Investing.com-- Gold prices fell slightly in Asian trade on Friday, remaining in sight of record highs hit earlier this week as anticipation of a tight U.S. presidential election kept traders biased towards safe havens.

While the yellow metal did notch new highs, it struggled to hold its peaks amid pressure from a stronger dollar and higher Treasury yields. Still, gold was set for mild weekly gains in its third consecutive week of gains. 

Safe haven demand was also boosted by persistent concerns over worsening geopolitical conditions in the Middle East.  

Spot gold fell 0.4% to $2,724.55 an ounce, while gold futures expiring in December fell 0.4% to $2,737.05 an ounce by 00:30 ET (04:30 GMT). Spot gold was set to rise about 0.2% this week after hitting a record high of $2,758.53 an ounce. 

Election, M.East jitters keep gold underpinned. 

Safe haven demand for gold was buoyed by uncertainty over the U.S. election, with less than two weeks left to the ballot.

Republican nominee Donald Trump was seen gaining an edge over Vice President Kamala Harris, according to recent polls and prediction markets. 

But with the race still too tight to call, markets remained largely risk-averse, fueling demand for gold.

Increased tensions in the Middle East also dented risk appetite, after Israel presented a harsh rhetoric against Iran this week. Markets are awaiting a retaliatory strike by Israel against Tehran over an early-October attack.

A particular point of concern is that Israel will attack Iran’s oil and nuclear facilities, which could mark a dire escalation in the conflict. 

The conflict between Israel and Hamas and Hezbollah also showed little signs of de escalation, despite persistent U.S. attempts to broker peace. 

Other precious metals fell on Friday. Platinum futures sank 1.5% to $1,022.95 an ounce and were trading flat for the week, while silver futures fell 0.5% to $33.635 an ounce, but were up 1.2% this week. 

Copper falls, set for fourth week of losses 

Among industrial metals, copper prices fell on Friday and were headed for a fourth week in red as pressure from the dollar and doubts over Chinese stimulus measures pressured the red metal.

Benchmark copper futures on the London Metal Exchange fell 0.3% to $9,535.50 a ton, while December copper futures fell 0.5% to $4.3457 a pound. Both contracts were down about 1% this week. 

A meeting of China’s National People’s Congress, which was supposed to provide more cues on fiscal stimulus, appeared to be delayed to November from late-October. 

China- the world’s biggest copper importer- had announced a slew of major stimulus measures over the past month. But the measures did little to improve sentiment, as traders sought more details on the timing and scale of the planned measures.

BRASILIA (Reuters) - Ministers from the G20 group of largest economies agreed on Thursday that international trade and investments should foster sustainable development and enhance the participation of women in world trade.

They also agreed on the need to speed up reform of the World Trade Organization to achieve a "faster, more agile and effective," conflict resolution system, Brazil's Vice President and Trade Minister Geraldo Alckmin told reporters.

The proposals agreed by G20 trade ministers meeting in Brasilia will be proposed to the group's leaders at the annual summit hosted by Brazil in November in Rio de Janeiro and be annexed to their joint statement.

It is the first time the G20 has addressed the issue of increased inclusion of women in international trade, Alckmin said, adding that Brazilian President Luiz Inacio Lula da Silva had insisted on it becoming a G20 principle.

Brazil, which will host the COP30 climate talks next year, also gave priority to the need to fight climate change and proposed that the G20 should call for trade and investments that encourage environmentally sustainable economic development.

Lula has also made reform of global governance institutions a priority and the ministers agreed to support WTO reform and the strengthening of a multilateral trading system, a Brazilian government statement said.

"We stressed the importance of a rulesbased, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system, with the WTO at its core. We will work to ensure a level playing field and fair competition to foster a favorable trade and investment environment for all," the statement said.

The one-day meeting avoided divisive issues, though members expressed their views on Russia and Ukraine and the situation in Gaza, with some wanting them discussed in the G20 and others saying it was not the right forum, the Brazilian statement said.

"There were disagreements in drafting the texts and things were dropped, but at the end there was consensus on everything, including the proposal on women in international trade," said an Asian diplomat who attended the meeting.

Investing.com-- U.S. stock index futures moved little in evening deals on Thursday as investors hunkered down before a string of major technology earnings in the coming week. 

While Wall Street indexes rose tracking positive earnings from Tesla Inc (NASDAQ:TSLA), they were still nursing losses for the week amid persistent anxiety over the upcoming presidential election and expectations of slower rate cuts. 

