Sterling edges up as EU considers Brexit request; stocks flat

By Caroline Valetkevitch NEW YORK (Reuters) - World stock indexes were flat to lower on Wednesday with a disappointing forecast from Texas Instruments dragging down chipmaker shares, while the British pound inched up as European Union leaders consider London's request for a Brexit delay. An index of semiconductor shares was down more than 2%. Apple shares rose after Morgan Stanley said the iPhone maker's soon-to-be-launched video streaming service could boost its services revenue.

Reuters October 24, 2019 01:08:14 IST
Sterling edges up as EU considers Brexit request; stocks flat

Sterling edges up as EU considers Brexit request stocks flat

By Caroline Valetkevitch

NEW YORK (Reuters) - World stock indexes were flat to lower on Wednesday with a disappointing forecast from Texas Instruments dragging down chipmaker shares, while the British pound inched up as European Union leaders consider London's request for a Brexit delay.

An index of semiconductor shares <.SOX> was down more than 2%. Apple shares rose after Morgan Stanley said the iPhone maker's soon-to-be-launched video streaming service could boost its services revenue.

Sterling inched higher, with European Union leaders expected to grant a three-month extension to the Oct. 31 deadline for Britain's departure.

"While weaker, the bottom hasn't fallen out of the pound given that a no-deal Brexit has seemingly been taken off the table," said Joe Manimbo, senior market analyst at Western Union Business Solutions.

The pound was yanked down to $1.2850 from $1.30 after UK lawmakers put the brakes on the government's Brexit plans again on Tuesday.

Sterling was last trading at $1.2898, up 0.20% on the day.

The Dow Jones Industrial Average <.DJI> fell 25.65 points, or 0.1%, to 26,762.45, the S&P 500 <.SPX> lost 0.16 points, or 0.01%, to 2,995.83 and the Nasdaq Composite <.IXIC> dropped 8.45 points, or 0.1%, to 8,095.85.

The pan-European STOXX 600 index <.STOXX> rose 0.11% and MSCI's gauge of stocks across the globe <.MIWD00000PUS> shed 0.01%.

In commodity markets, oil jumped after government data showed a surprise draw in U.S. crude stocks.

U.S. crude climbed 2.7% to settle at $55.97, while Brent rose 2.5% to $61.17.

Benchmark 10-year notes last rose 3/32 in price to yield 1.7555%, from 1.766% late on Tuesday.

For a graphic on World foreign exchange rates:

http://fingfx.thomsonreuters.com/gfx/rngs/GLOBAL-CURRENCIES-PERFORMANCE/0100301V041/index.html

For a graphic on Emerging markets in 2019:

http://fingfx.thomsonreuters.com/gfx/rngs/WORLD-ECONOMY/0100315T2M2/index.html

(Additional reporting by Kate Duguid in New York, Marc Jones in London and Shreyashi Sanyal and Arjun Panchadar in Bengaluru, editing by Larry King, Bernadette Baum and David Gregorio)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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