Global stocks decline after weak Wall Street lead [Video]

European and Asian stocks were mostly down Thursday following a weak lead from Wall Street, as investors digested mixed company earnings and remained risk-adverse ahead of a coin-toss US election.

Investors will also be eyeing US personal consumption expenditures data — the Federal Reserve’s prefered inflation measure — released later in the day for signals about the pace of future interest-rate cuts.

The three main US stock indices lost ground on Wednesday, with shares in Microsoft and Facebook-parent Meta dropping in after-hours trading.

Despite both tech giants delivering upbeat results, investors “baulked at the expectation of increased AI spending”, said Joshua Mahony, chief market analyst at Scope Markets.

Analyst said that tech losses, including losses for the semiconductor industry, also led declines in European indices.

Frankfurt retreated 0.5 percent and Paris lost 0.9, as official data showed the eurozone’s annual inflation rebounded more than expected in October due to rising …