Risk appetite was also quashed by fears of worsening geopolitical conditions in the Middle East, as Israel prepared a strike against Iran. 

S&P 500 Futures steadied at 5,847.25 points, while Nasdaq 100 Futures fell 0.1% to 20,365.75 points by 19:30 ET (23:30 GMT). Dow Jones Futures steadied at 42,591.0 points. 

Mega tech earnings due in the coming week 

The third-quarter earnings season is set to peak next week with five of Wall Street’s so-called “Magnificent Seven” set to report earnings.

Alphabet Inc (NASDAQ:GOOGL) will report on Tuesday, followed by Meta Platforms Inc (NASDAQ:META) and Microsoft Corporation (NASDAQ:MSFT) on Wednesday. Apple Inc (NASDAQ:AAPL) and Amazon.com Inc (NASDAQ:AMZN) will then report on Thursday. 

The five firms represent a large chunk of overall market capitalization in Wall Street, with their earnings likely to act as a bellwether for the broader market. Focus will be squarely on whether artificial intelligence proved to be a major earnings driver, especially amid increased capital expenditures on the fast-growing sector. 

Positive earnings from Tesla this week spurred some optimism over the upcoming reports. Tesla rallied nearly 22% on Thursday, and fell 1% in aftermarket trade. 

Beyond the Magnificent Seven, a barrage of other Wall Street majors are set to report next week, including Advanced Micro Devices Inc (NASDAQ:AMD), Caterpillar Inc (NYSE:CAT), Visa Inc (NYSE:V), Ford Motor Company (NYSE:F), and Uber Technologies Inc (NYSE:UBER). Focus will be on whether corporate earnings were able to weather headwinds from sticky inflation and high interest rates, after a mixed batch of earnings in the past week. 

Wall St nurses weekly losses 

While Wall Street indexes advanced on Thursday, they were still down between 0.4% and 2.1% this week, as risk appetite remained frail. U.S. stocks were also subject to some profit-taking after hitting a series of record highs earlier in October. 

The S&P 500 rose 0.2% to 5,809.86 points, while the NASDAQ Composite rose 0.8% to 18,413.91 points on Thursday. The Dow Jones Industrial Average lagged, falling 0.3% to 42,374.36 points, and was also the weakest performer among its peers this week. 

Markets were spooked by rising Treasury yields, as investors positioned for a slower pace of rate cuts by the Federal Reserve. Increased odds of a Donald Trump presidency, over Kamala Harris, also saw markets positioning for inflationary U.S. policies in the coming years. 

SEOUL (Reuters) - South Korea's finance minister said the downside risk to the government's forecast of 2.6% for this year's economic growth had expanded, the Yonhap news agency reported on Friday.

Economic growth is likely to be still higher than the potential growth rate, Minister Choi Sang-mok said in a meeting with reporters in Washington D.C., according to the report.

International organisations, such as the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD), estimate South Korea's annual potential growth rate to be around 2%. South Korea's economy barely grew in the third quarter as consumer spending showed signs of recovery but exports declined, data showed on Thursday.

(Reuters) - The European Central Bank (ECB) will probably cut interest rates by a quarter-point in December, Bloomberg News reported on Thursday in an interview with ECB policymaker Robert Holzmann.

"I'd say a quarter-point step is probable in December,” Holzmann told Bloomberg.

"A bigger half-point cut is unlikely though not impossible. But we might also conclude that preemptively cutting in October might have been sufficient to take a break in December,” Bloomberg reported Holzmann saying.

By Nell Mackenzie, Federico Maccioni and Hadeel Al Sayegh

DUBAI (Reuters) - Abu Dhabi is emerging from Dubai's shadow as it attracts its own share of asset managers' and billionaires wealth, helping cement United Arab Emirates' role as an alternative to global financial hubs.

Lacking rich oil reserves, Dubai has built up over the past two decades its position as the region's No. 1 financial centre, with its allure of low taxes, the application of English common law and exposure to the region's brisk economic growth.

Globally, Dubai ranks 16th in the latest tally from the Global Financial Centres Index, while Abu Dhabi is 35th, with both number one and two, respectively, for the Middle East and Africa region.   

But over the past few years Abu Dhabi, which holds 90% of UAE's oil reserves, has accelerated efforts to diversify its economy, leaning on its vast wealth and sovereign funds that together manage almost $2 trillion to boost non-oil growth.

