European and Asian stock markets traded mixed Wednesday and oil prices retreated as investors focused on company earnings and the outlook for the US and Chinese economies. Wall Street steadied Tuesday following its recent record-breaking run higher. "There are some big US earnings releases later today, including Boeing and Tesla, who will report earnings once the US market closes," noted Kathleen Brooks, research director at trading group XTB.
"These will be watched closely to see if any positive earnings surprises can boost the US blue chip stock market back to its winning ways." Away from company results, shares in Tokyo Metro rocketed 45 percent in Japan's biggest initial public offering for six years. Gold struck yet another record high with the precious metal profiting from its haven status as markets struggle to nail down a winner in the upcoming US presidential election and owing to fears of an escalating crisis in the Middle East.
Crude futures slid more than one percent having shot higher Tuesday on an indicator pointing to increased demand in China which is taking measures to stimulate its flagging economy, the world's second biggest after the United States. With the US economy in rude health, bets on another bumper cut to interest rates at the Federal Reserve's next meeting have dwindled, supporting the dollar and especially against the yen on Wednesday. It comes as markets eye a possible Donald Trump victory in next month's presidential polls.
"Investors are navig.