

Meanwhile its rival BNP Paribas saw its shares slump over four percent after results fell short of expectations.

London shed 0.8 percent after the new centre-left government unveiled major tax hikes, mainly targeted at businesses, in its maiden budget.

"This was one of the largest increases in tax, spending and borrowing in the UK’s budget history", said Kathleen Brooks, research director at traders XTB.

"For a government that planned to boost growth, they have fallen spectacularly at the first hurdle," she added.

Tokyo fell by half a percent, weighed down by a stronger yen and a drop in stocks linked to the semiconductor industry, which also dipped on Wall Street.

The Bank of Japan decided to leave its main interest rate unchanged, saying in an outlook report that there were "high uncertainties surrounding Japan's economic activities and prices".

Mainland Chinese markets, however, made healthy gains following a forecast-beating manufacturing report -- in a piece of rare good news for leaders struggling to boost activity in the world's second-largest economy.

Oil prices continued their rebound, fuelled by good news on demand from the United States, as well as by press reports that OPEC countries are considering postponing an increase in crude supply.

- Key figures around 1330 GMT -

New York - Dow: DOWN 0.8 percent at 41,938.08 points

New York - S&P 500: DOWN 0.8 percent at 5,768.215

New York - Nasdaq Composite: DOWN 1.8 percent at 18263.77

London - FTSE 100: DOWN 0.8 percent at 8,092.36

Paris - CAC 40: DOWN 0.7 percent at 7,376.98

Frankfurt - DAX: DOWN 0.5 percent at 19,171.51

Tokyo - Nikkei 225: DOWN 0.5 percent at 39,081.25 (close)

Hong Kong - Hang Seng Index: DOWN 0.3 percent at 20,317.33 (close)

Shanghai - Composite: UP 0.4 percent at 3,279.82 (close)

Euro/dollar: UP at $1.0883 from $1.0861 on Wednesday

Pound/dollar: UP at $1.2989 from $1.2969

Dollar/yen: DOWN at 152.69 yen from 153.35 yen

Euro/pound: UP at 83.80 from 83.75 pence

Brent North Sea Crude: UP 1.2 percent at $72.99 per barrel

West Texas Intermediate: UP 1.3 percent at $69.47 per barrel

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A.El-Sewedy--DT