The emergence of companies in a range of new sectors and potential for business created by Abu Dhabi's investments have not gone unnoticed in the international financial community.

"It's completely changed in the past year, there's been an influx of money managers, hedge funds, alternatives etc. coming to conferences to raise funds here," said Ryan Lemand, co-founder and CEO of Abu Dhabi-based fund management and investment advisory firm, Neovision Wealth Management. 

Some have already set up shop in Dubai, or increasingly, Abu Dhabi to gain an edge over those travelling from London, New York, or Hong Kong to drum up new business. 

Lemand was speaking ahead of this week's Alternative Investment Management (AIM) Summit in Dubai that drew hundreds of institutions from across the globe, including names like Brevan Howard and JPMorgan Asset Management. 

While statistics for both centres are not entirely comparable, they show Dubai remains well ahead. The Dubai International Financial Centre currently has so far over 420 wealth and asset management firms operating in the city, its head of wealth and asset management said at the AIM conference. There were no recent figures for Abu Dhabi and data from end of June showed 112 fund firms registered there.

The latter, has clear momentum, though, according to eight attendees of the AIM Summit.

NEW ARRIVALS

They cited rising company registrations, the draw of sovereign wealth funds and the ease of obtaining a license to operate compared with other financial centres and now at par with Dubai's. They spoke on background because the subject matter was sensitive to their business.

Billionaire Ray Dalio, founder of hedge fund Bridgewater Associates, and other hedge funds including Brevan Howard are among those who now have a presence in Abu Dhabi. Asset managers PGIM, the investment management arm of U.S. insurer Prudential Financial (NYSE:PRU), and Nuveen are also new additions.

General Atlantic, a New York based private equity firm with $83 billion under management, is also set to join after it received preliminary approval. 

A further dozen or so asset managers and hedge funds have been approved in principle, according to data from Abu Dhabi Global Market, the city's financial centre. 

Abu Dhabi is the world's richest city when measured by the assets held by sovereign wealth funds, sitting on $1.7 trillion, with such funds managing around $500 billion in Dubai, according to a Global SWF report released earlier this month.

An employee at one investment firm, who declined to be named, said the bigger presence of sovereign wealth funds served as an incentive to set up in Abu Dhabi.

For both centres the ease and clarity of regulations has been a major draw for financial investors.

"The regulatory environment is extremely favourable," said Brandon Robinson deputy head of private markets at JPMorgan Asset Management.

UAE's ambition to become a global centre for the crypto industry, with the regulator for the emerging sector operating in Dubai since 2022 is also wooing new players.

The United States lacks an overarching national framework, while European Union rules are coming into force this year, placing UAE ahead of global financial hubs.

Brevan Howard does a significant amount of its crypto trading from UAE, Ryan Taylor, group head of compliance at the hedge fund, told the AIM conference. 

Both cities also work hard to boost tourism and property investment and for some Dubai, with a longer record of drawing international finance and vibrant entertainment, was still ahead.

Boasting the world's tallest skyscraper, Dubai had a clear edge in the number of night clubs and high-end restaurants and, as one hedge fund professional described it, the city's financial district was "buzzing." 

Investing.com-- Most Asian stocks fell on Thursday as rising U.S. Treasury yields pressured technology stocks, while weak economic prints from several regional economies also weighed on sentiment. 

Regional markets took a weak lead-in from Wall Street, as heavyweight technology stocks fell amid pressure from high yields and as increased risk aversion saw investors lock-in recent profits. 

Uncertainty over a tight presidential race and a slower pace of interest rate cuts dented Wall Street in recent sessions.

But U.S. stock index futures rose in Asian trade, buoyed by positive earnings from Tesla Inc (NASDAQ:TSLA). 

Asia tech tracks US losses 

Tech-heavy bourses were the worst performers in Asian trade, tracking overnight losses on Wall Street. 

South Korea’s KOSPI lost 0.2%, while Hong Kong’s Hang Seng index fell 0.7%. 

Tech stocks were pressured chiefly by rising U.S. Treasury yields, as markets positioned for a slower pace of interest rate cuts by the Federal Reserve. 

The KOSPI was also dented by softer-than-expected gross domestic product data from South Korea, which showed the economy barely grew in the third quarter. 

Still, there were some bright spots among Asian tech. South Korean memory chip giant SK Hynix Inc (KS:000660) rose 1% after posting record third quarter earnings on strong demand from artificial intelligence. 

