Euro slips as investors await ECB decision and assess US tech earnings
Alphabet shares dropped about 10 per cent after hours, while Microsoft gained nearly 3 per cent following contrasting earnings results.
The euro weakened to US$1.1146 from US$1.1154 on 29 October as investors awaited the outcome of the European Central Bank’s meeting. Markets were also assessing contrasting earnings results from major US technology companies.
Alphabet, Google’s parent company, lost about 10 per cent in after-hours trading after quarterly revenue fell short of investor expectations. The results raised questions about whether sales could support its large investments in artificial intelligence. Microsoft moved in the opposite direction, gaining nearly 3 per cent after earnings exceeded expectations.
The preceding Wall Street session ended with modest gains. The S&P 500 and Nasdaq Composite each advanced 0.3 per cent, while the Dow Jones Industrial Average rose 0.2 per cent.
Oil prices also declined. Brent traded at US$110.32 per barrel, a fall of 1.2 per cent, while benchmark US crude dropped 1.3 per cent to US$101.46 per barrel.
The Federal Reserve left interest rates unchanged at its latest meeting, although two officials favoured an increase. Analysts said a December rise was likely because inflation remained too high. The Bank of Japan was expected to keep policy unchanged at the conclusion of its meeting.
