UK and European stocks were lower as investors monitored earnings and a sharp fall in oil prices.
The U.S. dollar was perched near it highest in more than two months against major currencies, spurred by wagers the Federal Reserve will proceed with modest rate cuts in the near term.
Oil prices slid as OPEC lowered its outlook for global oil demand growth in 2024 and 2025 and a media report that Israel is willing to strike Iranian military and not nuclear or oil targets.
Gold prices held steady as the U.S. dollar remained near two-month highs, with markets caught between profit-taking and prospects for further rate cuts by the Federal Reserve.
Shares in ASML dropped sharply after it unexpectedly published its financial results a day early, warning of a slower-than-expected recovery in the semiconductor market.
ASML’s third-quarter results appear to have briefly been published on its website late on Tuesday afternoon before the post was deleted. The post was then republished.
“While there continue to be strong developments and upside potential in AI, other market segments are taking longer to recover,” said chief executive Christophe Fouquet in the earnings statement. “It now appears the recovery is more gradual than previously expected. This is expected to continue in 2025, which is leading to customer cautiousness.”
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