In Hong Kong, Horizon Robotics surged 28% in their first trading day after a $696 million IPO- the biggest Hong Kong IPO in 2024. 

Chinese electric vehicle stocks lagged even as rival Tesla rallied sharply in aftermarket trade.

Japanese shares muted after soft PMIs 

Japan’s Nikkei 225 index rose slightly, while the TOPIX shed 0.2% after purchasing managers index data showed an unexpected contraction in business activity in October. Both manufacturing and services PMIs contracted in the month. 

The weak reading was largely attributed to soft economic conditions in the country, while private spending also appeared to be cooling after an initial bump earlier this year. 

Sentiment towards Japanese stocks was on edge before a general election this Sunday, where the ruling Liberal Democratic Party could be pushed into seeking a coalition to retain power. 

The Bank of Japan is also set to meet next week.

Broader Asian markets moved in a flat-to-low range. China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes fell 0.6% and 0.4%, respectively, losing steam after four straight days of gains on optimism over more stimulus measures. 

Australia’s ASX 200 rose 0.3% even as PMI data showed a sustained contraction in manufacturing activity. But services activity grew at a slightly faster pace in October. 

Futures for India’s Nifty 50 index pointed to a mildly positive open after three days of losses. 

A string of key Indian earnings are due later in the day, with a highlight being consumer goods giants ITC Ltd (NS:ITC) and Godrej Consumer Products Ltd. (NS:GOCP). Indian PMI data is also on tap.  

Investing.com-- S&P and Nasdaq futures rose in evening deals on Wednesday as stronger-than-expected earnings from Tesla helped improve sentiment, although Wall Street was still nursing steep losses from the session. 

Futures advanced after Wall Street indexes fell sharply during the session, weighed by steep losses in heavyweight technology stocks. Anxiety over smaller interest rate cuts and the upcoming presidential election sparked profit-taking, especially after Wall Street hit record highs last week. 

S&P 500 Futures rose 0.1% to 5,843.0 points, while Nasdaq 100 Futures rose 0.4% to 20,290.50 points by 19:53 ET (23:53 GMT). Dow Jones Futures lagged, falling nearly 0.2% to 42,666.0 points.

Tesla rallies 12% on stronger-than-expected Q3

Tesla Inc (NASDAQ:TSLA) rose more than 12% in aftermarket trade after clocking stronger-than-expected earnings in the third quarter, even as its vehicle deliveries for the quarter disappointed. 

The earnings beat was fueled chiefly by improved margins, with the electric vehicle also forecasting a mild growth in deliveries for the year. 

The improved outlook for deliveries follows nearly a year of waning growth amid increased competition in major market China and saturating EV markets in the West. The company’s attempts to diversify beyond its core automobile business, with forays into robotaxis and artificial intelligence, had also largely underwhelmed earlier in October. 

The stock is the first of the so-called “Magnificent Seven” to report this earnings season, with its positive reading drumming up hopes of a similar trend from Tesla’s peers, which are due to report in the coming weeks. 

Alphabet Inc (NASDAQ:GOOGL), Microsoft Corporation (NASDAQ:MSFT), Meta Platforms Inc (NASDAQ:META) and Amazon.com Inc (NASDAQ:AMZN) are set to report earnings next week. 

Wall Street sinks amid election jitters, rising yields

Wall Street indexes fell on Wednesday as anticipation of a tight presidential election and relatively higher U.S. interest rates dented risk appetite. Treasury yields rose, pressuring technology stocks the most. 

The S&P 500 fell 0.9% to 5,797.42 points, while the NASDAQ Composite slid 1.6% to 18,277.41 points. The Dow Jones Industrial Average fell nearly 1% to 42,514.95 points. 

Focus this week is on more upcoming earnings prints, as well as key purchasing managers index data, which is set to provide more cues on the U.S. economy. 

By Lucia Mutikani

WASHINGTON (Reuters) -U.S. existing home sales dropped to a 14-year low in September, weighed down by higher mortgage rates and house prices.

The second straight monthly decline in home resales reinforced economists' views that the slump in residential investment, which includes homebuilding, deepened in the third quarter. The housing market has struggled to rebound after being knocked down by a resurgence in mortgage rates in the spring.

Though supply has improved, entry-level homes remain scarce in most regions of the country, keeping home prices at levels that are unaffordable for most first-time buyers.

"It will take more rate cuts and more options to bring buyers back," said Jennifer Lee, a senior economist at BMO Capital Markets.

