Business

World stocks score longest winning run of 2018 ahead of Fed


NEW YORK (Reuters) - World equity markets edged lower on Thursday, with U.S. stocks opening on the defensive while the U.S. dollar strengthened ahead of a monetary policy announcement by the Federal Reserve.


A spate of weak earnings also gave investors reason for pause, with Qualcomm ( QCOM.O ) one of the biggest drags on the benchmark S&P 500 index, down nearly 7 percent as the loss of chip sales to Apple ( AAPL.O ) caused the company to cut its fourth-quarter outlook.


“There is some uncertainty about what Democrats are going to mean to the White House, whether that is going to have any impact on the deregulation that has occurred, taxes.”


MSCI’s gauge of stocks across the globe .MIWD00000PUS dipped 0.03 percent European shares were poised to close modestly higher , led by banking shares .SX7P following results from names such as SocGen ( SOGN.PA ) and Commerzbank ( CBKG.DE ).


The dollar advanced ahead of the Fed policy statement, scheduled for 2 p.m. EST (1900 GMT), but there is little in recent economic data to alter plans for an interest rate increase in December and more to come next year.


Oil neared three-month lows, surrendering early gains as investors focused on global crude supply, which is increasing more quickly than many had expected.






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