Home sales fell 1.0% last month to a seasonally adjusted annual rate of 3.84 million units, the lowest level since October 2010, the National Association of Realtors said on Wednesday. Economists polled by Reuters had forecast home resales would be unchanged at a rate of 3.86 million units.

Sales likely reflected contracts signed a month or two ago, when mortgage rates were quite high. Mortgage rates initially dropped after the Federal Reserve began cutting interest rates last month, but they have risen over the past three weeks as solid economic data, including retail sales and annual revisions to national accounts, forced traders to abandon expectations for another 50-basis-point rate cut next month.

The rate on the popular 30-year fixed mortgage averaged 6.44% last week compared to 6.08% at the end of September, data from mortgage finance agency Freddie Mac showed.

"We expect housing market activity to remain subdued well into 2025," said Samuel Tombs, chief U.S. economist at Pantheon Macroeconomics.

Tombs noted that the average interest rate on existing mortgages was about 4% compared to the current 6.5% rate for new mortgages.

"As a result, interest payments for most existing homeowners will jump if they move home, creating a huge incentive to stay put," he said. "Only large Fed policy easing will meaningfully change this calculus."

Home resales, which account for a large portion of U.S. housing sales, decreased 3.5% on a year-on-year basis in September. Sales fell 1.7% in the South, with some of the decline attributed to weakness in Florida following the devastation caused by Hurricane Helene.

Sales in the state could remain depressed after it was slammed by Hurricane Milton weeks later.

The Northeast and Midwest also experienced a decrease in sales, but activity increased in the West.

The Fed's "Beige Book" report on Wednesday described housing market activity as generally holding up in early October. It also added that "uncertainty about the path of mortgage rates kept some buyers on the sidelines, and the lack of affordable housing remained a persistent problem in many communities."

Signs of potential homebuyers hugging the sidelines in anticipation of even lower borrowing costs were evident in government data last week showing a marginal increase in single-family building permits in September.

Stocks on Wall Street traded lower. The dollar rose against a basket of currencies. U.S. Treasury prices fell, with the yield on the benchmark 10-year note hitting a three-month high.

SUPPLY IMPROVES FURTHER

The NAR speculated that the upcoming Nov. 5 U.S. presidential election could be making prospective homeowners hesitant to commit themselves. There is, however, no hard evidence that the election is influencing buying decisions.

Residential investment subtracted from gross domestic product in the second quarter. Growth estimates for the third quarter are as high as a 3.4% rate. The economy grew at a 3.0% pace in the April-June quarter.

Housing inventory increased 1.5% to 1.39 million units last month, the highest since October 2020. Supply surged 23.0% from one year ago. Nonetheless, supply is below the 1.8 million units seen before the COVID-19 pandemic.

Despite the improving inventory, the median existing home price increased 3.0% from a year earlier to $404,500 in September, the highest for any September.

Home prices rose in all four regions. About 20% of the homes were sold above their listing price.

Most of the homes sold last month were in the $250,000-$500,000 price range. At September's sales pace, it would take 4.3 months to exhaust the current inventory of existing homes, the highest since May 2020 and up from 3.4 months a year ago.

A four-to-seven-month supply is viewed as a healthy balance between supply and demand.

Properties typically stayed on the market for 28 days in September compared to 21 days a year ago. First-time buyers accounted for 26% of sales versus 27% a year ago.

That share remains below the 40% that economists and realtors say is needed for a robust housing market.

All-cash sales made up 30% of transactions, up from 29% a year ago. Distressed sales, including foreclosures, represented only 2% of transactions, virtually unchanged from last year.

"Increases in inventory will temper future gains in home prices," said Nancy Vanden Houten, lead U.S. economist at Oxford Economics. "However, any downside to prices will be offset by increases in demand fueled by lower interest rates."

Investing.com -- US stock futures were broadly muted on Wednesday ahead of a raft of fresh quarterly earnings reports, including numbers from electric carmaker Tesla (NASDAQ:TSLA). Texas Instruments (NASDAQ:TXN) reports stronger-than-anticipated third-quarter profit, sending shares in the chipmaker higher in extended hours trading. Meanwhile, Starbucks (NASDAQ:SBUX)' stock price drops after-hours after the coffee chain suspends its annual financial forecast.

1. Futures muted

US stock futures wavered around the flatline on Wednesday as investors digested the first busy day of the third-quarter earnings season and looked ahead to more corporate results this week.

By 03:31 ET (07:31 GMT), the Dow futures contract had shed 115 points or 0.3%, while S&P 500 futures and Nasdaq 100 futures were mostly unchanged.

The tech-heavy Nasdaq Composite eked out a gain of 0.2% on Tuesday, fueled by an ongoing recovery in Big Tech stocks following a period of market volatility over the summer. Shares in these companies have been buoyed by the Federal Reserve's decision to slash interest rates by an outsized 50 basis points in September.

However, Wall Street's two other major indices ended the day in the red, as investors eyed a jump in the benchmark US 10-year Treasury yield to its highest mark since July 26. In the wake of strong recent economic data and deficit fears, some traders are now attempting to gauge if the Fed will still be inclined to cut rates again this year.

The pressure from higher bond yields weighed on the benchmark S&P 500. which dropped marginally by 3 points or 0.1%. The 30-stock Dow Jones Industrial Average also inched down by 7 points or 0.02%.

"While market psychology has turned a bit gloomy in the last 48 hours, this is just a function of the pullback in equities as opposed to a dramatic shift in fundamentals," analysts at Vital Knowledge said in a note to clients.

2. Tesla earnings ahead

Quarterly results from Tesla following the closing bell on Wednesday are due to highlight the latest batch of earnings.

Shares in the Elon Musk-led electric carmaking giant have taken a hit this month, following the unveiling of its long-awaited robotaxi, which some investors viewed as lacking in concrete details. Year-to-date, Tesla shares have underperformed the S&P 500, losing around 12% compared to the broader index's 23.4% gain.

Though investors are more upbeat about the US economy after a robust jobs report and last month’s half-point rate cut from the Fed, a soft report from Tesla could revive worries about tech stock valuations.

Stretched valuations, along with high expectations for corporate results and possible volatility around the upcoming US presidential election, could leave stocks vulnerable to a pullback.

3. Texas Instruments profit tops estimates

Shares in Texas Instruments rose in extended hours trading after the chipmaker reported third-quarter income that topped analysts' expectations.

Earnings per share came in at $1.47 on revenue of $4.15 billion in the three months ended on Sept. 30, the manufacturer of semiconductors that help power electronic devices said. Analysts polled by Investing.com had anticipated per-share profit of $1.38 on sales of $4.12 billion.

In a post-earnings call, Chief Executive Haviv Ilan said the company is benefiting from "momentum" for electric vehicles in China, adding "our content is growing there" and "really drove the growth in the third quarter."

Sales of Texas Instruments' automotive-focused products expanded in the upper-single-digits sequentially, Ilan noted.

The figures come as markets are closely eyeing results from global semiconductor firms in an attempt to gauge the outlook for chip demand.

4. Starbucks suspends guidance

Shares in Starbucks slumped in after-hours dealmaking after the coffee chain suspended its outlook through the upcoming fiscal year.

In a preliminary filing, the company also flagged that same-store sales, net revenue and income all declined in the fourth quarter ended on Sept. 29 due to tepid demand for its pricier items in the US.

The announcement underscores the challenge facing new Chief Executive Brian Niccol's push to turn around Starbucks' fortunes. Niccol, who assumed the helm of the business in a surprise decision in early August, said that a "fundamental change" to the firm's strategy is needed "so we can get back to growth."

In particular, Niccol argued that Starbucks' menu of drinks and food has become "overly complex."

However, Starbucks lifted its quarterly dividend to $0.61 from $0.57, a move aimed at bolstering investor confidence around the overhaul plans, CFO Rachel Ruggeri said.

5. Crude slips

Oil prices slipped following the release of industry data pointing to a rise in US crude inventories, but continued Middle East tensions have capped any losses.

By 03:31 ET, the Brent contract dropped 0.6% to $75.62 per barrel, while U.S. crude futures (WTI) traded 0.6% lower at $71.29 a barrel.

Data from the American Petroleum Institute, released Tuesday, showed that U.S. oil inventories grew 1.643 million barrels in the past week, spurring concerns that US fuel demand was cooling. Official US government oil inventory data, from the Energy Information Administration, are due later on Wednesday.

Crude prices gained some ground in the prior session after Israel said it had killed Hashem Safieddine, the heir apparent to the late Hezbollah leader Hassan Nasarallah, who was killed last month by an Israeli strike. Worries about a possible escalation of the conflict between Israel and both Hamas and Hezbollah has seen traders attach a risk premium to crude prices, given the potential of supply disruptions in this oil-rich region.

(Reuters contributed reporting.)